Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-09-20
being overthrow. Amidst all conflicting

one position is undeniable; the pre-
cious metals will invariably disappear when
there ceases to be necessity for their use,
as circulating medium.
II was in strict accordance with this truth,
that whilst, in the month of May last, they
were every where seen, and were current
for all ordinary purposes, they disappeared
from circulation the moment the payment
of specie was refused by the banks, and
the community tacitly agreed to dispense
with its employment. heir place was
supplied by currency exclusively ofpaper,
and, in many cases, of the worst description.
Already are the bank notes now in circu-
lation greatly deprecated, and they fluc-
tuate in value between one place and anoth-
err F; thus diminishing and making uncertain
the worth of property, and the price oflabor,
and failing to subserve, except at heavy
loss, the purposes of business. With each
succeeding day the metallic currency de-
creases by some it is boarded in the nat
ural 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 thus
condition of things, by making irredeemable
paper money receivable in payment Of
public dues, temporary check to wise
and salutary policy will, in all probability,
be converted into its absolute destruction.
1t true that bank notes actually CONVEX
tible into specie may be received in pay
ment of the revenue without being liable
to all these objections, and that such course
may, to some extent, promote individual
convenience; an object always to be con-
sidered where it does not conflict with the
principles of our Government, or the gen.
eral welfare of the country. Ifsuch notes
only were received, and always under cir
cumstances allowing their early presenta-
tion for payment and if, at short and fixed
periods, they were converted into specie
20 be kept by the officers of the treasury,
some Of the mos serious obstacles TO their
reception would prehaps be removed. To
retain the notes in the Treasury would be
10 renew, under another FORM the loans OF
public money to the banks, and the evils con-
sequent 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 millions would be abundantly
sufficient for that purpose provided an &C
emulation ola large amount of revenue,
beyond the necessary wants of the Gov
eminent, be hereafter prevented. Tito 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 mo-
tive Of convenience to the citizen requires
the reception of bank paper.
| To say that the refusal of paper money
by the government, introduces an unjust
discrimination between the currency re-
ceved by it, and hat used by individuals
in their ordinary affairs, is, in my judge
ment, to view it in very erroneous light
The Constitution prohibits the States from
making any thing but gold and silver q
tender in the payment of debts, and thus
secures to every citizen right to demand
payment in the legal currency. To pro.
vide by law that the Government will only
receive its dues in gold and silver is not
to confer on it any peculiar privilege; but
merely to place 4 on an equality with the
citizen, by resering to it right secured
to HIM by the Constitution. 1t is doubtless
for this reason tint the principle has been
sanctioned by Successive laws from the
time of the first Congress under the Con.
stitution down to he last. Such precedents
never objected tcand proceeding from such
sources, afford decisive answer to the
imputation of inequality or injustice.
But, IN fact, tie measure is one Of re.
striction, not of flvor. To forbid the pub.
lie agent to receive in payment any other
than certain kid of money, is to refuse
him discretion possessed by every ciii.
zen. II may beleft to those who have the
management of neir own transactions, to
make their own terms: but no such discre.
ton should be given to him who acts mere.
| ly as an agent ofthe people, who is to col.
lect what the law requires, and to pay the
appropriations itmakes. When bank notes
are redeemed on demand there is then no
discrimination in reality, for the individual
who receives them may, at his option,
substitute the specie for them; he takes
them from convenience or choice. When
they are not so redeemed, it will scarcely
| be contendei that their receipt and payment,
by public officer, should be permitted,
though none deny that right to an individ.
ual fit were, the effect would be most
injurious to the public. since their officer
could make none of those arrangements
10 meet or guard against the depreciation
which an individual is at liberty to do
Nor can inconvenience to the community
be alledged as an objection to such regu.
lation. Its object and motive are their
convenience and welfare.
If at moment OF simultaneous and un.
expected suspension by the banks, it adds
something to the many embarrassments oil
that proceeding. yet these are overbalanced
by its direct tendency to produce wider
circulation of gold and silver. to increase
the safety of bank paper, to improve the
general currency,l and thus to prevent
altogether such occurrences, and the o.
Their and far greater evils that attend them.
1t may, indeed, be questioned, whether
it is not for the interest Of the banks them.
selves that the Government should not re-
ceive their paper. They would be con.
Quoted with more caution and on sounder
principles. By using specie only in its
transactions, the Government would create