The Washington union., 1857-11-20

Pniu VI Soint oI tue PuuiS
he has filed He delegate in Congress many years
ago from the Territory OF Michigan the hourishng
pennsular State of the Union ne delegate from the
Territory of Wisconsin until Iowa formed into Ter
ritory he then the first delegate from the Territory
of Iowa. and continued ber delegate until that Game
cock Of the Northwest Joined this family of States On
Iowa being admitted into the Union he was elected one
of her renato to the Senate Of the United States and
continued by second election senator, his present
term expiring the 4h Of March, 1859 He has proven
himself faithful in his senatorial duties that he was
thus twice elected by the Legislature Of Iowa to the Sen
Of the United States and but for the advent of black
republican seotionalsm he would have been honored
with third election II in the power of the demo-
cratic party to thus honor him for his ability, his firm
ness and his great usefulness to the people Of his noble
State.
Senator Jones has performed other and trying duties to
the people Of the Northwest He has been soldier in
the tented field Here he equal to the emergency
that called him forth in tho service of his country
need not also say that surveyor general OF the North
west, gentleman has excelled him in faithful
performance Of all and every public duty He has been
the medium by which thousands upon thousands of dollars
have been dsbursed for public purposes every cent OF
which has been fully accounted for and settled to the sat
isfaction Of the accounting officers of the treasury
This excellent man. this faithful public servent to the
people of the Northwest should not be ostracsed by those
whom he has served well ; but General Jones rs
democrat hence the howl of the sectional party for his
sacrifice but his long and faithful devotion to the IN
terests of Iowa. Wisconsin, and Michigan can never
weigh one ot or little in his favor long Iowa is con-
tolled by party that is unendly to the Union OF the
States and the rights of the States But thanks to the
united energy the democratic cohorts OF Iowa during this
late State contest her people again awakening up to
the important crisis and resolved retrieving their
l.a.,.,a tla bav.p 1ap,np fir
State Of the Northwest and from the immense gains
made to the democratic vote in the late State contest
believe the day not far distant when the people of Iowa
viii be again ranked with the sister democratic States OF
this noble and prosperous confedcacy When this time
shall come Senator Jones will not be forgotten IN the
general jubilee He will be called again to public SER
vice which he has graced with much honor to himself
and the constituency he has SO faithfully served
IOWA
We give place to the following communication,
but at the same time we must enter our earnest pro-
test against the proposition OF our correspondent,
and all other propositions having for their object
the building up Of paper currency, with or with
out governmental aid or sanction
7b the Editor Of he Union.
Some years ago addressed several letters to the Chan
ccllor of the Exchcquer Gladstone the subject Of
taxation and the circulating medium. herewith hand
you an extract which applies to the latter subject in
vaddton to which, will add that proposed that these
notes should also be guaranteed by government, and
therefore make such notes legal tender By this means
such notes would like the Bank of England the
continent of Europe command prea'n, ondhw Be more
paluJe than either gold slpa Now, suppose the gold
circulating medium to be upwards Of so00oo0oo, Mt
per cent. would probably produce to the government
something like six eight millions, after which may be
made clear income by charging each corporation with
license to defay official expenses 1t probable that
great many of the bankers would most strongly oppose such
regulation because IL might not be convenient comply
with the required condition, and therefore it may be
sumcd that such banks efa safe desrion Another
advantage Of such notes is that 1t will prevent the
sty Of paying from two twenty cents per dollar for
exchange such notes will pass everywhere alike, sim
liar to the bank notes in Scotland which de-
ranged during all the panics Ia England because
all their notes were secured by from five to ten times
their value I,peH remember being Scotland mhen
paac ered IN England; TO my surprise, Ihad difficulty
10 adcete radm, accept gold astood Of noesall prefer
ring the latter The great increase Of wealth in Scotland
for the last fifty years may be safely attributed to the
cellent system of banking.
Some years ago think it was the city of st Hilliers
Jersey, much in want of market house, but had
not the ncedfu funds to erect it. II was, therefore, de-
ternlned to adyerse Tor ans the contractor 10 DE PAID
as the work proceeded in small corporation notes ut diff
fcrent dates i think all f5 each and upwards bearing
interest These notes got into circulation like bank notes
The income of hearke wasspeciay appropriated to tho
payment of interest and gradual redemption This shows
that all that Is required is perfect confidence to make
such paper preferable to metal and my idea Is that If
such adopted the holders Of gold and silver
would be glad to loan it at or per cent interest
remain, respectfully,
THOMAS MOTLEY
q have further alladed to bankers notes demand
used as circulating medium The great defect Of the
former and 10 certain extent the present system of al
lowing banks to issue paper without positive security is
highly Objectionable, and the cause Of the runous
and distressing consequences that it has from time to
time occasioned This in the future may be avcrted by
adopting plan somewhat similar to the following
"Lc the govornmentappoint commissioners for the pur
pose Of managing that portion of the revenue to be en
tied the 'bank-note guarantying commissioners. So
that should any party wish to banking, and to
issue notes from pound and upwards he they shall
dcpoite in the hands of the commissioners good udd
security such they may deem satisfactory, equal at least
double The amount Of The notes required Upon the lodgment
Of such required security the commissioners to endorse
the back front of each note certifying that sastac
tory security has been deposited with them, and that
therefore, they guaranty that the said note failure or
dissolution of the party shall be In full within given
time after such event. and the said notes carry interest
from that period the time of payment Thus these
might be valuable after the failure Of bank than
previously By this means the circulating medium of
the country could I've deraDged formerly the
case. Now almost the only expense the banker
would incur would be paper engraving, and printing
and suppose the banker to realize per cent he could
then afford to pay an interest to the commissioners of