The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1861-12-20


rl,y Of the Union, spiinging from
the common interest In its pteser.
vstion, created by the distribution of
its stocks to associations throughout
the country, as tho basis Of their
circulation.
The Secretary entertains tho opin.
ion that II credit circulation in ap,,
form be desirable, it is most deeira.
bic In this. The notes thus issued
and secured would, in his Judgment,
form the safest currency which this
oono'ry has ever enjoyed; while
their receivability fer ali government
dues, except cus.or.s, would make
them, wherever payable, OF nearly
equal value ne q currency in every
part OF the Urlton. The large amount
I" specie row In the Unitod States,
reactinS a total Of not less than
VITO 900. 900, will oasily support
pr .yments OF duties in coin, whilo
sheee payments and ordinary de-
mands will aid in retaining this spe'
clio In the country as a solid basis
both OF circulation and loans.
TIE whole circulation Of tho conn'
try, except limited amount OF Tor
eign coin, wonld, after tho lapse OF
two or three years, bear the impress
0f the nation whether in coin or
notes; while the amount Of the latter
always easily secertainable, and, OF
oi course, always generally known.
would not be increased beyond the
real wants OF business.
lie expresses an opinion 10 favor
of this plan With the greater conf
dence, because 1t has the advantage
Of recommendation from experience
Il 10 not an untred theory. In the
state OF New York and in ono or
more OF the other states IL has been
sui jected, in It's most essential parts,
to the test OF experiment and has
been found practicable and useful.-
The probabilities Of success will moi
be diminished but increased by its
adoption under national sanction
and for the whole country.
Il only remains to add that the
plan is recommended by one other
consideration, which, in the judg,
ment OF the Secretary, is entitled to
much influence. 1t avoids almost
II not altogether, the evils OF grea,
and sudden change in the currency
by Offering inducements to solvent
existing institutions to withdraw the
circulation issued under state au-
tboriiy, and substitute that provided
by the authority Of the Union
Thus, through the voluntary action
Of the existing institutions, aided by
wise legislation, the great transition
from q currency heterogeneous, un
equal and unsafe, to one uniform,
equal, and safe, may be speedily and
almost imperceptably accomplished
II the Secretary hss omitted the
discussion Of the question OF the
constitutional power Of Congress to
put this plan into operation, it IL
because no argument is necessary to
establish the proposition that the
power to regulate commerce and the
value Of coin includes the power to
regulate the currency Of the country,
or tho collateral proposition that
the power to effect the end includes
the power to adopt the necessary and
eIpedient means.
The Secretary entertains the hope
that the plan now submitted, il
adopted ss limitations and safeguards
which the experience and wisdom OF
Senators and Representatives will,
doubtless, suggest may impart such
value and stability to government
securities that will not be difficult to
obtain the additional loans required
for the service OF the current and the
succeeding year at fair aud reason
able rates; especially il the public
credit be supported by sufficient and
certain provision for the payment o.
interest and ultimate redemption ol
the principal"