The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-28
VOL, III. NO. 81.

ohey VI e country lOr poilllcai purposes 10 pOll-
cal election, and what would become Of your
heard of the union of the purse und the sword com
pared with this, has been but ideal defamation;
but here you have the union Of the money power
with the Treasury of the United States. Al the
money collected as dcposes in the United States,
becomes fund for comforting uvors, land the Presi-
dent becomes not only the fountain Of individual
honor, but of individual wealth. Sir, this Eank i.
TO be exclusively under the control of the Gov
crnmeht. A bad man mig INT use his power so rs 10
spread corruption far and wide throughout the land,
and enlist all that is venal in corruptny the liber-
ties of the country in such manner as 10 render
them not worth preserving 1t may be said that
those hills of exchange will have thirty days to run
and there is no danger of there being mere accom-
nOdalions. Very true, they have but thirty days
to run but put the Bank once in operation, and tho
time will soon he extended. But even in regard to
the present limited time, there is much danger as
if were ninety or hundred days 1t is said that
this operation is to be confined TO business transact
tons There is no attempt made in this bill to
conlne it in this manner. If they were, 1t would
be truly impossible to do it. A man comes from
Boston with bill of exchange drawn on an indvid-
ual in New York, and sells it, which is the same
us discounting 1t, obtaining the money, and when
it comes to be nearly due, the acccplor in New
ON the man in Boston, sells ii or gets it discounted
and receives the amount, with which he pays his
own Till falling due. And there will be as complete
II system of race horse kite flying, as there would
have been had the liscay system OF the extra ses-
sion become law just as complete as il the time
allowed were ninety or hundred and twenty days.
The only difference will be- that the Kite flyers
will have 10 repeal their operation every thirty
days inalead of every ninety or one hundred and
twenty days. But, sir, the currency Of this bank
is 10 be pure Government paper, and that alone
Let This bank get through into operation, and you
will have the same history which has been dis
| played by the late Bank Of tho United Stalcs,--
The funds Of The Governmcnt-the Treasury Of
the Cnon--would gel into the hands of the specu,
luiors Of the country and in the course ofohe year,
you would have deficit to the amour, of millions
of dollars. This currency, sir, is 10 be confined to
bills or Treasury note, signed by the Treasurer.
and countersgned by the Board of EycheQuer, aud
they are to be notes of no, less than five, nor more
than one thousand dollars And, sir, this whole
system depends for its support on the ESchcq-
uer Bank. We are told by the author of this let
ter than fifteen millions Of dollars may be kept in
circulation by tbs Exchcquer Bank. Let me read
the paragraph.
"These notes can get into circulation, and he
kept in, only two ways; first, by payment in such
notes, of debts ann demands ON the Treasury;Gnd,
I'd, by buying domestic exchange. Aud il Is tho
last OF these modes which is the most confidently
looked TO as furnishing an active aud continue! ell
culatiUn of this paper When issued in Govern
ment payments, at distant points, the general ten
dency of the notes will be from these points TO the
great Atlantic cities, according TO tie course Of
trades thus leaving the place Of their frs, issue
without the benefits OF their circulation. But il 10
evident that if the agencies Of those distant points
shall be authorized 10 purchase bills exchange, a
new source loI the issue OF sound circulating p
per will be opened and the exchanges thus bought
would be RENTED, whatever the demands Of trade
should call for it,"
Now. sir, these are called Treasury notes; but
with what justice What is Treasury no Q ! IL
is mere mode borrowing money by the Govern
ment Of the United States, instead Of funding the
debt Treasury notes are issued to the creditors.
Treasury notes, the umont Ofwhich il due, are is
sued TO the individuals having claim on lhe Gov
| eminent. With what justice or truth can these
Exchcquel notes be called Treasury notes -
They are payable on demand They do not rep
resen. dollar io dollar, but they represent three for
one Of the gold and silver IN the EXchequor. They
are to be issued, not for Government pul poses bLt
to purchase bills Of Exchange; they are 10 be is
sued rs circulating medium; and they are, there
l0re IN every respect, Government paper money.
hat is the history Of Government paper money
all over the world Has it not demonstrated tho
ruinous dcmora2ing tendency ofsrch a system.--
Is there one country under The sun that has eve,
tried this experiment, that has not suffered by thu
trial. Is there one Government under the sun
that has evca issued pnper money TINT has not sunk
under the experiment! The two most slrioing IN
stances Of the evil effects of issues of government
pnper money. are the French .g,siraGies and tho
Continental money of The American Revolutions
They both, no doubt, served glorious PURPOSE
thew sustained The two countries in their struggle
for liberty. All Tint il true. But as money. iLey
suuk and sunk. until they become utterly worth
less. And shall we. without ano such necessity
in This mining time of peace--when the people of
counrv ore abuudon,ly able 10 INV the the eypcp.
ses of the counlry--sbal we rcscr, TO this speccs
nj manor money. ,ba, has been rcpudI,ted md
abandoned Inv every Government under the sun,
Tbree for one. sir. are 10 be our paper i.sues
rcprcsen,inp spece-and TO the amount of Gltsen
millions Of dollnrs--a greater circulating medium
il r., - IL. I-.;,.J s,,,os I,,ni H., l., -,