Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-05-19

frequently said that specie paying Banks are
'thumbugs, t'oldfogy," &c, and that such a
system could not be devised as would answer
in this extensive country, and believing that
such a system was indispensable, 1 determined
to try if L could not bring good out of evil by
reversing the wicked use that had been made
of the National debt and make it a National
blessing, at least to the extent of helping to
form a base for founding low interest specie>
paying Banks upon, that will tighten the
burthen of the debt, as every Taxpayer will
see, to the amount of the difference between
81 per cent. and Is per cent. that will be left
in their pockets instead of bong unscfupu-
lousy transferred to Bank vaults. Now, Mr..
Editor, I will leave you to estimate other ad,
vantages aud to Judge whether 1 have sue
ceeded in extracting good out O" evil, or
whether the paper herewith enclosed to YOU
is worthy of a place in the Spirit of Jefferson,
or whether the public have any interest in
the work OF OLD MAN.
Lou Interest and Specie Paying Binds
Based on thc National DeLt and the; Credit
Of the Government.
1st. Congress shall incorporate snecie. nav.
ing Banks in the several States and Terri
tories, to be called 'fNational Banks" which
shall be the fiscal agents of the Government
End. Congress shall furnish the Banks with
a paper currency in well engraved notes, s1f-
hclent for all the industries and financial pur>
poses of the Government aud people, and to
be distributed impartially through all the
States and Territories in proportion to their
respective population. This currency shall
be furnished in notes not less than Eve dollars
(5.OO).
3rd. The Banks in the agricultural COM
munities, and especially those in the distant
sections from the commercial cities or BUSH
ness centres, shall be supplied with notes of
the lowest denominations, in order to prevent
large accumulation of their notes in the hands
OF capitalists or Banks that may demand
specie.
4th. The Board Of managers of each Bank
shall be elected by the stockholders, from
their own body, and shall have the general
management OF their respective Banks sub.
ject only to the regulations imposed by their
Charter. Each Bank shall be responsible for
its own issue, and for the redemption of it's
notes in specie when presented at its counter.
9Th. For the protection of the public, the
face of the notes shall show the name of the
Bank that Issued it, and'the State in which it
is located, its obligation to redeem it in specie.
aud the responsibility of the Government.
9th. For the protection of the Government
the stockholders of each Bank shall deposit
in the Treasury of the United States six per
cent. gold bonds to the full amount of cur
rency required by them, and shall submit their
books to the inspection of tho Secretary of
the Treasury or his agent in the presence of
one or more of their own officers. And shall
also furnish written statements if required
setting forth fully the true and exact condition
of the Banks.
18th. Should the citizens of any State or
Territory be unable to furnish the required
security in gold interest bonds for such a por-
ton of their distributive share of currency as
they would need, the Government shall en>
deavor to induce bond>holders in the more
fortunate States to employ their bonds in
Banking in the poorer States and Territories,
by taking Up their six per cent. gold bonds
and substituting others bearing greater in
terest. The increased interest would be of
little importance compared with the great
benefit to the States and Territories accommo.
dated thereby: besides the incalculabIe ad-
vantage to the rest of the States to have the
same medium of exchange in every village
and household in this great and increasing
Republic.
Sth. The Banks shall be required to report
quarterly to the Secretary of the Treasury
their condition on oath, in a form prescribed
by him; that he may in his annual report
furnish Congress with the best information
obtainable in relation to their condition and
management.
9th. To give confidence in and general cir
~culation to this currency, it shall be used ex-
clusiveiv by the Government for all purposes.
ION. The Revenue of the Government
shall be collected in gold, and the Secretary
of the Treasury shall be required to exchange
it promptly with the Banks for currency. tax
ing care to reserve. as much in the Treasury
as will meet all the existing gold obligations
of the Government as they iall due.
1lth. The discount rate of interest upon
paper of any description shall not be greater
than three and a half per cent. per annum.
18th. All bonds, notes, accounts or con-
tracts not entered into by written contract to
be paid in specie, shall he settled in currency.
One of the great advantages of this system
is, that it will cheaper interest so as to bring
money within reach of every honest, indus
trious man, while it will leave Banking a
profitable and attractive business: and certain
ly a most useful and valuable institution to the
country, under proper restrictions. It is an
absolute necessity. Therefore Congress should
not cucumber the stockholders by e~xacting a
larger amount of gold bonds than the amount
of currency asked for. Nor should the Banks
be taxed by either the General or State gov
ernments.
To effect a change from the present to a
new system of Banking with as little inter-
ruption to business as possible, Congress shall
limit the discount rates of the old Banks to
three and a half per cent, with the privilege
Of continuing business, to stop the Secretary
of the Treasury from selling gold, and to ex-
change it with the old Banks that wish to
adopt the new SYSTEM for currency to defray
the expenses of the Government. The Banks
shall be required to take up all notes of less
HUMANITARIAN than five dnllnrr innlni;nn 4hn