Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-12-23

duty to urge its adoption upon Congress-
by reference to the strongest consiaefa'
lions of the public interests with such al
tera,ions in its details as Congress may IN
its wisdom see fit to make.
am well aware that this proposed all
teration and amendment Of the laws es'ao'
fishing the Treasury Department has ell.
countered various objections, and that, a.
mong others. it has been proclaimed q
Government Bank of fearful and danger
GUS import Il is proposed TO confer upon
it no extraordinary powers. u pufpoi's
10 do no more than pay the debts OF me !.
Government with the redeemable paper OF
the Government-in which respect II ac
complshes precisely what the Treasury
does daily a, this time. III issuing 70 me
public creditors the Treasurynotes, which,
under law, it is authorized TO issue. II
has no resemblance 70 an ordinary bank
as it furnishes no profits TO private stock
holders, and lends no capital TO lndividu'
ais. If it be objected to as Government
Bank, and the objection be avaiable-.hen
should all the laws in relation to the Irea-
sury be repealed, and the capacity OF the
Government to collect what is due to it,,
or pay what it owes. be abrogaled.
This is the chief purpose of the pro-
posed Exchequer; and surely if in The ac-
complishment of purpose so essential, II
affords sound circulating medium to The
country, and facilities 10 trade, 1t should
be regarded as no Sigh. recommendation
of it 10 public consideration. Properly
guarded by the provisions of law, 1t can
run into no dangerous evil, nor can any
abuse arise under it but such as the Legis-
lature itself will be answerable for, If II be
tolerated since it is but the creature OF
the law, and is susceptible at all times OF
modification, amendment or repeal, at the
pleasure of Congress. know that it has
been objected that the system would be IL
able to De abused by the Legislature. by
whom alone it could he abused, in the
party conflicts of the day. That such
buse would be manifest IN the change OF
the law, which would authorize an exces
si.e issue of paper tor the purpose OF in
nating prices and winning popular favor.
TO that it may be answered, the ascripton
of such motive to Congress is altogeth-
er graluitous and inadmissible. The the
ory Of our institutions would lead us to a
different conclusion. But perfect sccu-
curity against proceeding so reckless,
would be found to exist in the very ma
ture of things. The political party which
| should be SO blind to the true interests OF
the country, as to resort to such an expe
dent, would inevitably meet with the final
overthrow in the fact that, the moment the
paper ceases TO be convertible into specie,
or otherwise promptly redeemed, it would
become worthless, and would. in the end.
dishonor the Government, involve the
People in ruin, and such political party in
hopeless disgrace. At the same time such
view involves the utter impossibllity OF
furnishing any currency other than that OF
the precious metals, for, if the Govern
mcnt itself canno. forego the temptation
of excessive paper issues, what reliance
can be placed i'll corporations upon whom
the temptation of individual 'aggrandize-
ment would most strongly operate! The
people would have 10 blame none but
themselves for any injury that might a.
rise from course SO reckless, since their
agents would be the wrong doors, and they
the passive spectators.
There can be but three kinds Of curren-
cy. lst Gold and silver. I'd. The pa
per OF State institutions or 81. A repre>
sentative of the precious metals. provide"
by the General Government, or under its
authority. The Sub>Treasury System re-
jecled the last in every form: and, as it
was believed no reliance could be placed
on the issues of local Institutions, for the
purpose of general circulation, it necessa-
riIy and unavoidably adopted specie as the
currency for its own use. And this must,
ever be the case unless one or the other
kinds be used. The choice in the present
state of public sentiment, lies between an
exclusive specie currency on the one hand.
and Government issues of some kind on
the other. That these issues cannot be
made by chartered institution is suppos-
ed to be conclusively settled. They must
be made, then, directly by the Govern
ment agents. For several years past they
have thus been made in the form Of Treas
ury notes, and have answered valuable
purpose. Their usefulness has been lim>
tied by their being transient and ,empora-
ry; their ceasing to bear interest at given
periods necessarily causes their speedy
return, and thus restricts their range of
circulation, and being used only in the dis
bursemen,s of Government, they cannot
reach those points where they are most
required. By rendering their use perma-
nent, to the moderate extent already men.
toned, by offering no inducements for
IL, o.,I b.xo L e