It is not an American maxim that a great public debt is a public blessing; nor is it likely that an educated and eminently practical people like ours will ever accept that mischievous paradox. Yet if it be desirable that our large public debt should be widely scattered among the people, so that every man may be directly interested in maintaining the public credit and the stability of the Government, the present system, now but imperfectly adapted to that object, might easily be made to accomplish it fully. If the Treasury notes recently issued were the only paper circulation in the country--that is to say, if the banks were prohibited, by taxation or otherwise, from making any issues of their own--the Government might increase their amount to at least five hundred millions, with even less than the present depreciation, and would thus enjoy the benefit of a loan to that amount without the payment of any interest. As it is now, the banks get the advantage of a great part of this extensive loan, and at the same time perform a function which properly belongs to the Government--that of furnishing a currency for the people. By the proposed system, the entire community would be interested in this part of the public debt, and would doubtless find the circulating medium much safer and better than that now manufactured by the numberless banks chartered by the States. The issue of these notes by State institutions was always an evasion of that clause of the Constitution which prohibits the States from issuing bills of credit, and is plainly against the spirit and intention of the instrument. If our public debt should, in this way, eventually drive all bank notes out of circulation and banish them forever, it will have accomplished a valuable work in restoring the true construction of the Constitution, and, in this particular at least, will have proved a public blessing. It will be very easy, in the course of time, to redeem the Treasury notes, and gradually to substitute for them a species of national paper based on actual deposits, which will afford all the conveniences with none of the dangers of the present system, by which the local banks virtually establish the currency of the country, flooding it with all varieties of paper, without uniformity of value, with no adequate control or regulation of its quantity, thus producing periodical convulsions and robbing the people of their hard-earned savings.