Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-09-14


iary of The Treasury received their notes
in payment Of duties. The sole ground
on which the practice thus commenced,
was then OF has since been justified, is the
certain, immediate, and The convenient
exchange Of such notes FOR specie. The
Government did indeed receive the incon-
vertible notes Of Stale banks during the
difficulties Of war, and the community
submitted without a murmnr TO the une
quail taxation, and multiplied evils Of which
such course was productive.
With the war this indulgence ceased,
and the banks were obliged again to re-
deem their notes in gold and silver. The
Treasury, in accordance with previous
practice continued 10 dispense with the
currency required by the act Of 1898, and
took the notes of banks in full confidence
Of their being paid in specie on demand,
and Congress. to guard against the slight
est violation of this principle have dec'ar.
ed. by law. that ifno'es are paid in the
transactions of the Government, it
must be under such circumstances as to
enable the holder to CONVEX, them into spe-
Gle without depreciation or delay.
Of my own duties under tho existing
laws, when the banks suspended specie
payments, could not doubt. Directions
were Immediately given TO prevent the re.
cep'on into the Treasury Of anything but
gold and silver or its equivalent, and ev-
cry practicable arraDSt mint was made
to preserve the public faith, by similar
and equivalent payments to the public
creditors. The revenue from lands had
been for some time substantially so col>
iected, under the order issued by the d.
rec ion Of my predecessor. effects
OF that order had been so salutary, and its
torecas. in regard to the apparon, insecu.
'i'y a bank paper had become SO appa-
rent, that, even before the catastrophe,
had resolved not to interfere with its Ope-
ration. Congress- is now to decide wheth-
er Tie revenue shall continue tobe so calls
e'l or not.
The rec eipts into The Treasury Of bank
notes, not redeemed in specie, on demand,
win NOT, presume be sanctioned. II
would destroy, without the excuse of war
or public distress, that equality Of imports,
and identity of commercial regulation,
which lie AT the foundation Of our Conred-
eracy, and would otler TO each State Il
direct temptation to increase lis foreign
trade. by depreclaipg the currency re-
ceivcd for duties in its ports. Such
proceeding would also, in great degree,
frusfrate the policy, so highly cherished, of
,nfusinG into our circulation large pros
nor,ion Of the precious metals; a policy,
the wisdom of which none can doubt, tho
there may be different opinions as to the
extent to which il should be carried. It's
results have been already too auspicious,
and its success is 200 closely interviewer
with the future prosperipy OF the country,
10 permit us for moment 10 contemplate
it's abandonment. We have seen under
ns innndnce,o cur specie augmented beyond
eighty millions; our coinage increased so
as TO make that of gold amount, between
August, 1884, and December, 1886, to
ten millions of dollars; exceeding the
whole coinage at the mint during the 81
previous years. The prospect of further
Improvement continued without abate-
ment, until the moment Of the suspension
of specie payments. This policy has now
indeed been suddenly checked, bu, is still
far from being overthrown.
Amidst all conflicting theories, one po.
sition is undenlahlo: the precious metals
will invariably disappear when there ceas.
es to be necessity for their use, as a cir
culatIng INT dun. Ii was in stict accrod-
ance with this truth, that whilst in the
month Of May last. they were every
where seen, and were current foY all ordi-
nary purposes, they disappeared from cir.
cula,ion the moment the payment Of spe.
ee was refused by the banks. and the
community tacitly agreed to dispense with
its employment. Their place was sup.
piled by a currency exclusively Of paper,
and, in many cases, Of the wors: descrip-
tion. Already are the bank notes now in
circulation greatly deprecated, and they
huc,uaie in value between ono place and
ano,he'; thus diminishing and making
uncertain the worth of property and the
price Of labor, and failing TO subservo, ex-
cept at heavy loss, the purposes oi busi.
ness. With each succeeding day the
metallic currency decreases; by some i. is
boarded up in the natural fear, that, once
parted with it cannot be replaced, while
by others i, is diverted from lis more le-
sitimate uses for the sake of gain, Should
Congress sanction this condition OF things
by making irredeemable paper money re.
ceivable In payment for public dues, a
Temporary check to a wise and salutary
policy will, in all probability. be convert
ed into its absolute destruction.
1t is true that Bank notes actually COM
vettible into specie may be received in
pay yment o. the revenue, without beingli.
able TO all these objections. and that such
course may TO some extent, promote in>
djyidual convenience: an objection alwavs