Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-01-17

stance still more remarkable, is the fact, that in his
annual message at the commencement Of the same
session. the President had spoken Of the rapid sale
Of the public lands as Of the most gratfyin
proofs Of the general prosperity Of the country with
out suggesting that any danger whatever was to be
apprchundcd from fraud, speculation monopoly
His words were Among the evidences OF the
Increasing prosperity Of the country, not the least
gratifying is that afforded by the receipts from The
sales Of the public lands which amount in the pres
ent year, to the unexpected sum Of 100000"
From the time Of the delivery Of that message down
to tho date Of the Treasury order, there had not
been the least change, so far as knew, far
we are informed, IN the manner Of receiving payment
for the public lands Every thing stood on the lth
Of July, 1896, it had stood al the OPP, ming Of the
session in December, 1885. How so dnuren,
view Of things happened to be taken at the two
periods, we may be able TO learn PERHAPS in the
further progress Of the debate.
The order speaks Of tho "evi influence likely TO
result from the further exchange Of the pubic lands
into paper money! Now, this is the very Ian
guage Of the gentleman from Missouri. lie habu-
ally speaks Of the notes Of all banks however solvent
and however promptly their notes may be redeemed
in gold and silver, rs "paper money" The Secrc-
tary has adopted the honorable members phrssea,
and he speaks, too Of the b5nk notes received at
the land Offices, although every one Of them re-
decnabc IN specie, On demand, bu. as 50 much
paper money"
In tits respect, also, Sir, hope we mag know
more us we grow older and be able to learn whether
in times 10 come, as III times recently passed. the
Justly obnoxious and odious character of "papcr
money is to be applied TO the issues Of all the banks
in all the States, with whatever punctuay they
redeem their bls. This Is quite new, us financial
language. BY paper money, III its obnoxious sense,
understand paper, issued, on ctedi, alone, without
capital, without funds assigned for its payment
resting only on the good faith and The future ability
Of those who issue il. Such was the paper money
of our revolutionary times and SUCH perhaps, mag
have been the true character Of the paper of par
ttrn ttttt,p r Ia..l
competent capitals, limited in amount to due pro-
portion 10 such capitals made payable on demand in
gold and silver, and be paid on demand, are paper
money in no sense but that is to say, ihuy are
made Of paper and they circulate as money. And
1t may proper enough for those who maintain tina.
nothing should so circulate but gold and silver 10
denominate such bank notes "papcr money! since
they regard them but as paper murders into chan.
nels which should flow only with gold and silver. If
this language of the order Is authentic and is 10 be
50 hereafter and all bank notes are to be regarded
and sgmatized as mere paper money! the sooner
the country knows it the better
The member frsm Missouri charges those who
wishes to rcscnd the Treasury order with two
Objects first to degrade and disgrace the President
and, next, TO overthrow tho constitutional currency
OF the country.
For my own part, Sir, denotince nobody seek
10 degrade'er disgrace nobody. Holding the order
Illegal and unwise, shall certainly vo.e to r.scind
1t ind, in the discharge of this duty hope am
not expected to shrink back, lest should do some =
thing which might call in question the wisdom Of the
Secretary, or even Of the President And hone
that so much Of indcpcndencc us may be manifested
by Tree discussion and an honest vote, is not 10
cause dcnunciauon from any quarter. lfit should
let it come.
As to an attempt TO overthrow the constitutional
currency OF the cOun ry, if were now TO enter into
such design, should be beginning at rather a ln,c
day to wage war against the efforts Of my whole
political life. From my very first concern with
public affairs, have Looked al the public currency
as matter of the highest interest and hopa have
given sufficient proofs Of disposition, at all times
to maintain 1t sound and secure, against all attacks
and all dangers. When first entered the other
House OF Congress the currency was exceedingly
deranged. Most Of the banks had stopped pay
menl, and the circulating medium had then become,
indeed, paper mon ~ SO soon a state of peace
enabled us, took some part in effort, with Others
to restore the currency TO better state and sue
cess followed that effort.
But what is meant by the constitutional curron-
| cy," about which much is said What species
! or forms oi currency, does the Constitution allow
! and what does 1t forbid 1t is plain enough that
! tins depends on what we understand by currency -
/ Currency, in large, and perhaps in a Just sense
includes not only gold and silver and bank notes. bu
| bills Of exchange also /, may include all that adj
jus's exchanges, and settles balances, in the opera
tons Of trade and business But if we uudersian,
by currency the tccGt currency Of the country, tha
/ which constitutes a lawful tender for debts, and il
/ the statute measure Of value, then, unduubie div
nothing is included but gold and silver. Most un
questionabIy there ia legal tender and there ca.
be no legal tender, IN this country, under the au-
thorty Of this Government or any other, but gold 6
silver, either the coinuge Of our mlnts, or for
eign coins, at rates regulated by Congress. This i
constitutional principle, perfectly plain, and Of tn,
! very highest Importance. The States are express
~ prohibited from making any thing but gold and sill
/ yer tender in payment of debts and, although n,
such express prohibition is applied to Congress, We
as Congress has power granted il, in this res
pect, but TO coin money, and TO regulate the value
foreign coins, II clearly has power To substitul,
paper or any thing else, for coin, as tender in pay
ment OF debts, and in discharge of contracts Con.
| gress has exercised this power, fully, in both il
branches. 1t has coined money, and still coins il
has regulated the value Of foreign coins and still
regulates their value. The legal tender, therefore
the constitutional standard Of value is established
/ and cannot be overlhrown. To overthrow il, woul1
! shake the whole system
But II the Constitution knows only gold and sill
yer as legal tender does follow that the Cohsti-
tu,ion cennot tolerate the voluntary circulation u
bank notes, convertible into gold and silver AT the
will Of The holder, part of the actual money of the
country! Is man not only to be entitled to de-
mand gold and silver for every debt, but is he Of
should he be- obliged to demand IT in all cases Is
II, or should Government make it, unlawful 10 re-
/ ceNu pay NJ any thing else Such n notion Is too
! Absurd 10 be seriously treated. The constitutional
tender is the thing TO be preserved, and ought TO
be preserved sacredy, under all cicumsiances.-
The rest remains for ludcious legislation by those
! who have competent authority.
I have already said that Congress has neyor sup
/ posed Itself authorized TO make any thing but coin
tender, IN the payment Of debts between indvidu.
| al and individual but hy no means follows from
/ this, that it may not authorize the receipt or any
! thing but coin IN payment Of debts due HE Uned
! States.
I These powers are distinct, aud How from differ
! cnt sources. The power ol coinage Is general
| power portion Of sovereignty, taken from the
states and Conferred Congress, for the sake both
of uniformity and Of greater security. II is to be
exercised for the beEe6l Of ali the People by cstab-
ishing legal tender and standard Of va!ue- in all
! transactions.
But when Congress lays duties and taxes, or dis
gYftI h.. ,,l,l l., a,