Litchfield enquirer., 1837-09-14

atitutional ohiectiona, which believe to Dc well
 h & sa eea Is aoOeC % M s saTe nothing to the executive but what is necessary to the discharge of the duties imposed on him and whatev CT plan may be ultimately established, my own part shall De 50 discharged to give to fair tria and the best prospect of success.
 The character of the funds to be received and dis bursed ip the transactions Of the Government, like wise demands your careful consideration.
 There can be no doubt that these who framed and adopted the Consultation, having in immediate view the depfeciated paper of the Coniederacy--of which five hundred dollars in paper were, "t times, only equal iO one dollar tn con-iniended [" prevent the of similar evs far at least as related to the transactions of the ne" Government. They gave IU Congress express powers Co coIn me"ey, and L" regulate the value thereof and Of foreign coin; they refused give it power 10 establish cOrpOrAions-lhe assns .ne" as nov, ,,sd ,pe ",e. frn% nat pa any tLi0g l,u, gold and silver lega! leader pay meat of debts; and the first Congress directed, by positive law, that the revenue should be received in nothing but gold and silver.
 PubIic exigeucy at the outset of the Government, without direct slaive authority led 10 the use Of ba"ks as fiscal aids 10 the Treasury. |" admitted de- viaIion from the law, the same period and under ahe same exigency. the Secretary Oi the IreasOTy re- ceived their notes in payment ot do'ies The sole gr,und on which the practice. thus commenced, was Ihen ar has since been justified, is the certain, - mediate, and convenient exchange ol such notes for specie. The Government did indeed receive the in- convertible of State banks during the difficulties of war; and the community submitted without a to lie unequal iaxalion and multiplied evils of which 'gHch a productive. With the ahis indulgence ceased and the banks were obliged again to redeem their notes iH gold and silver. The Treasury, tn accOrdance with previous practice liDued dt" dspe with the currency required by the net 0 l789 and took the of banks in full conf deace of their being paid in specie on demand; and Congress, t guard against the slightest violation of this principle have declared, by Jaw. that if notes paid iB the transactions of the Government, it must be under such circumstances to enable the holder to convert them into specie without depreciation or delay. gap
 Of my own duties under the existing laws, when tbe banks suspended specie payments, l could not doubt. Directions were immediately given 10 pre- the reception into the Treasury of thing but gold and silver it's equivalent; and every prnciica ble arrangement made preserve ihe public faith, by sinliiar equivalent payments o the public cred itors. The income from lands had been for some time thus collected under tie order is- sued by the d;rectnn ol predecessor. The effects Of thai order had been saulary, and it's forecast m regard the increasing insecurity ot hank paper bad become apparen that, before the catastrophe, ! had resolved R0f 10 interfere wii it's operation. Congress is now to derde whether the eDue shall continue to be collected or not.
 The receipts into the Treasury of bank notes. not redeemed in specie 0" demand, will not, presume. he sanctioned. Tt would trsray, without the excuse of puhIic dipress, that equality of imports, aad identity of commercial regulation, which iIe at tue foundation ol our Co"iederacy, aud w"Hld ofer |" each State direct temptation to increase it's foreign trade hy depreciatDg ie currency received for du- ties in it's parts. Such proceeding would aso in grea, degree frustraie ihe policy highly cherished of nfusIng into circuaioD larger portion oi the precious metals; policy tl.e wisdom ot which none doubt, though there may he dirre" opi"ions as tO the extent 10 which il should be carried. Its re- eus have been already anspic""s, and Iis s too closely in,erwnven with the future prosperity o the country, permi, for amome": u contemplaie itA abandonment. We have seen. under it's i"hu- ence, specie augmented beyond eighty rnilli"ns coinage increased make that Of gold amount. between August 1884, and December, l836 ten millions of dollars; exceeding the whole c"'" at the mini during the thirty-one previous years The prospect of further improv eMent continued with out abatement, until the moment of the suspena"" oI specie paymenis This policy has now indeed been suddenly checked but is still far from being over thrown. Amidst all conflicting theories one position is undeDiabie; the precioUs metals will invariably disappear when there ceases io be necessity tor their use, as a circulating medium. IL was in strict accordance with his truth that whilst, in the mOnth ofMay lasi, they were every where seen, and were current for all ordinary purposes they disappeared from circulation the moment the payment Ot specie was refused b, the hanks and the community laci'ly agreed L" dispense with iis employment. Their piare wassupped ny currency exclusively of paper, and. in many eases, oG the worst description. AL ready are the bank notes now in circulation greatly deprecaied and they HUcinnie in value between one place and another: thus diminishing and making un. serai" tue worth of property and the rr'ee O, la bor, and failing suhservc, excep, at heavy loss the purposes of business. With each succeeding day ahe metallic currency decreaaes; by some ia hoard cd in the ".ur"! fear. that. once parted w'h Il can not be replaced while by others n is diverted from
 s legitimate usee for the sake of gain. Should Congress sanction this condition ofihings by making Tredeeinabie paper mOney receivable in iayment 0i public dHcs. temporary check a wise and salnia- y policy wilI in all probability, be converted iuto its absolute destruction.
 It s true that bank notes actually convertible into specie may he received in payment of the revenue, without heinz liable to all these objections, nnd that such may io sone extent, promote in'i'v'd. ua convenience, an obj ject always io he considered where il does not conflict with rhe principles ot o"r Government, or the general welfare Of the c0uniry- 1f such notes only received, and always HnIler circumstances allowing their early presentation Tor payment, and i short and fixed periods. they were converted into specic he kept by the officers o the Treasury, some of the serious obstacles tu their reception wonid perhaps he removed. To retain the n"res ia the Treaaury would he to renew, under an- Ohcr form. the loans of public money 10 the banks, and the evils consequent thereon.
 tt is, however, mistaken Mprcssion that any large of specie is required for public payne nts-' O the eighty mil'inna estimated to he in the country, ten millions would be ab""dantly s"'.
 cieDi Tor ihai purpose, provided an acc"mu'aon oi ta large amount of revenue, beyond the necessary wants ofihe Government, he hereafter prevented: u to these considr rrat lions he added the facilities which will arise from enablicg the Treasury tO satisfy the pabc creditors. ny iis drafts notes received in pay. q q the public dues, ii may he safely aes"med that DO motive of convenience ts tho citizen requires lhe reeepii0R of bank paper.
 To say that the re nsal Of paper money by the Gov. ernneni introduces discriminaiion between ,,e currency received by and thai used by lndivdu- ais in their ordinary affairs. i': in my judgment, to view it iu a very erroneoUs light. The Consiituon prohibiis the States from making any thi"g but gold and silver a tender in the aymect ot debts, and thus secures I0 every citizen right 10 demand payment n 1he legal currency. To prove by law that the Gov ernmen, will only receive i's dues in gold sad silver, Ia moi to confer peculiar pTvilege but mere ly 10 piace it equality with the cmzen' ny re- serving to right secured 10 h'm ny the Conei'a- ,~ I ii. ,oubIiess for this reason tha the princi- ,,Ie has beep saoconed by successive laws. from the ;;,ae of the first Congrers under the Cons.,io'on d,vn ,o the last. SUch pTecedenis, never objected n, and nrnce eeding from such sources, afford decI-
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