Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1842-12-24
->AAN A>S
kNNS&N

the Treasu y "; invested with authority
TO is ue 81 10000 dollars of Goyernn Al
stock, st, uld tie same AT any time he re-
garded as Necessary, in order to pl zee be-
N"nu h card the prompt redemPtl' of the
sails which might lie thrown into cir uia'
ZION Th in fact making The issle al
ih,C09.O 900 ,llars OF E,cheqler bill., RESI-
SUI slanraly IN 100000 dollars; ant
keeping in circulation never more then
one al d hlfdol RS for every q liar IN
specie. Wien to this il is added that the
hil S are not only e,erv whe receivable
in G ~ eminent dues, bu' t'tal the Go,e,n
meut its-li would be bouni fJr their nj.
ma re Iemp'l n, no Ialpual doubt can
EMS thIt the paper which the Elk 'heq e.
wOul finnish, would readily enter into
general circulation, and be maintained al
u times at or ab I'VE par with gold aud ii .
YER, thereby realizing the grert want nj
.ho ng", and fulfil ing the wishes of the
PEG lie. In order 10 reimburse the Gov
erhment the expenses ~ the plan, ii was
proposed to invest the Excheqner with The
Limited thority to deal in bills Of "x-
change, IN 'ess prohibited BY the State in
which an agency might be situated, having
only thirty days u run, and resting on
fair and bona fde LASTS. The LeEi.htive
vii! on this point might he so plainly an.
n unced rs 10 avoid Ill prerext for PARTIAL.
~ or lavoriiisn. 1t was furthermore pro-
posed TO invest this Ire snry agent with
authority to receive on dep' 81 e, TO Iiml-
ted am Iunt, iha specie funds Of lndIVIdu
ais, AMI 10 grant cerfi aes therefor, t. lie
redeemed on present ton, nnher tn idea,
whirh is eicved to BE- well founded, IN t
such certificates would come in aid OF c
Exc equcr bills in supply ing safe AMI
a mp e paper cir ala ion. Or, II in place
OF tn ntemplalcd eil.ugs in exchange,
the ENchequer should he authorized MT
only to exchange its Is for actual dcpo
sizes of specie, ut for specie or is c1ri
vueat + sell drafts, charging III reior a
small but req. omble premium. | cannot
10 ,bt but thattle benefits If The law woul
lie S, eedl y manle &c in the revival 81
the C elIt, trade aud business # tn whole
county. Enter,ainin! this opinion II c
cones my duty to rr,e ls adop'i'n upon
c'nsIuern. v reference 10 The ronIcSt
such ate atoms in lis uill: interest, with
may IN is lsdom zee fit t, male. ""'es.
am we'll aware that This pr'po ell al.
teratI"n and amendment OF t,c laws esta
bl'>hlng the Treasury Department has en-.
COME ell various o ,jrct;onS, AMI thatj
among Others il has been proclaineIa G :
vernmenl Bunk IF fraru. and danp,rur.
import. 1t l. pr po,ei 10 contcrup nItnp
eNtrn"rdnar, powers. 1t prrroltS t. 10
II" more tam pay the debts o the Govern.
ment whh The ieiaem,lle paper o. the
Governaeat-li which re.pect Il cnla-
rllshts precisel VIII I he + ca ury 60
ally at this ,i,le, in issuing to tie public
IRE iitors the Frea' ury notes which, under
w, 1t authorized 10 issue Ii ha, no
-aseml Lance To an ordinary b INK, as it fur.
ashes NJ profits 10 private sto, khodcrs.
md lends no cipltal 10 individuals If
Dc objected to as Government Bank,
mi the objection be avaiai le-,hen
houd all the avs in relation TO the Trca.
'ary be repealed, and the capa ity oil the
III.
'ay what ii owes, b. abrogatel
Tbs IS the Chef purpo OF the propo
led tx hequer; and rely If, in the ac-
# plrpose so essential, it
Ihords sound circulating e;ilm 10 the
ouniry and flc.li'e' 10 trade, il sh rud
&c reg ,rded as no S ight Recommendation
t 1t TO pubic consideration, Properly
ulIded D. the provisions OF law, It can
IN mt no Cange onS evil, nor can ony I
buse ar Sc un Ter j. but su:h as the Leni>-
Iturc ltsei will be answerable for, if il he
'lerated; since il Is but The clettIrc OF /
ne Ia", and Is susceptible at al times of Il
l"dlacltion, amendment or repea', at IN. i
leasure Of Congress. know that i, has (,
cen objected that the system would lie L.. a
be to be abused by the Leg sat IRE, b, ;
h. alone it conIe be abused, in the par. "
conflicts Of the day. That such abuse "
ould manifest lis Il in change Of the .
W which W uld au h rrize an eycessiv. it
sue Tor paper for the purpose Of initiating n
ices AMI winning popular favor. To that b,
may be answt rcd, thai the ascription of st
oh motive t. Congress is altogether fir
a'ulicus and inl6missIb'e. The theory al
our Isl'uions would lead Us 10 a dit. W
rent conclusion. But perfect securil, Ell
ainst proceeding Sd reck es would be to
ind t. exist in the very nature Of things er
ne political party which should lie 90 ve
nd 10 The true in erests of the country, n. Ell
resort to such an expedient, wou d iney. tr,
bly, meet with fnal overthrow. in the tai
Il that The moment The paper ceased % Iat
CONVEX lie into specie, or otherwise h.
'mpty re !eemed, it would become &c
r b css, and woull, in the en, dish NOR Tor
Government, Involve III, people in TO
n, and such political party in h pe!es. ina
grace. AT the same lime, slch a view qut
Olives The u'tsr impossibilitv of furnish. ing