The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05

claim OF the public creditorl To be paid in money
as good as that which fixed the terms of the con-
tract Ii he gets from the srlctness OF his he
gal claim lei him have Il, but lei him wait for II
ill the Government shall be able TO meet his de-
maud The law and constitution are no more com
piled with ty giving him drail receivable in pay
ment of The revenue for him To speculate upon Than
in paying him current money. Salaries, though
they may have been fixed with reference To sound
er currency, are footing with all the stipendl-
AIRY classes of society, and why should they or the
creditors Of the Government be more peculiarly the
objects of the Governments care, than the same
classes in the community The Government Is as
much bound to secure a sound currency TO the pri-
as the public creditor II not, let us hear the
reason. We have never until the present occasion
heard the distinction made. They should share the
same fate The doctrine Of separating the Govern
ment from the people, Is new and dangerous
philosophy The course we proposed Is sus-
tanned both in this country and in Europe by
he examples Of Governments, whose equity and
credit have been better sustained than those OF any
other countries, BY Great Britain and the " States
The former put all its creditors, including the hold
of the funded debt precisely this footing for
upwards Of twenty years. The United STATES did
the same after the late war with Greai Britain Mr.
Dallas, think went further than we propose, and
ordered, that II the payment OF the principal OF
debs bearing interest should be refused In current
money, the interest should cease; and in neither
Il productive of public complaint or injury
to the public credit except either was affected by
the general unsoundness of the currency II may
be said that in neither instance did the government
exact different money from that which Il paid
But If so, 1t does not affect the argument we are
now pressing, which applies TO the following ques-
tions only. lst II is violation of the legal claims
of the creditor to pay him all the sound money the
government can collect and then to ofer Tor his vo
luntary acceptance or REFUSAL the current money OF
the country 3D. II not, Is II violation OF his
equitable claims pay him. If he choose to receive
it, money sound as that which fixed the terms OF
his contractl The propriey of requiring specie in
tnft he rave is n rate one
IL is legal 10 require is not doubted and that II is
not unequitable we believe we have proved. II is
then mere question of expediency, and that we
think is very clear. II is Of very great importance
indeed thar in the midst Of bad examples should
sustain one good one II is of great Importance to
the present time, that the relaxation OF the public
sense Of obligation and punetuaity should not be in
creased. 1t would be doubly injurious at the present
moment when our resolution both to bear and en-
force, should be strengthened and fortified. There
QUESTION Of specie in the payment of the revenue
will be of considerable Importance in keeping and
bringing into the country SO much specie as shall
be necessary for these payments II will be virtual
ly as affective, in restoring specie payments,
much money in the vaults Of the bank.
II is possible that most deleterious argument the
hardship of the measure, may be urged. But il will
be a cause Of hardship and danger to the whole
community to relax the only sound practice which
has been sustained If partial hardship will deter
us from doing what is right, we may well, az
once give up the ship" for we will find i on all
sides This hardship is trife compared with other
hardships thai must be suffered and which will fall
on those who, unlike the public debtors, are under
neither legal nor equitable obligations to bear them
They will too be increased both in amount and du-
ration in proportion to the feebleness of action
which shall yield to every whining complaint Of
particular hardship
The course we have suggested will render unne-
cessary the issue of Treasury notes. which the
sage suggests; measure which we think altogether
superfuous under any circumstances but that of an
absolutely deficient finance The Treasury drafts
heretofore issued serve at least, every purpose of
Treasury notes bearing interest," and will require
no new Treasury organization, and no new legisla-
ton.
In conclusion we pray that there may be no hasty
legislation affecting the currency; that the people
may be permitted deliberately to consider the subject
They are now in state of suffering and conserna-
ton, and untitled to think dispassonatey on it, II
the Executive Government is to be gratifed with
trial of the scheme proposed let it be treated like
other new inventions, before all the great interests
of the country shall be involved in the chances of its
failure; let 1t be tried on small scale let the ex-
pertinent be made in good and loyal Colony of
Liberia! We can, like kind parents, indemnity
them If fail and if it succeed will no, grudge
them the glory. SAY.