Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-06

reces.as;Iv ex posed 10 any improper interference on
the part ofthe Executive May no. % mopeu ,na'
nndsnt fear Of public jealousy and disapproD,auon
~ matter 80 peculiarly exposed 10 them, WIN de-
Ter him from any such interference even neher mo-
lives be found imperative May not congress 80 re-
gulate by law, the duty OF these oces, anu .uoGc'
,oss;hitv Of any serious abuse on the part Of the
Executive and is there equal room ior such super
vision and publicity in connection win panKs' act
Jss.,sd - rersons responsible 10 the government
at ,ha peo',le9 Its believed that consderate and
candid investigation Of these questions VIII result In
ths CONVECTION that the proposed plan far less la
bls ~ objection the score OF Executive patronage
and control than aay bank agency that has been,
can be, devised.
assary 10 re gulae in the present emergency, the
S,fe keerng and transfer Of the public moneys. In
hs neriormance OF constitutional duty have stated
"a them without reserve, the ult of my own rcfiec-
lions The subject - of great Importance; and one
ON which we can scarcely expect TO be as united IN
sentiment a. are IN interest. II deserves luii
aad free discussions and cannot iaiI 10 De oenenusd
b. dspass onate comparison OF opinions wen a.
wale myself Of The duly of reciprocal CONCESSION a.
rnong the coordinate branches Of the government,
can promise rea sonable spirit OF cooperation, 50
far il can be INDUCED in without the surrender OF
constitutional objections, which believe 10 be well
founded Any system that may be adopted should be
sub cted to The fullest legal provision, to leave
nothing 10 the FIX ca've but what necessary to the
dischaspe of the duties imposed on him; and what
ever plan nay be ultimately established my own part
shall be so discharged as TO give TO II alr trial, and
the best prospect OF success.
The character OF the tunis 10 be received and dis
bursed in the transaction OF the government likewise
demands your most careful consideration.
There can b. no do lbt that those who framed and
adopted the constitution, having IN immediate view
the depre .a ted currency of the confederacy which
FIVE hundred dollars in paper were, at times, emily
equal 10 one dollar in con-n,ended TO prevent the
recurrence similar evils, far al least related 10
the transactions of the new government They gave
the congress express powers 10 coin monry and 10
regulate the value thereof aad Of foreign com; they
refused TO give powerio establish corporatol,sthe
agents, then, as now, chiefly employed 10 create
paper currency; they prohibited the States from
mixing any thing but gold and silver legal tender in
payment of debis and the first congress directed, by
nsstye law that tie revenue should be received in
nothing but gold and silver
Public exigency at the outset OF the Government,
without direct legislative authority, led TO the of
banks as fiscal aids to he Treasury. In admitted de-
Walton from the law, AT the same pcrod, and under
the same exgency, the Secretary OF the Treasury re-
celyed their notes in payment OF duties. The sole
ground on which the practice thus commenced, was
then; or has since baen justified, - the certain, imme
date and convenient exchange OF such notes spc-
Gle The Government did indeed receive the lncon-
vertible notes Of State banks during the difficulties of
war: and the community submitted without a MUIR
muir 10 the unequal taxation and multiplied evils Of
which such course was productive. With the war;
this indulgence ceased, and the banks We're obliged
Treasury in accordance with previous practice,
tnued ts dispense with the currency required by the
act of 1885, and took the notes Of banks in full conf
dence of their being paid in specie on demand; and
Congress 10 guard against the slightest violation eI
this principle have declared, by law, that notes are
paid in the transactions of the Government, must be
under such circumstances as TO enable the holder to
convert them into specie without depreciation or
delay.
OF my own duties under the existing laws when
tn BANKS suspended specie payments, | could not
doubt Directions Immediately given to pre-
the reception into the Treasury OF any thing but
gold aud silver or its equivalent; and every practi-
cable arrangement was made 10 preserve the public
faith by similar or equivalent payments 10 the pub
lie creditors The revenue from lands had been for
some time substantially collected, under the order
issued by the directions my predecessor. The Of
fects of that order had been salutary and its fore
cast in regard 10 the ncreas ne insecurity OF bank pa
pcr had become apparent that even before the
taropic had resolved not 10 interfere with IFS ope-
ration. Congress is now 10 decide whether the reve-
nue. shall continue TO be so collected or not.
The receipts into the Treasury Of bank notes, not
redeemed IN specie demand, will not, presume, be
sasch med. II would destroy, without the excuse Of
war or public Distress that equality Of imports, and
identity Of commercial regulation, which lie al the
foundation OF our confederacy, and would offer to
each direct temptation To increase lie for ign
trade by depreclatlng the currency received for du
ties in its ports Such proceeding would ALSO in q
great degree illustrate the policy, so highly cherished
OF infnsing into circulation larger proportion o
the precious metals; n policy, the wisdom Of which
none can doubt though there may b. different opin
sons as to the extent TO which il should be carried
Its results have been already too auspcious and III
SUCCESS ia too closely interviewer with the future
prosperity of the country, 10 permit us for moment
TO contemplate its abandonment We have seen, I'M
der its influence, our specie augmented beyond egh y
millions; our coinage increased so as to make that
OF gold amount, between August, 1884, and Decem.
Der, 1885, 10 ten millions of dollars exceeding the
whole coinage at the mint dyrlag the thirty pre-.
vious years. The prospect Of further improvement
continued without abnieaenf, sni the moment OF
the suspension OF specie pay menis
This policy has now indeed been suddenly check
ed, but is still far from being ovcrthrown. Amidst
all conflicting tn ories, position IL undensble
the precious metals will invariably disappear when
there to be necessity for their crcu-
truth, that whist, in the month Of May last they
were every where seen, and current for all or
nary purposes they dsappca cd from circulation the
moment the payment of specie was refused by the
sanks and the community iaciiy agreed 10 dispense
with its employment Their place WAS supplied by
currency exclusively Of paper, and la many cases, Of
the worst description. Already are the bank notes
now IN circulation greatly deprecated, and they nuc-
tnate 10 value between place and another thus
diminishing and making uncertain the worth OF pro.
perry and the price Of laSnr and failing 10 subsevve,
except heavy loss the purposes Of business. With
each succeeding day the metallic currency decreases
NY some Il Is boarded in the natural fear that once
parted with. cannot be replaced while by others IL
diverted ieom s legitimate uses, for the sake
81 gam. should Congress ssnct on this coaditl n OF
things by making rrcdccmable paper money receiys
BILE IN payment % public dues temporary check ~