Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-12-21

tons and limitations olthe power of remo-
val, which, with the central board, should
receive, safely keep, and disburse the pub
lie moneys; and in order to furnish sound
paper medium of exchange, the Exchequer
should retain Of the revenues Of the Gov
eminent q sum not to exceed $4,000, 900
in specie, to be set apart as required by its
operations, and 10 pay the public creditor
at his own option, either in specie or Trea-
sury notes, of denominations of not less
than five, nor exceeding one hundred dol
lars, which notes should be redeemed at 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 maximum of Sl5, 100000.
In order to guard against all the hazards
incidental to fluctuations in trade, the Sc
cretary OF the Treasury was invested with
authority to issue &5,00O,O00 Of Govern
ment stock, should the same at any time
be regarded as necessary, in order to place
beyond hazard the prompt redemption of
the bills which might be thrown into circu-
lation. Thus in fact, making the issue of
Sl5 Gee, 600 of Exchcquer bills, rest sub
stantial!y on 100000 COO: and keeping
in circulation never more than one and
one-hali dollars for every dollar in specie.
When to this it is added that the bills are
not only every whore receivable in Gov
eminent dues, but that the Government it.
self would be bound for their ultimate re-
demption, no rational doubt can exist
that the paper which the Exchequer
would furnish, would readily enter into ge-
neral circulation, and be maintained at all
times at or above par with gold and silver;
thereby realisng the great want of the:
age, and fulfilling the wishes Of the People.
In order to reimburse rhe Government for
the expenses of the plan, il was proposed
to invest the EXchcqucr with fhe lifsAiters
authority to deal in bills of exchange. tfi-
less prohibited in the State in which an
agency ms ht be situated, havinglonly thir-
~ days to run, and resting on a fair and
bona Gde basis. The legislative will on
this point might be so plainly announced as
to avoid all prctext for partality or favor
itism 1t was further more proposed to in
vest this Treasury agent with authority to
receive on deposit, To- alimted amount, the
specie funds of individuals and to grant
certificates therefor, to be redeemed on pre-
sentation, under the idea, which is believed
to be we'll founded, that such certificates
would come in aid OF the Exchequer bills
in supplying a safe and ample paper circu-
lation. Or, if in, place OF the CONTEMPLATED
dealings in exchange, the Exchcquey should
be authorized not only to exchange fts bills
for actual deposits of specie, bot for spc-
Gle or lis equivalent to sell drafts, cFanrsinp
therefor small but reasonable premium.
| cannot doubt bat that the benefits of the
law would bespeedilv manifested i'm the re.
vval OF the credit, trade and business of
the whole country. Entertaining this opi-
mon 1t becomes my duty to urge its adop-
ton upon Congress, by reference TO the
strongest considerations of the public inte-
rests with such alterations in its details os
Congress may in lis wisdom see fiji n
make.
am we'll aware fiat the proposed alter
alton and amendment of the laws establish
ing the Treasury Department has encoun-
tered various objections, and that amongst
others 1t has been proclaimed government
bank OF fearful and dangerous ipport. Il
IS proposed to confer upon it extraordinary
powers. 1t purports to do no more than paw
the debts OF the government with the redee-
mable paper OF the government, in which
respect it accomplishes precisely what the
Treasury does daily at this time. in issuing
to the public creditors the treasury notes
which under law it is authorized 10 ;sS,o
1t has 10 resemblance TO an ordinary h,nl
as 1t furnishes no profits to private stock
holders, and lends no capital to individuals.
II IL De objected to as government bank,
and the objection be available, then sbould
all thcl avs in relation to the treasury he
repealed, and the capac ty of the govern
mcnt to collect VIII at is due to it, or nav
what it owes, be abrogated.
his Is the chief purpose Of the proposed
Excheqoer; and surely if, in the accom-
Pilshment OF purpose SO essential, il af-
lords sound circulating medium to the
country ana facilities to trade, it should he
regarded as no slight recommendation of
It's pubic consideration. Properly qua rd-
ed by the provisions of law, it can run into
no dangerous evil, nor can any abuse arise
under 1t, but such as the Legislature itself
will be answerable for if tolerated. since i
IS but the creature Of the law, and is sus.
ceptlb!e at all times of modification. amend.
mcnt or repeal, at the pleasure of Congress-.
| know that it has been Objected thai III.
system would be liable to be abused nv the
Legislature, by whom alone it could be abu-
sed IN the party conflicts of the dav. That
such abuse would manifest itself in change
OF the law which would authorize an excess
sive issue OF paper for the purpose Of infa-
ing prices and winning popular favor.
10 that 1t may be answered that the ascrip-
'loh Oh such motive to Congress is alto
ge'her gratultous and inadmssible. The
theory OF our institutions would lead US to
adIfierent conclusion. But perfect secu-
rIty against proceeding SO reckless,