The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-09-16

,.,,ss., of the public moneys. In the per
cornance of constitutional duty, have s'aI
III, "a tbor without reserve, the result OF
INV own renections. The snhec' 10 Vi
great importance; and one on when we Cav.
Scarcely expect to he united IN sentiment a.
GOO ,re in interest. 1t deserves aiull ana
rroo discussion. and cannot fail to he oene-
flied by dispassionate comparison oi oln'-
;ons We'll aware myself Of the duty oil re-
c;nrocal concession among the co-ornlnale
branches ofthe government, can promise
reasonable spirit of co-operalIon' SO lar aS
il can be induged in without the surrender
Unconstitutional objections, which DeileVo
10 he well founded. Any system that may
he adonted should be subjected 10 the iull
est legal provisions, so as to leave nothing
to the executive but what is necessary 70
the discharge of the duties imposed on MN;
and what ever plan may be ultimately es'a-
blished, nv own part shall be SO dischar-
ged as to give to tia fair trial. ana 'he oeS'
prospect Of success.
The character the funds TO he received
and disbursed in the transactions ol the gov
ernment likewise demands your most carelni
consideration.
There can be no doubt that those who
| framed and adopted the constitution, havihg
| in immediate view the deprecated paper OF
the conlederacv, of which five hundred dol
lars in paper were, at times, equal ~ one dol
lar in coin intended TO prevent the recurrence
of similar evils, so far at least as related to
| the transactions of the new government.
They gave to Congress express powers to
coin money, and regulate the value thereof,
and of foreign coin; they refused to give II
power to establish corporations; the agents
then as now, chiefly employed to create a
paper currency; they prohibited the states
from making any thing but gold and silver
a legal payment of debts; and the first Con
qress directed by positive law, that the rev
enue should be received in nothing but gold
and silver.
Puhlic exigency at the outset Of the gov
ernmeht, without direct legislative authorl
tv, led to the use Of banks as fiscal aids tc
the Treasury. In admitted deviation from
the law. at the same period, and under the
exigencv, the Secretary Of the Treasury
received their notes in payment of duties
The sole ground on which the practice, thu!
commenced, was then, or has since, beer
iustifcl, is the certain, immediate, ant
con eni mt exchange Of such notes iol spe
,ie. The government did, indeed, recely
he inconvortihle notes Of the State bans
Iuring the difficulties of war, and the CON
nunitv submitted without murmur to til
Unequal taxation and multiplied evils
which such course was productly,
With the war, this Indulgence ceased, an
he hanks were obliged again to redeer
heir notes in gold and silver. The Ire
sury, in accordance with previous practc
continued to dispense with the currenc
required by the act of 1889, and took Il
{ notes of hanks in full confidence Of the
being paid in specie on demand; and Co
gress, to guard against the slightest Violate
Of this principle, have declared, by Law
hat if notes are paid in the transactions
{ ihe government, it must be under such ci
rumstances as to enable the holder to co
, vert them into specie, without depreciatic
; or delay.
OF my own duties under the eXistr
aws, when the banks suspended specie pa,
I nents, could not doubt. Directions we
in mediately given 70 rrevcnttlc rcceptiC
10 the Treasury Of any thing but gold al
I silver or its equivalent: and every practic
" ,le arrangement was made to preserve Il
u public faith, by similar or equivalent pa
ments TO the public creditors. The revenl
i from lands had been for some time suhsta
! tally so collected, under the order ssu,
= w the direction ofmy predecessors. IT
effects Of that order had been so salutar
i and its forecast in regard to the ncreasii
Il insecurity of bank paper had become
e apparent, that, even before the catastropl
y | had resolved not TO interfere with its on,
Is alton. Congress is now to decide whet
u erthe revenue shall Continue to be so cole
L. ted or not.
!! The receipts iuto the Treasury, Of ba,
>. notes not redeemed in specie on deman
will not, ! presume, be sanctioned.
would destroy, without the excuse of W
I" or public distress, that equality of impos
y and indemnity Of commercial regualio
j, which lie at the foundation of our confed
y racy, IL would officer to each State dir,
temptation to increase its foreign trade,
:, dePreclating the currency received for d
" ~ ties in lis ports. Such proceeding wor
=, also, IN great degree, Illustrate the polic
:" so highly cherished, of infusing into our g
~ | culatlOn laT0A DronOrtinn of ,ba ,,r.o: