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From ike Georgia Constitutionalist. \
[communicated.]
To the Hon. Henry Clay:
Sir —With with diffidence I sub
mit to your consideration, the fol
lowing essay upon a subject which,
by its importance, has not only at
tracted general attention, but will
continue for some time to come, to
agitate the country, before it is set
tled. if, from the plan I propose,
some useful hints may be gathered,
I shall be satisfied. The confidence
1 always entertained in your patrio
tism, and the respect 1 always felt for
your public services, have induced
m<‘to address you this sketch of my
views respecting the establishment
of a safe and permanent currency.
MADISON.
Sir—ln the present perplexing and
embarrassing times, when so much
is said about establishing, if possible,
a uniform currency, and disbursing
the public monies and revenue, there
are no two writers that appear to a
giee on any one method. That a
uniform currency is very much to be
desired, is what all are ready to ad
mit, but what none ds yet can effect.
Experience has proved that the
pet bank system cannot do. A spe
cie currency is out of the question,
and has already humbugged the peo
ple; and the sub-treasury system is
too mischievous and visionary to re
quire serious consideration. A ques
tion then arises; can a uniform cur
rency be established ? We answer in
the affirmative; and in our humble
opinion, we will rendbr it demonstra
ble. We will not enter into the cau
ses of the present embarrassments of
the country. They have been fully
set forth in almost every essay which
has appeared on the subject; but we
jßha.ll be as succinctly’ as possible
present our views of what will, and
what must, eventually remedy the
evil, which can only be done, in our
opinion, by a bank purely national—
belonging to the General Govern
ment and to the States, or the States
only, as Congress in its wisdom ma\
think proper. But taking it for gran
ted that it would be best that the
General Government should be a
party, we will proceed forthwith to
submit our plan for such an institu
tion.
Allowing the 26 States to number
300 Senators and Rrepresentatives,
we would allow each and every state,
one million of dollars worth of stock
capital, and for each and every sen
ator and representative, thereby ma
king $300,000,000, for the States ;
and to the General Government, we
would allow $50,000,000 worth of
stock as its portion of capital, for
the purposes of locating and estab
lishing branch banks in the territo
ries and such States as may apply to
Congress for a branch bank.
To put the bank at once into full
and successful operation, Congress
should enact that books of subscrip
tion be opened in this country and in
Europe, for the above amount of
three hundred and fifty million dol
lars, payable and redeemable in one
hundred years, or sooner if practica
ble; but one tenth part of the above
three hundred and fifty million dol
lars, must and shall be paid every
tenth year, or sooner if practicable ;
and for the payment of the above sum
of money, the General Government
is to give its bonds, and all the reve
nue of every description of the gov-1
ernment, and also all the public lands:
are to be pledged as security for the
payment and redemption of the said
three hundred and fifty million dol
lars; that the three hundred and fifty
million dollars, to be subscribed for
to be paid to the General government
in specie or the notes of specie pay
ing hanks, or by bills of exchange
drawn on specie paying banks.
That the states which think pro
per to subscribe for stock may do so;
but if any state shall refuse to sub
scribe for such stock, then that part
or portion of stock which would
have gone to that refusing state,shall
be equally divided among such states
as may think proper to subscribe for
such stock. And for the security
and payment of the capital and stock
held and owned by the States—each
| State shall give their bonds to the
General Government, payable in 100
I years, but one tenth part shall be
■ paid every tenth year, or sooner if
. practicable. The bonds given by
the general government for the three
hundred and fifty millions, are to
! carry interest from date, at 6 per ct.
'per annum; and the bonds given by
!the States to the general government
are to carry interest from date at six
per cent per annum, and all the pro
perty and revenue of each and every
State is to be pledged for the pay
ment anil redemption of the bonds as
they become due. Thai the great
mother bank shall be located in the
city of Washington, and shall be de
nominated or called the Central Bank
of the United States, and that bank
shall be the only bank in the Union
that sh*»ll issue bank or post notes.
It shall be a bank of issue only, ex
cept that it may be a bank of ex
change if necessary, for the purpose
of drawing and redrawing for the re
mittance of government monies.
That in the act creating and estab
lishing such bank, there shall be a
provision that Congress have the
privilege, with the consent of any
State or Government, to establish a
gency offices in its territory or do
main; as for instance, agency offices
in London, Paris, Hamburg, C:c.
From the above it will be seen that
the debt due by the States to the ge-i
neral government, win pay the debt;
due by the General government to
the loaners of the money. That each
state shall have a mother bank, to be,
located at the metropolis or seat of
Wisdo ni, Ji;st i ec, an UJM »uen*a tio n.
ROME, FLOYD COUNTY, GEORGIA, MARCH 10, 1838.
government of such state, and that
the legislature of each state be al
lowed to establish as many branches
within the state, as they in their wis
dom may think proper and expedient,
and that from and after the passing
of such an act by Congress, for cre
ating and establishing such an insti
tution. no State or Teritory shall
pass any bill or bills, chartering bank
ing institutions or companies with
banking privileges. But it shall be
the duty of each and every state to
buy up the stock of all the banks
which have been chartered by the
state, at the time the charter of the
bank may expire, at the market value
of such bank stock, which said bank
stock, so bought by the state, is to
be added to the general bank fund
and capital of the state; and for the
purchase of such bank by the state,
all debts due the bank so bought,
shall forthwith and immediately be
come the property of the state, so
that debtors to the state institutions,
may suffer no inconvenience. And
the state for such purchase shall give
its bonds, payable in one, two, three
and four years, to carry six per cent
interest from the date, but to be dis
charged sooner if practicable—but
the States may be allowed to buy up
and purchase out the charters of the
State banks as soon as they can, and
on such terms as they may think pro
per. And if in any state there be a
Bank having a perpetual charter if
such Bank having a perpetual char
ter shall refuse to sell out, then, at
the expiration of thirty years from
the time that Congress passed the act
establishing and creating a national
bank, shall the perpetual charter of
such Bank cease to exist, and the
State shall be bound to take its stock
and effects at valuation. From which
it will be seen that if such were the
case, that in a few years there would
be but one Bank in the United States
which issued bank notes; not that we
would pretend to hinder individuals
from issuing their own notes if they
saw fit to do so.
Were it possible to carry into ef
fect the above and foregoing plan for
a national Bank, we should in a few
years have a better currency than we
ever had, and the longer in es
tablishing such an institution, the
greater will be the difficulty. But
let the states and the people throw
away ther prejudices, create the bank
and we would advise its organisation
thus : That the President, cashier
and directors, of the mother Bank,
to be located in the City of Wash
ington, and to be called the Central
Bank of the United States, shall be
elected for six years by joint ballot
of both houses of Congress; that the
said directors so elected shall be
classed similar to the classification of
United States senators, so that one
third of the directors shall go out of
office every two years, and shall not
be eligible for four years ; that the
president cashier be also elected by
joint ballot of both houses of Con
gress for six years; but that they may
be removed by impeachment. That
it Congress shall locate or establish
any branch Bank in any state or
Territory, that the president and di
rectors of the central bank shall el
ect the board of directors, president
and cashier, of such branch bank,
who shall hold their offices for three
years; but they shall also be classed
as United States senators, only that
one th.rd shall go out every twelve
months and shaL not be re-elhgible J
for two years. That it shall be the ;
duty of Congress, or the Central
Bank, it there should be any bank in
any Territory, chartered either by
congress or the legislature of the
territory to purchase up such bank
on terms similar to those heretofore
described for the purchase of banks
by the states. The state Legisla
tures shall, by joint ballot of both
their houses, elect a president, cash
ier and directors, for the mother bank
for three years; that they shall be
classed as United States senators are,
!so that one third shall go out every
year, and shall not be re-eligible for
jtwo years—the president and cash
ier to hold office for three years, but
may be removed by impeachment
i That the president and board of dir
ectors of the mother bank, elect the
president, directors and cashier, of
all the branch banks which may be
established in the State. That from
and after the year 1850, the bank in
XV ashington shall not issue any note
of less value than $5, but may issue
to that time, notes of 1,2, 3,4, 5,6,
7,8, 9 and 10 dollars; from and after
the year 1860, the bank shall not is
sue any note of a less value than 10
dollars, but until then may issue 10,
11, 12, 13, 14, 15,16, 17, 18, 19 and
20 dollars; and from and after the
year 1870, the bank shall not issue
any note of a less value than 50 dol
■ lars, but until then may issue notes of
| any immediate value they may think
proper. But it would be very wise
policy for the bank to have many and
very many notes, of the value from 1
to 20 dollars, and might have notes
of 150, 250 and 350 cents, and so on
to any amount, to be circulated in
case of emergency.
That as there has been of late a
great deal said about a metalic cur
rency, we would recommend the in
troduction of platina coin, of a medi
um value between gold and silver—
and would make the pieces of money
value from one to 10 dollars. We
know that this cannot be legallv done
that is, constitutionally; but if Con
gress shall say that such coin shall
pass for and be redeemable for all
dues due the government, there will
be no difficulty of and about its spee
dily becoming as current as gold and
silver. Russia has introduced plati
na coin with advantage in its trade
and government, and why may not
we ? We would also suggest the
propriety of coining other silver coin
than those now coined, so as to have
pieces of the value of 20, 30, 40, 60,
70, 75 80 and 90 cents, and pieces
of the value of 150 and 200 cents.
In like manner, we would have gold
’ coined of the value of 15, 20, 25, 30,
35, 40 and 50 dollars value. We
would also recommend the doing a
, way of copper coin, and in lieu there
of, would substitute a white compo
sition metal, of equal value to cop
per, of the value of 1-2 1, 2 and 2
1-2 cents. The above and forego
ing plan will and must, if adopted,
have a tendency to establish a uni
form currency, and is freer from ob
jection than any plan we have seen,
and would, in a very short time, have
the tendency to keep all the State
Governments from assessing taxes,
on their people; but the general gov
ernment would be enabled to reduce
the tariff as scoa and as fast as prac
ticable.
But it may be said that the capi
tal is too large—if so redu e it. On
the other hand, it may be said the
capital is too small; if so then we
would propose the following as a
proper way to enlarge it : So soon
as any state in its representation,
shall be entitled to capital equal to .
the amount held by the general gov- 1
eminent, that then so soon shall the
generalgovernment increase its stock
to one hundred millions of dollars,
Vol. I— AO 8-
but shall never have any more stock
I than 100,000,000 of dollars; and no
State, let its representation be what it
may, shall never have or own more
I than 100,000,000 of dollars; and
I each and every State may have one
million of dollars worth of stock, for
each and every representative it may
j acquire, until they arrive at one hun
dred. And if there should be any
new State admitted into the Union,
then Congress shall issue its bonds
for stock capita! for that state, as
the case may be, according to the
; number of senators and representa
| tives to which such new states may
be entitled. The notes of the Cen
tral Bank of the United states, would
be current all over the universe. All
of which is most respectfully submit
ted, by your obedient servant.
MADISON.
WESTERN AND ATLANTIC R. ROAD.
It is with much pleasure that we
hasten to transfer from the columns
of the Washington (Geo.) spy, to
ours, the address of General Brisban.
With such Engineers as Col. Long,
Gen. Brisbane, and others equally
industrious, persevering and skillful,
the Western and Atlantic Rail Road
must progress to the satisfaction of
the citizens, who have sanctioned
the undertaking by a unanimous ex
pression of their anxiety for its spee
dy completion. As we heretofore
stated, a bill has passed the legisla
ture of Tennessee, authorising the
extension of the road by georgia to
' the Tennessee river. As soon as
we receive the Tennessee bill, we
shall publish it. The commission
ers of the road, elected at the last
session of our legislature, Messrs.
Joel Crawford, Faris and Bolton,arc
discharging their duties with industry
and ability. They have adopted
rules and regulations, for t’.e con
struction of the road, and the dis
bursement of the funds, which are
just and appropriate, and cannot fail
to produce strict accountability and
economy. We cannot give the com
missioners too much pra se, for the
adoption of the I3th and last rule,
which is as follows: Constilu.
Article 13. A scrupulous observ
ance of the foregoing Rules and Re
gulations; industry, and a close at
tention to appropriate duties; moral
and examplary conduct, as evinced
by habitual abstinence from inebrie
ty, profanity, vulgarity, desecration
of the sabbath; civility and politeness
towards the inhabitants of the coun
try, in which they serve, and a res
pectful gentlemanly like deportment
; towards each other, are strictly en
joined upon all who arc now, or who
I may hereafter be engaged in the Rail
Road service, in any capacity, or for
any purpose, herein disignated. Any
violation of the Rules hero prescribed
shall be regarded as just cause of dis
mission from the Rail road service.
The Committee of the Massachu
setts House of Representatives, to
whom was referred the application
of the Western Rail Road Company
for a loan of the credit of the state to
the amount of 2,100,000 dollars, have
reported in favor of the loan, in the
shape of a five per cent, state stock,
payable in thirty years, the interest to
be payable annually in London. The
stock to be advanced to the compa
ny in proportion to the progress of
the work, and to the payment of as
sessments by the individual stock
holders.—Constitutionalist.
What the Printers hate—Wc
hate to be under the necessity of
making three lines to fill this column.