Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-12-15

force 10 regard 10 a0y substitution tor
the precious melals IN the form Of q cir
culating medium Paper, when subsri.
Iued for specie, constitutes standard
Of value by which the operations OF socI'
ETY. are regulated, and whatsoever eau.
sPs It's depreciation, affects society To an
extent nearly, i(nor quite, equal to the
adulDerlllun Of The coin. Nor can with
hold The remark that ils advantages,
contrasled with bank Of The United
States, apart from the fact that bank
was eslpe med es obnoXious 10 the pubic
sentiment, as well on the score OF e%pe'
diency as o consIirutiona!ity, appeared
to me to be striking and obvious The
relief which a bank would afford by an
issue l5,00O,O00 ofils notes, Judging
from The experience Of The late United
States Bank, would not have occurred 10
less than fifteen years. whereas, under
the proposed orange the relei
arising from tho issue of $4,000 600 OF
Treasury noies would have been consum
mated in one year; thus furnishing IN
one fifteenth part Of the time in which
bank coad have accomplished it a paper
medium Of exchange equal in amount 10
the real wants Of the country, al par
vaIue with gold and silver. The saving
20 the Government would have been
equal 10 all the interest which it has had
TO pay on Treasury notes Of previous a s
we'll as subsequent issues, thereby re-
Ieving the'GOVernment, and at the same
time atiordiDg relief to the People,
Under aIl the responsibilities attached
o the station which | occupy, and in re
demptlon oI pledge given 10 the last
Congress at the close Of its first session,
submitted the suggestion 10 lis consd.
IseraiOn al two consecutive sessions -
The recommendation however. met
with no favor at its hands While 1 am
free 10 admit that the necessities Of the
times have since become greatly ameIi'
GRATED land that there is good reason to
hope that the country is safely ans ra
pidly emerging from The difficulties and
embarressments which every where
surrounded in lS4I, YET cannot but
think that its restoration TO sound and
healthy condition would be greatly eX-
pediled by resort 10 the expedient in q
modified form.
The operations Of the Treasury now
rest on the act of 1883 and the resoIu-
uoH OF 1916, and those laws have been
so administered as to produce as great a
quanlum Of good 10 The country as their
provisions are capable Of yielding. II
there had been any distinct expression
OF opinion going TO show that public sen
tment is aVerse TO the plan either Us
heretofore recommend TO Congress or
~ modified FORM while my own opin =
lonln regard to it would remain unchan
ged, j should be very far from again
presenting Ito your confederation. The
Government has originated with the
States end the People, for their own
henetit and advantage; and it would be
subversiVe of the foundation principles
OF the poltcAI edl6ce which they have
reared, to perseVefe 10 a measure which
in their mature Judgments they had
either repudiared or condemned The
will orour constituents, clearly express-
ed, should be regarded as the light tc
guide our lootSiepsj the true difference
between a morarchcai or arlstocralica
Government and Republic being tina
in the first the will OF the few prcvaiI'
over the will Of the many, while in lh'
D last the will olrhe mauy should be alont
consulted" "
4 -=DOOOS
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