Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-05-31

The indssoluble connection between the state
of the specie and the state of the country being
thus clearly established the wisdom Of the treas
ury order becomes more striking, when we see
measures taken to dffuse the specie through the
country, and prevent its re-exportation, which
would now take place, if the specie was piled
up in the Atlantic cities, where the managers of
the British foreign bank (the Barings and Biddle
bank wish it to be.
The complaint which the agent of the foreign
bank (Mr. Biddle) is now making about the
transfer ofspecie to the West, is fine common
tary upon his own conduct formerly. in strip
ping the country and shipping it to Europe
At the veto session of 1892 there were but
TWENTY millions of specie in the country
and of that sum the bank of tho United States
had the one-third. Consequently, the whole
country was then at the mercy of that merciess
institution. Now we have EIGHTY millions,
and of that tho Bank of the United States has
the one thirfy-third part that is to say, about
two and half millions, and the country is near.
ly Independent of the alien institution. This
mass of specie is the torment of the British Uni
| ted States Bank and to get rid of it occupies
| all her policy. Hence the hatred to the Treasu-
| ry Order; hence the restrictions prescribed by
| the Barings on bills of exchange; hence the Of
forts Of the British Savings Bank to revoke that
order, collect specie from the interior, and ship
| it abroad.
During the whole time of the power of the
Bank of the United States, it was the policy of
that institution to collect specie from the interior,
and sell it, when exchange on Europe rose above
par. Thus the country was left with only 20
millions at the time of tho veto session. five had
no moro than that sum now, the British foreign
bank at Philadelphia could quickly consummate
| her designs of breaking the local banks, and ma
king general suspension of specie payments
but the eighty millions Of Gold and Silver are a
stumbling block in her path, and that stumbling
block will become larger. President Jackson is
gone, but the author Of the letter to Sherrod
Williams is in tho Presidential seat; and the spe-
Gle policy is tho order of the day. The public
will rccolloct that letter, and with how much
emphasis it rested upon the increase of the gold
| and silver circulation, the suppression of notes
under twenty dollars, and the coinage at the
| three branch mints. 1850 m
We venture to predict that specie will 90 on
increasing at the rate of seven millions per an
mum during the whole of Mr. Van Buren's ad-
ministration, and that GOLD will be common
currency before his time is out. The three
branch mints will go to work this summer, and
Congress has put it fully in the power of the ad-
ministration to keep them at work. BY an act
the last session of Congress, the sum of one
million ofdollars may be kept at the mint to sup
ply it with metal and by an act of the previous
session, an unlimited amount may be transferred
to the mint and its branches for the same pur.
pose. Thus, the supplies of metal will be ample
for it will be unlimited and the public may rest
assured, that the successor TO President Jackson
the author of the letter to Sherrod Williams
will not suffer the mint and its branches to stand
idle for want of materials to work up.
The foregoing article is republished ir
the New. York wing papers of the 18th
and they pretend to see in it "proof strong
as holy writ" that the policy of the govern
ment must ruin the country. They asser
that all the specie in the United States il
to be forthwith boarded or piled up in minis
Certainly there is nothing in the remarks 0
the Globe to justify such declaration. Tha
print only remarks that the supplies of me
J tai will be ample for the mints-that thu
acts Of Congress clothe the President witt
power to cause as great an amount to b.
recoined as possible, and leave him at lib
erty to supply an unlimited amount ofmetal
: Congress by establishing several add
tional mints, intended to increase the amour
,, of gold and silver in the country, and Il
render the coins uniform in value here
was moreover the desire ofthat body to pre-
vent the expectation of specie, and with tina
view the gold bill was passed, by which tn,
standard value of gold was raised to its Eu
ropean standard value, to prevent thos,
who might export it from profiting by tn
, operation.
Congress acted on the principle that
was necessary to increase the specie basi
of our paper system, and by introducin,
and recoining specie to increase its ordina
ny circulation, and thus suppress the circu
lation Of small notes without producing an.
thing like shock to the country. On thes
points we cannot be deceived, because W
werepresent in the House ofRepresentative
IN 1884, when the gold bill was discusse
I & passed. The President, then, by keeping
? the minis amply supplied, and pushing thci
I operations to the utmost practicable ex
tent, will only be faithfully executing th