Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-02-24

OF The CinLeus throughout the Union. until the time
when the precious metals could again be rendered
-ths general medium Of exchanges" The same
precise ohjsct was dwrli upon more at length by
the Secretary OF The Treasury (Nr Dallas)
Tn" Presidenf, in his Mes aie. infested thtes
means Of pnoviding a common [paperl medium Of
Circulation, =" namelys I. BY the bills Of the Uai'ed
States Bunk; 2 ~ a nAlIonal Bank and }. BY the
notes Of The Government.
IN deciding for the second orthese measures rsths
cr than the third. the Secretary Of the Treasury pa,
his decision simply on The point that here was no
"adequais moiiv~t" that - no Government eHisSn-
ey TO induce the use Of its credit ~ tho baS- Of q
circulation; expressly asserting nj the same time the
power Of Government ito supply aud maintain = ~
per medium Of sxohs-Se."
This Bank. then IKE ito predecessor. furnish q
paper currency declsred ~ LAW &, be receivable in
all payments. at the rr-aAasy, IL was made tho fs-
cal age"i and tie Depository of the Treasury; and Il
absorbsd IN its capital y portion of tho public debt.
sineo OF the thirty-Gve million dollars Constituting is
siork, only seyen-milliOls were required 10 be m
srecie, the remaining iweRyoDS millions Of private
subscription nou,s authorized authorized 10 be IN
stock; a. also the seven milliJns 10 be subscribed
by the Government.
In the further regulation of'hs currency. at the
same sessicn.by an act ia form Of a resoluiiOn passed
on tbs 30th of April. 1886. IL was provided that all
duties. taxes, debts, or sums Of money accruing or
Be owing payable To the United States, should bs
collected and paid in nothing but the legal currency
of The United Safes. or Treasury notes or notes or
the United STATES Blnk. or the nsies OF banks paya-
bic anl paid on demand in tho legal currency of the
United States.
And ny The combined action OF the Government
the United States Bank. and other causes. the bank
csrrency OF the country was brought back TO 4 spe-
Gle standard.
On the expiration efih9 legtl tern of The charter
Of this Bunk in ls26. 4 bill fr IT, rech,rier hav-
ing been viewed by President Jl,k.on, anI The psb.
lic defo.it-s " iihdraw from i'd the husins-- IT tho
Treasury was again transferred - :he hank. of The
States. and transacted By them. at fri under the gen
rgAl aUihorty Of the act establishing The Treasury
Department.. and Afterwards. According To iie more
specie provisions sf he act Of C,ngress. passed The
23d OF June. 1860 regulate he dsposi e of The
public money.
Ubder the system thus organized. the public rev.
Snue on hand was deposited IN selected banks. To he
discounted on by them. with various regulations OF
ssesrity; the Psblie funds were transferred by their
agency; their notes were received and paid out ia
the dealings of the Treasury; and Ihsy were relied
on tu conduct the exchange OF the sounlry and furn-
ish lis paper currency.
Al this pc Rod. the number of hanks chartered by
The several States had greatly increased. many he
ing created for the alleged purpose Of supplying the
anticipated vacancy in business by roasrn ofibe re-
iusal Of a new charter to the United States Bank;
the istal number VI hanks in operation IN the Uni
- 49," NafANA VI AENAAN "
$4,000 900.
This amount Of capital was greatly beyond the
true wants Of the country, much of Il was iictiiiO ~;
the business was altogether uverduns; excessive
hank issues and overtmdng followed hand in hand
and al length I'm 1897 The whole machinery fell
into PeIcss. and u general suspension of cash pay.
mcnis by all The banks IN the United States occur.
red.
Thersupon the President. (Nir Van BIren.) con-
sidsring The Incorporation at a National Bank un-
constitutional. yet unwise, and dseming the coniin.
usd use NJ tho State Banks siIher imPraciicable or
inrHpedient, recommended n radical change in the
fiscal operations nf the Federal Government. which
with sums moli icaiion Of The original plan) 10.
came Ihs law OF the land on tho 4h Of July. 1910,
Ivy The passage Of The act To provide for The collCc-
ton. sais-kccPins transfer and disbursement Of the
pshlic M ,n.y.
The principle Of this plan was the ultimate tots ]
separation OF the Federal Government ir"m all d =
pen lence Oh banSs or bank payer in The bu-ine,s &
the Treasury. The Treasurer Of The United SIaiss
and Vari US officers Of the Government under him,
were required To keep the public moneys in the
Government. perform oil the duIiss u Transfer. rs
we'll a. dsposiie; and provision was made for exact
ing Immediately one fourth Of all public dues 20 be
paid IN golt aud silver. and for Ihe addition OF one
fourth 10 that rrquisIiiOn yearly, 80 that ON and a fer
the expiration "f three year,, all payments To Iks
Government should be made in gold and silver on
v ~ 80 wv s"N 80 NAAANANy " AHN
| United States.
This act rJntiousd in force only one year, berry
repealed by the act OF lS4l, which threw back the
business of the Treasury OH The provisions Of ihs re-
solution Of 1916. and the original act establishing
The Treasury Department whers it now stands.
And thus. by The Vieissitudes Of opinion and Of
parry, and the sucesssive reflections Of The plan ofa
bank Of The United States, that of deposiie in State
banks. and ofthe independent Treasury. Congress
is invited and required to examine the whole subject
anew free from all irRpedimonis ofoNsiing law and
~ settle il on the principles ofJustiee and general
eSPedieRcy. and Ihe letter and spirit Of the Constitu-
ton
In all times and in oil countries under every
form oil instIutinns and every condition Of society
the same question Of the public revenue-how best
IL shall he collected. guarded and disbursed; m what
form. and on what objects Of taxation u shall he lev
led; in what material il shall be received aud paid
oui; its custody ia the interval between The time Of
collecting and that Of disbursement; It's transmission
and the descriptIon and combinaiion Ofngents or Of
6cers by whom ali these operations shall be perform
ed-has never ceased TO be one Of the most ~peTple1.
ing problems ofGoyernment.
Every wise Government. whatever may he the
source ortonure Of lie power, will. Of course. IN the
resolution OF this problem aHd TO reconcile is own in.
teresis with those Of The community IL governs. II
il be n constitutional Government. established and
existing ouly by The consent az The governed it,
UNIV AisH' ~ H'iiihE Hhl hihu Jus ~ tAGFCiaea
for their advantage. u u be a ispoIc Government
holding Is powers by force o. prescription, still 10.
oNn greatness IS inseplrsbly connected with the
welfare and prosperity ofthuse whom il rules, and
the extent Of its own pscuNlary resources depends
upon theirs.
The question. therefore, becomes complicated al
once. by The duty Government lies under Of consid
ing, not only what - convenient fr itself in a
merely great fiscal point Of view. but. compatibl,
with that great eSigency, will most promote, or, a
al events lenst impair The productive industry ans
sncisl wellbeing Of the community at large in al
private relations. To The combination Of thc-e Nv,
primary objects il should look. in Inc perception o.
he revenues. and 10 the same IN lkeir custody trans
mission and disbursement.
Whatever eogrse of policy Government maj
choose 10 adopt m these rcsPQrs, At must. Of necessi
" as the indispensable condition p~recedant Of an
regular system Of fiscal measures, fla a mouer sland
ard, or measure Of value, for the regulation Of al
, dealings between iholf and the community; unlss
IL receive every thing in kind, and pay out Tie same
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