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

To say that the yefusal Of popa money BY the a.
vernment introduccs an unjuss discrimination betwees
the currency received by IT, AM that used by indivld
Ss.s m ins' Ordinary affairs = in my ds%sS
prohibits the States froH making any thing Dui gos
and silver tender in payment Of debts and mus Sc
cures TO every citizen right 10 demand payment ~
the legal currency Topovds by law tna. .nc sov-
eminent will only receveits dues IN gold ana SILVER,
- not TO confer on any peculiar privilege ou mere
ly 70 place il on an equality with the clllzen, py re-
serving to il right secured TO him by the consuiMon
II Is doubtless for this reason that the prncpie mas
been sanctioned by successive laws rom the line OF
the first Congress nnder the constitution down TO the
last Such precedents, objected TO- and procee-
| ding from snch sources afford decisive answer to
| the imputation Of inequality or injustice.
But in fact the is of restriction, not OF
favor To forbid the public agent to receive IN pay
ment any other than certain kind of money, IS 10
refuse him discretion possessed by every citizen. II
may be left to those who have the management of
their own TRANSACTIONS to make their own terms; but
no such discretion should be given to him who acts
merely as an agent OF the peoplewho 10 to collect
what the law requires, and TO pay the appropriations
II makes: When bank notes are redeemed on demand
there IS then no discrimination in reality for the ndl
vdua who receives then may, his option, substitute
the specie for them He takes them from convenience
Or choice. When they are not SO redeemed, 1t Will
scarcely DC commended that their receipt and payment
by public officer, should be permitted, though none
deny that right TO an individual if 1t WERE the effect
would be mol injurious to the public, since their off,
Ger could make none Of those arrangements to meet
or guard against the depreciation which anndvldual
Is at liberty to do. Nor can Inconvenience TO the
community be alleged as an objection such regu-
laton. It's object and motive are their convenience
and welfare.
If at moment of Simultaneous and unexpected
suspension by the banks, it adds something to the
many endorsements of that proceeding, yet these
arc far owe. balanced by its direct tendency produce
wider circulation of gold and silver, to increase the
safety Of bank aper, to improve the general curren-
cy and thus to prevent altogether such occurrences,
and the other and far greater evils that attend them
may, indeed, be questioned, whether it is not tor
the interest of the banks themselves that the Govern
ment should not receive their paper. Tbty would be
conducted with more caution, and on sounder princl-
Piles. by using specie only in its transactions the
Government would create a demand for it, which
would, to great extent prevent its exporaon and,
by keeping 1t IN circulation, MAINTAIN broader and
safer basis for the paper currency That the banks
would thus be rendered more sound, and the commu-
nifty more safe, cannot admit of a doubt.
The foregoing views, It seems to mo- do but fairly
carry out the provisions OF the Federal
relation the currency far relates to the public
revenue. At the time that instrument was framed
there were but three four banks in the u States
and had the extension of the banking system, and
the evils growing out of it been foreseen they would
probably have been specially guarded against. The
policy which led to the prohibition of bills OF
credit by the States would, doubtless, in that event.
have also nterdcted their issues currency in any
other form. The constitution, however, contains
such prohibition and since the States have exercised
for nearly half century, the power TO regulate the
business Of banking il is not to be expected that it
will be abandoned. The whole matter is now under
discussion befare the proper tribunalthe people of
the States. Never before has the public mind been
so thoroughly awakened 10 proper sense of its i'm
portance; nsver has the subject in all its bearings
been submitted so searching an inquiry. 1t would
be cisusting the intelligence and virtue of The poo
pleo doubt the speedy and efficient adoption of such
measures of reform as the public good demands. All
that can rightfully be done by the Federal Govern
ment 10 promote the accomplishment Of that import
ant object, will, without doubt be performed.
In the mean time, is our duty to provide all the
remedies against deprecated paper currency which
the Constitution cnnsbles rs afford. The Treasury
Department, on several former occasions, has suQ-
gested the propriety and Importance ola uniform law
concerning bankruptcies OF corporations and other
bankers Through the fundamentally of such law
a sauary check may doubtless be imposed on the s-
sues OF paper money, and an eectual rexledy given
TO the citizen IN way At once equal in all parts of
the Union and fully authorised by the Constitution
The indulgence granted by Executive authority in
the payment of bonds for duties, has been already
mentioned Seeing that the immediate enforcement
Of these obligations would subject large and highly
respectable portion Of our citizens to great sacrifices
| and believing that temporary postponement could
be made without derlment to other interests, and with
increased certainty Of ultima payment did not he
| state TO comply with the request that was made Of
me- The terms allowed 10 the full extent as lib
era any that 10 be found in the practice of the
decide whether further postponement may not with
propriety be allowed and if So their legislation upon
the subject is respectfully invited.
The report Of the Secretary Of the Treasury will cx-
hibt the condition Of these debts; the extent and ef-
feet OF the present indulgence; the probable result OF
its further extension the Of the Treasury and
every other fact necessary 10 full consideration OF
the subject. Similar nfJrmatIonis communicated in
regard such repositories OF the public moneys as
are indebted TO rhe Government, in order that Con
gress may also adopt the proper measures in regard
| TO them.
The receipts and expenditures for the first half oil
| the year, and estimate Of those for the residue,
will be laid before you by the Secretary of the Trea-
sury. In his report of d .ceniber last It was esma-
ted that the receipts would tall short OF the
expenditures by about three millions Of dollars II
will be seen that the difference will be much greater
This to be attributed not only to the occurrence oil
greater pecunary embarrassmens in the business oil
the couRry than those which were then predicted,
and const qnenty, greater dIminuon in the reven-
ne, hut also to the fact that the appropriations ex-
cseded, by nearly six millions, the amount which was
asked for in the estimate then submitted. The sum
necessary for the service Of the year beyond the pro-
bable receipts, and the amount which il was intended
should be reserved in the Treasury the commence
ment Of the year, will be about six millions. II the
whole OF the reserved balance be no. at once applied
to the current expenditures, but four millions be still
kept in the Treasury seems most expedent for the
uses of the mint and to meet contingencies the sur
needed will be ten millions.
In making this estimate, the receipts calculated
on tho supposiiion OF some further extension Of the
indulgence granted in the payment Of bonds for du.
ties which will affect the amount Of the revenue fol
- y,Css rsx1 t~lC