Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-01-03

In country Of such voiied productions Ne the United sato
some pos being commorcal Others manufacturing and others
yielding vast amounts in maternity the current md Of
exchange has periodical changes. wuy or the
or, or In tho Same way with loss force according the
aeasons Nor is this course always direct but the CONTRARY
Commodities in many ports Of tho wost sale in the
v% in o SS and the Taa bs Sepo S T IN
sy OF products and these useful ramcaons OF internal trade
demand mperatycy not only satisfactory to all, but
tho also Of easy, cheap, safe dealing in exchange
And these two objects assist each other good currency
change to SELL to sell it, Good currency and sa5 exchange
log thus mutually convertible and acting together all under pro-
per limits and securities form the perfect system of paper
crcglnton The power to deal in exchange essential
deed to any considerable circulation Of 1reasuary the
South and West And may be added that nothing would tend
to counerac the concentration of affairs at ono
few points, than the ability of buying domestic exchange
with good paper, redoemabo OF the place of purcuse-Con
mecal transactions, and tho consummaton of pecunary en-
currency good There remedy against this concen
taon sovereign tho supplying Of good currency every
safe system of exchange, though no extensive Than
is contemplated by this BILL will be of great the
of tho country in other respects besides furnishing tho
mems of keeping good currency in circulation The
though its object c supply capital credit for purposes
Of o or TO make advances and although the whole system
limited to exchanges strictly, yet fail to afford very
important facilities, and to be productive OF much general beno
Tho power faculty Of reaching funds already accumua
ted in distant part Of the country and Of bringing thom homo
Importance in tho hands Of those whose business oad them to
form commercial in such distant parts. This power
or auy the measure under Consideration proposes to confer
impanaly on oil, to the cxcnt of M means And its capacity
good This respect confidently lCt To the Judgment
those whose practical experience has rendered them most COM
peent decide.
As ouny dangerous consequence in buying selling oxchan
Cos ogain observed tho Excheqncr lend mon
ey nobody, furnish capital 10 begin, carry on
his funds whore he needs them and this, as will be is
to be done under such restrictions that al idea Of accommo
dou therefore all idea Of paraly favor ondiyluu
excluded and bills taken such time only is necessary
for ordinary notice, and tho usual mnmission Of int gcncc.
Over operations begun and completed in short time and
which to be carried on in the face of tue commercial
neutrality-suspicious. which GLOW little Of favor or accommo
dcon uuy-iti likely that unjust local Influences far
c likely that any pcmicious central Influences will exercise
may be objected all dealing in exchanges that por,cs on
bills will become debtors to gcycrnncn lhot in of any
general pressure they will petition for el and thus ombars
Government as wen by neglect Of pnncqlty Of payment
delicate relation of debtor and creditor should be avoided, far
may between Government mud the people. Eut many
relation every so-hcue bond ctcntes IT, and is found in
many other ons. Hut better answer this objection that
to be vionc-of Jaw dnys continuance only cSi.ting h.
which no common CAUSE common interest in delay
mon importantly for relief can well asc.
As the great object of tho whole is Put end
controversies end give terosc is left the States prohibit
in their respective limits if any of teu shall so fit. OF
such prohibition no apprehension Is eni'aned yet The less
avoid difficulties, by mlnifcsng disposition neither tread
on my Questionable gound nor to give rso to unnecessary diff
The plan viii present itself all States the pco-
pc 1t proposes general benefit to MI and fear is
tanned lest either the States or the people should examine it
The section which nihorizc tho Secretary Of tho Treasury
to issue if found necessary, FIVE millions of stocks is designed
provision against contingencies Incident tho fluctuations
Of trade In Government, such
to he created 1t proper there should exist every security for
tho maintenance Of its credits Msuuncs may fall private
institutions in the ovulsons of commerce and business, and
they may be compelled to stop payments but whatever is icn
Gcd with hccaactcr Government placed on the
safest possible foundations. Ne the means Of the country
most AMPLE its credit high, aud the burdens of the People light
there wisdom giving the Exchcqucr the power Of
dae resort, in Of necessity TO the unsned and unques
uonae fifth of the taon Thee should be no hesoton
proposed established, with runctualy al
engagements under any occurrences not Of force to disturb the
such tho general views Of the important measure which
tb hi ers u inv rho systc,c Of tho ircenJy on Tho
,Ia'ttr r1,e" .eI .'iit;s9 oF,.i'o1 tia i' au.i.J
,ticii, ~ 1s , n r, an ,s.i,- ,is.,J lv,-v
controversies, ogHg ta policy Of the Government by te
dontion intermediate sjcn system exercising IN
grated power establishing no monopoly bestowng no ic
slbe rights attempting divorce OF the Government from the
though the indispensable plainly constitutional duty of
the Government the collection of the the very
sustaining the industry nteTehnnslng Inc commodities and
increasing the guns of those by whom taxes are paid
This intermediate position the plan struck out in the Prcs
dents Message proposes to occupy On the one hand per-
forms grand function which tho Treasury could and
did not seek to perform.
1t recognizes duty chershing
and sustaining the between the States by all proper
and constitutional mcuns and turns from nothing within
the limits OF tho Constitution which may support general cred
tho business of life of coecng cnte substitution Of the
precious metals for that conovobe currency which has
But the other hand, is corporation it alarms
body by tho assertion OF power to enter the States ensos
local business grasp local gains, exempt from liability to
local burdens
If measure may ever be accomplished as the good sense
stng elements of eord shall withdrawn national pol
cs, the coun suffered enjoy tranquility in things
nearly affecting man daily labor and daily bread, confident
believed that my maured by that wisdom OF the Lee
ted to its consideration. w. FORWARD
Secretary of the Treasury.