Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-06

i Tesay that tho ,sfusal Of pepa money BY the A.
vsrnnentintroduccs an unjuss discrimination bsswes'
the currency received by H. AM st used by ndivd-
usls IN their ordinary affairs - in my udgments .
view i in very erroneous light The conssitullo11
,sns5 s g
cures 10 every citizen right 10 demand payMnen -
the legal currency. To provide by law that 'ne gov
eminent will only receiyeits dues IN goid ana sse
NOT 70 confer on it any peculiar pIIvh ';z uu hv re-
serving to il right secured TO HIM by the
II doubtless for this reason that me nas
been sanctioned by successive laws from the Ne OF
the first Congress under the constitution GOWN 70 the
last Such precedents never objectedio, and procee
ding from snch sources afford decisive answer TO
! the impuation of inequality or injustice.
But in fact the measure IS one OF rssncuon not OF
favor To forbid the public agent to receive in pay
ment any other than certain kind of money, is 10
refuse him discretion possessed by every citizen. 1t
may be left TO those who have the management Of
their own transactions, to make their own terms; but
no such discretion should be given to him who acts
merely an agent OF the people--who is to collect
what the law requires, and 10 pay the appropriations
it makes. When bank notes are redeemed on demand
there is then discrimination in reality, for the ind
vdua who receives then may, his option substitute
the specie for them He takes them from convenience
or choice. When they are not 50 redeemed, 1t will
scarcely be commended that their receipt and payment
by public officer, should be permitted, though none
deny that right 10 an individual; if II were the effect
Ger could make none of ,aose arrangements to meet
or guard Against the depreciation which an individual
is at liberty to do. Nor can Inconvenience TO the
community be alleged as objection to such regu-
lanon. It's object and motive are their convenience
and welfare.
If at moment of Simultaneous and unexpected
suspension by the banks, it ADDS something to the
many smbaTassments of that proceeding, yet these
far ove balanced bys direct tendency 10 produce
a wider circulation of gold and silver increase the
safety Of bank PAPER, to improve the general curren
Cyl and thus to prevent altogether such occurrences
and the other and far greater evils that attend them
Ii may, indeed, be TONED, whether II is not for
the interest OF the banks themselves that the Govern
ment should moi receive their paper. Thy would be
conducted with more caution, and on sounder pnnc-
Piles. BY using specie only in its transactions, the
Government would create demand for II, which
would, 10 great extent prevent its exporta,lon and
by keeping it in circulation, maintain broader and
safer basis for the paper currency. That the banks
would thus be rendered more sound, and the commu-
nifty more SAFE cannot admit Of a doubt.
The foregoing views 1t seems to me, do but fairly
carry out the provisions Of the Federal Constitutonn
relation to the currency far as relates TO the public
revenue. AT the time that instrument was framed,
there were but three four banks in the U. States
and had the extension of the banking system, and
the evils growing Oft, been foreseen, they would
probably have been specially guarded against The
same policy which led TO the prohibition Of bills OF
credit by the States would, douatless in that event.
have also nterdcted their issues as currency in any
other form. The constitution, however, contains
such prohibition and since the States have exercised
for nearly half century, the power to regulate the
business Of banking IL not TO be expected that il
will be abandoned. The whole matter is now under
discussion befare the proper tribunalthe people of
the States. Never before has the public mind been
so thoroughly awakened 10 proper sense of its i'm
porance; nsver has the subject in all It's bearings
been submitted to so searching inquiry. 1t would
be Cistiustlng the intelligence and virtue Of the pc
pleo doubt the speedy and efficient adoption of such
measures of reform the public good demands. All
that can rghtfuly be done by the Federal Govern.
ment 10 promote the accomplishment Of that import
| ant object, will, without doubt be performed
In the mean time, il is our duty to provide all the
remedies against a deprecated paper currency which
the Constitution cnnstles TO afford. The Treasury
Department. on several former occasions, has sug-
gesed the propriety and Importance Of uniform law
concerning bankruptcies Of corporations and other
bankers. Through the fundamentally of such law
sautary check may doubtless be imposed on the is
sues OF paper money, and an eectual remedy given
TO the citizen in way At equal in all parts OF
the Unlon and fully authorised by the Constitution
The indulgence granted by Executive authority in
the payment Of bonds for duties, has been already
| mentioned. Seeing that the immediate enforcement
of these obligations would subject large and highly
respectable portion OF our citizens TO great sacrifices
and believing that a temporary postponement could
be made without detrment TO other interests, and with
increased certainty Of ultimate payment, did not he
state To comply with the request that was made o
me- The terms allowed TO the full extent ms lib
Executive Department. II rem Ans for Congress to
decide whether further posponement may not with
propriety be allowed and If So their legislation upon
| the subject IS respectfully invited.
The report Of the Secretary Of the Treasury will OK
hibit the condition of these debts; the extent and ef
feet OF the present indugence the probable result
it's further extension the state of the Treasury anc
every other fact necessary 10 full consideration o
The subject. Similar infJrmatonls communicated il
regard 10 such repositories Of the public MONEYS a
| are indebted TO fhe Government in order that Con
gress may also adopt the proper measures in regart
| TO them.
The receipts and expenditures for the first half O
the year, and estimate of those for the residue
will be laid before you by the Secretary of the Urea.
sury. In his report of ID cember last II was estima.
ted that the current receipts would TALL short OF the
| expenditures by about three millions of dollars. II
| will be seen that the difference will be much greater
This il to be attributed not only the occurrence
greater pecunary embarrassments in the business Of
| the country than those which were then predicted
aud cons, quently, greater diminuton in the reven
ne, hut also the fact that the appropriations ex
cseded by nearly six millions, the amount which was
asked for in the estimate then submitted The sum
necessary for the service of the year beyond the pro-
liable receipts, and the amount which il was intended
should be reserved in the Treasury the commence
ment Of The year, will be about six millions. If the
whole Of the reserved balance be no, al once applied
10 the current expenditures, but four millions be still
kept in the Treasury seems most expedent for the
uses Of the mint and meet conting cnces the sun
needed will be ten millions.
In making this estimate the receipts are calculated
| on the supposon OF some further extension Of tn,
| indulgence granted in the payment Of bonds for du
ties which will affect the amount of the revenue fo
II - IL