The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05
COMMUNICATIONS.
ron THE hADisoNIAN.
THE TREASURY NOTES.
NO. vi.

NO. vi.
The notes conformed 70 the provisions Of the bill
il has passed the Senate, viii be somewhat different
from the description given Of them in my last letter
Still however, they win come within the scope Of
fair and unexceponable exercise Of any Of the par
ticularly enumerated powers conferred on Congress BY
the federal constitution.
The notes which the bill authorizes are 10 bear an in
.erest which may be six per cent; transferable only by
endorsement; to be paid at day certain not re ssua
BILE not to be issued Of less denomination than $780,
to be cancelled when taken up and upon them the Se
cretary Of the Treasury is to raise money wit, gold
and silver by loaning them.
Such the chief constituents of their character and
the main objects Of their creation They are not in
tended to represent actual capital but to create fct
tious capital Their nature does consort with
dor and freedom Of action 1t is in consistency with
that spirit which contrives the supertwsticalites Of
trade They partake at Of the character Of notes
discounted in bank and Of bank notes in circulation
and swelling the Of paper credits The effect Of
creating this mass to wit ten millions Of fictitious capi-
ta win be to increase tina, species Of traffic" which,
the Presdent's message says INSTEAD Of being up
held ought to be discountenanced by the Government
and the people"
The Secretary of the Treasury to raise money on
them by loaning them and there is no doubt that
lenders will present themselves, and that the whole ten
millions may be borrowed in gold and silver, just fast
as the Government shall want it So say the advocates
OF issue Of the Treasury notes Il is in this way
the Government is to mstfy and disguise its character
Of borrower to prevent and misuse its power to bor-
row money!! II the Government must borrow, in the
name Of magnanmity, let it be done openly-Let the
Government become an avowed and undisguised bor-
Of much ii may need Of the eighty millions
Of gold and silver which the lack Of general confidence
consgns to ideness private chests, and in special
bank depostss This would be the clean thing. This
would compor with the candor and the intelligence Of
this enlightened community. This ,coud be for the
Government to avail itself Of its expressly granted
er to borrow money on the credit Of the United
States"
One Of the objects Of the Treasury notes, say the
advocates of the bill, is to relieve the late deposiie
banks from immediate press for six millions. Ins
deed! 1t will directly tend to deprive the State
banks Of all chance Of getting possession Of any portion
Of the gold and silver for which the Treasury may
be loaned and which, il the late deposte banks be
left fair opportunity to get it, they will soon enable
themselves to specie payments. 1.-THE Govern
intends not, by degrees, kill the late deposte
banks, let them be spared this wondrous Of
lief Instead Of creating fresh supply Of paper issues
to raise money on, let the General Government, (f
deed il would extend relief the late deposite banks
by law, consent TO take the Of these banks, at
such discount ( it must beg will enable it, without
loss to raise these State bank notes the amount Of
specie wanted This clearly, would look more like a
relief measure.
.s... :t. s:.~.. I'LL. PuBLIUs