Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-12-16

of the psopleyit a soil erto beyond example and
onhat remains DO done in order to advance tho happ
prosperity of pooplei Under ordinary circumstances
che h' could probably be done for people lonsSqg
Tho prosecution Of their various pursuits by guarding them
gaust invasion from without and violence within The rest,
PRISE Tho chief cmbasment which, at tho moment, exhih
r & nqSo Hs e I %o
It's elects between Thy s59 and 1888 oad Ooo Were
signed for circulation, to extent enormously great inc
question seemed to 10 how the best could no pro-
ydSd bat in what manner the goa'es amount oil oanN pope'
Thus last amount Of what was called moneynce lo .ne
time being it answered the purpose thrown upon
the country issue which was attended, as
articles of property The spread Of speculative mania all over
tho country and has finally ended in general indebtedness On
md private credit ia the market yao Oeo G r@I
In Wow Of tho fact that in 80, tho whole bank ecula
ton within the United States amounted to but SOL s99 ae
eodns to the Treasury statements and lh m addiiion mad
been nude thereto Of the enormous sum OF ssooSo IN seven
Si9s5e9O aided by tho great facilities in obtaining loans
unyo mania which prevailed in tho United States, and the
large mpouons of funds from abroad the result of stock sales
s,ao Po,pa5y which every whore prevailed over
the land AMI willie little OF surprise should be fo at tho
present prosron of every thing, and tho ruin which has be-
fallen many Of follow citizens in the sudden withdrawal
fOm circulation Of SO large amount of bank issues since 1887
exceeg believed the amount added to the paper cur
rency cj similar period anocoden to 1887 it eau es to be
matter asonshment that such extensive shpwIeck should
have haon made of private fortunes, that difficulties should
ext in meeting their engagements on the part Oh inc ueo'o
Apart from which, if there DO taken into immense
matter surprise insolvency should have visited many of
our fellow cens than that many should have escaped the
II Inc 5oloma conviction Of these truths and with ardent
be be submitted at the commence
of your session. the plan of an Exchequo the whole
10 be by representatives of the people themselves
proposed place under the control and direction OF
treasury hol consist of three commissioners whose duty it
should be that the law of a creation was faithfully exc
exchange all times convertible ato gold and silver should
Tie Board thus constituted was given as much permanency
could impaired it, without cndangering the share
order 10 secure all the advantages well experiences
hc Commissioners hold their offices for the respective
In The management of the Exchequo the services of
Of eHpeeneo and to place them in condition to exercise per-
removal should Oay taG place iO @cqs "a, or ne
ton OF the Of such removal should it occur.
proposed establish subordinate boards in each of the
moya which, with the central board should receive safely keep
and dsbuI;o the public moneys and order to furnish sound
Of the Government sum not to exceed S. in
Specie to be apart required by its operations df
the public creditor option either in specie Treasury
notes. of denominations not less than five exceeding
places be receivable at all times and everywhere
payment of Government dues with restraint such is
sl5,ooo,OOO
authority issue 900 of Government stock should tho
yond hazard the prompt redemption Of bills which might
thrown into ejaculation Thus in fact making the issue Of $751;
0O00OD of Exchoquc bills rest substantially 100000 and
keeping in circulation never more than one and one half dollars
ony everywhere receivable in dues
that the government itself would be bound for their ultimate
dmPon no rational doubt can exist that the paper which the
Excque would furnish would readily enter into general cir
cuaton and be maintained at all times at above par with
gold thereby realizing the want of the age, and
fullling the wishes OF the people. Il.
PLAN proposed invest the EychcQuor with limited
authority to deal in bills of exchange, unless prohibited by the
utttn p nuNfp
days and resting fair and bona fde basis The Leg
avoid all pretoat for p1y or avosm 1t was ihomofC
proposed to invest this Treasury agent with authority TO receive
and to grant certificates therefor redeemed on presenta
ton under the loa which believed he well founded that
such certificates would come in ai OF tho Exchoquor bills in
'npy9i safe and nS Pmpo paper circulation
for actual deposits of poce but for specie equivalent
cannot doubt but HAT the benefits Of The law would be speedily
manifest in the revival of tho credit tho trade and business Of
the whole country Entertaining this opinion it becomes
str5ges cSnsdertons of tho pu5ie Interests with such alter
ations in its details as Congress may in its wisdom lit to
am vol aware Tint this proposed alteration and amendment
tered various oecons and that others has beeu pro
claimed Government Bank of fearful and dangerous impo 1t
proposed to confer upon it no extraordinary powers pu
port to do no more than py the debts OF Government with the
rodecm1e paper Of tho Governmen-n wheh respect u ac-
conp.hos precisely what the Treasury docs daily this time
in issuing the public creditors the Treasury notes which it is
authorized to issue has resemblance to an ordinary Bank
as i furnishes no profits to private oehh9deF ana lends no
Bank and the Objection no avaiIabothon should all the laws
in relation the Treasury be repealed and tho capacity of the
Government to collect what due to it, what owes, be
nbrogatod
This the chief purpose of the proposed Exchequer and,
surely it, in the accomplishment Of purpose sentia af
fods sound circulating medium to the country and facilities 10
public considerations Properly guaredby the provisions OF law
it into dangerous evil any abuse under
but such as the legislature itself viii DO answerabc for it
be tolerated since il is but tho Of the law and
pleasure Of Congress- know has been objected that the
system would be liable abused by the legislature by whom
uc aGss would pn% se IN " Of the y S
would authorize an excessive issue of paper for the purpose of
initiating prices and winning popular lvo TO that il may be
answered. that the ascrpon osuc motive to Congress al
utions would lead us to different conclusion But perfect
security against proceeding SO eckes would be found to eX
be blind 10 the interests of tho country resort TO
ia the fact that the moment the paper ceased to be convertible
nC SPECIE or Otherwise promptly Tadeemed e would Income
vove the people ia ruin, and such political party in hopeless
disgrace.
furnishing Other currency than that precious met
eesve paper what feaSce eso be placed in corpora
TONS whom tho temptations of individual acknowledgement
but themselves any injury from
reckless since their agents would be the wrong doe and
There can be but three kinds public currency 1s Gold
and 3D. the paper Of state M hs
men or under its authority F6e snbTroaury system reject
could placed on the issues Of local Institutions for the pupo
se Of crGu9lo necessarily and unavoidaby adopted
And this must 10 the unes of tho other kinds
be used The choice in the state of public sentiment
lies between exclusive specie the hand,
Government issues Of kind the other That these
be made chartered institution, supposed be
clusvey settled They must be made then directly by Govern
agents. several they have been thus made
tho form Of Treasury notes, and have answered valuable
purpose. Their usefulness has been limited by their being
o s 1a t SPEEDY rsta sOd thus
their Of circulation and being used only in the dbuIse
ofGovenment they reach those points where he
art most required.
By rendering their permanent the moderate extent al
by exchanging them for coin and ether Values they will const
certain tho general much needed
maintain the internal trade of the country And this the Elk
chequer PIan far as it may operate in furnishing currency
oego tho occasion its importance to the cred
of the Government in financial point Of view The great
cessy resong every and becoming e1pedicnt
order place the Treasury footing Of the highest respeca
bty entirely obvious The credit of the Government
be regarded the very soul Of -a principle
Of vitality without which n its movements langud and al
operations embarrassed In this spirit the Executive felt him
self bound by the imperative Of duty TO submit
Congress- At its last session. the pophety making spoc
pledge of the land fund.- the basis the negotiation of tn