Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-12-14

600; and keeping in circulation never more
than one and one half dollars for every 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 be bound for their ultimate re-
demption, no rational doubt can exist that the
paper which the Exchequer would furnish,
would readily enter into general circulation,
and be maintained at all times at or above par
with gold or silver; thereby realizing the
great want ofthe age, and fulfilling the wish
es Of the People. In order to reimburse the
Government the expenses Of the plan, it was
proposed to invest the Exchquer with the Inns
tied authority to deal in bills of exchange, un-
less prohibited by the State in which an agen-
cy might be situated, having only thirty days
to run, and resting on fair and bona fde ba-
sis. The Legislative will on this point might
be so plainly announced as to avoid all pretext
for partialty or favoritsm. 1t was further
more proposed to invest this Treasury agent
with authority to receive on deposite, to linn
tied amount, the specie funds of individuals,
and to grant certificates therefor, to be re-
deemed on presentation, under the idea, which
is believed to be well founded, that such cer-
tfcates would come in aid of the Exchequer
bills in supplying safe and ample paper cir
cllaton Or, If in place of the contemplated
dealings in exchange, the Exchequer should
be authorized not only to exchange lis bills for
actual deposits of specie, but for specie, or
IT'S equivalent to sell drafts, charging therefore
a small but reasonable premium, l cannot
doubt but that the benefits of the law would
be speedily manifested in the revival Of the
credit, trade and business of the whole coun.
try. Entertaining this opinion it becomes my
duty to urge its adoption upon Congress, by
reference to the strongest considerations of
the public interests, with such alterations in its
details as Congress may in its wisdom see fit to
make.
I am we'll aware that this proposed altera.
ton and amendment of the laws establishing
the Treasury Department has encountered
various objections, and that among others it
has been proclaimed.a Government Bank of
fearful and dangerous import. 1t is proposed
to confer upon it no extraordinary powers. II
purports to do no more than pay the debts of
the Government with the redeemable paper
of the Governmental which respect it ac-
Complishes precisely what the Treasury does
daily at this time, in issuing to the public cred
itors the Treasury notes which under law, it
is authorized to issue. 1t has no resemblance
to an ordinary Bank, as it furnishes no profits
to private stockholders, and lends no capital
to individuals. If it be objected to as Gov
ernment Bank, and the objection be available
then should all the laws in relation to the
Treasury be repealed, and the capacity of
the Government to collect what is due to It, or
pay what it owes, be abrogated.
This is the chief purpose of the proposed
Exchequer; and surely if, in tie accomplish
ment OF a purpose so essential, it affords a
sound circulating medium to the country and
facilities to trade, it should be regarded as no
eli irbf pHat;O rs ~ 90
ation Properly guarded by the provisions of
law, it can run into no dangerous evil, nor can
any abuse arise under it but such as the Le-
gislature itself will be answerable for, if it be
tolerated since il is but the creature nf the
law, and is susceptible at all times of modfi-
cation, amendment or repeal, at the pleasure
of Congress. know that it has been objected
that the system would be liable to be abused
by the Legislature, by whom alone it can be
abused, in the party conflicts Of the day. That
such abuse would manifest itself in a change
of the law which would authorize an exces-
sive issue of paper for thepurpose of initiating
prices and winning popular favor. To that it
may be answered, that the ascription of such
a motive to Congress is altogether gratuitous
and inadmissibie. The theory of our institu-
tiens would lead US to different conclusion.
But perfect security against proceeding so
reCkleSs, WOuIu De founo 10 exist IN the very
nature Of things. The political party which
should be so blind to the true interests of the
country, as TO resort TO such an expedient,
would inevitably meet with final overthrow in
the fact that, the moment the paper ceased to
be convertible into specie, or otherwise proper
ly 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 impossibility of
furnishing any currency other than that of the
previous metals, for, if the Government itself
cannot forego the temptation OF excessive pa
per issues. what reliance can be placed in cor
porations upon whom the temptations of indi.
vidual aggrandizement would most strongly
operatef 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 spectators.
There can be but three kinds Of public cur.
rency. lst Gold and silver. 81. The pa
per Of State institutions; or Sd. Representa-
tives of the precious ma,eials. provided by the
General Government, or uncer its authority.
The Sub Treasury system rejected the last
in any form; and, as il was believed tha. no re-
lance could be placed on the issues OF local in
stitutions, for the purposes of gene. ii cir rcuI
ton, il necessarily and unavoidaby adopted
specie as the exclusive currency for its own
use And this must ever he the case unless