Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-01-04

On this collateral. if not wholly erlrlnecus. sub
jet:
] am, and ever have been in favour Of a mixed
currency o fmetal and convertible paper. But thai
no institution shall. under any circumstances. issue
. note lar circulation that il cannot redeem upon
presentation with gold and silver. When an in
siitu'ion 'uspends specie payments. it should aiihe
instant suspend all business. except to pay and re
celve its debts.
! am opposed to the Government isuiag or gu
'horising the issue Of o paper currency for circul.
ton which could not DO always converted into spe
Gle. and hence l have never voted for the issue
even OF Treasury Notes. during the existence in
part Of the fur Administration that I have been
in Congress: because it was an inconveriible paper
Of circulation.
| only propose that the Government shall give
evidences of debt in the form OF certificates or
bonds. which will secure tho holder The puncrunl
payment Of interest. and the final liquidation Of the
principal.
The influence Of the measure upon the currency
would be instantaneous and saluiary. by restoring
confidence. As n measure of finance il is indus
pensib.e for the well beng and prOspe rty of tie
haIisn.
The drain Of specie or specie funds now anoani.
TO about 900 10 pay interest abroad. Thus
there is a perpetual annual drain Of about one.6hh
of the entire specie Of the naiion. And whether il
- sent from Maryland. Pennsylvania or Lnuisiana
the effect is felt in lime, Missouri and Georgia
Tor II matters not al whivh eI RENE or al how many
points the vital fluid 10 drawn. every part Of tho
body polite becomes in an equal degree exhausted.
But by transforming the Staie dsbts. which will
average sir pee cent interest. into Government
stocks nj four per cent interest. payable at the
Treasury, the bondI would al once be sent 10 this
country TO be exchanged on the books uf The ma
iionsl Treasury for Government bonds Of diminish.
ed interest, aud also that the holders could receive
the interest made payable al tho Treasury. This
exchange Of State to four per cent. Government
bonds would operate a saving Of specie 10 the IA
ton of 81 900 900. and " q three PER cent stock
could be exchanged. II would effect n saving of
S6.OOO.OO0 10 tho naiipn. in diminished interest,
and even The six millions which would he paid in
interest 10 the Government bond hUlders, would
not he sent abroad in specie or specie funds. M
sl2.OOO.OO0 nre. or should be sent now. but would
he exchanged for the production Of our own conn
try. and so the entire drain Of twelve millions of
specie would be arrested by a single solitary mea-
sure OF national policy, as simple as II would be
efTicncious.
Then be whe is in favour orrclieving the people
from direct taxation. will support the measnre-as
Will no who "a for refining the capital OF the geld
and silver ia this country instead OF sendi-g il n
broad. for no measure less comprehensive, aud en-
lighiened. will elect these two great aud all i'm
pOraHt results. And any eIpedIeul short Of IL, will
iania 'Izs' without relieving, the dislresses Of the
reuplr. The evils which now ahiict the People.
the States and the Nation. will assuredly increase
until such a policy as | propose shall be adopted.
The amount Of interest thus saved TO the nation
would. II sci apart as q sinking fund. very quickly
iiquidate the entire capital Of The whole debt.
The pressure upon the banks would cease. and
all that are solv snt. eonld resume and maintain spe.
Gle payments; a system Of boarding specie would al
snce cease. and il would again circulate freely from
hand TO hand. Stocks OF all kinds would rise TO par.
that have intrinsic value. The sails Of commerce,
which are now furled in our ports, would be again
expanded in q hundred seas The mechanic would
be enabled to fabricaie for the farmer, and The far.
mer. relieved from The eIactIons Of tho tar gatheTer,
could once more ~purshase necessariss, comforts
and lurures OF life; and thus . million Of spring.
Of individual and national pios periiy, now almost
wholly dried uP, would be opened in constant flow
and the treasury Of the nation would again receive
liz regular and abundant tribute. But mnrs lhnn
this. and all these :ihe national credit aud The Piled
ged honor Of the States would be re-esiabiished and
redeemed. Whilst now every American who has
a pure sentiment offeeling in bis nature, must blush
At The disgrace which now furnishes our heretofore
fair fame.
will resume The subject TO- morrow or the next
day.
Your Obt serv'f,
w. COST JOHNSON.
Col. CHARLIE CARROLL.
DOuvhorngan Msnor N,rvI.nd