Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1842-12-10

maintaining which, in purity and vigor, was
te be exercised by the Representatives of the
People and the States, and, therefore virtually
by the People themselves II was proposed to
place it under the control and direction of
| Treasury 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 ofsuppyine paper medium
of exchange, at all times convertible into gold
and silver, should be attained. ..
The Board thus constituted, was given as
much permanency ms could he impaired to it,
without endangerng the proper sarc of res-
! possibility which should attach to all public a.
gents, In order To insure all the advantages of
! well matured experience the Commissioners
| were TO hold their offices tor the respective pe-
/ RODS of two, four and six years, thereby secu-
ring at all times in the management OF the Ex-
I chequer, the services oftwo men OF experience;
and TO place them in condition to exercise
perfect independence of m,nd and action, 1T
! was provided that their removal should only AXE
place for actual ncapability or inhdcleity TO
: The trust, and to be followed by the President
with an exposition Of the causes Of such reno
val should it occur. Ii was proposed 10 estab-
li,h subordinate boards in each ofthc States un-
der the same restrictions and limitations Of the
power of removal, which, with the central board,
should receive, safely keep, and disburse the
public moneys; andin order to furnish sound
paper medium Of exchange, the EXchcquer
should retain of the revenues of the Government
sum not to exceed 5000 0OO in specie, TO be
set apart as required by its operations, and to
pay the public credit at his own option, either
/ in specie or Treasury notes. Of denominations
not less than five. not exceeding one hundred
dollars. which notes should be redeemed at the
! several places OF issue. and TO be receivable at
. all times and every where IN payment oi trnv-
ernment dues: with restraint upon such is
| sue fbtllS that the same should not exceed the
maximum Of Sl5OOO.000. In order to guard
against all The hazards incident to fuctua-
tions in trade, the Secretary Of the Treasury
was invested with authority to issue S0OOO,0O0
/ nt Government stock shovld the same at any
! time be regarded as necessary, III order To place
/ beyond hazard the prompt redemption OF the
bills which might be thrown into circulation.
! Thus in fact making the issue Of Sl5O00.OO0
! of EXchCuuer bills, rest substantially on. SlO,-
( 000000 and keeping in circulation never more
/ than one and onc-halfdo for every dollar in
speCic-Nhen othis it is added that the bills
are not only every where receivable IN Govern
ment itself would be bound for their ultimate re-
dCmption, no rational doubt can exist that the
paper with the Eychcquer would readily en-
ter into general circulation, and be maintained
. q
yer thereby realizing the great want of the
age and fulfilling the wishes ofthe people.
The objections which have cen made to the
Exch' quer plan, are answered al considerable
length. The message then continues:
There can be but 3 kinds Of public currency.
lst Gold and silver %. The paper ofState in
stitutIons or, 3D.. representative of the pre-
cious metals. provided by the General Govern
ment under It's authority. The Sub-Treasury
System rejected the last in any form and, as
it was believed that no reliance could be placed
on the issues of local institutions, for the
purpose of general circulation, il necessarily
and unavoidaby adopted specie as the exclusive
currency for its own use. And this must ever
be the case unless one of the other kinds be
used The chore, in the preseut state of pub
lie sentiment, lies between an exclusive specie
currency on the one hand, and Government is
sues of some kind on the other. That these
issues cannot bc made by a chartered nsttu-
ion, is supposed 10 he conclusvcly settled.
They must be made. then, directly by Govern
ment agents. For several years past they have
been thus made in the form nfTreas,iry notes,
and have answered a valuable purpose.
Of the Government, in financial poin, of view, i.
strongly urged.
The shock which American credit has sustained
in Europe from the ind. b,eJness "f the states and
the failure Of some Of them to paw interest is no
( ,iced. The pro.,ra,on of The u. s. Bank, of Penn
{ syvanis, is referred to potent cause of the de
5 st,ucton of our credit abroad. The message, afe
! stating the means used To obtain the loan author
ized by Congress and the failure 10 do 80 either il
$ America or Europe, proceeds.
!. Ii has now become obvious TO all men tha
/. the Government must look TO its own mean
for supplying its wants, and II Is consolIng Il
d, know that these means are altogether adequate
, for the object The Exchequcr, II adopted, vii
,, greatly aid in bringing about this result Up
II on what ! regard as well founded supposltiol
that its bills would be readily sought for by tn
b public creditors, aud that the issue would il
. a short time reach the maximum Of Sl5,OOO
600, it is obvious that ssl0,00O,O0O would there
hy be added to the available means the Treas
Z ury without cost or charge. Nor can tail t
> urge the great and beneficial effects whic
e would be produced IN all the active pursuits {
y. life.
'l It's effects upon the solvent State banks, Will
W it would force into liquidation those OF an oppC
y, site character through its weekly settlement
"a would be highly beneficial; and with the adval
g taues of n sound currency. the restoration
'e confidence and credit would follow, with NJ
- merous train Cfblesslngs My convictions al
IA most strong that these benefits would flow fro
no the adoption of this measure bat II the sesu
IL should be adverse. there is tins security
~ connection with It, that the law creating
H. NAV he repealed at the pleasure of the legisl
e. turp, without the slightest implication OF