Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-16
TIE .Mc VYC.N:3L CURRENCY
IN SENATE OF THE u. STATES
MARCH go, 1880.
r. Smith of Marvland, made the rui,owiu

hIr. Smith of Maryland, made the following w.
The Com.ni!tcc on Finance 20 which referred
resolution the 5Dh December, i8ea directing
the Committee to inquire into the cype,licncy o
establishing uniform National Cur,cncv for The
United States, ana to report thereon to tic Sea
ntc, report:
'Tha; hing short OF The imperative order of the
Senate could induce the committee to enter on
subject 50 surrounded with difficulty. They under
take 1t with difdcpce and dstrst of their carlci.
~ TO eucidatc subject that has engaged MANY nu-
tons, and the pens the abcst writer's without, as
yet, coming to any definite conclusion. 1t still re-
mains to be determined, What is the so.;nGcst and
most uniform currency? Oac nation assumes one
system, another different plan. In one nation
plan is devised, ami succeeds for time by prudent
and restrictive OMISSIONS Hated with success lar
ger and Iulre extensive emissions risc,,e: "a.
PHI nominal rise of ell property takes place; the peo-
pie not aware thai such nominal ,se is the effect
.. iepTcciaion; the bubble bursts. and ruin to the
unsusnectng, Is the consequence. Al history shows
sGc! result in several nations and particularly in
that rf the Z. States. The committee, engaged on
I" variety OF Subjects cauno, devote SD much time
or the resolution the mover must believe would be
ncccs5aryto dcvtlope fully the question before them
&c WI y solnd and uniform national currency -
Htcsu:ning, from The tenor o the resolution that the
NnApr'n National Currency proposed, must be pre-
Jared by the National Government, circulated under
- authority, and mIRa ired by its credit the COM
iaittce have complied with the Instruction OF tho
senate, by enleayour;Eg to Gavse Some plan thro
which The agency of the Government in such inca
sure could be safe useful but after givinr to it MI
The consideration they could besow. their reflections
have resulted in belief that any such measure must
itself at last into system of papcr mo-
ney issued BIZ the Government. The rcsor. 20 tho
issue OF paper mnncy has been often The desperate
cTfei'ent otthc wants of nation. IL has then found
lis justification only in the ncccssv which created
II yet such arc Its inevitable evils, that every pr,,-
dent Government has, the moment its pressing cx-
Sencles permt.l returned TO the only safe basis Of
d -t..-,ing medium, the precious metals and the
private credits attached 10 the use q! them. Such
were the eypedcn;s of the Government OF the Uni
Ted States during It's two wars; such It's immaculate a
bandannent of thcn ut the return of peace. But in
The present condition of the Treasury of tie United
States with revenue fur beyond its wants, with
debt almost nominal, and fastening It's entire ex-
tngulslineut, such measure is not needed bv the
interests of the Government, nor is there the eght-
est Indication of i's being demanded by the wants
OF the country. OF such issue OF p".,e. money
the Executive at Washington would he tic nati-
IA! fountain The agents OF the Executive, the
natural channels The individuals and cornorn-
tions and states who borrowed it. must become
debtors to the Governments and the inevitable con-
sequence would be, the creation of lnonied en-
CINE of direct dependence on the officers of Gov.
crnment, variance with the whole scheme of
institutions. The limit to which this curren-
cy should be issued, the persons to whom it would
be lent, the securities taken for its repayment
the places where it should be redeemed involve
great complication and great hazard, regarding it
merely IN financial port Of Kew, while, on more
enlarged considerations Of political rpe encv the
objections arc, the opinion of the coulu,i foo
inauperah!e and fatal.
Believing such seherne to be ismpsact;cal.r. the
committee were consoicd with Gre reflection thai is
1sn. ccsSGi'y they satisfied that the c,n,,
u the crloyment of en- uniform national currency
NOT only sound uniform in ITSELF aud perfectly adam
LED 10 all the purposes Of the government and the
community, but sound and uniform than thot
possessed by any other country. The inheritance nj
this truth will Justify the committee III STATING so,uT
details to est ablish it.
I'he currency of the u States, the only legal cur
rency, is gold and silver All debts to the Govsrn
mems, and all debts to individuals being received If
that medium, and in no other. AS, however. III,
h2ount of coin requisite for these purposes would b.
upmanngeab.e and iaconvcnient, the u States Ike
other commercial countries, have adopted the system
OF making credit supply many of the cases of coin
aad numerous banking companies have been es, ahi s
CO, issuing notes, promising to pay demand, gold
anu siiVef lie Government OF the q. States has
established one OF similar character; and for rho
convenience of the COMMUNITY, the public rsycnre -
collected in gold and silver, the Of the Bank o
The United States, and the notes of such solvont
State Banks, the Bank OF the United State nt
Its branches viii receive as cash ~
The currency, therefore, of the u. States. m ;te
rcaton to the government Of the H. States consists
o gold and silver, and of notes equivalent to roIJ md
silver. And the enquiry which naturally presents IT,
sen s, whether this mixed mass Of currency j, sound
ara Uniform tor oil the practical purposes of the
government, ana the trade of the Union That il ia
So viii appear Fl om the following facts "
ISL Ihe government receives its revenue from-
3i2 Custom-H Houses
~ Land Offices.
1904 Post Offices.
J3i Receivers Of Internal Rcrcnuc.
=; hIarshals.
30 Clerks Of Courts.
These, with oi::e- receiving officers, which need
not be specified compose cn aggregate of more than
5000 persons, dispersed throu5. the whole of the
Union, Who collect the public revenue From these
persons, the Government has, for the ten Yeas pre-
ccdlng tho st OF JAM 1880, received 80 O6G 855
Is sum has been collected in every section of this
widely extended country. Il has been dsb;Irsed NJ
other points, many thousand miles distant from the
places whore 1t was collected and yet it has been SO
collected and distributed without the loss as far 'es
the committee learn, Of single dollar and With
outthc expense of a SINGLE dollar to the Government
That currency, by which the Government has been
thus enabled to collect and transfer such an amount
OF revenue to pay Its army and navy and all its e5-
pouses, aud the national debt is unsafe and nnsonJ
cannot readily be believed for there can be no
Test OF It's sutciency than the simple fact that every
Collar received in the form of bank note in the re-
notest parts OF the interior Isl without CHARGE con