New-York tribune., 1842-02-24

From this brief OF the appointing and removing
son The appointment. Office is lille and the Exec,
nve power BY reason OF the removal from oaee Is siiI
IS TO tie Purchase 81 Bills o. Exchange
TINS feature OF he plan OF ;he secretary OF the lre'.
S cr, 81 ne Tor the rsscons5y o. n
v!Ga> consequently expose The Govnrnnen; 10 great
hazard aud eventual loss THAR Nigh. eused Tor 20
:ical purposes and Tor party tnvor,ism S. TIA, il woa!
lead 10 fictitious dealings 10 exchange without any real ol
The. sv. which would How IRON, all these sources need
he enlarge upon. They VIII a'once ssu e the raind
But asi, tI15i these objections Others which
would Gtuce The Committee 10 REJECT this power 10 pur
cast exca To exercise ocreeily and safely three
things Necessary, nasey. individual! interest," individual
lgacv, and Individual vigilance; interest secure proper
ailentji TO distinguish real fictitious opera
tons vigilance 10 watch transactions from rccp
non 70 maturity and payment These qualities, nom the
nature hgS cannot be combined 10 hs desired! extent
IN TbIir ocer however faithful and hsne>t he may be
lie may intend cpr>cIentousiy To >charge his duty oHi
in of this ton he cannot charge
IL as an individual would transact iIs OWE business twoud
therefore lie dangerous 10 give IN power without ncorp
rating the Interests Of individuals INTO the system which
/ no, proposed 10 IL done.
rtt Committee. however, propose IL another mode 70
confer substantially dement's without any OF the
risks This can be accomplished by authorizing the EN-
ceqeran its 10 sell I'd collect bills OF exchange
| In til, there no possible haZar-!
J. tsto selling This mav he one either oy one agency
drawing bill on another pay ment Of the amount anu
premium specie. by accept the bill payable al the
accounts ien and best promote the interests OF all
parties This will answer all the purposes OF buying or dis
.ht - IN oin'i ntis. i.oHe vi d'I''s 'tt...!s
legitimate oh5 o! hill OF exchange is not 10 anticipate,
hut FUNDS These funds may be RENTED without
the ha@ard on tte part oil INC government. 81 'c
oths bill. and at the time accommodate equally We'll
tie in, dual 10 whom they belong. Fer example II
merchant NewY FORK has funds Cincinnati Tor which
es entitled toGraw al sixty days, he may direct his CORES
pendent there, the end OF that tne 10 depose the
amount! the agency that place and send him bull AT
SIGHT OF The agency al NewYork. where he receive
the amount presentation OF the bill In the meantime II
he wishes anticipate his funds he can GET MS note done
the local banks, whose business IS 10 discount
and RELY upon the bill OF his correspondent NJ Culclat 10
meet maturity.
Is 10 collecting the committee propose authorize the
Board ESchequer and its agencies under regulations 10
be prescribed by the board 10 receive ana coect Suth
drafts bills exchange be deposited win them
purpose drawn place where AN Office OF tie
ENcheqnef may be established but ia no as'9ncs or pay
eDt shall w made such draft or bill until shall ave
been actually collected and advice received OF such coiiec
when In. proceeds shall he PAID OVERT hs person en-
led them. after deductIng reasonable charges
and commission
The facilities afforded by this system for selling AMI cot
eCiin exchange will promote the Interests OF ihr whole
country equally well with the power TO purchase ana al
the time save the Government from the possibility O
Os> or hazard.
g. Of Treasury notes tie credit If the 90
Iernrent
unnecessary discuss the question 20 how far the ls>le
Treasury notes nthe credit OF the Government 10 CIR
culate currency, obnoxious 10 me CONSTITUTIONAL Gtc
ton - biilS Of credit.
The committee are opinion that paper should issue
the credit OF the Government 20 circGahS currency.
There can be bat motives tor TIN. issue oil such paper
l. To anticipate tie meet the engagements OF he
Government p To aid the Currency OF the country bS ms
addition 20 the circulating nlrdlunL
To the first the committee hold wrong in principle
Tor the Government 10 anticipate us revenues by TINS
Is tendency would t 10 excessive issues ai 10
reluctance the part the Government 10 levy arGuale
duties Either result woua be in tue hghc,
degree ierogatory our rational character The rcve
the country should always he adequate TO the
econor,icaI OF The Government and the Government
should have anticipate It's revenues But
ii an emergency should happen when It's means are not
sufficient meet Its engagements II may ger the butterfly
Congress- has often been done before to issue Treasury
notes, not currency, hut rs means OF borrowing
Treasury bearing interest," to he taken a, an IN.
the People 'f,',,'s,,' -,
As 10 The. second, The committee do not perceive how
currency Ssue1 the credit OF The Government can wake
permanent addition the circulating medium beyond
coni be put in circulon beyond those wous dis
place and send into retirement an equal amount OF he ioc
CURRENCY that the aggregate amount remaining would
be the same before Any benefit 10 be- derived ny ms
the Government il perclnnce currency
5oupe.ac for the violation OF what The committee deem
great and fundamental principle namely that no paper
The Secretary Treasury proposes t" issue
Treasury Notes founded OH specie oasls o >op,
nNi In Other words issue paisr currency convertible
INTO Specie in The OF three dollar, OF paper 70 one oil
ecis.In ordinary banking operations this Is ueeie
nrctlv safe ratio In truth the circulation OF most banks
is mol uate, by the specie in their vaults ie'! su
are sometimes proportion 10 capital ana sonictihe 9-
,rc jy discounts The ratio, however, OF tlr't to one
,lls AWAY, been deemed III banking operations hui
would priucipe tor the Government " auop ~
regard oauy paper II may Issue 10 c!fcui "a. a.
The Coanite, think The officers OF Government can
lt.
ais or -. hanks controlled by individuals, can 10 HOW"
ever a!,hiul honest they may b. anu however cosc
rnt!ouSlv tleymay intend TO discharge ther lu'es, les
lave not the interest nor the means 10 i'o"' WI W -
Cd>,Oiis. - ,,.,,,,
lniiyIuaI, Interested and concerned IN the MANAGE
ment OF banks always looking ou ami providing III a
gance ot any sudden demand upon them Tor slec. ii
with all their interest, Iigacy ana vigilance, 'es arc no.
alwats able provide against sus prIts!oh 81 ec'e pa
u-nte Will the officers OF Government be any oe,tt aole
10 provide agaust There might be sudden ana uleA
PEA ed demand which would tr am an agency a ohce u
Specie There might systematic operation and coo-
G!natinn from political other motives, 70 acc m
note, o an agency ana present them sunaefhs anu u
ci-ly Tor redemption, and tor the express purpose "
compelling suspend specie payments: he @ S'o'
be not only destroy The ced OF the Government nu "
ii,,rrc- II IN the tie world. he oo'eFHiieii'
i not be 80 posed. lis credit should always oe ue
sond anv possible cun,lngeHcys tn,
I,. COinuljr., therefore, propose uiat % pdpc'
s-l. on tie erea;. Government TO circulate a. cur
r.icy; but paper may he Issued Ter thar pufpc.
such paper IN Circulation shan mol ~, 40!
10 ,rr any circumstances, exceed the amount ol 'Pece
I6r 1ater thus ssueo is calIod Specie notes as beng
currency base, :iec.e, AMI as conrad. ts usi Io
Tg,ry nor, winch arr .sued tlr crdt oI the Coz
ernrn,Dt not rlr currency but means o. borrowing
'l,se specie not-> can no sense wIattVe oe opH
A., olc nr as bitlJ Of credit. They art not Issue"
on OF Government bat art issued on pe III
i.,Z.it - ,,,s.oua amount Tor their redemption lheI
,s. delivery rom hand hand, currency arc 'i
,,l..r.cr or >Gc!a holes II d. -Fihe'cr Oh o", T
- I .,n al specie which il represents, ana 10 the i'>-
- m ~ winch tr i, entitled any moment, on pftsrita
non OF N. note Il The ageGcy where issued nm ..a
remains IN the depository oil The Dovtr
80, o1ars.. t,y IL, authority and the holder OF iEe
note nas the re. oIlsb,y The Government Tor us "a
custody .o,e m M,
ines, uot., issued the puhllc revenue 70 te
pubic creditor disbursements {" 10. e.li'e. ~
uton posi-. Individuals, "ou!o lot -
~, no, ,.ri, rla-3ct, currency combining AZ o.;
OF paper with the "ane OF com my oGt
tV.-y Were b.. preferred 10 coin icy tsoui'4 % -
-, ,r or ilItnr a. well As by The mole com
mlltv b,eaus :, would know as the pei va
r>rI in , Government depository tor the!f [edrHPou
~ mi ifIe larany The Government Tor Us 'd'e'
| kee piHg. l. - 1,csun, IN the
Iai, currency Consequently tLere %! be no po%t1
On I,r par; o. The Government 10 expaht 2' o a. 49,
la io-..ed or exercised by the Government 30 ,l
ff.r..lor4 il action concerned II cannot cap scr
.t,,ir.. MONEY. course cannot mum