Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-09-13

by persons irresponsible to the Government and
the people? 1t is believed that considerate.
and candid investigation of these questions will
result in the conviction, that the proposed plan
is far less liable to objection, on the score of Ex
ecutive patronage and control, than any bank
agency that has been or can be, devised:
With these views, leave to Congress the
measures necessary to regulate, in the present
emergency, the sate-keepng and transfer OF the
public moneys. In the performance OF consu'
tutional duty; have stated to them, without re-
serve, the result ofmy own retectlcns. Inc SUD-
iact is of great Importance; and one on ~hich we
can scarcely expect to be as united IN sentiment
as we are in interest. 1t deserves fuli ana Tree
discussion, and cannot fail TO be benefited by
disapassionate comparison OF opinions wen
aware myself of the duty ofreciprocal conces-
sion among the coordinate brInches OF the ooV'
ernment;, can promise reasonable spifit ol co.
operation, so far as it can be ndulged IN without
the surrender of constitutional objections, which
bel eve TO be well founded. Amy system that
may be adopted should be subjcctcdto the fullest
legal provision, so asto leave nothing to the Ex-
ecutiye but what is necessary to the discharge
of the duties imposed on him; and whatever plan
may be ultimately cstablishd, my own part shall
be so discharged as to give to it fair trial, and
the hest prospect Of success:
The charactcrof the funds to be received and
disbursed in the transactions of the GoYeremeht,
likewise demands your .most careful consldSra-
ton. -
There can be no doubt that those who framed
and adopted the Constitution, having in immedl-
ate view the deprecated piper ofthe Contedera.
cy-of which five hundred dollars in paper were,
at times, only equal to one dollarin coin-lnten-
ded 10 prevent the recurrence OF similar evils, so
far at least as RELAXED to the transactions OF the
new Government. They.gave to Congress ex-:
press powers to coin money, and to regulate the
value thereof, and foreign coin; they refused to
give it power to establish corPora'lons-the
agents, then asnow, chiefly employed TO create
a paper currency:4hey prohibited the States from
making any thing but gold and silver legal
tender in payment ofdebts: and the first congress
directed, by positive law, that the revenue
would be received in nothing but gold ana. Sill
vcr.
Public exigcncy.at the. outset of the 'iovern-
nient, without direct Legislative authority, led to
the use of banks as fiscal aids to the Treasury
In admitted deviation from the law, at the same
period. and under the same exigency; the oecre-
tary of he Treasury received their notes IN pay
ment Of duties. The sole ground on which the
practice, thus commenced, was then, Or mas
since. been justified; is the certain, Immediate
and convenient exchange ofsuch notes tor spe:
eie. The Government did indeed receive the IN
notes of State banks during the diff
cufties of war; and the community submitted
without .r,urmur to the. unequal taxation and
mutiplied evils of which such course was pro
d,c,iye. With the war, this Indulgence ce ased,
and the banks were obliged again to redeemthelr
notes in cold and silver. The Treasury, in &C.
cordance with previous practice, continued TO
dispense with the currency required by the act OF
1889, and took the notes of banks IN full conn
dence of their being paid in specie on demand;
and Congress, to guard agant the slightest viola
ton of this principle, have declared, by law that
if notes are paid in the transactions OF the Gov
ernment, it must be under such circumstances rs
toenabe the holder to convert them into specie
without depreciation or delay:
OF nv own duties under the existing laws,
when the banks suspended specie payments,
could not doubt. Directions were immediately
siycn TO prevent the reception into the Treasury.
ofany thing but god and silver or its equivalent;
and every practicable arrangement was made 10
preserve thcpublic faith, by similar or equivalent
payments to the public creditors. The revenue
from lands had been for some time substantially
so collected under the order issued by the direc-
tions of INV predecessor. The effects OF that or,
der had ben so sanary, and its forecast in regard
to the increasing insecurity of bank paper had
become so appareut, that. even before the catas-
trophe, had resolved not to interfere WIN us
operation. Congress is now to decide whether
the revenue shall continue to be so collected or
not. -.
The receipts into the Treasury, ofbank notes,
not redeemed in specie on demand, Will not, L
presume; be sanctioned. 1t would destroy, WIN
out the excuse of. war or public DISTRESS tnat
equality of imports, and identity OF commercial
reoulation, which lie at the foundation OF our
Coufederacv, and would offer to each State. d.
rect temptation to increase the foreign trade oy
the currency received Tor auti's III
its ports. Such proceeding would a'so' III
great degree, Illustrate the policy, 50 highly chef
ished, Of finfusing into our circulation larger
proportion Of the precious metals; a policy the
wisdom Of which none can doubt, though there
may be different opinions as to the extent 10
which it should be carried. 1t results have Deen
already too auspicious, and its success Is LOO
closely interviewer with the future prosperity OF
the country, to- permit us for moment TO con
template it's Abandonment. We have. seen un,
der is influence, our specie Augmented beyond
eighty millions; cur coinage increased SO as TO
make that of gola amount, between august
1891, and December 1886, to ten millions OF dol
lars; exceeding the whole coinage. at the mint
during the thirty -ona previous years. 'The pros
pect Of further Improvement continued without
abatement, untilthe movement of the suspension sion
ofspecie payments. TICS policy has now indeed noe; d
been suddenly checked, but is stiA far from being
overthrown. Amidst all conflicting theories
one position is undeniable: the precious metals
will invariably disappear when there ceases to be
necessity for their use, asa circulating medium:
1t was in strict acocrdance'wlth this tfuth' thaI
whilst, in the month Of May last, they were ev-
erv where seen, and were current for all ordipa-
ry purposes, they disappeared from circulation
the uomennt the payment Of specie was refused
by the banks; and the communit ity tacitig agreed
to dispense with its employment, Their place
was supplied by cusrepcy exclusively of paper:
and, in many cases, of the worst description. Al: