Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-12-15
NUMBER ar.

I proposed TO establish subordinate boards
1 in each Of the States under the same res
! trictions and limitations OF the power Of re-
moval, which " sth the central board, Shonld
receive, safely keep. and disburse the pub
| lie moneys; and IN order to furnish sound
pager medium ofexchange, the Eychequer
should retain of the revenues Of the Gov
eminent sum not 10 exceed S5,000.000
in specie, TO be set apart as required by ITS
operations and TO pay the public creditor
at his own option, eItherln specie or Treo-
snry notes, OF denominations not less
than five, nor exceeding 500, which
notes should be redeemed at the several
places of ISSUE, and to be receivable at all
times and every where in payment of Gov
eminent dues; with a restraint upon such
issue of bills that the same should not eS-
coed the marimum of $l5,a00, 600. In
order TO guard against all the hazards incl
/ dent in fluctuations in trade, the Secreta-
nv of The Treasury was invested with au-
| thority to issue $5,000,0o0 ofGovernmeut
stock, should the same at any lime be re-
garded as necessary, in order TO place be-
yond hazard the prompt redemption OF the
bills which might be thrown into circula-
ton. Thus in fact making the issue Ok
! $40 GOO, coo of FxchcGuer bills, rest sub
stantialy ON SO ,000, COO; and keeping in
circulation never more than one and one
half dollars for every dollar in specie
When TO this il is added that the bills are
not only every where receivable in Gov
erument dues, but that the Government it.
self would be bound for their Ultimate re-
dempiion 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 and silyor there
by realizing the great want Of the age, and
fulfilling the wishes Of the People. In
order to reimburse the Government the
expenses Of the plan, it proposed to invest
the Exchequer with the limited authority
10 dealin bills of exchange, unless prohibi-
ted by the State in which an agency might
be situated, having ouly thirty days 10 run,
and resting on fair and bona .tiae basis
The Legislative will on this point might
be so plainly announced, as TO avoid all
pretext for partiality or favoritsm. 1t was
furthermore, proposed to invest this Treasn-
~ agent with authority to receive on de-
posiie, 10 limited amount, the specie funds
OF individuals, and to grant certificates
therefor, TO he redeemed on presentation.
under The idea, which is believed TO be
well founded that such certificates would
come in aid Of the Exchequer bills in sup
ptving safe and ample paper circulation.
Or, if in place Of the contemplated dealings
in exchange. the Exchequer should be
authorized not only 10 exchange lis bills
for actual deposites of specie, but for spe-
Gle or its equivalent TO sell drafts, charg
ing therefor small but reasonable pre-
MUM, cannot doubt but that The benefits
Of the law would be speedily manifested
in the revival of the credit, trade and bu-
siness Of the whole country Entertaining
this opinion ii becomes my duty TO urge
its adoption uron Congress, by reference
10 the strongest considerations Of tie pub
lie interests, with such alterations in its de-
tails as Congress may in its wisdom see fit
to make.
am well aware that this proposed
alteration and amendment Of the laws
establishing the Treasury Department, has
encountered various objections, and that
among others. il has been proclaimed
Government Bank of fearful and danger
Gus import. 1t is proposed TO confer upon
il no extraordinary powers II purports to
do no more than TO pay the debts Of the
Government with the redeemabe paper of
the Gorernment--in which respect, il
accomplishes precisely what the Treasury
does daily at this time, in issuing TO the
public creditors the Treasury Notes which.
under law, il is authorized to issue. 1t has
no resemblance TO an ordinary bank, as it
furnishes no profits 10 private stockholders,
and lends no capital to individuals. Ii it
he objected 10 as Government Bank, and
the objection be availabe--then should
all the laws in relation to the Treasury be
repealed, aud the capacity Of the Govern
mcnt TO collect what is due TO it, or pay
what il owes, be abrogaied.
This is the chief purpose Of the pro-
posed Exchequer: and surely, II, IN the
accomplishment Of purpose so essential,
it affords sound circulating medium to the
country and facilities 10 trade, It should be
regarded as no slight recommendation of
it to public consideration. Properly guard
ed by the provisions oflaw, it can runinio
no dangerous evil, nor can any abuse arise
under It, but such as the Legislature itself
will be answerable for, il it 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 liable to be
abused BY the Legislature, by whom alone
it could be abused, in the party conflicts
of the day. That such abuse would mani
fest itself in change Of the law which
would authorize an excessive issue of pa
per for the purpose Of initiating prices and
winning popular favor. 10 that il may
be answered, that the ascrption ofsuch
motive to Congress Is altogether graluiious
and inad,nhsible. The theory Of our IN
siltntions would lead Us to different con-
clusion. Bot perfect security against
proceeding 50 reckless, would be found TO
exist ia he very nature Of things. The
political party which should be 50 blind
10 the true interests Of the county, as 70
$500. a. .,.,,h a., ayne1iont would inevi