« ForrigeFortsett »
We are also told, said Mr. B. that the people are prejudiced against such currency, and will not receive the notes. Where is the evidence ? Is it to be found in the general circulation of bank notes; or, on the contrary, Goes not the general confidence repofcd in that species of paper prove precisely the reversi—that there exists no such prejudice ? Money is not a consumable article. It is used for the payment of debts and the purchase of fupplies. A medium which will attain these objects in an equal degrre, answers the purposes of money, as do bank bills. While these treafury notes will be thus circulatec., they will poffets sev. eral advantages over bank paper. They draw interı ft at the rate of one and an half cont per day for every hundred dollars. They wil be receivable for all debts due the United States--bank notes are not fo. Hence there will be a demand for them throughout the United States, and confequently their currency will not be confined to a particular seclion only. Such is not the case with bank notes, as every gentleman who has travelled must have experienced. Thile notes have been purposely compared to Eschequer Bills in England; and gentlemen in list that in order to prevent depreciation, we should do as is done there-lay taxes and provide a fund specially for their reinburfeinent. Mr. B. said, that the payment of exchequer bills never had been at any time so well fecured as that of the bills we now propose to issue. Nor is it true, that a particular fund is always fet apart for their reimbursement. They were originally issued on the credit of government alone, and it was not until that credit was impaired by a want of punctuality in the fulfilment of engagements, that it be, care necessary to mortgage particular funds. Like an individual in good credit, the evidence of the debt only was required; but since, like a man in bad credit, it became indispensable to give security in the shape of mortgage. Now, however, such security is more a matter of form than reality, inasmuch as the fund pledged is known to be 'uniformly insufficient. And indeed it is not unusual at this time to iffue exchequer bills without affigning any particular fund for their payment. During the administration of the late Mr. Pitt, they were issued to an unusually large amount, with no other pledge than the promise of government that they should be paid when due, and if not to paid that they should be receivable in taxes for the succeeding year. The treasury notes will have two obvious advantages over the exchequer bills. One arising from the superior credit of the government of the United States, and the other from their being receivable in payment of duties, sales of public lands, and all debts due the U. States. Here there is the security for their reimbursement--as curity as perfect as could be rationally required. This paper will be pre. ferred to the public stocks, because thus receivable, and because while it answers the purposes of gold and silver, it is constantly productive by the intereit daily accruing. So far as the government is concerbed, it is preferable to ordinary loans, because
they take the amount borrowed out of the usual channel of circulation, thereby increasing the demand for money and enhancing the rate of interest; while the treasury notes, being an additional medium thrown into circulation equal to their whole amount, diminish the demand for money and lower the rate of interest. There is another advantage arising from the circumstance, that thefe bills will be issued from time to time according to the wants of government, while a loan for the year is obtained before the money is immediately wanted, and necessarily bears an interest of six per cent.
Another objection, however, (faid Mr. B.) has been urged, which, although destitute of foundation, is calculated more than probably any other to present this bill to the public in an odious afpect. It is, that the proposed paper is the lame as the old continental money, and will, like that, depreciate in value. In what respect, he would ask, confifted the fimilitude ? In nothing ex. cept that that was paper, and so is this, and so is bank notes, and all notes. Are all notes therefore the fame? The old Congress illued paper not bearing interest, called continental money, which entitled the holder to the sum expressed on the face, with out any pledge to reimburse at a given time, and known to be unable to give such pledge, being altogether dependent for re. fources on the respective states, whoin they had not the power to control. That paper depreciated, as was to have been expect. ed_fo did their loan office certificates; and gentlemen may with as much propriety allert that the present stock of the United States is the old loan office certificates. What are the circumftances under which we now propafe issuing treafury notes ? The credit of the government is above fufpicion-its power to raise revenue complete, and its ability to pay the debts of the United States undoubted. And while the proposed notes are made payable one year after the date of their issue, bearing an interest of near fix per cent. they may be paid into the public treasury at any time, as gold or silver. The difference between this currency and the old continental money, appeared to him so obvious, that he considered further illustration unneceflary. It was at least as wide as between the note of a man not worth a cent, and that of the most wealthy and punctual individual in the nation.
Mr. B. noticed some other views which had been prefented in opposition to the bill, and concluded by expressing his perfect conviction of the propriety of the measure.
LIST OF ACTS Passed at the First Session of the Twelfth Congress. i An act to authorize the transportation of certain documents free of postage.
2 An act to alter the time of holding one of the terms of the district court in the district of Maine.
3 An act for ihe relief of Josiah H. Webb.
4 · An act for the apportionment of representatives among the several states, according to the third enumeration.
5 An act extending the time for opening the several land offices established in the territory of Orleans.
6 An act for the relief of Abraham Whipple, late a captain in the navy of the United States.
7 An act allowing further time for completing the payments on certain lands, held by right of pre-emption in the Mississippi territory.
8 An act to authorise the laying out and opening a public road from the line established by the treaty of Grenville, to the north bend in the state of Ohio.
9 An act for the relief John Burnham.
10 An act directing the terms on which lands sold at public sale, and that revert for failure in payment, shall again be fold.
11 An act authorising the purchase of ordnance and ordnance itores, camp equipage, and other quarter-master's stores, and small arms.
12 An act to alter the time of holding the district courts of the United States for the North Carolina district.
13 An act to empower the fecretary of the trealury to decide on the case of the thip Eliza Ann,
belonging to Ezekiel Hubbel ; and the case of the ship Mary & Francis, belonging to Nathaniel Go Idard.
14 An act to continue in force, for a further time, the first fection of the act, entitled " An act further to protect the commerce and feamen of the United States against the Barbary powers. **
15 An act for completing the existing military establishment.
16 An act authorising the President of the United States to raise certain companies of rangers for the protection of the fron. tier of the United States.
17 An act to raise an additional military force.
18 An act authorising the President of the United States to accept and organize certain volunteer military corps.
19 An act to alter the times of holding the district court within and for the district of Connecticut.
20 An act for the revision of former confirmations, and for confirming certain claims to lands in the district of Kaskaskia.
21 An act for the more convenient taking of affidavits and bail in civil causes depending in the courts of the United States.
22 An act to authorise the secretary of the treasury to locat the lands referved for the use of Jefferson College in the Miffiffippi territory.
23 An act making an appropriation for the expenses incident to the six companies of mounted rangers, during the year 1812.
24 An act making appropriations for the support of an addition, al military force.
25 An act making appropriations for the support of the navy of the United States, for the year 1812.
26 An act for the relief of Captain Selah Benton.
27 An act to establish a land district in the Illinois territory, east of the district of Kaskaskia, and to attach certain public Jands to the diftrict of Jeffersonville.
28 Anact making appropriations for the support of the mili. tary establishment of the United States, for the year 1812.
29 An act supplementary to “An act to raise, for a limited time, an additional military forcę,” passed on the 12th April 1808.
30 Anact making appropriations for the support of the gov. ernment, for the year 1812.
31 Resolution-granting permifsion to the judges of the supreme court of the United States to use the books in the library of Congress.
32 An act to authorise the secretary of the treasury, under the direclion of the President of the United States, to purchase of Winflow Lewis, his patent right to the new and improved meth. od of lighting light-houses, and for other purposes.
33 An act supplementary to " An act providing for the accommodation of the general poft office and patent-office, and for other purposes."
34 An act to alter the time of holding the circuit courts of the United States at Knoxville, in the district of eaf Tennessee, in the state of Tennessee.
35 An act making a further appropriation for the defence of our maritime frontier.
36 An act for the relief of the board of commissioners, west of Pearl river.
37 An act giving further time for registering claims to land in the western diftri&t of the territory of Orleans.
38 An act authorising a loan for a fum not exceeding eleven millions of dollars.
39 An act supplementary to "An act to raise an additional military force.”
40 Resolution on the subject of arts and manufaEtures.
41 An act to incorporate the trustees of the Georgetown Lancafter school fociety.
42 Anaet repealing the tenth section of the act " to incorporate the subscribers to the Bank of the United States."
43 An act making a further appropriation for the fupport of a library.
44 An act to authorise the surveying and marking of certain roads, as contemplated by the treaty of Brownstown, in the territory of Michigan.
45 An act for the relief of Thomas O'Bannon. 46 An act respecting the enrolling and licencing of steam boats.
47 An act to alter the time of holding the circuit court in the first distriet.
48 An act granting to the corporation of the city of New Or. leans the use and pofleffion of a lot in the said city.
49 An act to authorise a detachment from the militia of the United States.
50 An act for the relief of the officers and soldiers who served in the late campaign on the Wabash.
51 An act laying an embargo on all ships and vessels in the ports and harbors of the United States, for a limited time.
52 An act for the admission of the state of Louisiana into the Union, and to extend the laws of the United States to the said ftate:
53 An act concerning the naval establishment. 54 An act for the relief of Thomas Wilson. 55 An act for the relief of Thomas Orr.
56 An act in addition to the act, entitled “ An act to raise an additional military force," passed January 11, 1812.
57 An act to establish a quarter.master's department, and for other purposes.
58 An act to authorise the granting of patents for land, according to the surveys that have been made ; and to grant donation rights to certain claimants of land in the district of Detroit ; and for other purpofes.
59 An act to authorise the secretary for the department of war to exchange lands with the Ursuline nuns, of the city of New Orleans.
60 An act for the organization of a corps of artificers.
61 An act making provision for certain persons claiming lands under the several acts for the relief of the refugees from the British provinces of Canada and Nova Scotia.
62 An act for the relief of William Hubbell:
63 An act giving further time to the purchasers of public lands north west of the river Ohio to complete their payments.
64 An act for the relief of Aaron Greeley.
65 An act giving further time for registering claims to land in the eastern district of the territory of Orleans.
66 An act to enlarge the limits of the state of Louisiana.
67 An act for ascertaining the titles and claims to lands in that part of Louisiana which lies caft of the river Mississippi, and illand of New Orleans.
68 An act to continue in force for a limited time an act, en. titled "An act continuing for a limited time the salaries of the officers of government therein mentioned."