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a ,,.er npossibili,y of furnishing any currency


No. thar ttias of the precious metals; for, if the


cserup;en, Itself cannet ferego the temptation OF


r.oss;ve paper issues, wha. reliance can be
sIs.ed in corporations upon whom the tempta-
p of Individual aegrandizement wsuld most
..s ..,anoly operate !? The People would have to


si.ns none but themselves FOR any injury that


s.;ghr arise from course reckless, since their
g. a.e.,s would be the wrong-doers, ard they the
B massive spectators.


Thee can be but three kinds of public curren
.v Isl. Cold and silver; Cd. The paper of State
;n,ti,nrions; or, Sd. representative of the pre-
.ious metals, provided by the General Govern
.,cst, or under its authority. The Sub-Treasury
.s.,en rejected the last in any form; and, as ii
81. believed that no reliance could be placed on
be issues of local Institutions for the purposes OF
General circulation, Ii necessarily and unavoidaby
oaopted- specie the exclusive currency for It's
og,n use. And this must ever be the case unless
one OF the other kinds be used. The choice, IN
the present state of public sentiment lies between
! an exclusive specie currency the one band, and
Government issus of some kind the other
That these issues cannot be made by chartered
! pjtution is supposed to be conciuslvey settled.
Tbsy must be made, then, directly by Government
,,sats. For several years past they have been
rms made IN the form of Treasury notes. and have
answered valuable purpose Their usefulness
Ia, been limited by their being transient and
orsry their ceasug 20 bear interest at given pc
mods, necessarily causes their speedy return and
bas restricts their range of circulation, and, be-
no used only liz the disbursements Of the Govern
s,ent they cannot reach those points where they
sre most required. BY rendering their use per-
mepsut, to the moderate extent already mention
a b; oti=ring induce nent for their return, and
! bv exchanging them for coin and otker values,
,1sy will constitute, to certain extent, the gene
,slcurrescy so much needed TO maintain the iu-


,sraal trade of the country And this is the Exche
oae- plan, so far as IL may operate in furnishing
currency.


canaet forego tie occasion to urge its impor


tsnca 10 the credit of the Government Ia financial


roiH, of view The great necessity of restoring
1 peyery proper and becoming expedieut in order
10 plase the Treasury footing of the highes'
resgecisbility, is entircy obvious. The credit OF
The Government aay be regarded as the very SOU
4 the Government itselt-a principle Of vitality
silboa which al It's movements are lansuid ana
al its operations embarrassed In this spirit the
Executive irIt itself bound by the most imperative
4 .snse of duty to submit to Congress, at It's last
] ,flAe land fund.- Us the basis for the negotiation
1eflhs loans authorized to be contracted. | then


bought that such an application of the public do
! main weuid. without doubt, have placed at the
command ct the Government ample funds to re-
1--we the Treasury from The temporary embarrass-
4 nests under winch it labored. American credit
4 a, suffered a considerable shock in Europe, from
"a elargc Indebtedness Of the States and the tenn
42ra.y Inability sf some of them 10 meet the IN
Il srssl On their debts. The utter and disastrous
,tos,ration Of the United States Bank of Penasyl
alaaa had contributed largely to Increase the sen.


fnent OF distrust by reason of the loss and ruin
anstained BY the holders ofits stock, large por
lteu Of wkon. were foreigners and many of whom


7ete alike i;nordnt OF our political organization
amdofou acral responsibilities. ltwas the anxious


:esre ofthe Executive that in the effort negotiate
gheioaa abroad, tho American negotiator might be


,De 10 poiit the money lender to the fund morgaged
sirths reenpt othe principal and interest any


35an he might contract, and thereby vlndicate the
sGoyernuent from all suspicion of bad faith or ina


siiiy to merit, engagements. Congress diiereo
ktor the executive n this view of the subject 1t be-
Byame nevertheless, the duty of the Executive to


desert to every expediens its power to negotiate
ghe authorized loan After failure TO do so IN
saeAmerican market, citizen OF high character
Aai talent WAS sent 10 Europe with no better sue
Ax,s; and thus the morlifying spectacle has been
Se;snted of the inability of this Government 10
aitsa loas SO small as not In the whoic TO amount
Abnore than one-tourth of It's ordinary annual III


yane; NJ a time when the Governments of Europe,
a,bOuab involved in debt, and with their SUBJECTS
3myiiy buriened with taxation, readily obtain
s.Ds Of any amount at greatly reduced rate oil
@sest. Ii would be Improbable to look further
INTO this anomalous state Of thiugs, but cannot
saacude without adding that, for Government
5vhicA has paid of its debts of two wars with the
sagcst maritime power of Europe, and now owing
sdebt which is almost next TO nothing when coiii-
Saed with It's bounGlcss resources, Government
IL strongest in the world, because emanatins from
,sae popular will, aud firmly rooted IN the ahec'
8tOrs OF great and free people, and whose hdeil'y


aDits engagements has never been questioned lor
3arh government to have rendered to the caPi,
saEts Of other countries an opportunity Tor smali
Nsyesment of its stocks, and yet to have iaiieo,
saplies either the most unfsundcd distrust in Its


spOdia OF purpose, obtain which the course


sRnuad is the moet fatal which could have


saeHadope,l It has now become obvious to all
san,Ant the Government must look TO It's own


Hii ier supplying its wants, and 1t Is consoing TO


ksw that these means are altogether adequate Tor


sObjact. Tie Exchequer, f adopted, Will great
Tsta in bringing about this result. Upon what
aH:ara as we-founded supeosition that ITS ohs
ks0d be readily soughtfov By tha public creditors


gsa2hat the issue would in short time reach the


a'daum of SIS coo coo, it is obvious that lo'-


es99O would thereby be added to the available


assas OF the Treasury without cost or charge.


Nrcan fail to urge the great and beneficial et-


gtas which wood be produced in aid of all the &C


i've pursuits Of life. It's effects upon the solvent


ESse banks, whi!e ii woS!d force into liquidation


Saoe Of an opposite character through It's weekly


5stlemea,s, would be highly beneficial; and with


ts advantages ola sound currency, the restoration


u confidence and credit would fellow with