Grant County herald. [volume] (Lancaster, W.T. [i.e. Wis.]) 1843-1844, 1843-12-30
mo. IL.

maintained par value with gold and
silver, thus furnishing a paper curren-
cy OF equal value over the Union, and
thereby meeting the just expectation
OF the people and fulfilling the duties
OF parental Government. Whether
the repositories should be permitted
to sell or purchase bills under very
limited restrictions, together with all
lis other details, was submitted to Con.
gress and was regarded as secondary
importance. thought then, and think
now, that such an arrangement would
have been attended with the manifest
results. The whole matter Of the cur
rency would have been placed where,
by the Constitution, It was designed to
be placed-under the immediate SUI
pervlslon and control of Congress-
The action of the Government would
have independent of all corporations,
and the same eye which rests OCCASION
ally on the specie currency, and guards
il against adulteration, would also have
rested on the paper currency, to con-
troll and regulate its issues and protect
ii against depreciation. The same rea-
sons which would forbid from parting
with the power of coinage, would seem
TO operate with nearly equal force in
regard to any substitution for the pre-
cious metals in the form of a circula-
ting medium. Paper when subslitu-
ted for specie, constitutes standard Of
value by which the operations of So
ciety are regulated, and whatsoever
causes its depreciation, effects society
to an extent nearly, if not quite, equal
to the adulteration Of the coin. Nor
can l withhold the remark that its ad-
vantages contrasted with Bank Of the
United States, apart from the fact that
q Benk was esteemed as obnoxious to
the public sentiment, as well on the
score of expectancy as Of constitution.
atty, appeared TO me to be striking and
obvious. The relief which Bank
would afford by an issue Of Sl5,OOO,-
900 of its notes, judging from the ex-
perience Of the late United States Blk
would not have occurred in less than
fifteen years; whereas, under the pro-
posed arrangement the relief arising
from the issue of SIS 100000 of Treas
ury notes would have been consum-
mated in one year; thus furnishing in
one-fitcenth part Of the time in which
bank could have accomplished il,
paper medium of exchange, equal in
amount 10 the real want of the coun.
try, at par value with gold and silver.
The saving TO the government would
have been equal to all The interest
which it has had to pay on Treasury
notes of previous as well as subse-
quent issues, thereby relieving the
Government and at the same time al
fording relief to the people. Under
all the responsibilities attached to tho
station which | occupy, and in redemp-
ton Of pledge given to The las, Con
gress, at the close Of the first session
| submitted the suggestion to its con.
sideration al two consecutive sessions.
The recommendation, however, met
with no favor at its hands. While
am free to admi: that the necessities OF
the times have become greatly anne
liorated, and there is good reason TO
hope that the country is safe and rapid
ly emerging from the difficulties and
embarrassments which every where
surrounded ii ia ls4l, yet | cannot
but think that ITS restoration to sound
and healthy condition would be great
ly expedited by resort TO the expedi
ent in a modified form.
IL is due TO every consideration of
public policy that the lakes and rivers
Of the West should receive all such at
tention at the hands of Congress as tho
CONSTITUTION will enable it TO bestow.
Works in favorable and proper si,ua-
tions on the lakes would be found to
be as indispensably necessary in case
of war 10 carry on safe and successful
naval operations as Notifications on the
Atlantic sea board. The appropria-
ton made by the last Congress for tho
improvement Of the navigation Of the
Missippi river has been diligently and
applied
Cory RIGHT MovEMENT.-The
publishers and vendors Of books hare
got up petition 10 Congress for an IN