Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1842-12-08

whole country. Eatersiinins dis opinion il be-
comes my duty q urge is Adoption upon Con
rress, By reference 70 he strongest considerations
81 he pabiic interesls with sneh alterations N
lis delsils as Congress- may 10 its wisdom see a.
10 make.
/ an well aware that ihif proposed a.
iteration and amendment of abe laws esta-
blisbing the Treasury Department has en-
couniered varioas cbjections. and that ?
mong others ii hA2 heen proclaimed TO
vern nent Bank 81 fearful and dangerous
import. Itfg proposed TO confer upon y
Inc extraordinary powers. Il Pnrports TO-
Lao no mors than pay the debts Of The Go.
Ivernmens with The redeemAble paper OF
1.-The Government-in which respeetR &C.
complishes precisely wEatilhe Treasury
does daily al this time, inissuIng 20 tne
public creditors the Treasury notes wnlens
under law, il Is authorized 70 issue. y
has no resemb.shce 10 sn ordinary Bank
as Il furnishes no profits 10 private stock
holders. and Lends no cspl:sl y indlv'-
duals. lift be8objected toi as a Govern
.ment Bank, andthe objection be available
--then should al the laws in relation TO
) The Treasury be Repealed, and me capa-
city or the Government 10 collect what y
due 70 il, or Ray~wbai j, owes be a0roga-
led.
This IS the chief purpose Of The Pro-
posed Exchequei and SURELY IT. IN ne
.. accomplishnentof q purpose so essential,
Hit affords sound circulating medium to
! the country and facilities 70 trade, it
should be regarded as no slight recon-
, menda,ion 81 il te public consideration
Z Properly guarded BY the provisions Of
law, il can run into no dangerous evil,
: nor can any abuse arise under i but such
: as The Legislature itself will be answe.a-
. bic for, ii il be, tolerated, tince il is but
: the creature Of the law. and is susceptible
e at all times Of modification, amendment
!. on repeal. al the pleasure ef Congress
E | know thatit has been objected that the
< system woqld be liable To- be- abused by
n the Legislature, by whom alone il could
: be abused, ID. the. party cbnficts OF the
e lday. That such abuse would manifest
! Itself in change Of The law whichzwoul d
: authorize an excessive issue Of paper Tor
: 1.-THE purpose Of initiating prices and win
J ming popular favor. To that Il may 5e
! answered, that The ascriptioh OF such z
L motive to Congress is altogether gIatuit-
: Gus and inadmissibIe. The theory Of ouI
+ institutions would lead Us ID a different
: conclusion, But perfect security a.
: gainst proceeding SO reckless, would be
5 found 10 existin the very nature Of things
6 The political party which should be SO
a q blind I'd the true interests Of the country
!, as 10 resort to such an expedient, would
g inevitably meet with inal overthrow in
: the fact that the moment tae paper ceas-
4 ed 10 be convepable into specie, or other.
n wise promptly redeemed i would be-
o come worthless, aud would, in the end
! dishonor the Government involve the
2 people in ruin, and such political party 10
( hopeless disgrace. Al tie same time
d such view Involves the utter ilnpossi
n bihty Of furnishing any currency othel
l. than that OF the precious, metals, for, !
: the Government itself cannot forego the
!, temptation Of excessive paper issues
h what reliance can be placed in corpora
,f1tions, upon whom the temptatlons-rol 10
{. dividual aggrshdizement would mos
d strongly operate The People woulc
! have 10 blame none but themselves 70
i any inIary that might arise from a course
Ia So reckless, since their. agents would b
IN tbs /wrong.doers. and they the passiv'
4 spectators. !.
!, There can be but three kinds Of publ
! currency. lsts Gold and silver..2nd
.y1tThe paper OF State institutions; or, Sd
!. "a representative Of the precious metals
in provided BY the General Government Q
n under It's authority. The Sub Treasur,
% system rejected the last aEy~form an
,e as ii was believed that no reliance coul
il be placed on the issues o. local insti;u
ry lions, for the purposes Of general circula
So ton, il necessarily and unavoleably adopi
:, ed specie as the exclusive currency for il
: own use. And this must ever be the cas-
r, unless one Of the other kinds be used
u The choice, in the present state Of push
30 sentiment, lies between al exclusive spe
e. Gle currency on the one hand, and &c
!. fyernmenlis tissues of some kind on the Other
Be That these issues cannot be made by
or chartered institution, is supposed 10 b
X conclusiveIy settled. They must be mad
g. then directly BY Government agents.
: For several years past they, have bee
Of thus made in the form Of Treasury notes
e. and have answered valuable purpose
4. Their usefulness has been limited by the
g being transient and temporary thei
!. ceasing to bear interest at given periods
81 necessarily causes their speedy return
I'D and thus restricts their range Of circuls
., lion, and being used only in the disburse
Y ments Of Government, they cannot reac
!. those points where they are most requil
= ed. By rendering their use permanent
ed 10 the moderate extent already mentioned
d by offering no inducemenl FOR their retur
on and by exchanging them FOR coin and c
or ther values. they will constitute, 10 acel
Is tain extent, the general currency SO mpc
IS needed to MAINTAIN the internal trade I
~ The conntry. And this is the Excheque
= : plan, - far as il may operate in furnish
10 ing currency.
j. Icapnoi forego the occasion 10 urge il
Of importance 10 the credit of the Govern
70 ment In financial point Of view. Th
! great necessity 81 resortins TO every pro
y perfana becoming expedient in order 4
w place The Treasury on footing Of III
he highest responsibility, is entirely obviou.
D. The credii OF the Eoyernmeutmay BE re