Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-12-21

!siaiivo VIII on lEiS pulnt .InIgEt DC So
plainly announced, rs 10 avoid all prclcx,
for partially or lavoritism. IL was fur
,hermore proposed TO invest this Treasury
agent with authority 10 receive on dcpositc.
Ia o limited amount, tho specie funds Of
individuals, aud to grant certificates there.
for, TO be redeemed OH presentations. under
The idea. wlici, is believed TO be well
founded. that such retifcores would come
in aid uflhe Excheqncr bills in supplying
IA safe aud ample paper circulation. Or.
Fin place OF the contemplated dealings in
exchange, the Exchcgucr. should be au
,horiz-d not only 10 exchange its bills Tor
actual deposiIes of specie or its cquiva-
Tents 10 sell drafts. charging therefor a
small but reasonable premium, ! connol
doubt bm thai the benefits Of the law
would he speedily manifested in tho row.
val Of the credit. trade aud business of the
whole couurry. Entertaining this opinion
ii besomco my duly 10 urge its adoption
upon Congress, hy reference TO the siron.
yes, considerations Of The public Interests,
with such alterations in lis details as Con
gross may in its wisdom see fit To make.
nm well aware tia, this proposed alteration
and amendment of lie laws establishing the
Treasury Department has encountered va
rions objections, and that arnotig o,hcis j, has
been proclaimed a Government Bank of fearful
and dangerous import. II Is proposed to con.
fer upon II no extraordinary powers. Il pur.
ports 10 do no more than pay The debts Of the
Government with the re,ieenrab!e paper o rtl,c
G~ovcrn,peiii-ln which respec,i il accom-. piishes
precisely what the Treasury does dali, al this
time, in issuing 10 the public creditors The Trca.
sury notes wlGclI. under law, il is authorized
to issue. II has 10 resemblance to nm oriinn.
ry Bank, Us it furnishes no profits TO private
stockholders. aud lends no capital TO indiyi.
duals. II i, be objected TO Us a Government,
Bank. and the objection be ayailahle-ihcn
should all the laws in relation to the Treasury
be repealed, and tho capacity OF the Govern.
men, to collect what is due 10 II, or pay what
il owes. be n%hrogaicd.
This is the chief purpose OF the proposed
EIchequcr; and surely il, in tie accomplish
IEentoin purpose 30 essential. itaffords a sound
circulating medium 10 the country and faciii.
ties to irade. /, should be regarded as no slight
recommendation Of j, 10 public consideration.
Properly guarded by the provisions Of law, il
can run intp no dangerous evil. nor can any
arise under i, but such rs the Legislature
will be answeruble for, If il be tolerated;
since il is Int the creature OF the Ias. aud is
susceptible NJ all times of modification. amend.
men, or repeal, at The pleasure OF Congress.
There can be but three kinds of public cur
reucy:-lst. Gold and silver; I'd. The paper
Of State institutions; or Sd. A representative
Of tho precious mciaisr provided by the Gene
raj Government. or under its an,for;ty. The
Sub. Treasury system rejected tho las! in any
and. as il was believed that no reliance
could be placed on the issues Of local %ins,i,l.
for the purposes Of general circulation,
necessarily and unavoidably adopted specie
ls the exclusive currency for its own use.
And this mus, ever, be the case unless ono of
The other kinds be used. The choice, in the
present state Of public sentiment, lies between
IN exclusive specie currency on Tho one hand,
md Government issues Of some kind on tho
That these issues cannot be made by Il
:hartercd institution, is supposed to be %concIn.
lively settled. They nus. be made, then, d.