Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-09-20


the appointment and control of the few pub
lie officers required by the proposed plan |
Will the public money, when in their hands,
be necessarily exposed to any improper in.
reference. on the part of the Executive
May il not be hoped that prudent fear Of
public jealousy and dsapprobation, in a
matter so peculiarly exposed to them, will
deter him from any such interference, even
if higher motives be found imperative ?
May not Cangress so regulate, by law, the
duty of those officers, and subject it to such
supervision and publicity, as to prevent the
possibility of any serious abuse on the part
of the Executive and is there equal room
for such supervision and publicity in a con-
nection with banks, acting under the shield
Of corporate immunties, and conducted by
parsons irresponsible TO the Government
and the people? II is believed that con-
siderate and candid investigation of these
questions will result in the conviction, that
the proposed plan is far less liable to objec-
ton, on the score of Executive patronage
and control, than any bank agency, that has
been or can be devised.
With these views, | leave to Congress
the measures necessary to regulate, in the
pre-, ent emergency, the safe-keeping and
transfer of the public moneys. In the per
Torrance of constitutional duty, have sta
Ted 10 them, without reserve, the result of
my own reflections. The subject is OF
great Importance and one on which we
can scarcely expect to be as united in SEN
timent as we are in interest. 1t deserves a
full and free discussion and cannot fail TO
be benefited by dispassionate comparison
of opinions. Well aware myself Of the du
ty of reciprocal concession among the Co
orlinaie branches of the government, can
promise reasonable spirit Of cooperation,
so far as it can be INDUCED in without the
surrender of constitutional obections,whi h
believe to be well founded Any s.s.e n
that may be adopted should be subjected TO
the fullest legal provision, so as to leave
nothing to the Executive but what is neces-
sary to the discharge OF the duties imposed
on him; and whatever plan may be ulti-
mately established, my own part shall BE- so
discharged as to give to it fair trial, and
the best prospect of success.
! The character of the funds to be receiv-
ed and discussed in the transactions OF the
government, demands your most careful
consideration.
There can be no doubt that those who
framed and adopted the constitution, having
in immediate view the deprecated paper
Of the Confederacy-of which $500 in pa.
per were, at times, only equal to one dollar
in con-intended to prevent the recurrence
| Of 10 Tar ,alo
the transactions Of the new government
They gave to Congress express powers to
coin money, and to regulate the value there.
of and of foreign coin they refused to
give it power to establish corporations-the
agents, then as now, chiefly employed to
create paper currency; they prohibited
the States from making any thing but gold &
silver legal tender in payment of debts
and the first congress directed by positive
law that the revenue should be received
in nothing but gold and silver.
Public exigency at the outset Of the Gov.
eminent, without direct Legislative authori.
| ty led to the use of banks as fiscal aids to
the Treasury. In admitted deviation from
the law, at the same period, and under the
same exigency, the Secretary of the Treas
ury received their notes in payment Of du.
ties. The sole ground on which the prac.
ice, thus commenced, was then, or has
since, been justified, is the certain, immedi.
ate, and convenient exchange Of such notes
for specie. Government did indeed re.
ceive the inconvertble notes of State banks
during the difficulties of war; and the com,
munity submitted without murmur to the
unequal taxation and multiplied evils o.
which such course was productive. -
With the war, this indulgence ceased, and
the banks were obliged again to redeem
their notes in gold and silver. The Treas.
ury in accordance with previous practice
continued to dispense with the currency re.
! quired by the act Of 1889, and took the
notes of banks in full confidence of Their
being paid in specie on demand and Con.
gress, to guard against the slightest viola.
ton of this principle. have declared, by law
that ifnotes are paid in the transactions oil
the Government it must be under such cir.
cumstances as to enable the holder to con.
vert them into specie withou: depreciation
or delay.
Of my own duties under the existing
laws, when the banks suspended specie
payment, | could not doubt. Directions
were Immediately given to prevent the re.
ception into the Treasury Of any thing Blu,
gold and silver or its equivalent; and every
practicable arrangement was made to pre-
serve the public faith, by similar or equiva-
lent payments, to the public creditors.-
The revenue from lands had been for some
time substantially so collected, under
the order issued by the directions of my
predecessor. The effects of that order
had been so salutary, and its forecart in
regard TO the increasing insecurity of bank
paper had become so apparent, that even
before the catastrophe, had resolved not
to interfere with its operation. Congress
is now to decide whether the revenue shall
continue to be- SO collected or not.
The receipts into the Treasury, of bank
noles, not redeemed in specie on demand
will not, presume, be sanctioned
would destroy, without the excuse of war
or public distress, that equality Of imports,
and identy of commercial regulation, which
lie at the foundation of our confederacy,
and offer to each State direct temptation
to increase its foreign trade, by deprecia-
ting the currency received for duties in its
ports. Such proceeding would also in a