Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1859-04-27
ICON
,.,c;al system-Improvement Needed

IN, Financial System improvement Needed
The following article from the Bankers
u.razipe, for April. will commend itself t.
%,hourhtful aud considerable minds, who lool
.he financial condition Of our country. in 1
a,.,;c,L. business point of view, and no
-n,b the listorting medium Of politics
n.- sn,ueial ,sstcm, as far Us the govern
,.;. ,,ncernei. is a bad one, and needs
Improvement.
financial .ystem should be specially
,,5 :, the ha.its and customs ofthe people
si"fh m !, is designed. No government can
- J.rart from he usages OF it's people, or
.S". ard their m,des OF business, without
u.s. some penslty, soon or late, for the
Fa!m"c2e We regad the present mode of adj
''er;p- the treaury OF the United States
h'""">I,inc this error. The habit Of the
"sonIo n employ paier currency and credit
Pnsvcr they are a plicable, is almost uni
Nai This use void he still more gener-
u and uniform, but toirestrlctlHe laws, which
.ns abuses OF b~ankinglave provoked. In the
."oo nf this custom otue country, the public
.aaa,ury has rejected tie use of paper curren-
". .l,o.etber. and reserves for itself an ex-
,i0.;ye currency of gid aud silver. This
,.,Try ha, had, durin nearly its whole ex.
t.,snce, the extraordinary support OF the Cali
mia gold mines, and mas not therefore, de-
.alnned fully the harsl and evil tendencies
,;,b which il is fraugh. The day is approach
inc when this system, { continued in its pre-
AN, shape, will create financial disturbance
...a, ennurh TO shakethe interests of the
s,nrtry 10 it. centre, Nd ~endanger any ad-
illustration which may ftempt touphold it.
w. have compared our tclusive system, rs
.am;,i.,ared under the acOf 1916, with the
""an,;.l .ystems of Franc and Great Bri-
,a;u and find nothing in eiler to justify Or
~na,urspe us in cuntinuiI: o scheme of
sr,nrs 70 frauyht with perilto the interests
nfInh,r and trade. We reteto the manne
IN which that act has been carried out, not to
i. nroyi,ions as they stand'n the statute
book. =
Onr system assumes at oncehe attitude Of
hsinp independent Of the p,ple and the
numerical institutions Of %theountry.
Il has been very aptly callethe l~ndepen-
dspt Treasury, for it admitsro sympathy
and po relations with the busllss or the in
,sr.-,- Of the people. In GreaBritain the
e,,beouer leans upon the Bankt England,
The greatest commercial instittun Of the
,ouutry: and in this way a syhathy be-
,xssn the movements of the 'chequer, |
a, nublic treasury, is establish. which
runs through aud tempers, If laoes not
control, its whole operations.
Beside this. the exchequer is q instant
borrower from the people. to the cent of
nearly the whole annual revenue, i'm ex-
cheouer bills. 1t horrows, in antpation
Of the public revenue, from those W lend
Voluntarily upon short loans, and Is rs en-
abled to dlsburse the revenue Previo to it's
receipt. This is = great accommodtn to
a large class of lenders, who are Pletd to
have an opportunity of realizing nrest
upon short loans, and upon such undhteI
security: this class are thus kept III c" ant
relations with the government, ahare
prompt to supply the treasury with an.re-
auired assistance in financial energies.
The creditors of the public desire even We
advantage from this mode Of disbursent
in anticipation; for the eAchequer being
ways ready to pay. the whole payments
the annual expenditure are made not m
with more regularity, hut probably weel
if not months, in advance III what won
otherwise be the time