The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-03
by whatever cause. from the channels Of cir

by whatever cause, ifoM tno chinnc's " Oh
culation.
Law down then this position, and defy any
refutation. That the Government must, as
permanent necessity, deal in that currency in
which the people deal; il is the law of its
creation, aud inseparable from its condition.
1t mus, receive what the people receive, and
nav what they pay---a necessity from which
Government cannot escape il it woodland
ought not if il could
[ speak Of this as permanent necessity,
distinguished from the necessities of imme-
date want II is struggling now against this
very want, and precisely as any large capt.
talist might equally do, by using the resources
of its credit, to supply the temporary absence
of revenue. Have we not just passed law,
authorizing an issue Of ten millions of Urea
sury paper, for this very purpose ! mean
for the single purpose OF reserving the Govern
ment from the necessity OF coming down at
once to the irredeemable paper Of the banks.
And this only to answer the present emergen-
CIV; for il will certainly follow, unless tina,
medium can be restored, in which alone The
Government is allowed to deal, that we must
issue at least ten millions more, before we re-
turn home from the ensuing session. Sir,
went cordially with you in this use Of Govern
ment credit and will do so again should the
emergency continue. But tell you fairly
and candidly, and tell the people too, that
this Treasury issue is all that saves the Co
vernment now from coming down at once to
bank paper say this. sir, because your re-
venue laws, exacting gold and silver, are not
and cannot be enforced. If you collect any
revenue, it can only be in that very paper,
because there is nothing else TO pay with.
Suppose then your law passed, and the cur
rency remain, as under such policy it inevi,a-
bly, musi, in the condition that il now is-what
are You TO do IF you could enforce the law
then, ask why do you not do so nop9
Why do you not now compel your debtors
TO 60 into market and buy specie, in order 70
replenish the Treasury So far from this
we have bill now before us, and which 1t Is
admitted on all hands must pass, to save the
Secretary from the necessity oil SO idle an at
tempt. With more than four millions OF dol
lars now due in New York alone, so far from
exacting payment, we are about to give further
time on all bonds due, and to become due, be-
tween this time aud the next session OF Con-
gress.
/ say then, confidently, pass what law you
may, you cannot have your revenues paid in
specie, so long as it remains at premium
and that the very first effect Of this law, by
creating new demand, would be to increase
the premium. and thus render permanent the
very exigencies to which your legislation is
now actually yielding.
But take another view of the subject Sup
pose the law carried out, what then would
follow The importer, besides all other
charges for freight, insurance, duties, &C.. is
required to paw five or ten per centum for
specie to paw the duties Certainly this latter
would be added to the price Of the commodi-
ty; and thus the whole effect Of your policy
would be to tax the people to this extent, in
order that government might deal in gold,
while they were left to struggle on, unaided,
against all the ills Of worthless paper money.
NV view Of the subject, then, is, that by
passing this law now, you postpone 10 IN IN
definite period, the resumption Of payment by
the State banks; that until they do resume,
the law must be imperative, and the treasury
supplied by loans; or, if enforced, besides
creating new and heavy tax upon all foreign
merchandise the sole effect will be, to enrich
the office holders, and all who feed upon the
public crib, at the expense Of the rest of the
community. | know, sir, that this last OBJ
lection has been secuted as mere slang. as part
of mere rabble," and unworthy of notice.
But tell you IL has nerer been met, md that
IL cannot be orerthrorn do not believe land
that disbelief is founded on the experience OF
the present day) that such a law could be
carried out. But if it were, the host OF 60
vernment dependents would grow rich under
it, They would have money worth five or
ten dollars more in the hundred, than the
money used by the people; and the people
would be taxed to the extent of this FIVE or
ten dollars in the hundred, to furnish the
former with the better currency.
Now, sir, in all this, my sympathies are with
the tax PAYERS. and not with the tax CATERERS.
90 for the interest Of those who are 10 pay,
and not for those who are TO receive. cam
not agree to any policy which might, and
believe would, lead to these results. 1t is
unwise unjust. and unnecessary; and 1t could
not, and ought not to stand one day, after
those results are ascertained.
] may express myself strongly, but | do
not mean to do so harshly. | see mischief
and disaster without end, in any attempt to
legslate now, as You would have us do by
this bill-and it is to save ourselves from utter
defeat and shame, that beg you to pause
with me, and consider the consequences of
such attempt.
Let me before leaving this part Of the sub
ject, present another view, which to my mind
increases the difficulties to be encountered
by the proposed law. have so far consider
ed only, the demand arising under the accru-
ing revenue, as that which is to retard the re-
sumption of specie payment. But the reve-
nue. in arrear, that Of which we are to post
pone the payment, will come heavily in aid,
to increase this demand at the very outset of
the new law, to what extent we do not as yet
very certainly know but reasoning from