Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-02

pffiitfs
ent purposes. such as Internal Improve
ments, Educst lion, aud other great objects
lit becomes a question oil expediency
whether it would not be better to supply
the Treasury by other means.
Another consideration OF great impor-
lance in my view Is this: There are already
many disturbing causes in operation, agil-
ating the transactions Of society in all The
various ranificatinns OF business and COM
merce. Now, | would ask, sir, is it advl-
| sable, is it wise, is it even polite, to intro
duce, n such time MS tins, another great
disturbing cause, producing n reversed ac-
ton, altering the destiny OF this money,
overthrowng contracts now entered INFO,
Disappointing expectations raised, disturb
| Ing, unsetling, and deranging still more
the already dcranged business transactions
| Of the whole country? | would ask, is it
worth while TO do This? think not.
We are TO consider that this money, ac-
cording 10 The provision of the existing
law, is to 20 equally among all the States,
and among all the peoples and The wants
Of The Treasury must be supplied, il sup
plies be necessary, equally by all the pe0-
pie. 1t is not a question therefore whether
| some shall have money AMI others shall
make good the deficiency. All parlake in
the distribution, aud all will contribute to
the supply. So that it is a mere question
OF convenience, and, IN my opinion 1t IS de-
CidedY most convenient ON all accounts
that This instalmeut should follow its pres
cnl destination, and the necessities of the
Treasury he provided Tor by othe' means,
Again, il you pass this biil what is it,
|, is mere jrutem fUlmen; of itself it will
produce no good fyoudo pass it. All adj
nit there is no money, therefore the bill
| will give no relief To the Treasury. This
| bill, Mr. President, will not produce 10 the
| Secretary one dollar; he acknowledges
| himself that at all events it will not pro-
duce him many, Tor he says he wants Other
! aid, and he has applied 10 Congress Tor an
! issue OF some millions in Treasury notes
! He gets the money, therefore, Just as well
without this bill as with it the bill ITSELF
then, is Unnecessary, deprlvirg The States
of a sum which the Secretary cannot avail
| himself Of, ami which sum, nOlwlhstand-
ing this till, he proposes 10 supply by an
! issue Of Government notes.
| lie calls this collateral aid 10 the measure
of postponencnt but this evidently reverscs
!
his main reliance TO them only he looks for
| immediate relief, and this instalment now 10 BIO
! withheld is as IL productive source of revenuel
| only subsequent and collateral to the issue Ol
! the notes.
But now, sir what sort of notes does the sec.
reiury propose to lssue2 He proposes, cir, to
issue treasury notes Of small denominations
! down even as low as twenty dollars, not bear
/ ing interest, aud rcdeemablu at ne fixed period:
| they are TO be received IN debts due to govern
I ment, but are not otherwise TO be paid until al
! some indefinite tune there shall he Il certain
surplus in the treasury beyond what the secre-
tary may think us wants require. Now, sir,
this is plain, authentic, siatulable paper money;
II is exactly new emission OF old continentu.
If The genius Of the old confederation were now
10 rl-e up in the midst OF us, no could not lurh-
ish us, from the abundant stores Of hs recol-
lectlon,Iwilh more perfect model Of paper mon
ey 1t carries no interest, it has no fixed tne
Of payment, it is 10 circulate as currency, and
it is 10 circulate on the credit OF government a
lone, with no fixed period OF redemption If
this he not paper money, pray sir, what is it :
And sir, who expected This Who expected
that IN he filth year of he EXPERIMENT for
! REFORMING THE CURRENCY &. bring
ING it TO an absolute gold and silver circulation
the treasury department would be found rec
ommending 10 US resulgr emission OF paper
money? This, sir, IS quite new IN the history
of dis governments; il belongs to that Of the
confederation which has passed away.
Since 1889, although we had issued treasury
notes on sundry occasions, we had Issued none
| like these, That is TO say, we have issued none
not bearing interest, inlended for circulation,
and with no fixed mode of redemption. / am
clad, however, Mr. President, that the commit
| Ice ave not adopted the Secretsry's recon-
| mendalion, and that they have recommended
the issue OF treasury notes Of a description more
! conlnrmable to The practice OF the government.
| think, (said Mr.. W. there are ways by
! which the deposites with the States might be
| paid by the funds in the banks ; there are large
| sums on depositc in some of the States, and
! an arrangement might be made Tor the States
( to receive the notes of their own banks for
/ the payment Of this nstamen, while the Trea-
! sury is at the same time relieved by its own
measure and all The Inconvenience, dlsappoint
ment and disturbance which this bill will ne
cessarily create, would be avoided. At my
rate, the payment OF trs deposIie could do no
more than in some measure 10 increase the u
mount of Treasury notes necessary 10 be issu-
Ell it is q question OF quantity merely. Much
! OF the instaineni, believe, might be paid by
iudicions arrangements, out OF those funds
now ia the banks, which the Secretary cannot
use for other purposes so that the whole might
be provided for, by no great augmentation OF
the proposed amount OF Treasury notes.
am, therefore, oil opinion that this inslalment
should not be withheld list. Because the
withholding of it wl produce great inconve.
vicnce to the States and the People. ID. Be-
cause provision may be made for paying it
without any large addition TO the sum which it
is proposed to raise, and which, at all events,
must be raised for the use Of the Treasury.
In relation 10 the general subjects OF the
Message, there is one thing which | intended
10 have enid. bat hnEe omitted il is This wv g