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

| 90, eminent the expenses VI the plan II
was proposed TO invest the excheoaer
with the limited Authority to deal in bills
| Of exchange, unless prohibited by the
state in which an agency might be situa-
ted, having only thirty days to run, and
resting on fair and iona Jfde basis.-
The legislative will on this point might
be so plainly announced, as 10 avoid aIl
pretext fox partiality or tasoritism. 1t
was Furthermore proposed to invest this
! treasury agent with authority TO receive
on deposite, ~ a limited amOuat, Ire spe
Gle funds Of individuals, and to graat Ger
ti6cates therefor, ~ he redeemed On pre-
seutation, under the IDEA (Which is be-
Iieved to be well fuunded) that such GER
tifcates would come i'll aid OF the exehe-
ouer bills, in supplying safe and am
pie paper circulation. Or, If In place Of
the contemplated dealings in exchange,
the excheauer should be authorised not
only to exchange It's bills for actual de-
posiies CT specie, but for specie or its e.
quivalents to sell drafts. charging there
for small but reasonable premium, I
cannot doubt but that the benefits Of the
law would be speedily manifested in the
revival Of the credit, trade. and business
Of the Whole country. Entertaining this
opinion, ii becomes my duty TO urge its
adoption upon congress, by reference te
the strongest considerations of the public
Interests, with such alterations in it's de-
tails as congress in its wisdom see fit to
male
an we'll aware that this proposed al
teratien and amendment of the laws es.
tablishing the treasury department has
encountered various objections !; and
that, among others, it has been proclaim
ed a government bank Of fearful and dam
serous import. 1t is proposed to confer
| upon it no extraordinary powers. 1t pur-
ports to do no more than pay the debts
OF the government with the redeemable
paper o! the government; 10 this respect,
it accomplishes precisely what the treas
ury does daily at this time-in issuing
to the public creditors the treasury notes,
which, under law, it is authorised to is.
sue. 1t has no resemblance to an ordi-
nary bank. as it furnishes no profits to
private Stockholders. aal lends no CAPT.
tai to individuals If it be objected to
as government bank, and the objection
be available. then should all the laws in
relation to the treasury be repealed, and
the capacity of the Cover nmens to collect
what is due to it, or ply what it owes,
be abrogated.
This is the chief purpose of the propo-
sed exchequer; and surely, if, in the ac-
complishment of purpose SO essential.
~ a .iatt
the country and facilities to trade. it
should be regarded as 10 slight recon-
mendation Of it to public consideration.
Property guarded by the provisions of
law, 1t can run into no dangerous evil
nor can any abuse arise under it. but
such as the legislature itself viii be an
swerable for. if it be tolerated; since it is
but the creature Of :Ae law. and is sus-
ceptible at all times of modification, a.
meadment or repeal, at the pleasure Of
congress. know that it has been OBJ
jected that the system would be liable to
be abused by the legislature-by whom
alone il could be abused in the party
conflicts Of the day; that such abuse
would manifest itself in h change of the
law, which would authorize an excessive
issue of paper for the purpose Of Initiating
prices and winning popular favor. .TC
that 1t may be answered., that the ascrip-
ton of such motive to congress is alto.
gether gratuitous and inadmissble. The
theory of our institutions would lead US
to different conc Iusien. But a perfect
security against proceeding SO reckless
would be found to exist in the very ma
ture of things. The political party which
should be SO blind to the trae interests Of
the country as to resort TO such an expe-
diert, would inevitably meet with fnas
overthrow, in tns fact that, the moment
the paper ceased to be convertible into
specie, or otherwise promptly redeemed,
it would become worthless, and weuIdr
in the end, dishonor the government, iu~
volve the people in ruin. and such p0litF>
cal party in hopeless disgrace. At the
same time such aview involves the utter
ImpoSsibillty of furnishing any currency
other than that of the precions metals;
Tor, ii the government itself cannot fore
90 the temptation Of excessive paper is
sues, what reliance can be placed in cor
poraticns. where the temptation ofindiyi-
dual ACKNOWLEDGEMENT would most strongly
operator The people would have TO
blame none bat themselves for any inju-
ry that might arise from course so reck.
less, since their agents would be the
wronsdoer, and they the passive specta.
tors.
There can be hut three kinds Of public cur
rency. LIST. Gold and silver; ID The paper
OF s.ate inst''utons' or, Sd. A representative
OF the precious metals, provided hv the gen,
eral governmet. or under its authority. The
subueasury system rejected the last, in any
form and, as twas believed that no reliance
could pc placed,on the issues of local institu-
tons' Tor the purposes Of general circulation,
II necessarily and unavdably adopted specie
as 'ne exclusive currency for its own use
AND thus must ever be the case, unless one Of
the other kinds be used. The choice, in the
present state of public sentiment,Ees between
an exclusive specie currency on the one hand.