Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-09-12

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eff had ra 'alutsfr su8 s fof~-as, 81 t.csfa Ia
thc inrfcane iosecB'siv # hsnk .,, ,4 h.c,,,. a
trpafrui inst, even hrfofr See tsfEsrtanh, lna o.
'%'ra NJ 90 uietfFrr w,ih iis operation Congress
neu q drfide ~ hriitrr toe revenue shall eyfisue
ic - % COLLECTED ~ rol
The ir's Into Ne ues.ur, 81 hsns n-,rs not
f"aeenfe % ,reei' - eeiusnd, ~,li nos presume r
sznritnHrd u would trsfrog hout tir- sscuse n
vaf Puiilc distress that rquslfr eli tau,ffs aud
idrutiy q commercial regulation. which l.. Al IA.
foundation q our torrdstary and wouid or 70 ca -h
state ~r temptation Ia incrcssr i,s ioteien uade
tf dFprccis4nr too currency t~err-d ~ 10 duties In
- p us Suca pfofceding would also, IN great
lrFft 'u'i'st" the po icy highly cherished. Of ga
fufrr 1850 cut circulation lsrrsf rf.p,riion Of the
rfsripus uctas palry the Ss.d ,tu 81 which nom
rhn c3ch though there nay be Z. d.ront opinions as
500 TIE extent Co. which Is should be- CARED It's rrsul,.
nave bern 'df Too euspclunt and lis succrss IS too
t's~1 t4i'rsoNrn with Tie future prosperity Of the
county O. permit 10 Tor moment 20 oenismpsir a.,
aAana"hWeul We have seen under its influence
.ui specie auln. ui,d beyond eighty millions our
-ffasv increased a. 60 make tuat Of gold amount
between Auros'. 1874, and Dcccmbrr I-.6 to ,e.
n'3on oi dollars exceeding the whole coinage n the
h"Ht uH1nf i'e ihlft ONE rfrvocs years The pros.
prei 81 iuftcf Improvement continued without ahaic
HnHi, until the moment OF the suspension Of sarcle
payment Ihis policy hes nov indeed been suddrn.
. checked but !. siiii 81 fr"sp hing overihrown.
Auias uii coui cling theories, one position is uude
rHhc the precious urtals will invariably disappear
vA N5rte cras's g. " Tor their ut- rs
cfcuia'us medium i was in tttlci nccofd,ure with
i.s futh that WHILST 90 Tie uuut of NAV last, they
usfr every whtr" ssn snd were current for a ordi.
nary FgfP ses thy cslp i-eatrd from cu'aton the
uowrnt the r'ym"ni 81 specie WIS refused by the
tauks. and ihs community lrcty arrrcd to dispense
hn ts Employment Their place wa. supplied By
uTttucy Exclusively paper. and, IN many cases of
ihr won't desc liton Already the bank notes
now IN citcuaiinu greatly drprecafcd aud they nuc.
tuatr IN value btwrrn one place aud another, thus
1i nis.ins aud nahing uncertain the worth of prop
rr, ana thc priv Of labor and failing 20 sbsetyc *
r'ri al heavy los 'hc purposes of businets With
csch -a@c"cd,n day the metallic currency decreased
~ s.ne Il is boarded IN the natural fear that once
port with II cannot be replaced while by oihcts /,
" diverted t,in as more legitimate uses for the sake
% gain Should congress sanction this condition of
i5uEf by making ittcdeemabic paper money teceiva
D!e 10 payment vi public dues temporary check Ia
wise rni saHd-y lr'i,cy viii, in All probability, be
Converted into is absolute destruction
IL rs true het bank notes actually convertible into
specie may be received in payment Of the revenue
w'A az beng liable 10 all those objections and that
s4ch N3nfsr may, 10 some TX cut promote individual
convenience m object always TO be considered where
"a does moi conflict with tie principles of govern
insut OF tie general welfare ui the country II such
notes only ~-Ge received, and always under circum
saiccs allowing their early presentation for payment
AZ, short and fixed periods, they were converted
into specie, to be- kept by the officers OF the Treasury
o. thu most serious obstacles 10 their reception
wuaif perhaps lie removed. To retain the notes IN
The Treasury would h, 90 renew under another form
the l7Ius OF public money 10 e banks, and the ovils
G. q ient thereon
j. s. however, mistaken impression that any larrc
amlurl OF specie Is required Tor public payments OF
tee veniy or eighty millions estimated TO be m
Ilv country, ten millions would be abundan,ly su0i.
gut Tor that purpose, provided an accumulation of
afgr acuot OF revenue, beyond the necessary wants
a. the government, be hereafter prevented Tito these
cpns ri, riti0ns, lie added the faculties which will a.
rts- lron enabling the Treasury to satisfy the public
creditors. by lis drafts or notes received ia payment Of
he puddle dues, it may he safely assumed that mo.
i've Of convenience 10 the citizen requires the recep-
GA @! bank papcr.
- Say that the refusal Of psper money by the GOV.
trniacut, introduces unjust discrimination between
HE ourrncy received by II, and that used by indvdu
view u IN very erroneous light The Constitution
Hloh bs the states from maxim. any thing bat gold
and silver tender in the payment Of debts, and taus
70 every citizen right II demand payInent IN
TIE l. al currency. 10 provide by law that The gos-
rumfn at Nl only receive its dues gold and silver
Is not 10 confer II any peculiar privilege ut
y to place 1t on an equality with the citizen by resefv
IA To 1t right secured to him by the Constitution
II Is doubtless for this that the principle has
Jccn sanctioned BY successive laws from the time Of
he Gfsi Congress under the Constitution down to the
asst Such prscedents objected 10. and procrrd
NJ from such sonrcos afford decisive answer t. the
nipuation of inequality or injustice
But IN tact, the 10 of restriction, not of
favor To forbid the public agent 10 receive in pay.
uen any other than n certain Kind OF money, is 10
fuse him discretion possessed by every citizen. II
be left those who have the cement of their
lwH tran.actions, 20 make their own terms hut no
surh .cretou should be gwen TO him 10 scts mere.
y agent % tv p-opir who IL 10 collect ,hst the
.w r'qures and 10 pay The appropriations j, makes
When hank notes i..,rered on demand, there 10
rho receives them may, at his option substitute the
specI- frr them; he takes them from convenience or
choice When they not - redeemed II will scarce
u o. commended that their receipt and payment, by
public Off err should be emitted, though none deny
that 9lt 10 iaiividual 4 II were, the eject would
Injurious 10 tie public since then othcer could
ustc Of these arrangements 10 meet or guard
rainsi the depreciation which an Incvdual Is at lib
.uy 20 do Nor can inconvenience TO the community
be alleged a. objection 20 such regulation It's
lr-t aul motive ihcir convenience and welfare,
A. al. moment of simultaneous and unexpected
uspensin by thr banks, adds something TO the
y en- barrassmen;s oi that proceeding, these are
lar uvetbalsncvd boy its dIrrct tendency 10 produce
wider circulation Of gold and silver, 10 increase the
aely &C bank paper, TO improve the general currency
,nd ihus 30 prevent altogether such occurrences aud
Ie other and far greater evils that attend them.
Il may, indeed. be questioned whether IL for
Lt iutrfst Of the banks themselves that the Guycfn.
nent should not receive ther paper. They would be
conducted With more caution, aud soundcr prlnci.
ilcs By using specie only It's Transactions the 20
.rrnms M would create dema nd for H. which would
great extent pfevcut its expectation, and, By keep
~ II IN circulation maintain broader and safer ba.
- f the paper currency. Ihst the banks would thus
rendered sound aGd the community safe
'Anr1t admit Of doabt. 4
TIE foregoing views Il srcns to me, do not fairly B
amy out the provisions OF the Federal Constitution
rdton the currency far relates the public
al II