Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-09-16

cription. ALREADY are the bank notes now in eli
cuation greatly deprecated, and they fiuctuate
va'oe between one place and another: thus dimiI
isnshg ana making uncertain the worth Of proper
~ an, re price Of labor, and failing to subserye
except BY heavy loss, the purposes Of business
"itn each succeeding day the metallic currenc
decreases by some it is boarded in the natural fear
that, once parted with, it cannot be replaced; wh
by others il is diverted from its more Legitimate
uses, for the sake Of gain. Should Congress sane
ton this condition Of things, by making irredecm
able paper money receivable in payment Of pub
lie dues,a temporary check to a wise and sauts.
~ policy will, in all probability, be conyertcd~
to Its absolute destruction
II Is true that the bank notes ae'--"y oo"s =,
bic into specie may be receir~>i h asme"i VI 'ne
venue without !,cing Liable 10 all these ooJec-
TONS and sh1t such course may, 10 some extent,
pro.sofc Individual COW enence, an object always
70 be considered where it does not conflict with
the principles Of our Government or the general
welfrrc Of the country. Ii such notes only were
received, and always under circumstances allow
ing their cary presentation for payment, and if
at short and fixed periods they were crtci in
to specie. to be kept by the officers of The Treas
ury, some 81 the most serious Obstacles to their
ception would perhaps be removed. To retain
the notes III the Treasury, would be 10 renew.
under another form the loans OF public money
TO the banks and the evils consequent thereon
Ii IL, however, a mistaken impression that any
large arn,Int OF specie is required for public pay
monts. OF the seventh or eighty millions now
csiim1tcd To be in the country, ten millions would
be abundantly Sufficient for that purpose, provi-
dcd an accumulation OF large amount of reve-
nue., beyond the necessary wants Of the govern
ment be hereafter prevented Ito these consiJcra-
tons be added the facilities which will arise from
enabling the Treasury TO satisfy the public cred
Itors, by its drafts or notes received in payment
Of the public dues, it may be safely assumed that
N motive of COnVenIence IN tho citizen renIiires
the reception Of bank paEer.
To say that the refusal of paper money by the
Government, introduces an uni lst discrimination
between the currency received By il, and TINT
used BY individuals IN their ordinary aifiirs, in
ng Judgment, to view it in a very cous light
The ConstitItion prohibits The States from
king any thing out gold and silver a tender in
the payment OF debts, and thus secures to every
citizen right to demand payment in the legal
currency. To provide BY law that the Govern
mcnt VIII only receive its ducs in gold and silver.
is not to confer on 1t any peculiar privilege: but
merely 10 place 1T on an equality with the citizen,
by reserving to IT a right secured to him by the
Constitution. 1t is doubtless for this reason that
the princip has been sanctioned by successive
laws, from the TING OF the first Congress under the
Constitution down to the last. Such presidents,
never objected to and preceding from such sour
ccs, al 'rd decisive answer TO the mputation OF
inequality or I'M justice.
not of favor. To forbid The public agent 10
ceive In payment any other tn n certain kind
Of money, is to refuse tm discretion possessed
by every citizen. 1t may be left to those who
have the management of their own transactions,
% make their own terms but no such discretion
hOuld be given to him who acts merely as an I
gent of the people who is TO collect what the /
aw requires, and to pay, the appropriations it .
makes. When bank notes arc redeemed on de- |
nInd, there is then no discrimination in reality, |
or the individual who receives them may, at his /
'ption, substitute the specie foT them; he takes
hem from convenience or choice. When they
In re not not g 9 rsdcsmed VIII scarcely be eontbSin
,ficcr, should be permitted, though none deny |!
hat right to an individually if it were, the effect
would be most injurious to the public, since their
fcer could make none of these arrangements
o meet or guard against tho depreciation,
which an ndvidu is at liberty to do. Nor can I
nconv enience to the community be allcdged as
n objection 10 such regulation. Its object
nd motive their convenience and ( idrc-
Ii, at a nom ent of simultaneous and uneXpec- /
cd suspension by the banks, it adds something 20
he many eEIbarrassments of that proc cdinc.yet
hesc are far overbaanccd by its direct tendency /
DE- ,lucc Il wider circulation vi rod and silver.
D increase the safety of bank paper, to improve
he general currency, and thus to prevent alto
ether such occurrences. and the other far greater
Wis tllit attend them
II may, indeed. BE questioned, whether it is not
,r the interest of the tanks themselves that the
Government should nos receive their paper.
hey would be conducted with moro caution. and
n sounder principies.-By using specie only in
cansac,ions, the Government would create de-
,sn1 for it, which would, to great extent, pre-
ent lis expectation, and by keeping it in circu-
,t:on, maintain broader and safer basis for the
apcr currency. That the banks would thus be
cndc.ed more sound, and the community more
lfc. cannot admit of doubt.
The foregoing views. it seems to me, do but
irly carry out the provisions OF the Federal Con-
tution in relation to the currency as far as re-
ties TO the public revenue. At the time that in
rument was framed, there were but three or
,ur banks in the United States; and had the en-
'nson of the banking system, and the evils
rowing out Of it, been forcscen, they would prob
bly, have been specially guarded against. The
,mc policy which led to the prohibition Of bills {
credit by the States. would, doubtless, in that
vent, have also nteriic.ed their Issue as cur
,ncy in any other form. The Constitution how
yer, contains no such prohibition; and since the
tltes have exercised for nearly half a century.
lie power TO regulate the business of banking il :
not TO he expected that it will be abandoned j
The whole matter is now under discussion be- 2
re the proper tribunai-thc people of the States i
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