Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-20

ponement, because the State banks would have
continue with their doors closed, or continue
the mercy Of the National monopoly Of the Pe
pie.
This bill too, promised not to take more tina
two per cent. month [thirty days being the tim
limited under tho billy as a rate Of exchange; an
this, it would be seen, was "a per cent. year
a rate as high as any paid in the most disastrou
times.
Mr. III. wished, he said. to speak further o
the Government influence over this institution. j
invested the Government with power which, j
abused, would be fatal to its liberties. He wish.
cd topoint to one feature to show this. He did
not mean to say that it would be abused, only
that il had that tendency. If YOU allowed the q.
gency to deal in bills Of exchange without funds,
the Government would be discredited. All the
certificates of deposic could not be produced
! which might be required, and who was to be ia
vorod! In high times of party excitement, when
| political effect was TO be produced, who then
would be favored. You must take human ma
ure as it is, and if you allow these powers to be
gwen to an institution like this, you may expect
mat they will be exercised. That those coniec-
lures were well founded, he would read from the
hrst message of the President to this Congress,
where he said he felt the necessity of some fiscal
agent. lie said that upon the establishment of
such an agency there might be control of poli,-
icai influence, If placed in the hands of the adj
ministrators Of Government, and without juris-
dicuon. The temptation to abuse would be ire
sistioe. So thought the President then, and for
the reason that this power in the hands Of Gov
eminent eminent agents. Ito issue paperO without juris-
b,,1,,a,' 'e was never uttered than this, and until
exo.,;a, lure u changed, it would DO true. The
had made good all iHa, lie lie irssstis s saw
One other remark upon the details Of this bill,
said Mr. II. 1t provides that these agencies shall
determine the amount of Treasury notes and GER
tifcates of deposte which shall DO issued. They
VIII S.afe aholl h,v
what amount of Treasury notes that agency shall
have. The whole amount of money subject
to the board of control, and thus State was SUBJ
ected to avortism if the board Of control thought
proper to exercise it.
1t was not only a bank pure and Govern.
mental, that was proposed, but it was a bank
without dollar of real capital. 1t had Treasu-
ry notes and five per cent stocks, and gold and
silver deposited by individuals, not to remain
there long, for deposites formed no part Of the
capital o! bank Again. we proposed to issue
three for one in Treasury notes, certificates of de-
posite, and bills of exchange. A Government
Bank without capital! And what would we say
II State were TO create such an institution as
thisl
And the bank had the power, too, of being re-
pealed at the pleasure Of Congress; and for the
reason as was said, that it QUOTED the public ap-
prehension. And just as the People had accom-
modated themselves to this state of things, new
party stepped in, and created new institution
The President said, recommendation,
that "it was amenab!e to law, and repeaable by
law" The People would not submit to this
scheme, If for no other reason than this. that it
made the plan liable to be changed by every par
ty in power.
One more remark. This institution mixes up
and amalgamates all the public interests of the
Government with the business transactions of The
People. He knew there was set Of books to
De kept, giving the transactions Of each. But
the bill as 1t stands-and he took il as 1t was
did not separate the TWO interests.
But, leaving this branch Of the subject, he
would say that that the bank proposed was to be
one OF Government power, Government property,
Government Influence, controlling the Govern
ment, and controlled by tho Government. So
much of this matter, Government instltu-
| ton.
! He wished TO say word Of the exchange pow
| er before closing. There powers to which
he would not allnde,it power to establisha perma-
n2nt loan, which wOnd make it unnecessary to
| have tariff and other me tiers, which he would
pass over to ask if this plan would n.neft the
country in currency? He thought not. Just
| so long as deprecated currency is appreciated
by pubic opinion, and tol; rated by the Lcgisa-
ture, just SO long would it be impossible to make
a Currency OF those certificates of deroSite and
| Treasury notes.
If were not for the feature in the bill which
| authorized the dealing in bills of exchange, 1t
would be Impossible to make il Of any general
use, the currency coined under it seeking
mon centre, regulated by the balance Of trade.
| So far, then, regarded the circulation, he sub
mi,tod there would be an entire failure Of the
benefits proposed. But supposng such an insti-
tuition could control all this-contTo the curren-
| cy-no such power lie commended, could be tolera-
| led under a free Government. Look at the power
| given to the agents over tie money Of the Gov
eminent, and in relation to the power Of dealing
| in exchanges--would there be any corrective of
existing abusesl The Government, for exchan-
ges, he believed, would have 10 come to the mer-
camille men, instead of the mercan tile men COM
ing to them for exchanges. New Orleans, In
cotton time, would eat up all these agencies
Look at lis practical operation then,for moment,
in the city Of New York. If any institution
had the power of drawing bills for all the a
mounts that were wanted, they would regulate
the evil; but If One-hai Of the demand could be
supplied, some other institution would have to be
resoTted to. These bills Of exchange would be
subjected, also, TO various fluctuations. And
: how these agencies to be supplied W 18th
the funds IKE knew in the Of Bank oil
the United States what would be the course Of
} things, but could not know i'll the case of an in
slituton like this.
4 Another point to which he would refer was
this. The report of the Secretary of The Treasu
+. ry says that tine plan will enable Government
debtors to pay Government debts. Ii this wer
II true, would it not look like giving one curreuc.
to the Government, and another to the People
$ setting Representatives Of the Government dow
to the first table, and tie People to the second =.
This would be the principal operation Of IT,
:, bill. Ii this money circulated, it would give tn
20 Government benefit 10 the amount Of circul;
k,,ti 4 yrpll hclD tho or