The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-02-04

report of 1887, to which alluson had before been
made. But if paper currency should be issued by
the Government, The institution issuing 1t ought
nc: to have the power oidiscuunlng the prolnissp-
ry notes of individuals, or Of dealing IN private
exchah ges In this he agreed with The Senator
from Virginia, [Nlr Rives,] Blu, the whole plan
was based on flilocous assumption 1t was sup
posed that five millions of scrip could he sold 10
redeem the issues. The loan authorised last SEES
sion cunno. lie sold 10 redeem Government paper
money in IN emergency forcing back the Govern
meat CURRENCY But fifteen millions are to be Is
sued, not bearing interest, and thus II Us 10 be
great saving 10 community. This was another
illhcy. First, that the community would benefit
hy il; and next, that the issue would stay out
without bearing Interest. Treasury notes now
issued, and bearing high interest OF six pes cent.
were below par, because there was not specie
enough 10 redeem them. 1t really seemed us if
the gentlemen seemed disposed to realize the
dreams Of The Arabian Nights, so visionary was
the plan proposed, 50 wlid the anticipation Of It's
results. lie did not, in saying this, stand there
merely to oppose every thing offered, and yet pro-
pose nothing as Il substitute, He was willing To
SHOW his h1nds and ayow what he did approve Of,
as wei usro take exception to what he cOnd not
slnction. lie Ind stated his objscllnns 10 lA'
plan; he would nOw state what he thought ought
10 he done Ills first substitute WAS that Of IN In
dcpcnIen, Treasury. 10 that they should come
Mt last. But il the restoration Of the Independent
Treasury act could not Ec~ b. effected, he was
willing to accept of so much of the present plan
as could be cOa!ined to the sane constitutional
functions, There was no other Gode bat the pet
bank system or an Independent Treasury -cNccqt
u National Bank, to which he never could agree,
II, b,,l ti0 mn
occasion lJranY new plan, rs, under the act Of
l7S9, il was now ia operation
lie could not conciude without expressing the
sympnhy he felt for the President Of The niled
States and his Cabinet Congress had premature
" repealed III, lnlspnnIea, Treasury. Two
bunk bills were forced upin him, which, on c0uSti
tuinnal grounds, aud us the guardian of the Con-
slitulion he hal felt it necessary to veto. lie was
Ikea man called upon 10 swim with both his hands
tied. One was tied By the repeal Of the lndcPen-
dent Treasury--hc other by the Constitution, lie
could not recommend The one nor the other OF the
systems demanded And thus surrounded by en-
barrasmeuts, he, Mr. W. fell, for hn IN his present
position
He nigh, be asked for his remedy to regulate cx-
changes. 1t WAS very simple i, was thlst Lock for
the causes Encouragement, and they would be found
in oyer,rodins and ncrdlnatc speculation. Let the
States reform the habi:a Of their people, and reg
uu,s their hanks on soUnd principles, and the eX-
changes and currency Oflhc cOuntry would be spec
Oily adjusted. Then would there be no exchanges to
pay but the cost oTrnnSporting specie from one port
Of the Union to another. Gold and silver could now
be transported for quarter less than in 1881 lie
Ind had 800 600 ard $50 0O0 brought in trunks
IRON Indiana in 1897, without any expense, while
ut the head ofthc Treasury Department. For cur
rcncy, he would have no National Bunk Il, all aud
Mr. Appleton ngrce,i with hin that none was ne"rs-
sqry if the States wagll BIZ. o their duty. Cu,i! the
States made Il good local currency for themselves
mud their own people, nll plans for regulating cur
rency and exchanges by tha General Govcrninaai
would be l'n,!G. flashed what he wonid do with
the proposition TO borrow money, embodied Ia this
plaH, h. would say thru he would have nolhicg to
do with il. Il was not necessary to borrow money
For the Government in iGie Of peace. Nhcn the
late Administration closed, thrc9 was but tempo
Ia"y debt ol five ami lla!f millions Of dollars lie
did m, say dis 10 create elimination or racrinia-
ten, hnt such was fact BY the pInn proposed, !,
w0UId begin tho year with twenty millions, and cad
the year with thny-lige millions. CT do''als. The
couniry would b. placed in tho condition Of in
crcGsing this debt ut the rate OF sy mi Ions year
after the present year. 10 remedy all this, lii
plan would h1v been to reduce the expenditures Of
the Government, for the present year, 10 eighteen
millions Of dollars, by reducing estimates and APP
p:0prl,ions to TIM, amount. The expenditures Of
tn pas, wear should 70, have exceeded twenty
millions and would not Int Tor the extra session.
lie would restore 10 the I'rn0sury the income from
the public iauds, which should have exceeded three
mi ,ans. and, ought, if the EulS wrr, properly
h7ougit ia,o market, Yield FIVE millions. It won.d
be necessary to begin by rp'aIng the Distribution
act Of Iht session. II will BE- IN vain to extend
the term Of loans, or 10 issue new Treasury notes.