Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-10-18

and the balance, eighty thousand IN o'a'ts " w.
". fifty and 4 hundred dollars lie wishes 10 puf-
chase produce; Of course he viii not present
these drafts. They be much easier taken TO
the west than specie, and when there VIII be pre-
ferred lie Will pay them out TO the turner's, they
Will 90 into circulation. portion of them will DC
pald for public lands. \ portion RENTED cast, by
the western merchant and received in payment for
duties say in 90 days, fifty thousand dollars OF these
drafts have been received in payment for duties and
public lands. The fifty thousand dollars IN specie Tor
which these drafts were drawn will be ready TO
meet new drafts. These Government, drafts would
certainly have 4 very general and extensive circu-
laton in the western States. all persons emf
grating from the old States the west. would fur
nsh themselves with this currency because cheap
err more safely and conveniently carried, than sPe
cie And 1t would be equally valuable II not more
So Eastern purchasers of western produce would
find il the most convenient and profitable currency
that they could bring. send to make their par-
chaos; which, together with the disbursements
that would be made by government in the west.
would always furnish large proportion OF the cir
cuiation.
Capitalists, Bankers and Spectators viii proba-
bly, object TO THIS plan of furnishing a currency
they will object that it does increase the guam
tity Of money. True, il does not; neither does it
lessen tie quantity. They viii object that specie
viii be boarded in Government vaults. True but
for c,cry dollar of specie there viii be in circula-
ton dollar Of this paper money. They VIII OBJ
ect that 1t will be a government bank. Ii will be
the peoples bank. The drafts will be drawn by
the peoples servants the peoples money.
AID in accordance with the directions of the peo-
pies representatives in Congress. in payment of
their own debts. The public want that kind of
leg station that viii secure them the profits oiheir
own labor and industry. Capitalists. Bankers and
Specuatnrs. wish that kind of legisaii that Viii
enable them to appropriate II their use, the
earnings OF the many. They wish Congress to
charter a United States Bank, a corporation that
they control. independent and regardless OF the
peope, their representatives. by means of winch
they can rol the currency and business of the
country. and the of the public money, to lean to
their fiyortes, aud for their benefit
This plan could operate against well manag
ed State Banks. IS these government drafts
would furnish large portion of the circulation,
Banks would receive from their creditors consd-
erable portion in these drafts, which would be to
them equal to specie. And in of
Bank for specie these drafts would furnish means
by which they could supply themselves without
drawing other banks. Should our currency
sis exclusively of bank notes. either STATE hanks
United States Bank, or both, and their circulation
he three dollars 10 oae Of spcre, wa.ch ii has al
ways been (or morc) and the balance trade
against to the amount Of ten millions. tbs SUM
must be paid in specie; and must be taken from
the banks, whether Stare or National. The conse-
quencc would be. TINT the banks Of necessity
contract their circulation thirty millions in order to
keep the sane proportion OF specie to their circua
ton. Bat With these government drafts or a cir
cnla'i medium. tie ten m lions balance Of trade
against u could De pa.d without taking dollar Of
specie from tho banks. and cssoHirg tie currency
Of tie country but ten m'l,iens instead of thirty
Great aud frequent fluctuations IN the amount of
the currency. and conscquen If the value Of pro-
petty. and produce. are very nJarious TO farmers.
mech e. lsb,rors, and all regular business men
and beneic al to zone cxcep the money Cspiaiisis,
Bankers tler iayoritcs and Spectators. They.
by regulating the expansions and coniracions of
the currency. know when prices OF property are to
rise or f.Il before the public can. They knox when
to sell AID when to ing.
Tie foregoing plan to furnish paper currency is
far from perfect in It's details. Nehcrdo pretend
to have answered all the objections hat can be
made to il. Wy wish is. that with all necessary
t'-isia iAr -'1ftT, nc cftjfS - me CortIhnfHf
drum Hioa as oun fitads D.oy Be Pe,aaled - pas
by deiieory cncuirfiag MEDIUM end IL receiea-
lie IA i,syneai # al patjIc dues | am very conf
dent iat could lie country have tie benefit Of such
currency few years. there would longer BE any
controversy about a United States Bank And that
THIS would D. 4 deal1-ri.ic Bank consistent WI.
the Vows oi raomas Je.I.rsol, IL; realer is re-
ferred to Sir Jcierson's lettcr II Mr. Ga,latin on
the sutt 1T IF United states Bank. Jefferson SAYS
the Bins the most deadly hostile u the pr.nci-
Pies os ctr government. e., aud says we owe j, 10
ourselves II provide aga.n~. combination Of all
the Banks Z y an independent Of our otca m9acy
Jy Keeping our money banks 7'aatt tie
Treasurer's Gcafi upon the olfcers hgrng The cas-
fody Of Tie eJic money ,ceU regulated gorers4-
mest eaghi 10 hare as much credit as apy Bank
note. u Is evident that Mr. jefferson contemplate
ed that g,gefnnent drafts should circulate mon
ey IN place Of Bank notes.
y DEMOCRAT.
SrHsroRfAL CANDIDATEs.-Dr. Norman EDDY,
democrat, and John ID. Dcfrees, Clay icder9lst arc
end dates 70 fill the vacancy IN the Senate
slonel by lie death Of Hon. T. ID. Bard. We
hope DR.. Eidy @ill be elected hut If We must
nave i fcd-ralist. we prefer Mr. Dcfrees on two
accounts. ~. lie calls himself printer u.