Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-06

aAonuon also TO whatever is established by the
Hsnerm Goyernmsnt, bscauso they have an inter-
est IN the laws which itpasses. But the People.
that - to say, tho great mass Of productive earn
ers OF ono State, cannot, generally speaking, be .
acquainted with the moneyed institutions of 9TH |
81 ana distant States. In most cases, they do |
ho' even know such institutions by name. How |
them can they give them their conidence1 We SEQ
they DO not give it, even where it might be most
saieI. bestowed. They prefer tho paper of their
pks, though they know it to DO deprecia- |
,ea, 70 me paper OF other banks, because they
have confidence in the institutions of their own
State, and because they know the amount Of de-
Weciatlon IN the paper of such banks, whereas of
the value OF note Of a distant bank they aro
wholly ignorant. But this knowledge, which
the great mass OF the community does nat noe.
sess, brokers and money dealers do, andthcyuse
II skiltully to their own advantage. A farmer of
virginia Will hesitate to receive in payment n
New York note. lie will prefer Virginia paper,
although he knows it is not equivalent to specie,
because he can iorin some opinion Of its value
while OF the New York note he Lnows NOTHING
But the holder of the New York note, at the
time, is able to dispose Of it at the first bro
ker's Office at large premium.
Every man in the habit Of observing what pas
SEES around him, must see every day the existence
OIL this state OF things; and its inevitable conse-
quence is to thrown the loss Of depreciation en-
the laborious and productive classes Whereby
or bad paper circulates it is the industrious and
hard working who suffer first, and suffer longest,
ohu MOST Dut ~ Is not intended pUr-
sue this part OF the subject further than To Illus
trate and confirm the truth. that no State bank
founded on whatever capital and administered by
whatever degree OF fidelity and skill. can obtain
that familiar character AMI that established and
well known credit which shall give its bills cir
culaton through all classes, in any amounts and
In all parts of the country.
Now another most Important truth, equally
well settled by experience is, that paper issued
Tor circulation, under the authority or with the
ION nI y .r.t.-
does acquire and retain this Advantage of known
and unluestioned character aud universal conf.
dence. no matter whether the note or bill pre-
sent itself in Maryland or Missouri, Maine or
Georgia. II 1t promise payment in specie, on de-
inand, and that promise be supposed to be guar
antied by the character and credit of the Govern
ment, 1t springs Immediately to value equiva-
lent 20 specie.-The impress Of the National
Government, connected with the fact of It's i'm
mediate convertbIlity stamps the paper with a
mark oI perfect and universal reliance, because
all the People in all the States are alike interest
ed in the General Government, alike acquainted
with Its proceedings and have like faith in pa.
per to which 1t gives lis sanction. We secu, tc
be called upon, therefore, to act on this subject
with three important truths made clear before US
first, that paper circulation will continue amonc
us; second, that no paper circulation of universe
credit can ever be furnished by State banks
third that such paper can be furnished undo
the authority oil the Government Of the Unite,
States.
it is under the influence of these realities tina
It Is now proposed TO issue, to some extent ;
paper currency, according to the provisions o
this bill. Its uses are expected 10 be ,wo-lold.-
In The ilrSt place. already stated. ii will furnish
safe paper medium, in which payments NAV b,
made to Government of all debts and taxes Few
persons perhaps. are sufficiently impressed viii,
what would be the value Of this, in certain emer
geccies.
DebsS Ia Government now 10 be paid in
specie, or the notes OF specic-raying banks. lie
us suppose that some cNigency should come sud
denly upon the country, requiring the m,ns dat,
e{ 'a a,s aH ana . tas' .G sane S s sS
pend specie payments. In such posture of af
iaIrs how could taxes be paid OF specie Their,
would be little to be had Of the bills of specie
paying banks, none. Government would be driy
EN- by absolute necessity TO the use of paper rest
ing on Its own credit, and created for the occa
sion. ltwoud have no other resource. All must
see how vastly useful the system now proposed
would be, upon the happening of such an emer
gency' The EXchequer would be found in ope.
ration, and In possession of 4 certain quantity Ct
specie, Its notes would have become familiar to
the pnbIic, it would have, in addition 20 its sue.
Gle and its own established character the amo,n,
OF revenue, whatever that amount mipIt be- ia
sustain its circulation. 1t would furnish notes
Tor disbursements, and receive them for taxes
With these means, and by faithful and ski,ful
management, though it might he embarrassed by
the prostrat!on OF other institutions around IT, II
would still retain It's own c.edit and tha, cred
1t would be vivifying and fructGying germ a.
midst general bligh, and barrenEess. But this
part OF the bill has another purpose equally or
still more important. The measure is intended
for the People as we'll as for the Government =
The issue of Treasury notes always redeemable
In gold and silver, and the Of them i'm nav.
nents from the Treasury and in the purchase
OF exchange, cannot but be beneficial, i, is
conceived in high degree, to the whole com
MERGE and all the business concerns of the coun
try. In this part of its operation the system pre-
sents itself as beneiicent and productive OF essen
lIal good. 1t seeks not Government emolu
ment or Government convenience only bu
the public good, the good OF the people in tl,,
largest and most comprehensive sense. Its eff
feet is to give to the people, to their labor ant
internal trade, the activity of funds which woult
otherwise be locked up, and to give them at tho
same time good money. 1t employs those fund.
to sustain credit, to supply sound currency, ana
TO favor useful intercourse between the States
And it does this without assuming undelcoa,ee
powers, without alarming the jealousy or wound
ing thepride of the State.
Yet it cannot with any Justice or propretv be
called Government Bank. The essential ele
ments Of bank still wanting to it. Govern
ment seeks not to fill its own Golfers by discounts
or to make gains by the use Of its own credit OF
to make the issue of the Exchequer substitute
Tor revenue In order to meet its own necessities
Nor does it propose to infict the People the
auli ne