The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-10-18

"V"'S, h't uii az oHCe. put EThuualy, ana
to be accomplished by the first day Of jan
aary, Isil. Until then, the notes Of spe-
ce-pnying banks may he received, dimin--
lshlng ono-fonrth annually; and after that
day, all the payments 10 and from the Fed
eral Government are to be made 10 hard
money. Until that day, payments from the
United States will be governed by existing
laws. The amendment does not affect the
Post Office Department until January lS4l;
until then, the fiscal operations Of that De-
partmcnt remain under the present laws
after that day they fall under the principle
of the bill, and all payments 10 and from
that department will be mado in hard
money. The effect of the whole amend
ment will be to restore the currency of the
Constitution to the Federal Government
10 re-estnhlish the great acts of 1889 and
of lS09-declaringt that the revenues shonId
be collected in gold aud silver coin only
those early statutes which were enacted by
the hard money men who made the Con-
stismion, who had seen and felt the evils of
paper money, and intended 10 guard against
those evils in future by creating, not pn~
per, but n hard money Government.
/ am fer this restoration. am for res
toring to the Federal Treasury the curren-
cy OF the Constitution. | am for carrying
back the Government to the solidiiy pro-
jectcd by its founders. This is n great OBJ
ject in itsclf--a reform Of the first magni-
tude-n reformation, with healing on its
wings, bringing safety to the Government,
md blessings TO the people.
The bill before the Senate dispcnses with
Al, Of g
the public money. In thu, it has my hear
y concurrence. Four times heretofore,
and on four different occasions, have made
propositions TO accomplish a part of the
same purpose. Frs, in proposing nn
amendment to the depositc bill of 1856, Ivy
which the mint, nnd the branch min,s, were
to be included ia the list of repositories
secondly, in proposing that the public mou-
sys here, ut the scat Of Government, should
be kept and paid ont by the Treasurer
thirdly, by proposing that preference, IN
receiving the dcposiles, should be given to
such banks MS should cense To be banks Of
circulation; tourfhiy, in opposing the es-
tahlishment of bank agency in Missouri,
E aud proposing that the moneys there should
c be drawn direct from the hands Of the re-
now included in the bill before the Senate !;
and the whole object nt which they partial
ly aimed is folly embraced. i an, for the
measure fully, cordially, earnestly for il.
Some Senators suppose that il will be
great injury TO the local banks to refuse
their notes in revenue payments; ] think
otherwise, aud that it will be great injury
20 receive them; for they will be taken out
of circulation, and returned in masses on
the banks for redemption. They cannot
be paid out by the Government, aud. there
fore, will have to be presented for rcdemp-
ton To the banks. The act of 1886 cuts
them of from oil payments from The Fed
eral Government, or the post offices. That
act contnlns three limitations upon the pay
ment Of these notes first, no note umIcr
twenty dollars is to be poid out aud Tint
cuts off the greater number: secon,iiy, no
note is to be paid out which is issued at one
place, and nndc payable at another; thirdly
10 note Of any kind is TO be paid out, IN.
less it is equal to gold aud silver at the
place where offered, mud convertible into
specie upon The spot, at the will of the ho-
der, aud without loss or delay 10 him. This
- the strongest limitation. aud cuts off all
payments IN notes unless where the bank
itself is situated. The three limitations tu-
ken together, and they are all in full force,
cut off bank papc. from nearly every pny-
mcnt TO be made, either by The United
states or by the Post Office Department.
do not pretend to exhaust this subject
] only touch The leading objections 10 the
further use Of bank noics by the Govern
oeni, and the future use Of banks as de-
posiorics of the public monrys Il is u
practice fraught with mischief 20 both par
ties, and has been so proved by repeated
experience. To receive the notes of hanks
foi revenue, if they nre To be paid in good
faith, is merely To take them out of crcu-
Ialion, and 10 return them III nns<es for
redemption, TO the great peril aud alarm of
the bank; If they are not to be paid, their
receipt is fraud upon the Government.
So said Mr.. Crawford, when he was Secrc-
tary Of the Treasury, and when members
Of Congress, marching in column upon him, /
backed by Legislative petitions, were de-
manding this privilege for so many local
banks. opportunity md legislative inter-
ference most usually prevailed; and in al
most every instance To the injury of the.
bank, and the loss of The Government. So
will it N again, if the practice is resumed.
Again: II is tempting .he banks into
ruinous expansions thus to give them The
credit and the domain Of the United States
to bank upon. They put ont foods Of
notes, because recrivsbility nt the CUSTOM
house, the land Office. and the post Office.
gives them cred, and circulation. Aftef
some months, payday comes. Federal
credit, which got the notes into circulation,
will not pay them the bank stops; deprc-
cisrion chsues; the loss falls upon the Gov
eminent, and npon the uninformed holders