Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-14

may, U" some extent, promote indy idual
convenience; an object always 10 be consid-
cred where il does not con lc, " ith the rin>
ciples of our GoverDmcnt, or the general
welfare al the country. 81 such note, only
we're received, aud always under circum.
stances allow ing their early presentation iot
payment, and II, al short and fixed periods,
,hcy we're converted into specie, Ia be kept
by the officers Of The Treasury, sumo OF the
most serious obstacles 10 their rcception
would be removed. To retain tho notes in
the Treasury would he To renew, under an,
other form, The loans OF public money 10 the
banks, and the evils consequent thereon
IT'S, however, mistaken impression, that
any large amount Of specie is required for
public pay ments. or The seventy or eighty
millions now estimated To he in the country.
ten millions would lie abundantIy sufficient
Tor that purpose, provided an accumulation
oil large amount OF revenue, beyond the
necessary wants of the Government he hers
alter prevented. II 10 these considerations
be added tho facilities which " i'll arise IRON,
enabling the Treasury TO satisfy the public
creditors, by its drafts or notes received in
payment OF the public dnes, il may be safely
assumed that no motive Inconvenience To The
citiZen requires the reception OF bank paper.
say that The refusal of pnper money by
The Government, introduces an urius; dis
elimination between the currency received
II, and that used by indis iduals in their
ordinary affairs, is, in my judgment, TO view
u In very erroneous light. The Cons,itu.
ZION prohrbns the States from making any
thing but gold and silver tender in the nav.
ment OF debts, and thus secures 10 every ,.i,-
zen right In demand pay ment in the LEGAL
currency TO provide by law iha, the G oy
eminent VIII only receive ills dues in ,ruId
ami SILVER, ~ not Ia confer on il any pectIliar
privilege but merely 10 place It on an g.
( quality with the citizen, hy rcservfnp T., i, -
right secured Ia him hy The Constitution. II
uouotiess Tor this reason that the priucipie
mas seen sanctioned 10y successive laws. from
'he 'ime OF The iirst Congress under tho Con.
s'hu'oh GOWN 10 The last. Such precedents
never objected TO and proceeding from such
sources, afford decisive answer TO the Inn
putation OF Inequality or Injustice.
But, IN fact, the measure is one of resiric-
'ion, not OF favor. To forbid The puhIic n.
gent 10 receive In payment any other than n
certain Kind Ut money, is 10 refuse him d;s
cre!"n possessed by every citizen. I,mav
ne iei' 10 those who have the management of
."el' own ansac''>ns, 10 make their ow n
/ terms out no such discretion should be Civ.
( en- 10 him tho acts merely as an aypnt nj Tho
people, who is TO pay what the law recn;res
anu 10 pay the appropriations il makes -
men tank notes are redeemed on demand
! mere IS then no discrimination in rea,i,y 6nr
| the individual W ho receives them NAV - bis
| option, substitute the specie for Item he
! 'ahes them Tor convenience or chuice W hca-
'hey are moi Sc redeemed, IL will scarcely he
con'ended that their receipt and payment, by
PUBIC officer, should he permitted ,ho,yb
"oio oehy snal right TO an individual ); il il
i 'ne eHe.l "onld be most injurious 10
'he pubic, since their officer could mall
none OF those arrangements to meet or r,,,,rd
against the depreciation, which an Individual
Is al liberty 10 do. Nor can inconyeo,enra
! W 'he community he alleged as an ebiectinn
10 such regulation. HIS object and motive
| are 'heir convenience and welfare.
H. NJ moment OF simultaneous and unex>
Pec'ed suspension by the banks. il adds
something 10 the embarressmentso fihat pro-
;, en,;"s, YET ihese are far overbalanced by
us uirec! tendency 10 produce a wider c;rcn
lation of gold and silver, TO increase the .ae.-
iy OF bank paper, TO improve The rener.I
currency and thus TO prevent altogether
| sech occurrences, and the other and far preat-
er evils that attend them. o
may, Indeed, he questioned, whether il
Is not Tor the interest Of the Banks tbe,o
serves that the Government should mot re-
ce"e their paper. They would be conduit
Ell WIN more caution, and on sounder prin.
cifes. 10y using specie only in its transac
/ ~
mana Tor II, which would, 10 a. great ey,ent
prevent IFS expectation, and by keening :,
u, ia Circulation, maintain broader and safer
oasis ior The paper currency. That the
banks would thus be rendered more soupd
| ana The community more safe, capno, admit
OF a doubt 'u'i''
be foregoing views, is seems 10 me do
Dut Larry carry out the provisions of the
reaerai Constitution in relation TO The cur
rency, as Tar as relates to the public revenna
a. 'he ti'ne that instrument was framed
were put three or four banks i'm the
u States; and had the extension ~ ,bo
banking system, and the evils GROWING omi
OF III, been foreseen, they would probably
nave been specially guarded against The
same puiicy which led to the probibi,ion NJ
biiis OF credit by the States. would domht'
less, IN That event, have also interdicied ,La;r
issue as currency in any other form. Tie
Non,s,'.u'ion' however, contains no suck
Pioni"1'ioh ana since the States have exer.
.u' lSr nearly half a century, the Bower
10 regulate the business of BANKING :, ;s ",
10 he expected that il will be abandnnss "o'
he whole matter is now under disc',sa;o-
oeIofe The proper Iribunal-tho peonle ~ ~
STATES Never before has the publ;c MID
peeh SO thoroughly awakened 10 pro,,er
:ense OF us importance; never has the cir
Jeci' IN all IFS bearings, been submitted =,
80 SCREENING an enquiry. IL would he ,l;sD
trusting fhe intelligence and virtue If ,Ie
people TO doubt the speedy and efIicien, -"
uop p,.o OF such measures of reform as The
G,I', COCO demands. All that can right
", 10y NC uone by heFederal Government
pionO'e me accomplishment of that inn
portant object, will, without doubt 'h he IN, IN
formed. 'OSo'' oe per-
all ~ one mean time, il is our duty to provide
currency which the Constitution enabIes -
70 oiloLd. The Treasntx Ecnari...s... -,