The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-23

times. in the management Of the exche-
quer, the services of two men of expert
ence; and to place them in condition to
exercise perfect independence OF mind and
action. it was provided that their removal
should only take Place for actual incapaci
ty or inidelily to The trust. and to be fol-
lowed by the president with an exposition
of the causes of such removal, should it
occur. II was proposed to establish sub
ordinate boards in each Of the states, un-
! der the same restrictions and limitations
of The power Of removal, which, with the
central board, should receive, safely keep,
and dsbursc the public moneys; and in
/ order to furnish a sound paper medium
of exchange, the exchequcr should retain
! of the revenues of the government a sum
not TO exceed $5,000,000 in specie, to be
| set apart rs required as reduired by its
operations, and to pay the public creditor,
at his own option, either in specie or trea-
slry 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 receiva-
bic at all times and every where in pay
ment of government dues; with restraint
upon such issue Of bills, that the same
should not exceed the nlarimUm Of S!5,-
100000. In order to guard against all
the hazardi incident to fluctuations in
trade, the secretary of the treasury was
invested with authority to issue $1,000 |
600 Of government stock, should The same |
at any time regarded as necessary, in or
der to place beyond hazard the prompt re-
demption Of the bills which might be
thrown into circulation; thus, in fact, ma
king the issue of Sl5, 100000 Of exchc-
qucr bills rest substantially on $4,000, .
000; and keeping IN circulation never
more than one and one-half dollar for eve
ry dollar in specie. When to this it is
added that the bills are not only every
where receivable in government dues, but
that the government itself would he bound
for their ultimate redemption, no rational
doubt can exist that the paper which the
exchequer would furnish would readily
enter into general circulation, and be main
tanned at all times at or above par with
gold and silver ; thereby realizing the
great want Of the aye, and fulfilling the
wishes Of the people. In order to reim-
bursc the government the expenses Of the
plan, it was proposed to invest the eX-
cheqder with the limited authority TO deal
in bills of exchange, unless prohibited by
the state in which an agency might be
situated, HAVING only thirty days to run.
and resting on fair and bona fife basis. {
The legislative will on this point might
be 50 plainly announced, as 10 avoid all
pretcxt for partiality or iavoritism. 1t
was furthermore proposed to invest this
treasury agent with authority TO receive
on deposilc. to limited amount, the spe-
Gle funds of individuals. and to grant CERT.
fcates therefor, to be redeemed on pre-
scnta.ion, under the idea (Which is belle
we'd TO he well founded) that such certiG-
Gates would come in aid Of the exche
quer bills in supplying a safe and ample
paper circulation. Or, if in place of the
dealings in exchange, the
exehequer should be authorized not only
to exchange its bills fol actual deposits Of
specie, but for specie or its equivalents To
sell drafts, charging therefor a small bu,
prnoi,,rn | ,,nnnt fnut, bn,
that the benefits Of the law would be
speedily manifested in the revival of the
credit, trade. and business Of the whole
country. Entertaining this opinion, it
becomes my duty 10 urge lis adoption
upon congress, by reference to the strong
est considerations of the public interests,
with such alterations in its details as con-
gress may in its wisdom see fit TO make.
| am well aware that this proposed al
teration and amendment Of the laws cs-
tablishing the treasury department has en-
countered various objections; and that,
among others, ii has been proclaimed a
government, bank Of fearful and dangerous
import. II is proposed to confer upon ii
no extraordinary powe,s. Ii purpor,s TO
do no more than pay the debts of The
government with the redcenable paper of
the governments in which respect it ac-
composites precisely what the treasury
does daily at this time-in issuing to the
public creditors the treasury notes, which,
under the law, it is authorised 10 issue. |
bank, as it furnishes no profits to private
stockholders, and lends no capital to indi-
viduals. If it be objected to as a govern
Lnni. n.,l naa l.hinnLic,,, La nunil.l.L |