Mobile register and journal., 1845-12-17


 law establishing lhe independent treasury re- pealed and the Secretary had power 10 re.esiab- lsl that system. Congress had not only repealed
 that law. bul as a snbsiiule. had adopted lie pres eni system of deposte banks, and prohibited chang ing any of those for another bank, except iur specified rpasons, No alternative uas felt but 10 continue Ike existing system until Congcess should think proper change il. That change. il is hop ed, will now be made by return to lhe treasury oi the constitution. One o the great evils of banks IS lhe constant expansion aud cUntlHction of tlie cur rency; and this evil s augmented by the derosIe of iie enne with banks, whether slate or nailonal- The only proper course for he government k to keep il own money separate from all banks and bankcrs in it's own treasury-whether in the mint, branrh hints, or other government agencies-and io use on- lv gold and silver in all receipts and disnrse menis The business of the country will be more | safe when an adequate snpplV of specie ls kept with in limits, and ils circulation encouraged by all the means within the powef fOf this go, ernneBt. | lfthis government, and ihe States, and ihe peo pie unite in suppresslne tine use ol specie, an ade quate supply, for want of demand, cannot be ke't within our limits; and the condition of the business and currency of the country will he perilohs and nn certain It will be completely within the power Of the banks, whose paper wal, constitute the exclusive circulation of the whole community. Nor "Iihit be useful to establish constitutional treasury, if Il IS 10 receive or dishurse the paper "i banks Sephra- inu from the banks in that case would only be nom- | nal, and no addition would be made 10 the cifcua- l ton oi gold and silver.
 | Various forms of paper credit have been suggest ed, us connected with the operations "i the consln tonal treasury; but they are all considered as im' pairing oue of the great objects of such treasury namely, an augmented circulation of specie. If pa per. in whatever form, or from whatever source II may issue, should be introduced as circulation by l the constitutional treasury. it would, precisely to that extent, diminish it's as means of crcula' l ing gold and silver.
 The constitutional treasury could be rendered Il | most pow eriul auxiliary nI lhr mint in angmentng tho specie rirculainn. The amount ol public money which can be placed in llIe mnt IS now limited by l law 10 one million Of dollars; and 10 thai extent is now used as depository, and as means of ncreas' ing our coinage. IL is suggested tbat ihis limitation | may be so modified as 10 permit the use of our mint and branch mints for much l9rger sum in connec- | lion with the constitutional treasury The amount of public money received at New York greatly ex ceeds that collected a all other pouIs, and would of itself seem 10 Call for place of public deposiie there in view of which, the location of d branch Of the mint oi the United States that city, would be uosi convenient and useful. The argument used
 against constiiutiona treasury, of the alleged inse curify of the public funds in the hands of ndiydu- aIs, and especially the amount collected at New York, will be entirely nbvaied by such an estah- | lishment. The mint of he Unied States haa now been in existence ffy-iwo years. It has had the custody of upwards of ll4 ,0OO 900 ot dollars; and during this long period oi time, there never has been loss of any of it's specie in the mint by government. l The mint at Philadelphia is now conducted wil great efficiency by the able and faithful officer al the head oi that establishment, whose general super vsory authority, without leaving the I,areRt mint, might still be wisely extended to the branch Ut New York. Besides the uIility of such branch as a place for Keeping safely and diSbursing the public money, it is believed that the courage might be greatly augmented by iae existence ol branch of the mint that great city. IL IS ihsre that two-thlrds oi l the revenue Is annually collected-ile whole Of l iart OI suiy, would be received in specie.
 or tn Il amount a yer, large sum would he receiv- cal of other countries, and especaiiy in for egn gold coins-all of winch could be speedily con gered, upon the spot, nIo own coins o gold and silver. The amount also of such foreign coin brought by emgrants to the city of New York is very con sdei able; lHige portion of which would ind It's way to the branch of the mint for re coinage. The foreign gold coins do not and il is feared will not, cir cuate generally currency, notwithstanding they are made tender by law. The rate al which these coins are fixed by law Is not familiar to the people the denomination of such coin is inconyenieni the parts into which it s divided are not decimal the rates at which it Is taken vary in different parts o inc Union. It s inconyenient in the way oi ready transfer in counting it Is more difficult, m common use, 10 distinguish the genuine from the counterfeit foreign c0in and Ihe stamp upon il IS moi familiar 10 ile people-irom all which causes, d foreign gold coin does not, and will not, circulate generally currency among the people. In many of the banks, nearly he whole of their specie is kept in every Va riety of foreign gold coin, and when il is rendered by them in payment of their notes, the great body oi
 the people, uo being familiar with these coins, do mol receive them; and thus the circulation oi gold currency Is, to a great extent defeated. 70. If these coins were converted at cur alint, or branch hints, into ihe eagle, the haeage, and quarter. eagle. ~e should speedily haze large sup ply of American gold coin, and il would very soon be brought into common use as a currency, and thus give 10 il greater stability and greater security Ia all the business of The country. considerable d. mount of foreign gold coin has, during the present year. under the directions of the department, been converted into American gold coin; but the process would be much more rapid if aided by the organza tOn of the constitutional treasury. and the esahisli- ment of branch of the mint at the great commei cal emporium Oi the Union. Wuh the mint and branch hints as depositories, the sum remaining in the hands Of other receivers oi public moneys, whether | of lands CT custons, would he inconside rahe. and ihe government could be readily protected from all loss of such sums by adequate bonds, and the pow er,by law, |" convict and punsl, as c imlnais all | who emhe zzIe ihe public moneys.
 It IS believed, under such system. that no de- faults would take place, and that the pshIic moneys would be kep, and disbursed in gold and silver The government is made, by the constitution, the guardian Of specie currency. That currency can only be coined and it's value regarded, by this gov- erniDent IL IS one of its duties to supply such currency, by an efficient mnt and by general regu- ations of the coinage; but in vain will Il attempt to perform that duty, ii when com IS made orreguated in yale, this government dispenses with it's use, and expels il from circulation, or di it out Of
 the country by substituting the paper of banks in all | tee transactions of the government.