Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-15

agent TO receive IN payment any o'uei VIA"
a certain kind OF money, is to refuse him a
discretion possessed by every citizen. 1t
NAV be left 10 those who have the manage
ment of their own transactions to make their
own terms; but no such discretion should
be given to him who acts merely as an agent
of the people, who is to collect what the
law requires, and to pay the appropriations
il makes. When bank notes are redeemed
on demand, there is then no discrimination
in reality, for the individual who receives
them may, at his option, substitute the spe
clio for them he takes them from conven-
fence or choice. When they nre not so re-
deemed, it will scarcely be contended that
their receipt and payment, by a public OH
Ger. should be permitted, though none deny
that right to an individual; il II were, the
effect would be most injurious TO the public
since their officer could make none OF those
arrangements to meet or guard against the
depreciation, which an individual is al libcr-
ty to do. Nor can Inconvenience TO the
community be alleged as an objection to
such a regulation. It's object and motive
are their convenience and welfare.
II, at a moment Of simultaneous and I'M
expected suspension by the banks, II adds
something to the many embarrassments OF
that proceeding, yet these are far overbal-
anced by its direct tendency TO produce
wider circulation Of gold and silver, TO in
crease the safety Of bank paper, to improve
The general currency, and thus to prevent
altogether such occurrences, and the other
and far greater evils that attend them.
1t may. indeed, be questioned, whether il
is not for the interest Of the banks them
selves that the Government should not re-
ccive their paper They would be conduct-
ed with more caution, and on sounder prin-
ciples. BY using specie only IN its trans
actions, the Government would create do
mand for it, which would, TO n great extent,
prevent its expectation, and, by keeping il in
circulation, maintain a safer and broader ba-
sis for the paper currency. That the banks
would thus be rendered more sound, aud
the community more safe, cannot admit OF a
doubt
The foregoing views, il seems TO me, do
but fairly carry out the provisions Of the fed
eral constitution 10 relation to the currency,
as far as relates to the public revenue. a,
the time that instrument was framed. there
were but three or four banks in the United
States and had the extension OF the bank
ing system. and the evils growing out Of It,
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, doubtless, in
that event, have also inlerdcted their issue
as currency in any other form. The con
stituiion, however, contains no such prohi-
bi,ion; and since the States have exercised,
for nearly half century, the power to reg
ulate the business Of banking, il is not to be
expected that il will be abandoned. The
whole matter is now under discussion be-
fore tho proper ,ribunal--the people OF the
States. Never before has the public mind
been so thoroughly awakened TO a proper
sense of its importance; never has the sub
ject, in all its bearings, been submitted to so
searching an inquiry. Ii would be diSirusl-
ing the intelligence and virtue of the people
to doubt the speedy and efficient adoption OF
such measures Of reform as the public good
demands. All that can righliully be done
by the Federal Government, to promote the
accomplishment Of that important object,
will, without doubt, be performed.
In the mean time. il is our duty TO provide
all the remedies against a deprecated pa
per currency which the constitution enables
us TO afford The Treasury Department. on
several former occasions, has suggested the
proprleiy and Importance OF Il uniform law
concerning bankruptcies Of corporations and
other bankers. Through the instrumental
iiy OF such law, salutary check may
doubtless be imposed on the issues Of paper
ID .H.,ot,al al, A..
citizen, in a way at once equal in all parts Of
the Union. and fully authorized by the con.
sttution. The indulgence granted by En-
ecuiive 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 tempo
rary postponement could be made without
detriment TO other interests, and with increas-
ed certainty of ultimate payment, | did not
hesitate TO comply with the request that was
made of me. The terms allowed. are, 10 the
full extent, as liberal as any that are to be
found in the practice OF the Executive De-
partment. 1t remains for Congress to de-
eide whether further postponemcni may
not with propriety, be allowed; and, if So
their legislation upon the subject is respect
fully invited
The report Of the Secretary of the Treas
ury will exhibit the condition of these debts;
the extent and effect Of the present indul-
gence the probable result OF It's further ex-
tension on the state OF the Treasury; aud
every other fact necessary to full consider
alton of the subject. Similar information is
communicated in regard TO such deposito-