Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1858-01-21
"A Safe Treasury and a Sound
C~nPrRmcV0

perusal of a pamphlet lately published
byJames Ross Snowden, Esq, Director
of the Mint. 1t is entitled ga Measure
Proposed to Secure to the People a Safe
Treasury and a Sound Currency" and
contains a letter addressed to him by the
Secretary of the Treasury devoted to the
advocacy of a measure which is thus de-
fined in the introduetioB D II
Tie proposition considered embraces
two objects, namely:
1. To authorize certificates to beissued
on deposits of gold bullion, at the Mint
and itszbra Observation-Disclosures
in convenient sums, at the option of the
depositor and payable to The bearer!
2. To permit similar certificates to be
issued at the minting establishments
above named, and at 6OTreAsu1y and
Assistant Treasures of-the[United
States, on deposits of the gold coins of
the United States.
The mint is authorised by fberd9th
section of thegehefaf mint law, passed
January 18th, 1870 giveth deposit
or "a certificate of the net amonnt of his
deposit, to be paid in coins:nths same
species of bullion as that deposited"
Butt it is proposed to go further, and
permit several certificates 7f6 be issued
for the same deposit, by dividing the
amount into two such sums as the de-
position m~aylwish, and making them pay
able to bearer. It amight be proper that
neither the bullion nor the IcOfH oef4ifi-
Gates should be issued forfa less sum
than twenty dollars; but this point, as
well as the details efrthe PLAZA may, with
p~ropriety, be,left for future considefa-
ton. IF the principle suggested is sane
toned, the details can be readily sup.
Piled. %; af4" @ a-a erUted
The Introduction also refers to the
fact that the coinage of the MINIS of the
United States up to June 80, 1857,
amounted to upwards of $685., 006,000,
of which S402, 900 600 has been ~rele:.R-
ed since 1910, from the gold minesrof
the United States, and that the words
supply of the precious metals has been
increased since the latter period -"tO
the extent of twelve hundred and forty
millions Of dollars" ($l,240,00e, 000,)
and adds: s -a-,5 .u. ~ 90,
In concluding these preliminary re-
marks, | think it not inappropriate to
refer to the second annual message, of
Gen. Jackson, in which it will be seen
/ that ho fIan,Ef - nr,aE,.,hln orI .orA
stitutional TO organize a branch Of the
Treasury Department., based upon pub
Tic and indieidudt deposits The indie
pendent Treasury system, has most hap
PLY provided for the security Of III pub
tic deposits; and established a Comsti-
t~utional currency for the Government.
4. We viii have advanced further im"the
right direction when We provide an
equally safe Treasury for indiriduaisj
and secure to the peoples paper curren-
cy which will be ut all times convertible
into gold. .' i -J:~'T1= -'rat
Elf, in addition to this measure, the
States adopt the independents Treasury
system, then the country will suhtantiai-
ly possess the advantages of ii specie cur
rcncy, and be relieved from the PERM
cious influence of banks of issue. The
banks will then become what they ought
to be, namely, places where deposits Of
money may be made, drafts purchased,
and discounts obtained. God and sill
yer, and the undoubtcd equivalent of
the former, namely, mint and coin Ger
titicates, will thcu be the general currcn-
cy of the country" ..lrf.4 Hill
In advocating the measure described
,l,-o a., ln+rnr lcy viii -o.
ability, and for its advantages, under
the following heads 100 '"a
/. Security to the owners of specie.
2. The practice OF boarding is much
Induced by u want of confidence In banks
and individuals.
3. The specie thus deposited would
not be withdrawn from circulation.
= 4. The specie thus deposited would
constitute a great reserve, to be with
drawn, at any time when a special &C.
mand for coin might arise, wiAle ut the
slightest disturbance of the commerce,
finances, or loan market of the country.
3. The plan, by substituting paper
for specie placed ON deposit, will avoid
the loss incident to the wear, clipping,
and other injuries to coin through cir
culation.
6. The plan would obviate the neces-
sity of 4 Government Bullion fund be-
ing retained at the mints. .f1a,.-
Z. The objection that the proposed
certificates would substitute a govern
ment paper currency for Il specie curren-
cy, is answered. '"f 'r'
s. 1t is proposed that the certificates
be made payable to bearer, and not to
order.
8. The probable risk and expense in
which the plan would involve the Gov
eminent is discussed. ''di
!
UoNotrry's Ointment and PIEs-Look:
on. tor C1unhcitcitS These can always
be detected by the absence of the Wa