The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-01-20

d the American system = and would probably answer
eter purpose than real Uasd States Baa in the group
{ measures TO constituent.
The necessity for creating such amount of stock for
hat purpose would be inevitable, il the system were
nee dopted and in order bring about an excuse for
UGH issue, resort must be had splendid scheme
# internal Improvements that would throw entirely into
he shade the oOOOOo project OF John Quincy Adams
n 1926.
This plan of Mr. Tilnores is probably broached now,
hat he may be her,aer considered the inventor when il
great naona measure. But he may him
self the trouble oitgesting the detail for the American
people never bbrough into approval of such anti
republics operatS They do desire have out
standing debt of thu four hu ndred billions, especially
for the accommodDn OF spectators and bankers and if
Mr. Fillmore has noeaned lessons enough that subject
in the Reputation such schemes for twenty years past
he will do we'll silly national history for that period,
and hope can tslain OF establishing national cur
rency" by such mebs
Such is the eunrtg and nsidious scheme of the new
whig Vice PrsileAteec If he is to come TO Washing
ton to carry jout nese gigantic and unconstitutional
schemes of 4hnce-.o fasten spurious paper cur
rency upon (e natDn-to draw around him all the
harry State inks o bolster him up and TO stimulate
the intrigudof Congress, the wings have indeed
done not1 servic: to the country by placing such
politician att head of the Senate 1t is of character
with his scfe of attacking slavery in this District
! Ii is worhPf the ultra protectonist. We pray to
Heaven thaen Taylor will not adopt this new tangled
scheme, amy up its author worthy of riding before
him. instead behind him. The whole scheme, in fact,
is misch1 in its effects it is wild in its concep
tons. 1t is duty Of the government to pay off its debt
as soon as IS the means. But this scheme goes on
the idea OF ktuang that debt 1t is the duty of the
governmen0 employ the constitutional currency, as
Mr.. Webs& id-in order to make it a hard money
g governmental this scheme is scheme of paper
e money-va1 as the credit of the different Slate
n banks, WI edicate their notes upon its stock
to be sca0 broadcast over the land The next
;, step in the Tess will be TO draw within its vortex
the revenue resources of the government to furnish
:, the meansteculating and banking the public
= funds; to an alarming paper expansion and sub
O. sequent pm; to drive the gold and silver from
circulation word, to revive the reign OF money.
kings, of vtpowers; all of whom will be more or
~ less cothe& the authority of the federal govern
,d ment. Red&e wings will have done noble davis
to work wher8lace this quasi abotonist and notable
protector currencies, and ultra protectionst at
be the head Of mate of the United States.
be We hav&d the attention of our readers to thi,
ng new -fangle me, because in these inventive times,
when no I'll n seems to be adopted as the policy of
ice new and bin administration, it is impossible TO
res know WIZ present comptroller of New York
nv, may not att introduce his scheme into practice
ou- Since writ above remarks, we have seen an ad-
ditiona arr the Rochester Advertiser of the 10TH
It'd which argt Question with no little force and ability
49, 1t expressed anne idea which we have suggested.
.ur. 1t looks fo1b Mr.. Flmores scheme as the con-
ncy tingent nat projectthe fiscal agent of the wing
'on party unde regime. With this impression, also,
.or we give Pile final remarks of the Rochester Adj
ney vertiser upNubect We. too, give the warning
nsa- note Web tocsin, and tell the friends of the
ia constitutions opponents OF national bank TO be
on the aleS Fillmore will in all probability pur-
am sue the b he has commenced; and the Vice
suck President N for the nsdious policy which the
me New York Ter has DEVISED
ex. The Com ays' "Mr. Fillmore's project will sup.
inn ply curre8y commensurate with the public ne
lures cessities project bases the currency upon the
they national dc the debt shall be paid, the currency
snts of necessity rs ill there be no longer any "pub
an lie necessiH this currency is to be all time.
"eractly co4te" with them, and the currency in
ve,n the case has absolutely disaTysared This de-
,aa monsrates, Ne, that this scheme is the entering
80 | wedge TO Nebt to which there is to be end.
sss AS to the workings of this system, how con-
H. venent, ho eferabc to the "odious sub-treasury
- Suppose i'll full operation. There now thirty
y a. States, and soon be several more. An average of
- ten banks II pa very moderate estimate--woud
l5 give ags ftween three and four hundred banks
;s all measure the control of the Secretary of the
80 M Treasury. his duty to that they discharged
. \. their duty currency is to be "nationdl"-justa as
!, -, our compr bw in regard t. State banks. .In
~ - ase of the bank" says Mr.. Fillmore the Sec
rotary Of th must see to winding it up, for which
~ purpose Mi to vest that officer with the neces-
. '"p sary discre Fers Let bank "burst" In New
'eno, York or Cd ir Robert Walker" or his '1nea
Oneu successor haul the "assets' and sell them or
barter them bt be best for the government the
-: IA Secretary @
- - The com lis State is possessed of more
W. 80 power tha@6. Give the Secretary OF the Treas
ury a o. from three to eight hundred banks
scattered on and our constitution would be
'urier mockery. E3cheme of Capitalization sinks into
nected insight fc pared 10 this clumsy but compre-
govern hensve prd &
ing the Suppose item in full operation and that the
ed the Irrational ty eqdaled the present aggregate
as any of State ind Ny two hundred millions-then let
,lerabe another lat of 1887 occur; what would be-
when it come OF til w1%1 uniform currency"n currency
ry was, which, unt 2vabe circumstances, g would not
butt OF be deprcc (which Is to be panacea for the
ust bear blasting htion ~ How now The stock
posed or and "nata rency" would approximate each
ion will other in WI would go down together. The
credit of a State national, is subject to
the same III BIT either be able and willing to
,a bank paw and III pd if not, There is nothing
yays be in such a nscaly, which would sustain
tutjon il an houd ID to be convertible info
RI must coin lis b for United States dues could
the sa me not save it very many of the State banks
method. were thus 1887 but still they failed
err shad- Had they &C specie, their would have
e e.tab- continued by the government. But they
lie United could not d Yes then having extended their
ystem in credit too ia Their stock down
ssued by fifteen or tw dollar Let the United States
If United government vident, and its stock will be
IS would better Its lring this generation has bee