New-York daily tribune., 1843-10-28
CHAPTER Y.
The Remedy for Usurv.

of Government to do away the evils Of which
have spoken. | will now state what would, in
my opinion, be a complete remedy, so that not
only the People would be supplied with sound
and good currency which would always remain
the same, but the States, ndepcndentlv of foreign
assistance; would receive all the aid thew might
need. There could never be surplus of money,
vet always enough for all the business transac-
tions of the nation at such rates Of interest as
Congress should think best for the welfare of the
People. And not only so, but the Currency would
be based on specie, every note issued as good IN
one part of the Union as another, not a fraction
of exchange would be charged for draft from
one State to another; and whether money were
borrowed by State or an individual, the same
rate of interest would be paid.
In order to accomplish so desirable an object,
it will be necessary for Congress, which, by the
Constitution, has reserved to itself the right to
coin money and regulate its value, to supply the
country with money for all purposes OF useful
business. lis the only thing of which Congress
determines the value; 1t IS the standard by which
ali property is valued: the base of every contract
between man and man. or between individuals
and the Government, and therefore should never
vary. If the value of this standard be in the
least changed by charging more for its use at
one time than another, or allowing any exchange
to be demanded from one part Of the Union to
another, its value is not determined If there be
at any time a scarcity of money for useful bust
ness, Government has brought distress upon the
People by neglccting the duty which it has re-
served to itself the night to perform.
Money is national measure of value; there
fore, no State as ii has no jurisdiction out of its
own limits, should he allowed to create this
measure, nor can it regulate it, for another State ;
but Government should coin it and settle its
value so that every dollar should be perfectly
good and publicly known IN every section Of the
country, and SO continue without variation.
believe it is evident to all who have investigated
this subject that it would be impossible for this
nation to provide gold and silver in sufficient
quantities to effect all the necessary exchanges ;
and even if it were practicable, it would be
great hndrance to the prosperity Of the country
to use them exclusively as a currency, as they
require much labor to count, and arc troublesome,
expensive and hazardous to remit.
For the purpose have before mentioned, the
United States should establish an institution
which | shall here call Safety Fund. give it
this name because l think it VIII be the means
of securing to the producers fair remuneration
for their productions. 1t will save us from the
power of any foreign nation over our Internal
Improvements or any thing else of great impor-
tance. 1t will enable the naton-as far as man
can have such control-to decide lis own des-
tiny. Therefore it will be NATIONAL SAFETY
FUND.
In order to explain the nature Of this Safety
Fund, will here write out, in full, two bills, one
9th coro
Note. BY reading these, the system may be al
most entirely understood. Should such an nst-
ution be established, the bills might be more
orief, as the laws on the subject would be known,
and it would be unnecessary to have as much
expressed as in the following:
Circulating Medium, or Safeiy Fund Note)
THE UNITED STATES promise to pay to a. B. bearer,
1t their Safety Fund in the Ciiy of -, ONE HUN.
DRIED DOLLARS in Treasury Note, bearing inter
st at the rate Of tico per cent per Grnum, payable half
,ea,ly gold silrsr coin and until such payment is
made this note shall be lesGi tender for debts the
IS gold and siluer coins are now a tender
(Treasury Note)
One year from the first day Of May nert, any time
hereafter the United STATES promise to pay to a b.
" bearer in the City Il, ONE HUNDRED DOL.
LARS in Safety Fund Notes; and until such payment
made pay interest thereon half fyedrlV on the first
lays of May aud Norember at the Of per cent
,er annum, in gold or silrer.
It will be perceived that the note intended as
, circulating medium is made a tender for all
debts that it is issued bv Government, and pay
able in Treasury Notes. The Treasury Notes
are to bear interest hence there can be no money
in circulation but what the holder can at any
time put on interest where the loan would be en-
tirely safe, and the interest payable half yearly in
specie, so that money can, at all times, be loaned
for certain income secured by the nation. One
year after the first of May ensuing, the holder
can convert the loan again into the lego currency
of the country, so there never can be surplus Of
money which may not be made productive and.
If any thing can always be made productive
without labor it is valuable, and there is no more
reason that money should always be convertible
into specie, than that farm or the soil Of farm,
to make it valuable, should be such that it could
at any moment be ground into flour. The farm
is valuable if it will produce wheat or any thing
else that is useful, its value depending entirely
upon what it will yield more than is necessary to
expend in labor to make the production. So the
paper money that can always be made to produce
a certain incons in specie, which is standard
of value, the income being at all times the same,
will never vary in value; and, if the Government
is bound to pay this, its value cannot be destroy
ed without destroying the Government.
The principal institution might be established
at Washington, where all the bills might be sign
ed, and those issued by the branches counter
signed by the President or Cashier of the branch
where issued. Each branch should have a board
of salaried directors and no director, officer or
clerk should be allowed to borrow money from
the institution, or keep an account of his own
therein, with such other checks and guards as
nigh, by Congress be deemed necessary perhaps
it would be well not to permit any member of
Congress, while member, to borrow any money
of it.
The Safety Fund SHOULD loan money on bond
and mortgage at the rate of three per cent. per
annum, payable yearly, and 50 long as the In