The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-10-19

ned and thtlt pIace suPphed by lhose bearing

ly returned and their place supplied by those be airing
higher rate.
II is supposed that the present abu ,dance NJ mo.
nev will justify The issue If notes 1T a mere nomi
nal interest especially II converlltl- INTO oiu Al The
pleasure OF the holder Win tnis view the notes
will be purchased AT par Al the depos,lor.s OF Inc
Treasury IN the city OF New York, under the su.
tbonty gwen by the act of 1887, and will be ex-
changed al other repositories, and at the Land
Offices and Custom Houses for com.
Thus II Is antIc pated that economy, responsibility
and convent IN the disbursement Of tie public
moneys will hr promoted, while handsome saving
of interest will b- effected
This ~ plain statement OF very simple opera
ton There Is no loanlng OF money or credit by
the Government TO any one, no discounts no drafts
by fiscal agents, no teposes; nothing but the ordi-
gary payments by the Treasury, through the public
agents, It the expenses of the Government, to the
extent OF perhaps onefourlh Of their amount in the
mode 80 poA erlully urged by Mr.. Jefferson.
II IL no mans prof CT u IS provided Dy Congress
by series OF laws since 1887 The discretion gwen
by these laws was laiendcd 10 enable the Treasury
issue the notes IN lh- form manner best
ed 10 existing circumstances as They might arse.
Now, we have been unable to SEE eher the unau-
lhorised assumption charged by such description
OF Treasury notes, or any danger TO ARISE from them.
That full authority gwen by acts of Congress has
not been aud cannot be denied. Mr.. Richie ad-
mts the constitutional power " to Tsise loans by
means OF Treasury notes" Indeed no one has vet
denied 1t. These notes are continuance OF The
loan made when the original NOES were issued
These, however, in effect borrow from the people at
large-those weat into the hands OF m0neyed insti-
tutions, where they were boarded. Mr.. Richie,
however, denies " the right OF issuing Them in such
a form as TO be intended and calculated 10 answer
the purposes of circulating medium" Why mott
Ii the right exists TO issue them al all, what provl-
sion OF the Constitution foTbids their being IN such
form as MI answer the purpose of " circulating
mt dunn" tor the Government Who has the au-
thority 10 restrict the exercise ct general power TO
any peculiar form and mode
Must the Government pay heavy interest on It's
no .rJarf rs ,,Aa
edness becoming circulating medium" by thus Of
terlng an ind ucement to hoard them} 1t Is doubted
whether such n course would be recommended by
any but Bank directors and stockholders, 10 whom
such notes afford convenient means OF temporary In
vestment.
The truth Is that no form can be devised which il
not calculated to render Treasury notes clrcula-
ting medium except heavy rate of interest. Those
heretofore issued have long constituted and still
constitute a considerable portion OF the circulating
medium OF the country. There are at least two
miiens of dollars OF notes, upon which all interest
has ceased, now actually outstanding and in clrcu-
latlon, and Notwithstanding The official notices in
vltlng their return, they are kept out and constantly
used tor the purpose OF remittance. According TO
Mr.. Rltchie, these notes are not warranted by the
constitution, because they were calculated 10 be,
and have actually become circulating medium.
He must deny totally and absolutely the power 10 IL
sue them, or he must admit that they may assume
just such form a. convenience and economy in the
public expenditures require.
As TO any danger from such issue, the eastern
paper from which the Richmond Enquirer quotes,
nd whose sentiments 1t endorses, ADMIT, in terms
hat there can be none that me is too insg-
ncaDt 10 produce any terrible tfecs; but 1t Tears
motc Extensive operations
We have already shown that under existing laws
the whole amount cannot exceed i've millions OF
dollars But there are some politicians OF the 0p-
lrehenstrs school, who seem unwilling TO employ
any instrument IN reasonable manner, from fear
that II may BE- used unreasonably. Fire and water,
according TO their theory, ought not 10 be employed
IN steam engine, because they may be combined
TO such extent as to Pre- duce grea schlef. The
tar and honest purpose being topromote the legiti
mate objects OF the Government, the Congress of
the United Sales can be safely entrusted with
The power Il determining the extent to which
Treasury notes may be Judlciously applied, as with
any other power conferred on that body by the
C""e'r'-'ie~ A-d ah1n ~ shall DO nronnspd nv
hat body TO flood the country with an lrredeema-
bic paper currency, II will be time to sound the
alarm
But, so long as the Treasury notes are redeema-
BILE In coin, on demand, an eheciual and most
stringent check exss TO any over Issue. il SEE ms.
al least pre- atu 10 object 10 measure
" hich is admitted TO be harmless, because 1t may
be entirely changed in It's character and become
dangerous.
There are other views Of this subject which might
be pr. senteu; but are sdmonlshed by the length
Of this article OF the proprlety OF bringing 1t TO
close.
May we ask OF MIR. Richie the courtesy torepub-
fh.se remarks z