Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-06

in means available in the Moth and East. This
happy diversity Of products, and these useful
qualifications Ut internal trade, demand impera-
lively not only currency satisfactory 10 all, but
the means also of easy, cheap and safe DEALING in
exchange. And these two objects assist each O.
Their. good currency enables.hi who needs
exchange to buy 1t, aud he who has EXCHANGE TO
sell 1t. Good currency and safe exchange being
thus mutually convertible and acting together,
all under proper limits and securities form the
most perfect system of paper circulation. The
power TO deal In exchange seems essential, in
deed, 10 any considerable circulation of Treasury
notes in the South and West. And it NAV be
added that nothing would tend more to counter
ac. the concentration of moncyed affairs, at one
or few points, than the ability orbuyiny domcs-
tic exchange with good pap'r, redeemable at the
place Of purchase. Commercial transactions,
and the consumma,ion of pecuniary engagements,
naturally concentrate themselves in places where
the currency is good. There 10 no ic;.edy a.
ga'nst this concentration so sovereign as the sup
plying oil good currency every where.
A safe system of exchange, though no more eX-
tensiSc than is contemplated by this bill, will be
oil great use to tie commerce of the country in
ther respects, besides furnishing the means Of
Keeping IA good currency in circulation. The
more direc, advantages flowing from it are not in
considerable Although its objects be not to sup
ply capital or credit Tor purposes of trade, to
make advances, and although the wole system is
Limited to exchanges strictly, yet it cannot fail to
afford very important facilities, and TO be produc-
tive OF much general benefit
The power or faculty of reaching TO funds al
ready accumulated i'm a distant part of the coun.
tIy, and of bringing them home Immediately, and
| without loss, is power faculty of no mean
Importance In the hands of those whose business
leads them to form commercial connexions i'm
such distant parts. This power faculty the
measure under consideration proposes to confer
| impartla'ly on all to the extent of its MEANS
And It's capacity for good in this respect is con-
hieniiy left to thejudgment Of those whose prac-
teal experience has rendered them most compe-
| tent to decide.
AS TO any dangerous consequences from unto
ward Influences in buying or selling exchanges,
1t is again to be observed that the Exchequer can
lend money to no body; it can furnish capital to
no one to begin, carry on, uphold his bust
| ness, ltonly seeks TO enable any one to place his
funds where he needs them and this, as will be
seen, Is TO be done under such restrictions as that
all Idea OF accommodation, and therefore all idea
oipartiaity or favor to individuals is repclled.-
All real borrowing and lending is excluded, and
bills are to be taken on such time only as is ne
cessary for ordinary notice, and the usual trans
mission of iutclligcnce.
Over operations, begun and completed in so
short time, and which to be carried on in the
lace OF the commercial ACKNOWLEDGEMENTS
which allow So little of favor or accommodation
TO any-it Is not likely that unjust partial To-
cal Influences, far less likely that any perncious
central influences, will exercise control.
| il may be objected to all dealing in exchanges,
that parties on bills will become debtors to Gov
crnheni; that In case any general pressure they
will petition for relief, and thus embarrass Gov
eminent as well by neglect ofpunctuali,y Of pay
nient as by importantly for indulgence. 1t is
readily admitted that the delicate relation of debt-
or and creditor should be avoided, as far as may
he, between the Government and the People,
But IN many cases Unjust exist. The imposition
OF every tax creates that relation; every custom
house bond creates it, and it is found in many O.
| Their forms. But better answer to this obiec-
ton is, that the credit, so far as any NAV arise
under the operations of this bill, be COM
merciai credit, OF all others the most unlikely to
he volated--of a few days continuance only, ex-
% oy He out o Whc Sn sd zach
no common lnteres; to delay, no common impor-
tunlty Tor relief can well arise.
AS the great object of the whole measure is TO
put an end to controversies, and give repose, it is
lett to the States to prohibit the practice Of private
deposits and dealings in exchange within their
,'spec,ve limits, if any of them shall see fit OF
such prohibition no apprehension is entertained
yet the less scruple has been felt in recommen-
ding the provision, as it may avoid difficulties,
by maniiesting disposition neither to tread on
any questionable ground, to give rise any un-
necessary differences Of opinion. The plan will
present itself to all the States and to all the peo
pie. 1t proposes general benefits TO all; and no
| lear is entertained lest either the States or the
People should examine it with too close a scru,i-
ny. The section which authorizes the Secretary
OF the Treasury to issue, if found necessary,
i've millions of stocks, is designed as provision
against contingencies incident to The fluctuations
| OF trade. In an agent of Government such as is
now proposed TO be created, it is proper that there
should exist every security for the maintenance of
It's credit Nlisortunes may fall on private insti-
( tutons, In the revulsions of commerce and bust
ness, and they may be compelled TO stop pay
| mcnt; but whatever is identified with the char
acter OF Government should be placed on the SAT-
| est possible foundations. As the means of the
! country are most ample, its credit high, and the
! burdens of the People light, there is wisdom in
giving to the Exchequer the power of Immediate
resort, in case of necessity, to the unstained and
| unquestioned faith of the nation. There should
be no hesitation, no scruple, no lingering doubt.
abont the ability of the institution now proposed
to be established, TO fulfil with punctuaty all its
| engagements, under any occurrences, not of
force, TO disturb the Government itself
Such are the general views of the important
the Legislature.
The extremes Of public sentiment on the sub
Jects embraced in this bill are embodied in the
system of the Sub-Treasury on the one hand and
a Bank of the United States on the other The
great problem now proponnded TO practical states
manshIp is, whether repose and reconciliation of
opinion can be attained, whether an end can be
put to distressing doubts and exasperated contro-
versies touching the policy of the Government, by
| the adoption of an intermediate system; a system
exercising no rngranted power, ESTABLISHING no
monopoly, bestowIng no indefeasbe rights, at