Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-09-16

oiuS W tl0. IIcdouiy y. III dutuittCu uS-
Walton from the law, at the same period,
and under the same agency, the Secre-
tary ofthe Treasury received their notes
in payment ofduties. The sole ground
on which the practice TINS commenced,
was then, or has since, been justified, is
the certain, immediate, and convenient
exchange of such notes for specie. Gov
ernment did indeed receive the inconver-
tibie notes of State Banks during the dif-
ficulties of war; and the community
submitted without murmur to the un-
equal taxation and multiplied evils Of
which such course was productive
With the war this indulgence ceased
and the banks were obliged again to re-
deem their notes in gold and silver. The
Treasury, in accordance with previous
practice, continued to dispense with the
currency required by the act Of 1889,
and took the notes of banks in full con
fidence Of their being paid in specie on
demand; and Congress toguard against
violation of this principle, have declared
by law. that if notes are paid in the
transactions of the government, it must
be under such circumstances as to en-
able the holder to convert them into
specie, without depreciation or delay.
Ofmy own duties under the existing
laws, when the banks suspended specie
payment, could not doubt. Directions
were Immediately given 10 prevent the
reception into the Treasury fany thing
but gold and silver, or its equivalent ;
and every practicable arrangement was
made to preserve the public faith, by 81
milar or equivalent payment, to the pub
lie, creditors. The revenue from lands
had been for some time substantially so
collected, under the order issued by the
directions Of my predecessor. The ef.
fects Of that order had been so salutary,
and its forecast in regard to the increas-
ing insecurity Of bank paper had become
so apparent, that even before the catas-
trophe, | had resolved not to interfere
with the operation. Congress is now to
decide whether the revenue shall conti-
nue. to be so collected or not.
The receipts into the Treasury, OF
bank notes, not redeemed in specie on
demand. will not, presume, be sane
toned. 1t would destroy, without the
excuse of war, or public distress, that
equality of imports, and identity of COM
mercal regulation, which lie at the foun-
dation of our confederacy, and offer to
each State direct temptation to Increase
its foreign trade, by depreciating the cur
rency received for duties in its ports.-
Such proceeding would also, in great
degree, Illustrate the policy, so highly
cherished, Of infusing into our circula-
ton large proportion of the precious
metals; a policy, the wisdom Of which
none can doubt, though there may be
different opinions as to the extent to
which il should be carried. Its results
have been already too auspicious, and its
success is too closely interviewer with
the future prosperity of the country, TO
permit US for a moment to contemplate
its abandonment. We have seen under
its influence, our specie augmented be-
yond eighty millions our coinage in
creased so as to make that Of the gold
amount, between August, 1884, and De-
cember, 1886, to ten millions OF dollars;
exceeding the whole coinage at the mint
during thirty-one previous years. The
prospect of further improvement conti-
nued without abatement, until the mo-
ment Of the suspension of specie pay
ments. This policy has now indeed been
suddenly checked, but is still far from
being overthrown. Amidst all conflict
ing theories, one position is undeniable ;
the precious metals will invariably dis
appear when there ceases to be neces-
sity for their use, as circulating me-
dium.
II was in strict accordance with this
truth, that whilst, in the month of May
last, they were every where seen, and
were current for all ordinary purposes,
they disappeared from circulation the
moment the payment Of specie was re-
Ised by the banks, and the community
lacitly agreed to dispense with its en-
ployment. Their place was supplied by
a currency exclusively paper, and, in
many cases, of the worst description
Already are the bank notes now in cir
culation greatly deprecated, and they
fiuctuate in value between one place and
apother; thus diminishing and making
uncertain worth Of. property and the
price, Of labor, and failing to subserve-
except at a heavy loss, the purposes Of
business. With each succeeding day,
the metallic currency decreases by
some it is boarded in the natural fear
that once parted with, it cannot be re-
placed; while by others it is diverted