The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26
Extracts from he same.
LETTER FROM wAsHIS0ros, dated 18Th august.
CURRENCY.

CUhh
"In what way can the collection Of the
revenue in specie, and paying il out to the Of
fcers Of the Government, civil and military,
and to other Government creditors in specie,
tend 10 restore TO the community at large
sound and uniform currency
"Will the Sub-Treasury system proposed
by Mr.. Gouge, aid the Bank to resume specie
payments, or will il not have directly the OPP
posite tendency, and prolong the period when
they will resume
81 propose TO make some dispassionate re-
marks on these questions, without looking to
the right or to the isfi, to see whose theory |
may attack, or what party interest | may az
feet. think the time has arrived, when we
should look alone to the happiness Of our COM
mon country, the blessed mother of us ALL
and let alone the interest of partizan leaders,
and the deplorable bitterness of party strife,
in great deal Of which there is no principle
whatever involved. A great portion of this
strife is nothing more, than the old war of the
up toWn boys and the doton torn boys; the
question being, not what is the best course to
insure the real happiness and prosperity of
our blessed country, but what is best to insure
the triumph OF party or TO effect its overthrow.
In other words, it Is war, not upon the great
leading principles of Republican government,
which divided our forofathers, but war of
taunts and jeers, of elimination and recrimi-
nation, and arguments TO prove that one side
is more in fault than the other side. The time
has arrived, think, when sensible men ought
to look above these things-when we ought
10 think Of our country, and forget men alto
gether
"If the nation could be induced to come to
the consideration Of this question with feel
ings of this kind how easily it could be set
tied and the prosperity of the country restored
Am really guilty of an act Of moral turpi-
tude in the estimation Of a friend, by express
ing opinions differing from his own on the
subject of The currency2 Ought it to be
cause of personal offence or of dislike Can
we not let reason decide the question between
us, without exciting the angry passions Is
not freedom of opinion the birthright of us all
Did not our loreiathers encounter all the hor-
rors and privations of a seven years war, that
their children might enjoy it Most unques-
tioRnbly they did.--And we surrender it, we
give up one of the choicest blessings of our
Republican Government. With these pre-
liminary remarks, proceed to the subject:
"What is the first object to be accomplish
ed, to insure the restoration of specie pay
ments ! answer at once-confdence in the
solvency of the Banks, and equality of palue
between bank paper and specie. If specie
bears premium. how can they resume specie
payments And will it not always bear a
premium, so long as the Government has for
its operations alone an exclusive metallic cur
rency-whilst the community has a paper
medium! If paper money or Bank notes is
as raiuable as specie, certainly the Govern
ment would not hesitate to take one as soon
as the other. 1t is in consideration that spe-
Gle is more sound, certain and valuable than
bank paper, that the Government prefers it.
The Government, then, by this system, pro-
claims the fact to the community, that specie
is more valuable than any bank notes. The
community, will certainly not hesitate to fol-
low the example. The system at once fixes
difference of value between bank notes and
specie. The separation of the Government
from bank notes, separates specie from bank
notes.
evil any man keep his bank notes in his
pocket, when the specie it represents IS more
palua5h to HIM Will he not draw upon the
Banks instantly for the specie, to avail him.
self of the profit How then can the Banks
bear the runs, that will be made upon them,
so long as specie bears premium And
will 1t not always bear premium, so long
the Government depreciates and dishonors
bank paper, by refusing to receive it in pay
ment of the public dues Ought the Govern
ment, the agent and servant Of tie community,
to adopt measure for its own benefit alone
calculated TO fix forever upon its principal, the
community, the evils of a deprecated curren-
cy -For what purpose has the Government
been established, but to take care of and pro-
vide for the interest of the community
And if the community are not to be benc-
fitted by this new scheme, cannot for my
soul see for what purpose it is to be esta-
blished.
"How can the community be benefited by
it Let us look at its practical operation,
upon the supposi'ion that it is to go into
effect.
"Specie in six months, should the Banks
not resume specie payments, land have de-
monstratcd, think they cannot, so long as
specie is at a premium,) will be at an advance
of some 0 or - per cent. A ship comes in
to New York and has duties to pay to The
amount Of $4,000. Specie must be purchas
cd from the brokers at this premium. Now,
who pays the premium The consumers
the community at large. The merchant cal
culates the cost of the goods-the price of
shipping them to the United States-the
amount of duties and other expenses he has
had to pay, which, together with his proper
profits and expenses added to their price.
Here we clearly that it is the community
that pays the amount of the premium at which
specie can alone be obtained, if this system
goes into effect. OF what conceivable bene-
fit is it then to the community? A system
that will fix upon it forever adcpreciated paper
system and cxacts of il the premium al which