Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1842-12-17

the specie funds Of individuals, and TO grant
certificates therefor, to be redeemed on presen.
tation, under the idea, which is believed to be
well founded, that such certificates would come
in aid of the Exchequer bills ia supplying
safe and ample paper circulation.
Or, if in place Of the contemplated dealings
in exchange, the Exchequer sherld be authori-
zed not only to exchange its bills for actual de-
posItes ofspectc, but for specie or its equivalent
to sell drafts, charging therefor a small bat rea
sonnbe premium cannot doubt bat that the
benefits Of the law would be speedily manifested
TO TIE revival Of the credit trade and business
Of the whole country. Entertaining this opi.
MON, it becomes my duty TO urge its adoption
upon Congress, by reference to the strongest
considerations of the public interests, with such
alterations in its details as Congress may in it's
wisdom see fit 10 make.
am well aware that this proposed alteration
aud amendment of lhe laws establishing the
Treasury Department has encountered various
objections, and that among others il has been
proclaimed Government Bank of fearful and
dangerous import 1t is proposed to confer up
on lit no extraordinary powers ltpurports to do
no more than pay the debts of the Government,
in which respect 1t accomplshes precisely what
the Treasury does daily at this time, in issuing
tothe public creditors the Treasury notes which,
under law, it is authorized TO issue.
1t hos no resemblance TO an ordinary Bank,
as it furnishes no profits to private stockhold-
ers, and lends no capital to individuals. If it
be objected to asa Government Bank, and th =.
objection be ayailable--then should all the laws
in relation to the Treasury he repealed, and the
capacity OF the Government TO collect what is
due TO it, or pay what it owes, be sbrogated.
This is the chief purpose of the proposed
ExcbeQuer and surely if, in the accom- pish-
ment Of apurpose so essential, it affords a sound
circulating medium to the country and facili-
ties to trade, it should be regarded no slight
recommendatonotitto 10 the public consideration
Properly guarded by the provisions of law, it
can run into no dangerous evil, nor can any n
buse afise under it but such as the Legislature
since it Is but the creature Of the law, and is
susceptible at all times of ofmodiiication, amend
ment or repeal, at the pleasure of Congress.
know that il has been objected that the sys-
TEN should be liable to be abused by the Legs-
lature, by whom alone it could be abused, in
the party conflicts Of the day. That snch abuse
would manifest itself in a change of the law
which would authorize an excessive issue of pa
per for the purpose OF the initiating prices and
winning popular favor. 70 that it may be an
swered, that the ascription OF such motive to
Congress is altogether gratutious and admssa-
bic. The theory of our institutions would lead
US 10 different conclusion. But perfect Sc
curlty against proceeding 50 reckless, would
be found TO exist in the very nature of things.
The political party which should be so blud
to the true interests of the country as to the
resort 20 such an experiment, would inevitably
meet with final overthrow in the fact that, the
moment the paper ceased TO be convertible into
specie, or otherwise promptly redeemed it
would become worthless and would, in the end,
dshonor the Government, involve the people
in rum, and such political party in hopeless dis
grace. AT the same time, such view involves
the utter impossihility of furnishing any curren-
cy other than that Of the precious metals for
if the government itself cannot furego the
temptation Of excessive paper issues, what re-
lance can be placed in corporations upon whom
the temptation of individual aggrandIZement
would most strongly operate The people
woeld have to blame none but themselves for
any injury that might arise from course
80 reckless, since their agents would be the
wrong.dOers, and they the passive spectators.
There can be but three kinds OF public cur
rency. lst. Gold and Sllver-2d The paper
Of State institu,ons-or, ID. A representative
of the precious metals, provided by the General
Government, or under It's authority. The Sub
Treasury System, rejected the last in an form !;
and as il was believed that no relauce conld
be placed on the issues Of local institutions, for
the purposes ofgeReral circulation, it noccssa-
rily and unayoidaby adopted specie as the ex-
elusive currency for it's own use. And this
must ever be the case unless one of the other
E,pds be used. The choice, in the present state
Of public sentiment, lies between al exclusive
specie currency on the one hand, and Govern
0lent Issues Of some kind on the other That
;hese issues cannot be made by chartered
institution, is supposed 10 be conclusively set