The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-12

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banks in dues TO the Government shall he 81 re-.
pealed thar only threefourths Of the amount due n
the Government, for duties taxes sales Of public
lands, or other debts, may be received in the notes
oil specie paying banks and that from and aler the
3isl day OF December, 1889, one-hai may be 80 re-
ceiVed; and from and after the 3lSt day OF Decem.
osr, $40 one fourth: Prouided, That the notes of
no pana shall be received which shall refuse to re-
ceive In payment and deposile at par with gold and
SILVER, such treasury notes bills as Congress shall
authorize TO be received by law IN the public dues
f'rortded, Further, That no bank note OF less de-
nomination Than Ten dollars, or which note shall not
be payable where issued, shall be receivable into
the Treasury OF the United States; and from and
after The 3lst day of December ISL all sums due
for duties sales of public lands or other debts to the
Government, and all payments 10 the General Post
once shall Be paid in gold and silver coin only or
in such notes, bills, papers issued under the au-
thorily Of the Uniled States as may be directed to
be received by law; and from and AFTER the 3lst day
OF December, 1871, every officer or agent engaged
IN making disbursements on account oil the United
States or the General Post Office, shall make all
payments in gold or silver coin only or in such
notes bills, or paper issued as aforesaid when auho-
rised by law; and any receiving or disburiBg agent
who shall neglect, evade violate the provisions OF
this section shall be dismissed the service shall
forfeit all compensation which shall then be due
him"
That part Of the amendment made by Mr. Cal
houn which relates the receipt of certain portions
Of the revenues of the Government in the notes OF
specie-paying banks during three years, is either
mandatory, or merely permissive. Which of
the two the proposer Of il intended, am not com
pe:eni to decide But there is promise Of so extra
ordinary character that doub. exceedingly, whe-
Their single respectable blnk in the country would
have aceeeded to lis conditions, for the miserable
booH held out as an inducement. II is that, which
requires, that the notes of no speciepaying bank
shall BE- received towards part payment Of the public
Dues unless il shall first agree 10 receive in payment
Of all debts due it, and deposi:e unlmitedy on
a par 1oih gold and siircr such Treasury notes as
Congress shall authorize 10 b. receifed By lao IN the
public dues" The sum and substance of which, is
this-The Government will agree TO receive as spe.
Gle the notes issued by banks convertible at all
times into gold and silver in part payment Of its
| dues; prorided these banks will in consideration
thereof first agree to receive unreservedy the notes
issued By the Government not convertible into gold
silver until after the expiration of twelve months
from the time issued not convertible at all if Con
gress shall think proper SO TO direct; and bearing
interest! Every sound fnancier knows full WELL
that Government paper not bearing interest and con
vertible only by payments made to the Government
is much less valuable than the paper of solid banks
at all times convertible into specie. / apprehend
that any bank had been seduced into such con-
necon, in case the bill had passed into law, it
would have discovered that the reciprocity
all side and would speedily thereafter have
sued for divorce" ..."~ .'
II under these conditions the receipt of any and all
(specie paying) Banks notes was mandatory, without
discretion; them the portion payable in such bank
notes would invariably have been paid in the notes
of the most distant banks, from the places where
those payments were made; because, they would be
/ -. L.. ~ hat
let me ask could the collector of New York do with
the notes of the Louisiana, Arkansas, Illinois, Mis-
souri,, Indiana and Ohio banks For in such notes
would he be paid if the act was construed as man
datory. He could not despatch messengers 10 all
those places with the notes. and draw the specie and
bring it back He would be compelled to pay them
out to the public creditors on the warrants OF the
| Treasury and thus the Government would, in reali-
ty, become paper money Government, and aid in
giving currency and in extending the circulation OF
deprecated bank paper.
If, however, the act should be construed as being
merely permssive, Gas it probably would BED then
the indulgence which the amendment seems intended
should have been understood, was to be extended to
the banks, under the conditions expressed, amounts
to nothing whatever. 1t is altogether iusory. The
Government officers, acting as subtreasurers, would
/
ment of public dues, which they could not imme-
diately thereafter convert into specie. What differ
ence could it possibly make to the banks, whether
public debtor presented their notes to-day, and
drew specie for them, or whether public officer did
the same tomorrow tcould not make the smallest
particle of difference whatever. ".
1t must be clear and manifest, that unless manda-
tory construction should have been given that part
| of iMr. Calhoun's amendment which would have
carried with it the consequences which all have de-
scribed, il must have remained perfectly nugatory
exerting not single characteristic, changing the
odious and destructive operation oft bill, origi-
nally proposed, and which l have endeavored to
describe. <."
In my next, shall enter into full examination of
the Special Opposite scheme now urged by many, and
which the original SubtreasuIy advocates, ii is
SAID intend to rally. think shall find no difficulty
in satisfying the most sceica that it is altogether
impracticable, unless he collections OF the revenue
are confined exclusively TO specie which will make
that equally Objectionable with the Sub-neasu1y
scheme VALERlUs PuD1Ius.
FOR THE soNIAN.