Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-12-09

count Tho Immense losses sustained IN
the Gishonor Of numerous banks, il is
less a matter Of surprise that insolven'
cy should have visited many Of our fell
low citizens, ;han that so many should
bave,escapod the biighling influence Of
the times.
In the solemn conviction OF these
truths, and with an arden! desire 10 meet
the pressing necessities OF the country
felt il TO be my duty TO cause 10 be sub
mitled to you, at the commencement of
your last session, the plan Of an EXche.
oner, the whole power and duty Of main.
tanning which, in purity and vigor,
O'as 10 be exercised by the representa-
iva s oil the people and States. and, there
fore v,'rru2Ily by the people themselves
Il was pr>opoa ed to place it under the con,
troll and dh .ec'ion oil a Treasury Board.
10 consist oflh rec Commissioners, whose
duty it should belo see that the law of
ito creation was faithfully executed. &
that the great end of supplying a paper
medium Of exchange, ~ all times CONVEX
tibIe into gold and siIve. r. should be al
taiCed. The Board thus constituted was
given as much permanency as cou'o &c
impaired 10 it, without endanA'erIng inc
proper share of responsibility "h'ch
should attach TO pubic agents. IN or
der 10 insure oil the advantages Of a we'll
ma!ured experience, the Commissioners
were 10 hold their Offices for The res
peclive periods oftwo, four 81 six years,
thereby securing at al! TINES in the man
agement ofthe Exchequer, tho services
OF Two men Of experience; ard 10 place
them in a condition to exercise perfect
Independence of mind and action, il was
provided that their removal should only
take place for inc0pacily or inGdeIily to
the trust, and to be followed by the
President with an exposition ofthe eau
ses OF such removal. should it occur.-
II was proposed 10 establish subordinate
boards in the States, under the same
restrictions and limitations Of the power
of removal which, with the central
board, should receive, safely keep, and
dlsburse the public moneys: and in or.
der to furnish a sound medium of ex-
change, the Exchequer should retain OF
revenues Of the Government a sum not
exceeding 100000 dollars in specie
10 be sci apart as required by its opera
lions, and 10 pay the public creditor al
his " option; either in specie or Trea
sury notes, OF denominations not less
than FIVE nor exceeding one hundred
dollars, which notes should be redeemed
al the several places OF issue, and to be
receivable al all times and every where
in payment Of Government dues: with a
restraint upon such issue Of bills that the
same should not exceed the maximum
OF 5000, 900 dos. 10 order to guard
against ali the hazards incident in fuc
lualions in trade, the Secretary Of the
Treasury was entrusted with authority
10 issue 5,O0O,O 600 Of Government stock
should the same OF any time no thrown
into circulation. Thus in fact making
the issue Of 10 000, 900 OF Exchequer
bills rest substantially on 10000 O0
and keeping in circulation never NOR
than one and one-haIf dollar for ever,
dollar in specie.
When to this it is added that the bill
ale not only every where receivable il
Government dues, but that The Govern
menl itself would be bound for their ul
innate redemption, no %ratioGal doubt ca
exist that the paper which the EXChe
quer would furnish would readily enter i
to general circulation, and be maintOine
at all times at or above par with gold an
silver; thereby realizing the great wan
of the age, and fulfilling the wishes {
the People. In order to reimburse th
Government The expenses Of the plar
it was proposed to invest the ExCheque
with the limited authority to deal in bill
of exchange, unless prohibited by tn
State in which an agency might be sit
uated, having only thirty days 10 rur
and resting on a fair and bona fide basis
The Legislative will on this point migt
be so plainly announced as 10 avoid u
prerext for Partially or laVoriiism,
was furthermore proposed 10 invest tn
Treasury agent with authority 10 fecelv
on dopositu, TO a limited amount, tn
specie funds of individuals, and 10 graz
certificates therefor, to be redeemed @
presentation, under The idea which
believed TO be well founded, that sue
certificates would come in aid ofthe L.
chequer bills in supplying a safe al
ample paper circulation. Or, if in p|at
of the contemplated dealings in e.
change the EXchequer should be auth
rized not only to exchange its bills f
actual deposles Of specie, but for sp
Gle or ITS equivalent to sell drafts, char
ing therefor a small but reasonable pr
MUM, | connot doubt but the benef
of the law would be speedily manifest,
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