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

would be abundantly sufficient for that purpose,
provided an acumulution ofa large amount of rav:
enue beyond the necessary wants Of Govern
ment, be hereafter prevented. 1fto these con-
sderaiors he added the facilities which will arise
enabling the Treasury to satify the public credi-
tors, by its drafts or notes received in payment OF
the public dues, ii may be safely assumed that no
motive ofc6nvenience to the citizen requires the
reception ofbank.paper''
TO say that the refusal of paper money by the
Government, Introduces all un Just discrimination
between the currency received by it, and THAT
used by individuals in their ordinary affairs is,
in my Judgment, to view it in very erroneous
light. The Constitution prohibits the States
from making any thing but gold and silver ten
der in the payment of debts, and thus secures to
every citizen right to demand payment in the
legal currency. To provide by law that the Gov
ernmcnt will only receive its dues In gold and
silver, is not TO coaferon 1t any peculiar. Privl
lege; but merely to place it on an equality with
the ctizen,.b reserying to it ri gkts secured to
him by the Constitution. 1t is doubtless for this
reason that the principle has been sanctioned by
successive laws, from the time of the first. Con.
gress under the Constitution down to the last
Such preoodents, never objected TO and proceed
ing fromsrch sources, afford decisive answer
to the imputation ofinequaity or injustice,
But, in fact, the measure is one ofrestrction,n not
of favor. To forbid the public agent to.receive
IN payment any other than certain kind ofmo-
Tley, is to refuse him discretion possessed by
every citizen: It may. be left to those who have
The Infringement of their own transactions to
make their own terms; but no. such discretion
should be given. to him who acts merely as an
agent oft people, who is to collect what the
law requires, and to pay. the appropriations 1t
makes. When bank notes are redeemed on de-
mand there is then discrimination in reality, tor
the. individual who receives them may at his
option, substitute the specie for them; lie takes
them from conven elce or choice. When they
are not so redeemed, it will scarcely be conten-
ded that their receipt and payment, by public
officer should be permitted, though none deny
that right to an individua; if it were, the effect
would be most injurious to the public, since their
officer could make none Of those arrangements
to meet & guard against tbs depreciation,w which
an individual is at liberty to do. Nor caninconven-
ence TO the community be alleged as an objcc-
onti to such a regulation. Its object and motive
are convenience and welfare.
If, at moment Of fsimuateous and unexpected
suspension by the hanks, it adds something to
the many embarrasments of that proceeding, yet
these are far overbalanced by its diccct tenden-
cy to produce wider circulation of gold and sill.
yer, to increase the e.safety of bank paper,to i'm
prove the general cnrreny, and thus to prevent
altogether such occurrences. and the other and
far greater evils that attend them.
It may. indeed, be Questioned, whether it isnot
for the interest of the banks themselves that the
Government should not receive their paper.
They would be conducted with more caution. and
on sounder principles. By using specie only in
its transactions, the Government would create.
demand for it, which would, TO great extent,
prevent its eXportation, and, by keeping it in cir
culation, maintain broader and safer basis for
the paper currency. That the bahks.w ould thus
be rendered more sound and the community
more safe, cannot admit of doubt
The foregoing Views it seemsto. me- do but.
fairly carry out the provisions ofthe Federal Con
sritation IN relation to the currency, far asre-
lates to the public revenue. At the time that in
strument was framed, there were but three or
four banks inthc United States /; and had the ex.
tension of the banking system, and the evils
growing out oft. been foreseen, they would pro-
bably.have been specially guarded against. The
same policy which led to the prohibition Of bills
event. have also interdicted their issue as a cur
rency in any other form. The Constitution,
however, contains no such prohibition land since
the States have exercised, fer nearly half.a Gen.
tury, the power to regulate the business ofbank-
ing, it is not to be expected that it will be abah
doned. The whole matter is now under discus
sion before the proper tribunal-the people ofthc
States, Never before has tie public lind been SO
A. NJ ,fc
portance never has the subject, in all its bear:
ings, been submitted 10 SO searching an inquiry.
1t would be distrusting the intelligence and vir-
tue of the people to doubt the speedy and eticlnt
adoption ofsdch measures Of reform as the public
good demands. All that can rightfully be done
by the Federal Government to promote the .ac
complshment ofthat important object, will, with
out doubt, be performed. =
In the mean time, it is our duty to provide all
tile remedies against deprecated paper currency
which the Constitution enables US to afford. The
Treasury Department, on several former occas-
ions, has suggested the proprety and Importance
of uniform law concerning bankruptcies ofcor-
porations, and other bankers. Through the "in:
strumentality of such law, a salutaiy check
may doubtless be imposed tile issues of paper
money, and 'an.effectua remedy given to the citi-
zen in way at. once equal in parts OF the
Union, and fully authorized by the Constitution.
The indu gence granted by Executive authori-
tv in the payment of bonds for duties, has been
already mentioned. Seeing tnat the immediate
enforcement of these obligations would subject
large and highly respectable portion of our citi-
zens to great sacrifices, and believing that a tenn.
porary postiponement could be made without de-
triment to other interests and with increased cer
tainty of ultimate payment, did not hesitate to
comply with the request that was made. of me-.
The terms allowed are, to the full extent, as H.
beral as any that are to be found in the practice
of tho Executive Department. 1t remains for
Congress to decide whethcra further postpone
ment may not with propriety be allowed, and, if
so>their legislation upon. the SUBJECTS respect
fully invited.
The report of the Secretary. of the Treasury
will exhibit the condition of these debts ; the ex
ent and effect Of the present indulgence 1.-The
probable result of it's further extension on the
state of tho Treasury and every other fact neceS-