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alen, to sell drafts, charging therefor small
out reasonable premium, cannot doubt but
that the benefits of the law would be speedily
manifested IN the revival OF the credit, trade
and business OF the country. Entertaining
this opinion i, becomes my duty TO urge It's
adoption upon Congress. by reference 10 the
strongest considerations ofthe public inter
es,s, with such alterations IN It's details as
Congress in its wisdom may see tit TO make.


Ian, vel! aware tina, this proposed atera-
rion and amendment ofthe laws establishing
the Treasury Department has encountered
various objections. and that among others It
has been proclaimed Government Bank
of fearful! and dangerous import. II is pro-
posed to confer upon II no extraordinary
powers. II purporls TO do no more than pay
the debts Of The Government with the re.
deemabIe paper Of the Government-in
which respect it accomplIshes precisely
what the Treasury does daily at this time,
in issuing to the public creditors the Treas
urv notes which under Jaw. il is authorized
10 issue. 1t has no resemblance to an ordin-
arv Bank, as il furnishes no profits 10 private
stoc kholders, and lends no capital to indvld-
urIs. If j. be objected to as Government
Bank. and the objection be avallable-then
should all the laws in relation to the Treasu-
ry he repealed. and the capacity ofthe Gov
eminent 10 collect what is due 10 II, or TO pay


what 1t owes be abrogated.


This is the chief purpose Of the proposed
Exchequer, and surely II, in the accomplish
ment of purpose so essential, it affords
sound circulating medium to the country and
facilities 10 trade, it should be regarded as


IL 1fs m
sideralion. Properly guarded by the pro


visions of law, II can run into no dangerous
evil, nor can any abuse arise under 1t but
such as the Legislature itself will be answer
able for, if it be tolerated; since It is but the
creature of the law, and is susceptible at all
times of modification, amendment or repeal,
at the pleasure of Congress. L know that It
has been objected that the system would be
liable to be abused by the Legislature, by
whom alone il could be abused, in the party
conflicts Of the day. That such abuse would
manifest itself in a change of the law which
would authorize an excessive issue OF paper
for the purpose of initiating prices and win
ming popular favor. To that It NAV be an
swercd, that the ascription of such motive
to Congress is altogether gratultous and IN
admissible The theory OF our institutions
would lead US to different conclusion. But
perfect security against a proceeding so
reckless, would be found 10 exist in the very
nature of things. The political party which
should be so blind 10 the true interests of the
country, as to resort to such an expedient.
would inevitably meet with final overthrow
in the fact that. the moment the paper ceased
10 be convertible into specie, or otherwise


promptly redeemed, il would become worth


less, and would. in the end. dshonor the
Government, involve The people In ruin, and


such political party in hopeless disgrace.
| At the same time, such view involves the


utter impossibility of furnishing any curren-


CIV other than that of the precious metals, for,
! if the Government itself cannot forego the
Temptation Of excessive paper issues, what


reliance can be placed in corporations upon
whom the temptations OF individual aggran


dizement would most strongly operate2 The
People would have to blame none but them


selves for any injury that might arise from
course so reckless, since their agents woulC


be the wrong doers. and they the passiv'


spectators.


There can be but three kinds of publi
currency lst Gold and silver; I'd. Th
paper of State institutions; or. Sd. A repre-
sentative of the precious metals, provided b.
]. toe General Government, or under ITS au
| thority. The Sub Treasury system rejecte
: the last in any form. and, as ii was believe
j that no reliance could be placed on the issue
/ Of local institutions. for the purposes OF GEL
: eral circulation, it necessarily and unavoidi
! / IIy adopted specie as the exclusive currenc
r for is own use. And this must ever be th
!, case unless one of the other kinds be USE
: The choice, in the present state of publ
o sentiment. lies between an exclusive spec
: currency on the one hand, and Goyernme
. issues of some kind on The other. Th
J. these issues cannot be made by chartert
,fI institution. is supposed to be concIusive
IS settled They must be made. then. direct
d by Government agents. For several yea
,e past theu have been thus made in the form
IN Treasury notes. and have answered a valu


BILE purpose Their usefulness has been liz
re tied by their being transient and temporal
A. their ceasing to bear interest at given pc
If DDS, necessarily causes their speedy reiur
D. and thus restricts their range of circulate
a. and being used only in the disbursements
h, the Government, they cannot reach tho
n. points where they are most required.
We rendering their use permanent, TO the mode
10 ate extent already mentioned. by offering
he inducement for their return, and by excha


~ e.