Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1842-01-08

othe plan, It will be authorized .'ueat
celve moderate premiums for csu,;c 20 re-
issued ON deposits,I and on bills nes
ana sold, and thus, as far as il. vueht
extend To furnish facilities to soa'lngs
intercourse at the lowest possible ", urea
ana to subduct from tho earnings o oss'eS,
uuslry, the least possible sum- Il, ~ ln'
the state Banks at distance from ~ uses
gencles as auxilaries, without imn."aea
any power to track in its name. II lung
lected TO such guards and restro;n SUB
have appeared to be necessary. + us IS
creature of law, and exists onlv >, " me
pleasure OF the legislature. 1t 10 r ule
10 rest on actual specie basis, in ord.' 8a'
redeem the notes at the place orissue 70
d1css no dangerous redundancy of cirepn pro-
affords no temptation TO, Speculation
attended by no imitation of prcesW;-
qualable in It's operation-mak the IT, 70 T.
ury Notes, which!it may use alone Vas
the certificates Of deposit, and Ithe n ",n
OF sPecie-paying banks--convertibla s ~
the place where collected, receivhlo ~
payment Of Government due-and viii
out violating any principle of the Co "a
stltutlon, affords the Government and ~
people such facilities as are called Sn'
by the wants of both. Such, il has aO
peared to me, are its recommendationo
and in view Of them it will be submi,o5
whenever you may require ii, 10 yonr
consideration.
| am not able TO perceive that Ouy Cal,
and candid objection can be urged aeaius,
the plan, the principal outlines Of which
| have thus presented. cannot doubt
but that the notes which it proposes to
furnish, as the voluntary option of III,
public creditor, issued in lieu of the rev.
nue. and its certificates of deposit will bs
maintained at an equality with gold and
silver, everywhere. They are Iedeema,
bic in gold and silver, on demand, at the
places of issue. They are receivable
every where in payment OF Government
dues. The Treasury notes are limited
to an amount Of one fourth less than the
estimated annual receipts Of the Treasn>
ry; and in addition they rest upon the
faith of the Government for their redemp>
ton. If all these assurances are not suc
ficient to make them available, then the
idea, as i, seems, of furnishing a sound
paper medium Of exchanges may be en-
tlrely abandoned.
liza fear be INDUCED that the Govern.
ment may be tempted to run into excess
in It's issue, al any future day, it seems
to me that no such apprehension can rea-
sonably be entertained, until all conf-
dence in the representatives of the States
and Of the people, as we'll as of The peo-
pie themselves, shall be lost. The
weightiest considerations of policy re.
quire that the restraints now proposed
TO be thrown around the measure should
not, for light causes, be removed. To
argue against any proposed plan its liza.
qllity to possible abuse, is to reject every
expedient, since every thing dependent.
on human action is liable to abuse. Fif,
teen millions Of Treasury notes may be
issued as the maximum, but a discretionary
power is to be given to the Board of Con,
!rol, under that sum, and severy consid-
Grafton will unite in leading them to feel
heir way with action. For the eight
rst years Of the existence of theI late
Bank Of the United States, its circulas
ion barely exceeds $4'0O0,O0O, and fer
i've Of its most prosperous years it was
lbout equal TO $l9,OOO,Oo0: furthermore,
he authority given TO receive.priyate
deposits to limited amount, and TO issue
certificates oil such sums as may be called
or blythe depositors, may so far fill up
ne channels Of circulation as greatly to
finnish the necessity Of any consider
bile issue Of Treasury notes. A res.
RANT upon the amount OF private depos-
IS has seemed to be indispensibly neces-
airy, from an apprehension thought to
g well founded, that in any emergency
1 trade, confidence might be so far shaks
n in the banks as 10 induce Withdraw
from them Of private deposits, with a
lew to ensure their unquestionable salty
hen deposited with the Government,
inch might prove leminently disastrous
the State Banks. 1t is objected that
proposed TO authorize the agencies to
cal in bills of exchange?
1t is answered, that such dealings are to DO
lrried ON at the lowest possible prsmium-are
lade to rest on an unquestionabe sound basis;
re designed merely to reimburse merely the
Spenses which would otherwise dcvolve upon
10 treasury, and arein strict subordlnation to
le decision OF the the Supreme Court, in the
use OF the Bank of Augusta against Earl, and
lher reported cases and thereby avoids all
'nilct with State jurisdiction, which hold To-
ihuispensabiy requisite. 1t leaves the bank
g privileges of the States without interior.
'nce-looks to the Treasury and the Union
I'D, while furnishing every facility to the first,
careful. oil the interests the last But above
4, it is created by law, is amendable by
W, and is repcalablc by law; and welded as
am to no theory, but looking solely TO the ad-
Of the public good, shall DO amongst
10 very first tonfge its repeal, if it be found
1t to subservc the purposes and objects for
hch II may be created. Nor will tho plan be-
omitted in any overwcening confidence in the
Efficiency of my own judgment, but with much
eater reliance or The wisdom and patriotism of
'ngress.