Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-12-24

bills rest substantially on 100000 jollars;-l
and keeping in circnlation never more than one
and one half dollars for every dollar in specie
When to this il is added that the bills are not on
y every where receivable in Government dues,
but that the Government itself would be bound
Tor their ultimate redemption, no rational doubt
can exist that the paper which the Exchequer
would furnish would readily enter into general
circulation, and be maintained at all times at or
above par with gold and silver, thereby realizing
the great want Of the age, and fulfilling the wish.
es Of the People. In order TO reimburse the Go.
vernment the expenses Of the plan, it was pro.
posed to invest the Exchequer with the limited
authority to deal in bills OF exchange, unless pro.
hibited by the State in which an sgency might
be situated, having only thirty days 10 run, and
resting on far and bona fde basis. The Leg.
isatve will on this point might be so plainly an
nounced az to avoid all preieIt for partially or
favorsm. 1t Yves furthermore proposed to in.
vest this Treasury agent with authority to receive
on deposte, to limited amount the specie funds
OF individuals, and to grant certificates therefor,
10 be redeemed on presentation, under the idea,
which is believed 10 be well founded, that such
certificates would come in aid OF the Exchequer
bills in supplying a safe and ample paper cir.
| culaon. Or. il in place Of the contemplated
dealings in exchange, the Exchequer should be
authorized not only to exchange its bills for scu.
al deposites Of specie, but for specie or its equiv.
aleut TO sell drafts, charging therefor small but
reasonable premium, cannot doubt but that the
benefits Of the law would be speedily manifested
in the revival Of the credit, trade and business Of
the whole country. Entertaining this opinion, it
becomes my duty to urge its adoption upon Con.
gress, by reference 10 the strongest considerations
oil the public interests. with such alterations in
its details as Congress may, in its wisdom, see fit
| to make.
| am we'll aware that this proposed alteration
and amendment Of the laws establishing the Trea
sury Department has encountered various obiec.
tons, and that among others it is proclaimed a
Government Bank Of fearful and dangerous i'm.
port. 1t is proposed to confer upon it no extra
ordinary powers. II purports to DO no more than
pay the debts of the Government with the re
deemable paper Of the Government-in which
respect i! accomplshes precisely what the Treas.
ury does daily at this time, in issuing to the pub.
lie creditors the Treasury notes which, under
law. it is authorized 10 issue. 1t has no resem.
olance to an ordinary Hank, as it furnishes no
profits TO private stockholders, and lends no CAPT.
tai to individuals. IL it be objected to as Go.
vernment Bank, and the objection be available
then should all the laws in relation to the Treas.
ury be repealed, and the capacity Of the Govern
nen' to effect what is due 10 it, or pay what it
owes, be abrogated.
This is the chief purpose Of the proposed Exche-
quer; and surely if, in the accomplishment of
purpose 20 essential, it affords sound circulating
medium to the country and facilities to trade, il
should be regarded as no slight recommendation
OF it to public consideration. Properly guarded
oy the provisions Of law, it run into no dan
gerous evil, nor can any abuse arise under 1t but
such as the Legislature itself will be answeIable
for 1t 1t be tolerated; since il is but the creature
Ut the law, and is susceptible at all times of nodi
hcation, amendment or repeal at the pleasure Of
Congress- know that it has been objected that the
system would be liable to be abused by the LeCis.
lature, by whom alone it could be abused. in the
party conflicts Of the day. That such abuse would
manifest itself in a change Of the law which
would authorize an excessive issue of paper for
. The purpose OF initiating prices and wnning popu-
lsr favor. 10 that it may be answered, that the
descriptions Of such a motive to Congress is alto
gether gratuitOu, and inadmissible. The theory
OF our institutions would lead US to a different
conclusion But perfect security against pro.
ceedng so reckless, would be found to exist in
the very nature Of things. The political party
which should be so blind to the true interests OF
the country, as to resort to such an expedient,
would inevitably meet with a final overthrow in
the fact that, the moment the paper ceased to be
convertible into specie, or otherwise promptly re-
deemed, 1t would become worthless, and would il
tie end, dl,honor the Government, involve the
peuple in ruin, and such political party in hope
; less disgrace. At the same tine, such view in
wolves the utter impossibilisy of furnishing any
currency other than that Of the precious metals
g for, if the Government itself cannot forego the
r temptation Of excessive paper issues, what reli
, unce can be placed in corporations upon whom
. tae temptations of individual agerandizemen,
= would most strongly operate! The people woulC
have u blame none but themselves for any injury
that might arise from a course reckless, sincs
: their agents would be the wrong-doers, and they
q the passive spectators.
+ There can be but three kinds Of public currency
l., list Gold and silver; ID The paper Of State inst
- tutions; or, Sd. representative OF the preciou.
metals, provided by the General Government, OF
= under its authotity. The Sub-Treasury system
: rejected the last in any form; and, as it was be
d lieved that no reliance could be placed on tn,
/. issues Of local institutions, for the purpose o
. general circulation, it necessarily and una voidsb
j. adopted specie as the exclusive currency for it
, own use. And this must be the case unless
one Of the other kinds be used. The choice, il
the present state Of public sentiment lies between
" all exclusive specie currency On the one hand, an
!. Government issues of sumo kind on the other
rhst these issues cannot be made by 4 cnartere
J. institution is supposed to be conclusively settled
IS They must be made, then, directly by Goyernnen
b agents. For several years past they have bes
A thus I,ade in the form Of Treasury notes, an
LIZ