Lexington union. (Lexington, Miss.) 1838-18??, 1842-01-01

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and thus as far as its dealings extend. lo
furnish facilities TO commercial intercourse
10 tie lowest possible rates. and subducr
from the earnings Of industry the least
possible sum. II uses the state banks al a
distance from the agencies 3 auxiliaries,
without ImPartlng any power to trade in
It's name. 1t is subjected to such guards
Srestralnts as have appeared 10 be neccs-
sary. 1t IS the creature Of law. and exists
only at the pleasure Of the Legislature |,
10 made to rest on an actual specie boss
IN order 10 redeem The notes a, the places
OF lssue--produces no dangerous redun-
dancy oil irculatlon-allords no attemta.
tlon to specuationIs attended by initiation
OF priests cquabIe in its operation
makes the treasury notes, which il NAV
use along with the certificates, of deposit
and the notes Of specie paying banks -
convertible at the place where collert,d
receivable IN payment Of governmert dues
and, without violating any rrinc,nIe
of the Constitution, affords tie govern,
menland the people sucb,aciIi,ies are
called for by the wants Of bo,h-Sucb
1T has appeared 10 nc, are its recon-.
mendaions, and in view ofthem il will be
submitted, whene;ter you may require it.
to your cons.de ration
am rot able 10 perceive that any fair
ana crnd.d objection can be urged against
,"e pl0h, the principal outlines of which
! Aave thus presented. cannot doubt
'hnt the notes which it proposes to furnish
at the voluntary option Of the public cred
Ior, issued in the lieu Of revenue and her
certificates OF deposit, will be maintained
at an equality with gold and silver, every
where. They are redeemabIe in gold and
silver on demand, at the places Of issue.
They are receivable every where in paw
ment OF Government dues. The Treasu.
ry notes are limited to an amount of one.
fourth less than estimated annual receipts
OF the Treasury;and in addition thew rest
upon the faith OF The Government for their
redemption. fail these assurances are
not sufficient to make them available, then
the idea, as it seems 10 me of furnish.
ing sound paper medium Of EXCHANGES
may be entirely abandoned :
II a fear be INDUCED that the Govern
nent may be tempted TO run into excess
n IFS issues, at any future dav, it seems
o me that no such APPREHENSION can reas.
'naOIy he entertained, until all confidence
n the Representatives of the States and |
II the people, as well as the people Them
elves, shalt be lost. The weigh,iest con-
alterations Of policy require that the res
rants now proposed to be thrown around
ne measure should not, for light causes tie
To argue against any propos.
ID plan its liability TO possible abuse, is to
EJECT every eXpedient, since every thing
dependant on human action is liable 10
bnse. Fifteen millions Of Treasury !,
Iotes may be issued as the mariunl. but
Iscrellohary power is 10 be given to the
}oard of Control under that sun, and ev-
ry consideration will unite in leading
feel their way with caution For the
ight first years Of the existence of the
ale Bank OF the United States. its circu.
alton barely exceeded S4,000,O00: and |
'r five otlis most prosperous wears, it was
quail TO Sl6,000,000; Furthermore, the
uihorl'y given TO receive private deposits {
limited amount, and to issue cer,if- L
ates IN such sums as may be called for {
Y The deposIlors, may 50 far fill 10 the I
h2nnels differentiation as greatly 10 dmin. {
IN the necessity Of any considerable issue $
Treasury notes. A restraint upon the c
mount ofprivate deposits has seemed to c
e indispensable necessary. from an appre. e
enslon thought to be well founded. that
any emergency of trade, confidence {
hight be so tar shaken in the banks as TO l.
'duce withdrawal from them of private D
sposlls,wIlh view to ensure their unoues. o
enable safety when deposited with the b
government which, might prove eminent. Il
disastrous to the State Banks. Isit S
Jected that it proposed to authorize the e
yencles 10 deell in Bills OF Excbanoop ie
is answered, thar such dealings are TO o.
carried on at the lowest possible premi. II
n-are made TO rest on an unoues,iono. III
g sound basIs-are designed to re.im. al
lrse merely the expenses which Womb III
herwlse devolve upon the Treasury and o,
IN strict subordination the decision Of OF
Supreme Court, in the case of the W
INK OF Augusta against Earle, ard other 10
ported cases; and thereby avoids all con. je
It with State jurisdiction, which | hold NJ
be indispensa5ly requisite. tic
1t leaves the banking privileges of tie in
ites without NEUTRALITY-SUSPICIOUS. to the III,
easury and the Union, and, while fur. ev
hinu everv locility IN. Tho g, -, =: