Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-11-30

Our readers may not De dW4ftS
TO be, (and should ponder on the facf,) that we
have now a Government Bank in full and com.
plete operation, issuing Bank Notes in form ano
manner--not in the name oil Bank but In the
name OF the United States.
The Treasury OF The United States is now is
suing Fifty Dollar Bank Notes, meant, and paid
as such. The form of the Note 10 this:
"TRI UNITED STATES PROMISE TO PAY, ONE
YEAR AFTER THIS DATE, TO --, oRSORDER, FIR
rY DOLLARS. WITH INTEREST. AT THE RATE OF
ONE Mill PER 500 PER ANNuM.
! "WAsHINGroN, -, IS43,"
] This Note is signed by the Treasurer, and
countersigned by the Register. 1t is finely en-
graved In the seinblance of Bank Note. and
over the top is - Receivable in Payment of all
Public Dues" The Note is payable year
after date, with one Mill interest; because thisis
necessary to comply with the Treasury Note Law.
In fact, il is payable demand in specie, in
der TO make it real Bank Note. This is done
thus -
''7Ais ,,ote
,oiH Be purchased
al par for tie aaoun.
Of The principal and interest
thereof, on presentation at cLae-
Of tie Depositorics IF the
Treasury in tie city IF
Aetv York;
The "Depositories" here named are the Msr.
chants Bank, the Bank of America and tho
DahN Oh commerce. we have thus National
government Bank in full operation; and the
cause and consequences Of it may be better un.
defsiood. by the following from "Thompson's
Bank Note Reporter
1.-The secrotary's design has been to furnish
circu Eating medium which should be uniform in
value. and have the confidence of tho people of
the whole country. We have no doubt of the
success of the plan. These United States Notes
VIII make the best, the safest. the most conve.
nien circulating medium that this or apy other
hov
Ter winch VIII know no locality short of the ma
ton boundary--a fifty dollar note put into our
pocket IN Arkansas will come out fifty dollars in
Maine. So
- Let Congress authorize the Treasury io.eivs-
lie people five. ten, and twenty dollar notes in
exchange Tor specie--then the money changers
table viii be overturned. Brokers, sharpers, sha-
vers. and bank note swindlers will find their &C.
cupation gone. The western merchant, who gets
United States Bank Notes for his wares, will
nave no occasion TO purchase any eastern draft at
one, TWO, or three per cent. premiun-his money
is money lere--his note is note"
vi these notes, sooner or later, five millions of
dollars (received. paid out and redeemed by Cor
poEatlon Banks as Branches) will be issued, not
by authority OF LAW, but by the "SECRETARY."
Have the people opposed on the one hand and
supported on the other, National Bank, only 10
substitute In It's place vast Government Exche-
lner, founded on mo law, and governed only by
The Executive will
The National conduct, i'm respect to this oues-
non, presents most remarkable Phenomenon.
we admit by this very Issue of United States
Notes, that National Currency is necessary, and
yet we transfer the management and control Of
that currency from Board of experienced and
Intelligent men, acting under the responsibilities
)i LAW, to mere clerk of the President; acting
without any responsibility, and making the local
Banks the managers OF National Finances -
history cannot produce an example Of more sim
5uiar inconsistency, nor more absolutely op-
posed 10 Republican Principles.
Iincinnafi Chronicle.