Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-03-07

over to the person entitled hcm deducng
The facilities afforded by this system for selling and collecting
exchange will promote the interests of the whole country equal
y well with the to purchase aud at tho same time save
the from the possibility Of loss or hazard
g. rs to he issue Of Treasury Notes on the credit the Govern
From tho taken of this subject by the committee
discuss tho question how fat the of
Treasury notes. the credit of the Governments circulate
currency obnoxious to the constitutional objection to bills Of
The committee of opinion pOpc should issue
the credit of the Government to circulate currency.
There be but two motives for the issue of such l.
To anticipate the revenue to meet the engagements OF the Gov
ernmcnt 10 aid tho currency Of the country by this addition
to the circulating medium
As to the first hold wrong principle
Government to anticipate its revenues by this Its ten
denotes would be excessive issues and reluctance the
part of the Government to levy adequate duties for revenue Eli
Their result would he the highest degree derogatory
Tho of tho country should always 10
Government should mover have occasion to anticipate its o'e
But any emergency should happen when is means are
sufficient its engagements, get the authority
of Congress- has often been done before to issue Treasury
notes. not a currency, of borrowing Tr.asu
nv notes bearing an interest to be taken by
capitalists, and not as circulating medium for the people
As to the second the committee do not perceive now cur
ency issued the credit of the Government can make any per
mauont addition to the circulating medium beyond nG eu1e5
wants OF the country such currency ooulu oe Put III
circulation beyond those wants, would send into retirement an
remaining would be the same before. Any benefit to be de-
rived from this better currency of the Govnmen peichanGe
compensate for the violation OF what the committee deem
great and principle namely h9t no paper snouu
The Secretary of the Treasury proposes to issue S5opO
of Treasury notes, founded specie basis of s5OOOO In
other words to issue currency convertible INTO peIe 10
the ratio of three dollars Of paper to one OF specie In
banking operations this is deemed particularly sac ratio Ia
TRUTH the circulation of most banks not regulated by the sPe
their vaults Their issues sometimes IN proportion TO
capital and sometimes graduated by discounts me RATIO now
of three TO has always been deemed safe in banking
operations But would be safe principle for the Government
adopt in regard any paper It may issue to circulate
rencyf The committed think The officers of Government
provide for contingencies and individuals,
as banks controlled by Individuals can do However faithful
and honest hay may consuenousy they
intend discharge their dutes they have the interest
the means to provide for such occasions.
Individuals interested n and concerned in the management
any sudden demand upon them for specie And with all their
provide against suspension of specie payments win the 9TH
of Government he better able provide .gain ,
There might sudden and demand which would
drain agency oft specie There might be system
attic operation and combination, from political or other motives
accumulate the of agency and them sud
denly and Unexpectedly for redemption and for the
would DO not only to destroy the credit Of the government but
disgrace in the eyes of tho world The Government should
be exposed. Its credit should always be beyond
The committee therefore, propose that no paper shall be
sued the of tho circulate currency
ec on hand dollar for dollar and that the amount of such paper
in circulation shall not under circumstances
exceed the amount of specie holden for its redemption
cy based specie, and Oonadisngushcd from Treasury
notes. which issued the credit of the Government
currency, but means of borrowing.
These specie notes in no sense whatever be obnoxious TO
of the Government but issued specie in deposo of
equal for their redemption. They pass by delivery from
hand to hand as currency and the possossor Of such note
IL and ~ ibc nossossipr os which bc Il eeJ % no~
Until that time the specie remains in the depository of the
has the responsibility of the Government for its safe custody
These specie notes. issued upon the public pub
lie creditor in the disbursements of the Government
the deposits of individuals, would form currency of the
perfect chactea currency c9mbnng all tho conyenences of
paper with the value of coin They would where be
eod coin. They would be preferred by the public creditor
well by the whole community because every would
the specie resting the Government depository
fol their redemption, and with it, the guaranty of the Govern
ment for its safe keeping.
Tho issue Of such paper equal only in the specie
he Of
the Government expand the currency-a power
which committee think should possessed
ced by the Government So far therefore ts action is
ceno scarcity abundance of money and
Of cannot nurou affect the business of the country
There will be no imitation Of the rise fall in
the prices Of commodities through its nstrumenaly The
that any expansion OF will be regulated by the bust
vouJ ,hn spccio po,os of IoY denor,in,to, n, lin
Neither Wouu ,ne pee'S noe o. low no mn @ Ie a
circulation oil me BANKS, namely tnat oi uns pece out oil
the country on me contrary tno specie would remain under
ue saie CUSTOM! Vi e oi men SuoPioh anu
whist Ihcse nU,e w, wou h h & una , ,s eos CIR
specie would remain at and not be exposed the
tilos OF eHchaon Wy "Ih J.. oen los' 10
nc world IN s view o, ee ns,, T., S oov see no
objection to an issue o. sPeee notes Of concentration cores,
pondnS 10 me sna no.o Jiuaon o. G uan pSing aee
from u pos % sH, u 'os Scyy iG b
wIlch NJ naGo ", 70 ,no , @ sct u I W
ae ana oemec Io s nn o isu ana %
Lhay wohn iee nst w1 EN- h pVuns
OF unuouoleu oieut "nu ssey io o -
ana a ol NOR i numoiv S ' i g. c -
| 4
IN any shape Whatever, hot mus DE- M 10 inc local nsutu
tiohs' q, mem f ~, v S s ,o,e ins ~,
Iohs Wouln iep ' sulu % tn vi tne
LNchequot, III .e eue. s.ee ~ pioe anu 'he con
seqqeht testnt upon % lls
Would DC !" ooG .e a'ISun 10 business
oil accommodation PuPe'-tnp oy sure rue III ao, LOT uaAhs
operations uhue such RUE tete "oun ne no uihser TO u
community rom her CONTRIBUTIONS and expansions;
Ihey would DC iesuhtGo ana o ic Of me
country, ana expand ana contract WIN II. ihe circulation
would be increased nat season OF he year wheh me products
OF industry are going forward to MARKET and would furnish the
means OF getting IL tnere ana would contract again when
those nave Dee anu te mas eeet
consunmaed' rms wou DC sounu ana heahy coh oil inc
barking ysem 1d would nc much promoted by the practical
ope,,atlpp99s pi 'le .Aon Sqt. - ,
Noulu ts sysohi US, u u,yOrm currency! IL Dy uH
JorW currency y infant 'nal tno ueneIu shau un
deItake 10 lunish un ao o adequate 10 me wanu
OF the whoe country inc committee answer no. IL nelher MAJ
ne power nor ,he pGy 10 10 So NO whsn Ionges
can ADOPT whetne y nc IN ne shpe OF Nuona bank or ON
erwe can supply ahuhured OF more o currency to NEE
the existing OF increasing wants Of ncreasin:
the rapd increase opuao ana mo consequent augmen
ta0n OF the products domestic industry FROM the adoption
oil the constitution 10 me present time the es nave furnish
ed by lar the greater portion hs currency und they Will
nue to furnish H. lhet ht TO do SO cannot be superseded