The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1849-04-24
RAILROAD TO THE PACIFIC.

| insure tile immediate construction oil Il Rail
Road TO the Pacific. ever YET brought before
Congress, which will unite all political par
ties N its support, together with the govern
ment and people OF The whole Union. OF
which can at once afford such sure, ready
and ample means in carving it through, will
be found in the passage of GENERAL
BANKING AND REVENUE LAW OF
| THE UNITED STATES, and in q
LOAN OF THE NATIONAL GOV
EMINENT CREDIT, or the issue of a
new Government Stock, bearing four rer
cent. interest, redeemable al the pleasure oil
Congress within fifty years. The bill for
such law of Congress, has been drafted
! (under the supervision of practical men, by
The most able aud distinguished Statesmen
of the Union. The speedy adoption OF this
magnificent plan Of relief is already estab-
| ished in the minds and determ nation of the
people, as will be shown by their memorials
at the next sc ssion Of Congress, and now
only requires 10 be lcgdli-ed through ar acl
of Congress, the Bill for which will be pre-
scented al an early day in December next.
. The plan is free from every constitutional
objection which has been urged against a
National Bank, and with united actor, OF
the people under suitable memorials TO Con
gress (now preparing by efficient and influ-
entail men for distribution and signatures IN
every state of the Union) no doubt can be
entertained in the mind OF every intelligent
man of lis complete, sure. and triumphant
passage al an early day of the next ensuing
session.
A land communication with the Pacific
by which such valuable and important new
channels of trade will be opened with ports
on the Atlantic, will insure to our country
immense advantages over all other nations
Of Europe, whether in peace or war, saving
hall the time, risk. distance and expense,
which now attend our ships in making voy-
ages 10 India around the Cape Of Good
Hope, and 10 the Pacific around Cape Horn.
This important Bill so soon 10 be brought
before Congress comes home TO The pockets
of every man in the country, lei his resi-
dence, business or occupation he where or
what it may, the plan comprehends more
great and important national interests and
covers more ground than was ever embrac-
ed in any other one Congressional act what
ever; it is moreover perfectly feasible, ex
pedient, and practicable in every way. II pro-
poses to loan the credit Of our General Gov
ernmeni 10 such limited extent as may he
required in completing the work at the ear
Hest possible day, by creating under author
iry OF Congress. per cent. Government
stock, IedeemaLle in fifty years, for one hun
dred millions of dollars, or for such less or
greater amount as may be required in com
peing the work ,rithin fire years. The
stock is to be issued gradually and only ms
required in delraying cost oil the Road dur
ing the different stages OF lis progress until
fully completed.
This new four per cent. Government
Stock from time TO time dc fast as issued, will
be Immediately converted into an equal a
mount of active Banking Capital, and will
be distributed through every section of the
country, increasing The Banking facilities Of
trade and OF every legitimate business by sea
or land, doubling the present inadequate
circulating medium, creating sound per
manent and uniform National Currency, un-
der which every bill put in circulation
will be secured in the control Of response
bic Government officer, dollar for dollar eI-
Their in specie or by an exact, full and equal
amount in Government and sound interest
terest paying State Stocks, which will pass
al an equal value with gold or silver in ewes
ry Stale OF the Union.
The Bill provides that upon a repeal Of
the existing Sub-Treasury Law, all Gov
eminent monies derived from the sale OF
Public Lands, from the Post Office Depart
ment. and from every other source of Rev
enue, shall be lodged and deposited only III
such Banks as shall be created, formed, re-
organized or established under the provis-
ions of this Law.
1t further provides for the appointment by
the President of the United States Of three
or more assistant Treasures or Government
Bank Commissioners in each State and Ter
rilory Of the nIon, whose Office ard duty it
will be TO receive all Banking securities de-
posted whether in Specie, Bullion, Interest
paying State or Government Stoke, who
are 10 hold such securities in their control for
the redemption oil all bank notes they may
register and issue Ion circulation. Every
bank bill or note issued will thus be secured.
dollar for dollar in tie hands OF Government
Commissioners, and endorsed with the sig
nature Of the Assistant Government Treas
urer and with such endorsement will pass
at an exact, full and equal value with Gold
or Silver in every State of the Union.
The sure and ultimate effect of this Free
Banking system, will be 10 establish a sound
firm and durable Specie Basis, dollar tOT
dollar. for the whole Pape.' cirt uldtion Of the
country, as upon the redemption of all The
existing State and Government stocks, and
upon the extinction Of all existing Stale and
National debts, Specie, bullion, and gold OF
siirer coin will be the only remaining Bank
ing securities authorized under the law, IN
less other new Stocks are created.
The popularity of this constitutional sys
TEN Of banking and revenue Is unrivalleo
with the great mass of The poor and md
ding classes OF the people, inasmuch as It's
practical operations are 10 place The ourlhen
of taxation for the support OF our govern
ment upon The wealthy holders OF S5OO,OO0
900 OF banking capital, instead o: an indls-
criminate or direct tax upon the poor consu' |
mers
In order that the monies of the Govern
ment may no longer be separated from the
banks and the people as is now the case uii-
der the practical workings of the SUBJ lrea-
surv law, the bill now before Congress pro-
vides, that il shall be obligatory upon me |
Collectors of the Government revenue upon
4 repeal OF the existing Sub-Treasnry,
the Union 10 depusii all Govern
men, funds whether collected under CON-