Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1842-12-16


could be impaired 10 H. without endangering the prop.
CT snaro OF responsiolry whch enou'u atach 20 nil
PUBIC agents IN order TO- insure all the advantages
Of well,'nniuIed experience, the Commissioners
were TO hold their Offices for the respective periods OF
TWO iour, ana SIX yehts lherepy securing al all 'imes
u. '''c OF inc Iscneque 'ne services nt
Two men OIL experience; anu 10 place 'ncnin condl-
uoh 10 exercise perfect independence OF lnh ana a-
ron, II wasprov'ded that Their removal should only
taKe pace Tor aotuai incnfachx or nhdci'y 10 tie
rust ana 70 nc followed oy me rresIusni WIN mn ex
position oil the causes oil such removal should 1t &C.
cur.
~ was proposed 10 estnb'ish subordinate bonrds IN
each OF the States under the same restrictions and
Limitations OF the power oil removal which, with the
central board, should receive safely keep and dis
buise the public moneys; and in order TO furnish
sound paper meuum ,oi oxchange, the Excheqner
should retain OF me revenmes q the Government
sum mol TO exceed SoOOOVVn specie, IN be set apart
as required ny It's operations and TO pay the public
creditor at his own option, enher in specie or Treas-
notes, OF denominations not less than five, nor ex-
| ceedlng one hundred dollars, which notes should I've
redeemed at the several places Of ISSUE and TO ne re-
Government dues; with restraint upon such is
sue of bills that the same should not exceed the mat
imum OF sl5,OUO,0GO.
IN order to ginrd against al me haz1atds ncldent
to fluctuations in trade, the Secretary OF the ir"aei
ny was invested with authority 10 issue SouoOUoo n
Government stock, should the same at my tune he
regarded as necessary in order TO place beyond naz
card the prompt redemption OF the bills which might
be thrown into circulation. Thus IN TACT making the
Issue OF 81 600 900 Of Excheqner hills rest snosan
tally on 900; and keeping in circulation ney-
or more than and one half dollars for every dol
lar in specie. When to this is added that the bills
are not only every where receivable in Government
dues but that the Government itself would he bound
Tor their ultimate redemption, no rational doubt can
exist that the paper which the Exche1uer would fur
nish, would readily enter into general circulation,
and be maintained at all times At above par with
gold and silver; thereby realizing the great want of
the age, and fulfilling the wishes ofthe People.
In order to reimburse the Government EXPENSES of
the plan, il was proposed to invest the Excheqner
with the limited authority to deal In bills of exchange
unless prohibited by the State in which nm agency
might be situated, having only thirty DAYS to run,
and resting on fair and bona fdc basis The Legs
lative will this point might be 8, plainly announc-
cd rs to AVOID all pretcxt for partially or invor'sn
1t was furthermore proposed 10 invest this Treasury
agent with authority tt receive on deposte, to lint
ted amount, the spece funds Of individuals, and TO
grant certificates therefor, to he redeemed on nresen.
taion, under the ldet, whch IS believed TO be we
founded. that such certificates would come in MD oil
the Excheqner bills in supplying safe and ample pa
| per circulation.
Or, if in place Of the contemplated dealings in eS-
change the Exchequer should he anthorlz, ID not only
to exchange its bills for actual depostes Of specie hut
for specie or its equivalent 70 sell drafts, charging
| therefor a small but reasonable premium. l cannot
doubt hut that the benefits Of the law wod he speed
y manifested in the revival of the credit, r,de md
business of the whole country. Entertaining this
opinion it becomes my duty to urge its adoption up
|
raons of the public interests with such alterations
in its details as Congress NAV in its wisdom see fit to
| make
ian, ,o,, .,v. Il. -, III. ,,oro,od .I,sr,,;on md
.uI "e. a~e ',l'' '"ls phHi;n ~. Trn.smru
| T n.. va '.Ie Jaws es'sOIs.s , t.s ID
H., a ,..,.' "as i;,nJ Covsrn
,an, RE- o't rt, h"s pcs.' wen t, I, 10
nronossd ~ conf, ,,o" !, ~" ey,,,ordnarv noyers
II purport, to do mo more than nav the debts Of The
| (;overnmen, viii, IN. reJ..mnbls naner of the Gov
ornn,an,;r ,vbicb rosnoc, !, accommodates nrcciseIv
| 4
IN Tho nnbl;c cr.d;,ors H. IT,, .rv notes ,yb;ch M
dor law II is auborz.d IN ;ssue II has No rescm.
bance 10 anv ordinary hank a. II furnishes M nrof,
~ n,;v,,s .,ocLhojd.y nd ianJ No con;,,i ~ ia;
v;Jnois If !, he oh;ac,sd =, 90 q. c:nvornn,eot p,,
and IN. ob;e.,;on he avail, .hon,d ali the
law. in relation n Tho ,rr.os,rv hc ,cne,d and ,he
capacity of The Goverpment m ,llect what ia duc "a
il ar nav VIVA, !, owes he ,hroc,,ed
Th;s IL ,I,o chat n,rn,.o ~ ~ nr,,o.oJ Excbcc.
nor and smra, q ~ H. -, VIC .,n, ,f r,r
noss an esson,;o, !, aN,,ds n .onnd o;ron, tim, meJ
um to the country and f,cte, 70 trade il should he
reo.,Jed a. M s,;h, Observation-Disclosures 81 !, ~ nhi;r
| coTsJer.,;on prore,Iv nnnrdod hw ,ho ,,ov;s;nm,
ofjow !, en- nm n,o ny danosrous .v; nor can nm,
abuse arise under il I'm, ,uch the LEGISLATURE tse
will h. .n.wo,.hIs tr r. !, 10 ,"i.r,,od since i, !.
h, III. r..,,rs nf a.. ,u ~, u y; .r.oar,;h. a, nj
,;rnos of u,o,;Sc.,nm am.ndnon, 'r rsnooi n, ,hf
pleasure If c"mr,.s. IInnw ,h., i, bn. bsen oh.
,ec,ed ,h,, The system would he nhle 10 he abused h,
,hs .c;s,,mr. bv hom oion. !, couiJ he .bns.d Il
tho n.r,v If IN. d. T,,st s,ch obmse ronlr
uorf.s, ,sau ~ .h.rn:c ~ n. i.~ which ,yonII
nnhorzc m rcess;.n ..n. ~ nSner for Tho nuynos.
of initiating prices and wirring popular .ayor ia
that it may be answered that the a-cripon of such
motive to Congress is altogether gratuitous and mad
MISSILE. The theory of our institutions would LEAD
uslo different conclusion.
But perfect security against proceeding 40 reck
less would found to exist in the very nature Of the
| things The pocnlp1r WHICH should be 81 blind
to The rme interests Of the country to resort to such
an expedien. would inevitably meet with final over
throw !" The fact that, the moment the paper censed
to e convertible into specie, OF otherwise promcv
redeened Y would become worthless, md wo III, in
the end dlshonor the government involve the peo-
pie IN rum, and such political mrty in hopeless dis.
grace At the snnc time, sucl a view involves the
utter lmposslhty OF furnishing any currency other
than maj Of Inc precious metas for, If the Govern
nhnt tse't cannoti"rego the temptation OF excessive
paper issues what reliance ran be placed in cornora
IONS upon whom me temptations of individual az
granhizement would most strongly operaie! The
feope would nave 10 Name n,ne but themselves fol
an, INJURY 'h't in'ah' arse from course so reckless
SINCE ther agents would be the wrong docrs and they
the passive SPECTATORS.
There can be but three kinds of public currency
Isl, Gold and silver; 3D. the paper Of State instiu
tons; or. 81, a representative of the precious metals
provided by the General Government, or under ii:
authority. The Sub Treasury system rejected tn
last in any form; and, as II was believed that re