Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1842-12-08


lie put in circulation. Thus. q vast d.
mount OF what was called money-slnce,
for the time being, it answered the pur-
poses Of money--was thrown upon the
country an oyer-issue which was atten-
ded, as necessary consequence, by an
extravagant increase Of the prices Of all
articles Of property, :he spread OF specu
lative mama all ever the country. and
has finally ended in general indebted
ness IN The part Of States aud indiyldu-
ais. the prostratioh CT public and private
credit. Il depreciation in the market value
of real and personalestate, & has left large
districts of country almost entirely with
cut any circulating medium:
In view Of the fact that, in 1880, the
whole bank note circulation within the
United States amounted to bat SCI $685.
6S3 according to the Treasury state
ments, and that all addition had been
made thereto Of the enormous sum q
e99 100000 in seven years. THE circua-
tlon On the first Junuary, 1887, being
stated at Sl49.185, $50. )aided by the
great facilities afforded in obtaining loans
from European capitalists, who were
seized with the same speculative mania
which prevailed in tie United States
and the large importations Of fluids from.
abroad, the result of stock sales and
laons-no one can be sarpised at the APP
parent but unsubstantal state ot pros
perity which everywhere prevailed over
the land; aud while little cause Of SUR
prise should lie felt at Tie present pros
tration Of every thing, and the ruin which
has befaIlen so many IF our iellow-citi-
zens in the sudden withdrawal from cir
culation of SO large an amount Of bank
issues, since 1837-exceeding, as is De-
Iieyed, the amount added to the paper
currency for similar period ante cedent
to 1887, it ceases to be matter Of aston
shmcnt that such extensive shipwreck
should have been made of private tor
tunes, Or that difficulties should exist
in meeting their engagements on the part
of the debtor States. Apart from which,
if there be taken into account the I'M
mense losses sustained in the dishonor
of numerous banks, it is less matter Of
surprise :hat insolvency should have Wis
tied many of our feIlow-citizens, than SO
many should have escaped the blighting
influence of the times.
In the solemn conviction of these truths,
and with an ardent desire to meet the
pressing necessities Of the country, felt
it to be my duty to cause to be submit
ted you, at the commencement IF your
late session, the plan of an excheqner;
the whole pewer aad duty Of maintaining
which, in purity and 'igor. was tie be
exercised by the representatives of the
people and of the states. respectfully,
and therefore virtually by the people
themselves. 1t was proposed to place it
under the control and direction ola trea-
sury board, to consist Of three COMMITS
sioners, whose duty it should be to see
that the law of its creation was faithfully
executed; and that the great end Of sup
plying paper medium of exchange, at
ali times convertible into gold and silver.
should be attained. The board, thus
constituted, was given as much perma-
nency as could be impaired TO lt,without
ehdangering the proper share Of RESPONSE
biiity which should attach TO all public
agents. In order to insure all the adj
vantages of well-matured experience,
the commissioners were to hold their Of
fees for the respective periods Of two.
four, and six years; thereby securing, at
all times, in the management of the ex.
chequer, the services Of two meu Of ex-
perienGe; aud to place them IN condi-
tion to exercise perfect independence of
mind and action, it was provided that
their removal should only sake place for
actual incapacity CT infdelity 10 the
trust, and be followed by the president
with an exposition of the causes of such
removal, should it occur. 1t was propo-
sed to establish subordinate boards in
each Of the states, under the same re-
strictions aud limitations Of the power of
removal, which, with the central board,
should receive, safely keep, and disburse
the public moneys; and in ORDER TO fur
nish SQUAD paper medium of exchange,
the exchequer should retain of the reve-
nues OF the government a sum not to ex-
coed $5.o0o,ooo in specie, to be set a
part as required by lis operations, and
TO pay the public creditor, at his own OPP
ton, either lii specie or treasury notes, Of
denominations not less than five, nor ex-
ceeding one hundred dollars; which notes
shall be redeemed at the several places,
and to be receivable at all times and ev-
erywhere in payment Of government dues;
with restrain. upon such Issue Of bills,
that the same should not exceed the mal-
lpaum of 81 5000, 600. In order to guard
against all the hazards incident to fluc-
tuatIons in trade, the secretary of the
treasury was invested with authority to
issue S5,Oo0,000 of government stock,
should the same at any time be regarded
as necessary. in order to place beyond
hazard the prompt redemption Of the
bills which might be thrown into circu-
lation: Thus, in fact. making the issue
of 100000 of exchequer bills rest
substantially on $40, coo, 900; and keen
ing in circulation never more than ond Il
one-half dollar for every dollar in specie.
When to this it is added that the bills