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

TO capital TO individuals. IT It be oh.
jected TO as a government bank, aud The
objection DO available--lhen should all
the laws in relation to the treasury 10
repenied, and the capacity Of the gov
ernmen; I o~coIlect what is due to ii, or
pay that il owes. be a~brogaled.
This IS tho chief purpose Of The pro- !
posed ESchequer; and surely If, IN tho
accomplishment Of a purpose so essen
tial, it affords a sound circulating med
ium 10 the country and facilities 10 trade.
II should be regarded as no slight recon-
mendatlon of it to public consideration.
Properly guarded by the provisions Of
law, it can run INTO no dangerous evil
nor can ahy abuse arise under It but
such as the Legislature itself will be
ansWerabIe for, ii it be tolerated; since
il is but the creature Of the law, and IL
susceptible at all times Ofmodiication.
amendment or repeal, at the pleasure OF
Congress. | know that it has been OBJ.
jected that the system would be liable to
be abused by the Legislature, by whom
alone 1t could be abused, in the party
conflicts Of the day. That such abuse
would manifest itself in a change Of tho
law which would authorize an eXres-
sive issue Of paper for the purpose Of in
flating prices and winning popular ia
vor. To that it may be answered, that
the Inscription Of such a motive to Con-
Nress is altogether graluitous and mad
ulssable. The theory oGour institutions
would lead US TO n different conclusion.
But n perfect security against a proceed.
ing so reckless, would be found to exist
in the very nature of things. The poll
tlcal parly'which could be 50 blind to the
true interests Of the country as 10 resort
10 such an e~XPedient, would inevitably
meet with final overthrow in the fact
that, that the moment the paper ceased
10 be convertible into specie, or Other
wise promptly redeemed, 1t would be-
come worthless, and would, in the end
dishonor the Government, involve the
people in ruin. and such political party
in hopeless Disgrace. Al the same 'Ime'
such a view involves The utter lmpossI'
bility Of furnishing any currency o'her
than that of the precious metals, '9r! II
the Government itself cannot forego the
temptation Of excessive paper issues,
what reliance can be placed in corpora
tons upon whom the temptations o fin
dlyidual ACKNOWLEDGEMENT would most
strongly operate? The People would
have TO blame none but themselves for
any injury that arise from n course so
reckless, since their agents would be
the wrong doors, and they the passive
spectators.
There can no but three kinds orpublic
currency. LIST Gold and silver, Cd,
The paper Of State institutions or, Sd
A representative of The precious metals
provided by the General Government,
or under its authority, The Sub'Troa-
sury system rejected the last in any
form; aud, % it was believed that nc
reliance could be placed on the issue;
! Of local institutions, for the purposes Of
} general circulation, it necessarily and
unavoidabIy adopted specie as the excIu
sivo currency for its own use. And lhi:
!, must ever be the case unless one orlht
!, other kinds be used. The choice, in thu
present state OF public sentiment, lie,
. between an exclusive specie currency
J on the one hand, and Government issue.
of some kind on the other. That thes,
\ issues cannot be made by a chartered
institution is supposed to be conclusive
j ly settled. They must be made, then
| directly by Government agents. Fo
f several years past they have been thu
g made in the form Of Treasury notes. an
+. have answered a valuable purpose
r Their usefulness has been limited b.
8 their being transient and temporary
e lhelg ceasing 10 bear interest at give.
= periods, necessarily causes their speed.
!, reluru. and thus restricts their range G
!. circulation, and, being used only in th
/ disbursements Of Government, they can
not reach those points where they ar
most required. By rendering their us
G permanent, TO tho moderate extent a
g ready mentioned, by Offering no induce
@ menl for their return, and by exchang
!, ing them for coin and other values, the
n will constitute, to a certain extent, tn
general currency go much needed
maintain the internal trade of the cour
I. try. And this is The E%xcbequer plan,
d (aras it may operate in furnishing a Gu
rency.
+ | cannot forego the occasion 10 urg
its importance TO the credit Of the Go
eminent in a financial point of view
e. The great necessity Of resorIiug to ev
y ry proper and becoming eXpedient
D. order to place the Treasury on a Gootir
Of the highest responsibility, is enlirel
obvious. The credit of tho Governms.