Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-08


natalie currency decreases by some it
is boarded in the natural fear, that once
parted with, it cannot be replaced
while by others it is diverted from its
more legitimate uses, for the sake Of
gain. Should Congress sanction this
condition of things, by making irredeem-
able paper money receivable in payment
of public dues, temporary check to a
wise and sautary policy WILL in all prob
ability, be converted into its absolute
destruction.
It's true that bank notes actually
convertible into specie may be received
in payment of the revenue, without be-
inc Liable to all these objections, and
that such n course may, to some extent
promote individual convenience an OBJ
ect always to be considered where 1t
does not conflict with the principles OF
our Government, or the general welfare
of the country. If such notes only were
received, always under circumstances
allowing their early presentation for pay
lnent, and if, at short and fixed periods,
xhev were converted into specie, to be
kept by the officers Of the Treasury,
some ofthc most serious obstacles to
their reception would perhaps be re-
moved. TO retain the notes in the
Treasury would be to renew, under an
other form, the loans of public money to
the banks, and the evils consequent
thereon.
1t is, however, a mistaken impression
that any large amount of specie is re-
quired for public payments. OF the Sc
vcnty or eighty millions now estimated
to be in the country, ten millions would
be abundanty sufficient for that purpose,
provided an accumulation of a large a.
mount of revenue, beyond the necessary
wants Of the Government, be hereafter
prevented. If to these considerations
be added the facilities which will arise
from enabling the Treasury to satisfy
the public creditors, by its drafts or
notes received in payment of the public
dues, tmay be safely assumed that lie
motive Of convenience to the citizen re-
quires the reception Of bank paper.
To say that the refusal of paper mon
cv by the Government, introduces al
unjust discrimination between the cur
rency received by it and that used by
individuals in their ordinary affairs, is
in my judgement, to view it in very
erroneous light. The Constitution pro
hibits the States from making any thing
but gold and silver tender in the pay
mcnt of debts, and thus secures to every
citizen right to demand payment il
the LEGAL currency. To provide by law
that the Government will only reccW,
its dues in gold and silver, is not to con
fer on it any peculiar privilege u
merely to place it on an equality will
tie citizen, by reserving to it RICH
secured to him by the Constitution.
Is doubtless for this reason that the prn
Eiple has been sanctioned by successive
laws, from the time of the first Congress
under the Constitution down to the last
Such prccedents, never OBJ ectcd to an
proceeding from such sources, afford
decisive answer to the imputatlon of in
equality or injustice.
But, in fact, the measure is one {
restriction, not of favor. TO forbid tn
public agent to receive in payment an
other than certain kind of money,
to refuse him Il discretion possessed b
every citizen. 1t may be left to thos
who have the management of their ow
transactions, TO make their own terms
but no such discretion should be rive
to him who acts merely as an agent
the people, who is to collect what tn
law requires, and to pay the appropri;
tons it makes. When bank notes az
redeemed on demand there is then II
discrimination in reality, for the indiyiC
uai who receives them may, at his option
substitute the specie for them, he take
them from convenience or choice
When they are not so redeemed, it wi
scarcely be contcnded that their rccciI
and payment, by public officer, shouI
be permitted, though none deny I'll
right to an individual it were, the C
feet would be most injurious to the pu
lie; since their officer could make MOI
OF those arrangements TO meet or gual
against the depreciation, which an ind
vidua is at liberty to do. Nor can i
convenience to the community be allie
ed as an objection to such regulatio
Its object and motive are their conye
fence and welfare.
Ii, at moment of simultaneous al
unexpected suspension by the banks,
adds something to the many cmbarras.
ments of that proceeding, yet these a
far overbalanced by its direct tcnden
to producc u wider circulation of 90