Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-20

security ssainAt proceeding so reckless,
would be found 10 exist in the Ury ma
iuEe oitb'ngS. The political party Which
should be - blind 70 ths true interests
Of the. .eountry, 90 to resort 10 such an
eXPedlent, would invitsbly meet wiih a
hnal overthrow 10 the fact That. ihe mo.
ment the paper ceased to be convertible
into specie, or otherwise promptly re.
deemed. II would become worthless, and
would, in the end, dishOnor the govern
ment, involve the people in ruin, and
such political party IN hopeless disgrace.
Al the same time, such view involves
the utter inpossibilhy Of furnishing any
curreNcy other than that Of the precious
metals, fOS, if the Government itself can,
not furego the temptation Of excessive
paper Issues what reliance can DO placed
IN corporations upon whom ,he
temptations Of indiv idual agglan>
diZement would most strongly ope-
Iate! The people would have to blame
none but themselves for any injury that
might arise from course so reckless,
since their agents would be the wrong
doerS, and they the passive spscta
tors.
There can be but three kinds Of pub>
lie currency. LIST. Gold and silver, 2nd.
the paper of state institutions; or, 81. A
representative Of the precious metals.
provided by The General Government, or
under its authority. The Sub. Treasury
system, rejected the last in any form;
and as it was believed that no reliance
could be placed on the issues Of local in.
stitutiOns for The purposes Of general cir.
culatiOn, it necessarily and unavOidably
adopted specie as The exclusive curren.
cy for its own use. Andlthis must ever be
the case unless one Of the other kinds be
used. The choice, in the present state
ofPublic sentiment, lieslbetween an ex-
elusive specie currency on the ono hand,
and Government issues Of some kind on
the other. That these issues cannot he
made by chartered institution, is sup>
posed TO be conclusively settled. They
must be made, then. directly by the gov.
eminent agents. For several years pas,
they have been thus made in the form of
Treasury notes, and have answered a
lrra'ueable purpose. Their usefulness has
been limited by their being transien nta nd
temporary; their ceasing to bear interest
at gwen periods, necessarily causes their
speedy return, and thus restricts their
range Of circulation, and, being used only
in the disbursements Of Government,
they cannet reach those points where
they are most required. BY rendering
their use permanent TO the moderate ex.
tent already mentioned, by offering no
inducement for their return, and BY ox.
changing them for coin and other values
they will constitute, to a certain extent,
the general currency so much needed to
maintain the internal trade Of the cOun.
try. And this is the exchequer plan, so
Jar As it may OPerase in furnishing cur.
rency. ..--.,
cannot fOrego tho occasion TO urge
its importance 10 the credit Of the Cow
ernment ma financial point Ofview.-
The great necessity OfresorliRg 10 every
proper and becoming expedient in order to
place the Treasury on a footing Of the
highest responsibility is entirely obvious.
The credit of the Government itself--a
principle Of vitality WithouI.which all it's
are languid and all its opera
tiOns embarrassed. Ia this spirit the Ex.
scutive felt itself bound by the most i'm
peTativa sense OF duty TO submit to Con.
gresS, ct ilS last session, tire propriety Of
making 8 specific pledge ofthe land fund,
30 the basis for The negotiation Of the
loans authorized 10 be contracted. | then
thought that such an application Of the
public. domain would without doubt, have
placed at the command Of the Govern.
nent ample funds TO relieve the Tressu.
y from the temporary embarrassment
Inder which it labored. American cred
I has suffered a cOnsiporable shock in
Europe, from the large Indebtedness Of
he States and the temporary iAsbiliiy Of
IOnO Of them 10 meet the interest on
heir debls,-The utter and disastrous
'rOstTaliOR Of the United States Bank Of
'ennslylania, had cOntribited largely 10
Increase the sentiment Of distrust by rea.
on Of the loss aRd ruin sustained by the
lOlders Of ilS stock, large portion Of
Vhom we're foreigners, and many ofwhOm
we're alike ignorant Of our political organ.
zHiiOn, and of our actual responsibilities.
I was the anxious desire Of the Execu.
i've thal,in the effort 10 negotiate the loan
broad, the American negOtiatOF might
% able to point the money lender 10 the
und mOrtagaged for the redemption Ofthe
principal and interest ofanv loan he might
contract, and thereby vindicSlo the Gov
'rnment from all suspicion Of bad faith
" inability 10 meet its engagement. Con.
'ress differed from the Executive in this
REV Of the subject. Il became, neverths.
esS the duty Of the Executive to resort 10 :
very exPedieNt it's power 10 negotiate
he authorized loan. After failure 10
10 40 in the AmAriron vo..Lot n o;,:..