The People's press, and anti-masonic Democrat. [volume] (Middlebury, Vt.) 1836-1838, 1837-09-12

ing the worth of property and the price OF labor,
and failing to subserve, except at heavy loss
the purposes of business. With each succeed
ing day the metallic 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
irredeemable paper money receivable IN pay
ment of public dues, temporary check to
wise and salutary policy will, in all probability,
be converted into its absolute destruction.
1t is true that bank notes actually convertible
into specie may be received in payment of the
revenue, and that such course may, TO some
extent, promote individual convenience an
object always to be considered, when it does
not conflict with the principles of our govern
ment, or the general welfare of the country
If such notes only were received, and always
under circumstances allowing their early pre-
sentation for payment, and if at short and fixed
periods they were converted into specie, to be
kept by the officers of the treasury, some of the
most serious obstacles to their reception would
perhaps be removed. To retain the notes in
the treasury would be to renew, under another
form, the loans public money to the banks,
and the evils consequent thereon.
1t is however mistaken impression, that any
large amount of specie is required for public
payments. Of the seventy or eighty millions
now estimated to be IN the country, ten mill
ions would be abundahtly sufficient for that pur-
pose, provided an accumulation of large a.
mount of revenue, beyond the necessary wants
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,
it may be safely assumed that no motive of
convenience to the citizen requires the recep-
ton Of bank paper.
To say that the refusal of paper money by
the government introduces an unjust discrimi-
nation between the currency received by it.,
{ and that used by individuals in their ordinary
affairs, is in my judgment to view it in a very
erroneous light. The constitution prohibits
the states from making any thing but gold and
silver tender in the payment of debts, and
thus secures to every citizen right to demand
payment in the legal currency. To provide
, by law that the government will only receive
its dues in gold and silver, is not to confer on ii
| any peculiar privilege; but merely to place it
on an equality with the citizen, by reserving to
5 1t right secured TO him by the constitution
1t is doubtless for this reason that the principle
has been sanctioned by successive laws, from
. the time of the first Congress under the consti
2 tuition, down to the last. Such precedents, ne
yer objected to and proceeding from such sour
\ ces, afford decisive answer to the imputatior
8 Of inequality or injustice.
But in fact, the measure is one of restriction
, not of favor. To forbid the public agent to re-
e CAVE in payment any other than certain kline
. of money, is to refuse him discretion possess
v ed by every citizen. 1t may be left to those
5 who have the management Of their own trans
actsrHs, to make their .nrnsS: hut sucl
discretion should be gwen to him who acts
merely as an agent Of the people, who is to
collect what the law requires, and to pay the ap-
preparations it makes. When bank notes are
redeemed on demand, there is then no discrim-
NATION IN reality, for the individual who re-.
ceIves them may at his option, substitute the
specie for them; he takes them from conven-
fence or choice.
When they are not so redeemed, it will
scarcely be contended that their recent and
payment by public officer, should be permit
ted, though none deny that right to an indiyid-
ual; If 1t were, the effect would be most iniuri
Gus to the public, since their officer could make
none OF those arrangements to meet or guard
against the depreciation, which an individual is
at liberty to do. Nor can inconvenience TO
the community be alleged as an objection to
such regulation. Its object am motive are
their convenience and welfare.
! If at moment of simultaneous and unex-
Pected suspension by the banks, it adds some.
thing to the many embarrassments of that pro-
ceedlng, yet these are far overbalanced by its
direct tendency 10 produce wider circulation
OF gold and silver, to increase the safety of
bank paper, to improve the general currency,
and thus to prevent altogether such occurrences
and the other and far greater evils that attend
them.
1t may indeed be questioned whether it is
not for the interest of the banks themselves
thai the government should not receive their
paper. They would be conducted with more
caution and on sounder principles By using
specie only in its transactions, the government
would create demand for it, which would to a
great extent prevent its expectation. and by
keeping 1t In circulation, maintain a broader
and safer basis for the paper currency. That
banks would thus be rendered more sound. and
community more safe, cannot admit of a
doubt.
The foregoing views, it seems to me, do but |
carry out the provisions of the federal constitu-
ton in relation to the currency as far as relates
TO the public revenue. At the time that in !
strument was framed, there was but three or
four banks in the United States and had the
extension of the banking system, and the evils