The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-09

reference 70 which banks convenience are those
whose receipts are large, and not likely 10 DO abb
sofbed rom quarter 10 quarter by the drafts Of the de-
partment. They have generally iron chests or safes
where the specie kept and with strict supervision
and careful attention TO their bonds they will seldom
ever, be found in dofsult.
The necessary transfers Of funds are effected by the
department without inconvenience OF loss On the in
terror mail routes the expenditure generally greater
than the income that after the contractors have re-
ceiyed the entire Of the Offices supplied by them
balances still due. These balances are as readily
paid of by drafts the postmast the cities where
the surplus arises they could be by checks on banks
in the places The process rendered the more
those points where funds the most valuable parcu-
larry at New York. that the drifts Of the Department
topay balances in the most distant parts Of the Union
generally better than cash. being available for mer-
camille remittsnccs Thus the necessary transfers OF
the Department readily effected and this state
Of things is not likely to change, il would seldom, Il
ever, become necessary for the Department TO transport
specie from point 10 another, If there was not
bank in existence
Upon the suspension Of the hanks efforts were made
in some quarters to compel the Department to receive
irredeemabe and deprecated paper for hostages Law
Justice and public policy required inaexible resist
ance of these efforts. Gold and silver are the only
constitutional and legal currency of the United States,
and nothing but that currency, its equivalent can be
legally offered TO the public creditors in payment An
taxes and hostages arc imposed in this currency. and
all contracts made upon is basis The public ialh
could be kept and the public business successfully car
red only by strict adherence TO the plain letter.
well as obvious spirit, Of the law.
The undersigned is happy to state, that all attempts
to force the department TO receive deprecated paper
abandoned that little difficulty has been
perienced in collecting hostages in specie, and none
where the circulation Of change tickets has been
cessfully resisted and that the credit Of the depart
ment has been preserved unmpaired Nor is any diff
Guilty apprehended so long as hostages are collected in
the constitutional currency Of the United States But
should the department be compelled to receive and offer
to its creditors, the deprecated notes issued by hum
dreds of embarrassed faithess, bankrupt corpora
tons individuals, no sure calculation be made as
to the future and there spprehend general
discomfort extensive failures, and deporable dsogan
cation throughout the mail service. With what face
could the department insist on, and compel strict per-
Torrance Of contract obligations by contractors when
stripped Of the power to perform the most vital part Of
the contracts $50 far the interest of the contractor
concerned) on its part. Justice and sound policy
alike demand firm adherence in the mail service,
the standard Of value and the basis Of contracts pre-
scrbcd by the constitutions and hitherto strictly main
tanned, Except for short perod amidst the calamties
Of war.
On the whole, no legislation is necessary to maintain
the credit Of this department enable it to manage
its fiscal concerns the existing laws being deemed
ample for those purposes.
l have the honor to be, ....
Your obedient servant,
AMOS KENDALL.
To the President Of The United States