Democratic banner., 1846-09-14
TREASURY DRAFTS.

TREASURY DRAFTS.
The recent instructions of the Secretary Of
the Treasury with respectful Treasury notes
and drafts, have ruined the stock in trade Of
both classes of Whiss-of those who
were shouting "Goverment sliEplasters,''
and Of those who were rejoicing over tie
probability of a national paper currency
When the charge was made a few weeks
ago, that the Administratiouhad commenced
issuing drafts in the form Of bank notes, to
be- used as a circulating medium, we even
tur d to doubt the truth of the allegation;
because we were confident that so palpa-
BILE a violation Of Democratic doctrine
would not be committed by Democratic
officers, that after the manly expose of Col.
BESroS, in his remarks on the Indcpen-
dent Treasury Bill, and Mr.. CALnouN's
frequent observation on the subject, on one
Of the authorities at Washington would re-
sort tn such a course, even If previously
contemplated, and that such issues wc-c
know to be in direct opposition to sound
public poll, y and popular sentiment. O1E
inference have been proved TO Be correct.
The circular from t'e Treasury Department
has put all end to all doubts on the subject,
as it makes it necessary for al discussing
officers, receiving drafts: to present tim.
for payment promptly. and in 70 case topay
out said drafts TO the public creditors. Not
outstanding the public ercdit": may in
many cases prefer 10 receive g drift, III
seed of gold and silrer, the disbursin5 o.
iicr cannot accommodate him. THIS st-in-
gent rnie is necesssryto prevent such pa
per from becomir z 4 circulating medium,
and we expect soon to hear the very class Of
politicians who were a few weeks de-
~nouncing the Administration for issuing a
Government pal er currency, abuse it for
refusing II do what it was falsely accused
j; doing.
Another check upon the use Of drafts for
currency purposes IS, the making them
payable to order" ard not to bearer, and
"AssIgnatle only by special endorsement"
This will destroy their circulating proper
ties. They must be presented for payment
4: the place on which thep are drawn, with
II specified times, in on case exceeding
ninety days. 1t is evident that paper thus
drawn, assigna5ie and restricted, can never
enter into general use az a circulating ne
dun, or become aportion OF the currency.
As we interpret the instructions Of TIE Sc
c-e:ary. they can never be drawn in favor
81 any Government creditor, or paid out to
him, but will always be drawn in favor of a
discussing officer, and either be presented
&c him for payment, or assigned ly Linn
<ty special endorsement to some one who
iswilling to cash them at par, or a premi-
un. 1t is true, they may be used for ex-
change purposes; for the purchaser can
dispose Of them to make remittances 10 spe-
cited points, as if they we're bills of ex-
change, payable at sight. What the effect
OF that clause may be, we are not prepared
to say, until we can learn on what points
they are to be drawn. and where they are
to be drawn, and where they are to be dis
Cursed. Under the natural course of trade
exchange OR the east, or On New Orleans,
sho@ld never be much above par. 1t may
be that the heavy disbursements of the
Government during the existing war, being
made principally in the west or the from
tier Of Texas, will cause exchange on the
east to fall below par; but apefmanentsys-
TEN cannot be correctly judged by its oper-
s.lon during an unusual state of public af-
fairs.
We are opposed TO making Government
a dealer in exchange, or an issuer of paper
5eurrsaey.s The first is a mercantile oPer-
alton, with which the Government has, le-
giinately, nothing to do, farther than the
transaction Of its own business goes. The
Constitution has prescribed what shall be a.
'sesaltender in all cases, and a rigid adj
herence thereto by the Government itself,
Unnecessary 10 apropeFdiseharge Of its con-
sttuionai duties. As it cannot force, by
spsration Of lsE, asy man to receive pay!
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