The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-03

The plan Of the Secretary provides for two kinds
cerhcates Of deposts md Treasury The Grst to
be issued dollar for dollar for SPECIE deposited to an
amount not exceeding 900, charge to be made
MOI exceeding per cent The second to be issued to
government to three times the amount
ofspecie on hand.
The plan Of Mr.. Talmadge, Of the Senate, authorises
the issue oone description paper both deposes and
in payment Of government creditors That issued de-
posites at charge OF per cent and limited to $l5o00
eoo The amosnt issued.in payment to the government
creditors to be limited to the tmount Of specie on hand
for its redemption.
The plan Of Mr.. Cushing, ofthe House committee, au
horizes the ue Of 900 only without charge to
depositors. andko the public creditors
exceeding the specie on hand to redeemi II.
These are the three plans for issuing a government
paper for the object Of obtaining uniform national
rency The plan ofthe Secretary utterly of the
question. No distinction to be made between the
specie received deposlts and that which 10 repre-
sent the government paper sa oat; consequently it,
Of specie received deposite, would
becomehe basis Of of issued dollar
Tor dollar and also Of Of Treasury notes.
KING an issue of $4ooo0 oOo three fourths of which IL
purely credit currency capable of good but Of nhc
ting an infnitude Of evil upon the community II would
moment, but speedily total explosion. The two
descriptions could not circulate together The
certificates would always. be at premium above the
notes for obvious the plan could be got into
operation, an event scarcely possible for reasons
rst because deposors will not pay premium 10 place
their money with the government And secondly, they
would not do IT, knowing that il would become the basis
othe other notes issued and liable be paid their
redemption in moment Of pressure, leaving the csrtiA
Gates uncovered. The deposte part of Mr.. Tslmadges
bill s similar to that Of the Secretary and equally i'm
practicable distinction seems however, &c exist but
notvsry clearly between the deposte specie and the 60
vermont specie forming the basis If the issues to the
public CREDITOR and which these issues are confined
dollar for dollar; thus cutting off the credit issues Of
the secretary'splan. Mr.. Cushng's plan is still better;
because mo- charge 10 made for the deposes and there
FORE bar raised to the reception ofdeposes with the
exception that they confined to aggregate Of &c.,
900 900, restriction all three Plans and for
which we can see no reason but the jealousy Of the
banks The issues to the creditors like
Mr. Tamsdges BILL confined the amount of specie on
hand The features ofthe three bills may be summed up
al follows
Seeretasys Pan-Deposites $4,000 s0o at prem. Trea
sury notes, 80 for ofspecie hand. Capable of emit
ting, $7s.Ooo.Oss.
Observation-Disclosures SIS, 900 900, sal prem. Trea
L,
$ao,Ooo,ooo.
Cushinss -Deposites, 100000 at par. Treasury
notes. dollar for dollar Capable Of emitting SIS occ
The capacity to issue 10 calculated the supposition
that in each case 900 of the public will be
retained in the Treasury to represent the notes issued
to the Government creditors.
This wethink represents pretty clearly the provisions
OF the three bills in relation to the issues of currers
cy The plan Of Mr. Cushing the emily practicable one
In this respect a. il 10 the only that offers any i'll
dsposors to place their funds with the 60
vernment ocers, and without which, the whole fabric
falls to the ground.
The next feature of the bills is that relating to bills of
exchange In this respect the provisions common to all
the hs are that the board and agencies may draw and
redraw upon each other and accept drafts The charge
for drawing and accepting not to exceed per cent The
Secretary plan authorizes the purchase of bills unlim
ed amount but restricted in regard to distance time
and locality, which restrictions preposerous a. to
any practical purpose. Mr.. Talmadge's plan excludes
purchase altogether. Mr. Cushings plan permits pur-
chase restricted to the actual of the
for the transmission Of it, funds The purchase of bills
Is really the loaning Of the government funds upon in
dvidual promises What necessity there can possibly
exist under any circumstances, cannot see If the
government wishes ~ aisUarss any point
funds the safe Of s bills at that point on New York
wheretwo thirds Of s funds collected m better for
all parties. The government may wish to transmit So
900 snnun in this manner, and buying instead
feeling bills, would runhe risk of loaning its funds
kites to the extent The features of three bills
may be summed up a. follows -
secrssrys PLAN draw, accept and unlimited purchase
Tsmsdses plan draw accept and collect at per Ct
Cushngs plan draw, accept and limited purchase at
In this respect Mr. almadge plan is undoubtedly the
best.
All three bills strictly preclude the opening Of any
counts with individuals In all the transactions full
and prompt payment ID to be made on both Sides
The sixtssnh section of the secresrys plan and the
Feenthof Mr.. Talmadgcs both authorize the employ
ment Of bank a. agent This highly Objectionable
feature 10 excluded from Mr.. Cushngs bill and Justly
is to the full inudicous the authorizing the
issue Of paper credit, il not SO, because using
bank the depository for government funds will make
them the basis of the issues Of that bank which are
more irresponsible and would prove more Djuroushan
would be the direct issues of the government paper
All the bills concur in making specie, government pa
per and the notes Of specie paying banks receivable for
public dues This being the case coupled with the fact
that the revenues short $40 00o per
annum at LEAST 1t is not apparent how these any plan
can 80 into successful operation. It doubt with
REV to this deficiency that the secrstary plan embra
ced the scheme Of credit issues because II such cur.
rency could be sustained would Immediately place the
government In command Of $4,000 900. The sure re.
suit Of such issue would be depreciation of the pa
per- in which case, nothing else would be paid into the
Treasury, and the government would fail The embar
rassments arising from such state of things are new
felt daily, for even Treasury notes bearing per cent
are at discount and their Absorption through the Gus
tom House keeps the Treasury empty. Assuming howe
YER that Congress intends to pursue udicious course
and raise the revenue sufficiently meet the out goes