Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-12-21

currency. 1st. Gold and silver, End.
The paper Of State institutions; or 3rd,
A REPRESENTATIVE of the precious metals,
provided by The General Government, or
under its 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 institute
tor the purposes Of general circu alton, il |
necessarily and unavoidaby adop ted spe |
Gle as the exclusive currency for its own |
use. And this must ever be the case un-
less one OF the other kinds be used.-Tbe
choice, IN the present state of public SEN
tlmcnt, lies between an exclusive specie
currency on the one hand, and Govern
ment issues OF some kind on the other
That these issues cannot be made by q
chartered institution, is supposcdlo be con
clusively settled They must be made,
then, directly by government agents. For
several years past they have thus been
made N The form Of treasury notes, and
have answered a valuable purpose. Their
usefulness has been limited by their being
tranaient and temporary; their ccasing to
bear interest at given periods, necessarily
causes their speedy return, and thus re-
strIcts their range of circulation, and be-
ing used only in the disbu rscmcnts Of
Government, they cannot reach those
points where they are most required. BY
rendering their use permanent, TO the mo-
derntc extent already mentioned by offer
ing no lnduccment for their return, and by
exchanging them for coin and other values,
they will constitute, TO certain extent,
hn - Al
maintain the internal trade of the country
And this is the EXchoqucr plan, 80 far as
1t may operate in furnishing a currency.
| cannot forego this occasion to urge lis
Importance to the credit the government
in a financial point of view. The great ne
ccssity of resortng to every proper and be-
coming eXpedient in order to place the
Treasury on footing Of the highest res
probability, is entirely obvious. The cred
il of the government may be regarded as
the very soul Of the government itsclt-a
principle Of vitality without which all its
movements are Ianguid and its operations
embarrassed. In th;ssPir;ttho Executive felt
itself bound by the most imperative sense
of duty to submit to Congress, at its last
session, the propriety Of making specific
pledge OF the land fund as the basis of the
negotiation Of the loans authorized to be
contracted. then thought that such an
application Of the public domain would,
without doubt, have placed at the command
of the government ample fund; to relieve
the Treasury, from the temporary embar-
rassments Under which ii labored. Amcri-
can credit has suffered a considerable shock
i'll Europe. from the large Indebtedness Of
the states, and the temporary inability OF
some OF them TO meet the interest on their
debts. The utter and disastrous prostration
of the United States Bank of PENNSYLVANIA
had contributed largely to increase the sem
timent and distrust by reason of the loss
and ruin sustained by the holders of its
stock, large portion Of whom were for
eigncrs, and many of whom are alike ig.
norant of nur political organization and of
our actual responsibilities. 1t was the anX-
ious desire of the Executive that, in the
effort to negotiate the loan abroad, the
American ncgotiator might be able to point
the money lender to the fund morgaged for
the redemption Of the principal and inter-
est or any loan he might contract, and
thereby vindicatc the government from all
suspicion of bad faith or inability to meet
lis engagements, Congress differed from
the Executive in this view of the subject
1t became nevertheless the duty of the Ex-
ccutIvc to resort to every eXpcdiCnt in his
power to negotiate the authorized loan.-
After a failure to do 50 in the American
market, a citizen of high character and ia
lent was sent to Europe with no better sue
cess; and thus the Notifying spectacle has
been presented of the inability Of this gov
eminent to obtain loan so small as not in
the whole to amount TO One-iOurth of its
ordinary annual income; at time when
the governments Of Europe, although in
vovod in debt, and with their subjects hea-
Willy burdcncd with taxation, readily obtain
loans of any amount at greatly reduced
rate of interest. 1t would be Improbable
10 look further into this anomalous state of
things, but | cannot conclude without ad-
ding that for government which has paid
off its debts of two wars with the largest
maratimc power of Europe, and now ow-
ing debt which is almost next TO nothing
when compared with its almost boundless
resources, government the strongest in
the world, because emanatng from the pop
uar world, and firmly rooted in the atiec-
tonSo OF great and free people, and whose
fidelity to its engagements has never been
questioned; for such government to have
rendered to the capitalists Of other coun-
tries an opportunity for n small invest
ment of its stock, and yet to have failed,
implies either the most unfounded dstrust
IN lis good faith, or a purpose, to obtain
which, the course pursued is the most fatal
which could have been adopted.
Ii has now become obvious to all men that the
Government must look to its own means for sun
plying its wants, and it is consoling to know that
fesc means are altogether adequate for the object
TIE Exchequer, if adopted will greatly aid in
bringing about this result Upon what regard as