The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-12-13

encountered various objections, and ,hs
among others it has been proclaimsd
Government Bank Of fearful and dano.
Gus import. tits proposed to confer ~
on it NJ extraordinary powers. /, M,
ports to do no more than pay the d s
Of the Government with the redeem,Ila
paper Of the Government-in which J
spect it accomplishes preci,ely wha II.
Treasury does daily at this time, is,u ~
10 The public creditors the Treasury ro,,
which, under law, it is authorized ~.
sue. Ii has no resemblance TO an O,s
nary Bank, as it furnishes no profit. .,
private stockholders, and lends no CAM
10 individuals. II il be objected ,n" .''
Government Bank, and the Objection !.
available-then should all The law, n ;.
lation to the Treasury be repealed ,ni
the capacity ofihe Government TO r,nao,
what is due to it, or pay what i. owes Ss
abrogated.
This IS the chief purpose Of The Oro
posed Exchequer and surely. if in ,to
accompl shmcnt Of purpose 50 essential
it affords sound circulating medi UNI IN
he Country and facilities to II adc, il 81 ouId
be regarded as no Slight recommendation
Of it 10 the public consideration. Proper
ly glard-d by the provisions oflaw, il Can
run inio no dangerous evil nor c2n any a.
luse arise under il nut such as The L.,
islalure itself will be answerabIe &,
if Il be tolerated nee it is but the crs,.
lure If the law, and is susceptible at Al
mes Of modification. amendment or r..
peal al the pleasure Of Congress. know
tina; it has beCn objected that the sys, m
would b. liable TO be abu. ed BY the Les.
stature, by whom alrne it could bes.
bused. in the party conhics of the day
That such abuse woull manifest itselfn
a change Of the law which would au,hor.
ize an excess We issue of paper for tie
purpose Of initiating prices and wianng
popular favcr. To that il may be an.
swe' ed thai the ascriprion of such mo.
tive to Congr, IS is altogether gralullous
and nadm ssable. The theo. y Of our
institutions would lead us TO Il different
conclusion. Put perfect secur ty agai
proceed ng so !eckle woul be found
to exist in the very nature lIhing'. The
political party VIII ch should be So bird
20 tie true interests of The couriry rs 10
resort to sch an expedirni, would iner-
itabIc meet with a final over how i The
act that the momen. the paper ceased
10 be ctnver ed int specie, or otherwi:e
promptly redeemed, it would become
worthless. and would, in the end, dishon-
our the Government, involve the people
in ruin, and such political party in hope.
less dis srace. AT the same time, such
view involves The utter impossibi ity Of
furnishing any currency her tan thar
Of tn, precious metals for il the 6 T.
ment itself cannot forego the tenrpiaii III
Of exc. ssiye paper issues. villa rrlr nee
can be placed in corporations upon whom
he temptations If individual sgsrand re,
ment uoul most SIR ngIy oe.ate:-
Thc people would have TO bIams one
but themselves for any injury that mi
arise from a course SO reckless, sincs
III If age.ts would be the VIZ n2-dStr,,
and they the passive Spectators.
There can be but three kinds ofpub.
lie currency. lst. Gold and 81 yer 3D.
The paper of State institutions r,34.
A representa- We of tie pr cious metal
provided by the General Government, OF
under lis authority. The sub-Treasury
system r je tel the last in any form "rd
as il was bell we'd that no reliance could
be placed Oh the ssues Of 'ooal In>tltu l.
ons, for tie purp OF general clreu-
lation, il necessarily and unavoldablya-
dopted specie as tie exclusive currency
for lis own use. And this mus, ever be
the case unles; one ofihe oihtr kind be
used. The c!.o:ce, in the present ,Iale
of public sen iment, ] es between an ex-
elusive specie currency on the one ban.
and Government issues of some kind oa
the other. That these issu carnot be
made by a char cred institution, is SUI
rosed to be nclu'ively settled. Ins.
must be made, then, directly by Cover
ment agents. For several years psi
they ave been thus made in tie fern Il
Treasury mites. and have answered
valuaI'l purpose. Tn. If usefulness hes
been Limited by their heing trancirn. IN
temporary; their ceAs.ng T. b.as i.'is':s'
given pc iods, neces ar ally eau es ,h u
S .;eedy retGrn, and tin, restricts Tier
range of circulation, and. beng s. I'd OILY.
in the disbursements OF The Goyergwsni,
they Cannot reach those points whereby
are n irequired. BY rendering lle'rGs-
permanent, 10 thc modcrat extent |.
ready mentioned. b. ffering no ndncs-
ment for their return, an by c&chan-rs
them for CO and ether values. they vi.
10 certain extent, the sea'
cral currency so mnch need d l. H'''"-
lain The internal trade Of the coun ~ -
And this is the Exchequer pI1n, so a'
as it may operate III in furnishing Il cur
rency. -.....
1 cannot forero the occasion 10 urge Is