Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-01-20

out capital, without funds assigned for It's
payment, resting only on The good faith and
the future ability Of those who issued it,
Such was the paper money Of our revO
D lutionary times : and such, perhaps, may
have been the true character of the paper
o! particular institutions since. But the
notes of banks of competent capitals, lin
tied in'amount 10 n due proportion to such
capitals, made payable on demand IN gold
and silver, and always paid on demand, are
paper money in no sense but one; that is
to say, they are made Of paper, and they
circulate as money. And it may be pro-
per enough for those who maintain tina,
nothing should so circulate but gold and
silver. 10 denominate such bank notes "pa.
per money!" since they regard them but as
paper intrudcrs Into channels which should
flow only with gold and silver. lfthis Ian
guage Of the order is authentic, and is to
be SO hereafter, and all bank notes are to
be regarded and s,igmatsed as mere spa
per money!" the sooner the country knows
it the better.
The member from Missouri charges
those who wish 10 rescind the Treasury or
der with two objects-hrst 10 degrade and
disgrace the President, and, next, to over.
throw the constitutional currency of the
country.
For my own part, sir, | denounce no.
body; | seek to degrade or disgrace 10.
body. Holding the order illegal and On.
wise, shall certainly vote to rescind it;
and, IN the discharge Of this duty, hope
am not expected to shrink back, lest
should do something which might call in
question the wisdom of the Secretary, or
even of the President. And l hope lhu,
so much Of independence as may be
manifested by free discussion and an honest
vote Is not to cause denuncatlon from any
quarter. If it should, let it come.
AS to an attempt 10 overthrow the con-
stitutIonal currency OF the country, if ]
were now to enter into such design,
should be beginning, al rarher late day, to
wage war against the efforts of my whole
political life. From my very first concern
with public affairs, have looked at the
public currency as matter Of the highest
.pterest, and hope ! have given sufficient
proofs Of disposition at all times TO main.
tain it sound and secure, against all attacks
and all dangers. When first entered the
House of Congress the currency was ex>
ceedngly deranged. Most OF the banks
had stopped payment, and the circulating
medium had then become, indeed, paper
money. So soon as state of peace ena-
bIed Us, took some part in an effort, with
others, to restore the currency to a better
state; and success followed that effort.
But what is meant by the constitutional
currency" about which so much is said p
What species, or forms of currency, does
the Constitution allow, and what does it
forbid! Ii is PLAIN enough that this de-
ponds on what we understand by currency.
Currency, in large, and perhaps in a just
sense, includes moi only gold and silver and
bank notes, but bills of exchange also. 1t
may include all that adju> exchanges, and
settles balances, in the operations Of trade
and business. But if we understand by
currency the legal money of the country,
that which constitutes lawful tender for
debts, and is the statue measure OF value,
then, undoubtedly. nothing is included but
gold and silver. Mos, unqueslonubly there
Is no legal tender, and there can be no le-
Gal tender, in this country, under the au.
thorty of this Government or any other,
but gold and silver, either the coinage OF
our own minis. or foreign coins, at rates
regulated by Congress. This is conslu.
tlonal principle, perfectly plain, and of tine
very highest importance The States are
expressly prohibited from making any thing
but gold and silver tender IN payment o!
debts; and although no such express prohi.
bi,ion is applied to Congress, yet, as Con.
gress has no power granted to it, in this
respect, but to coin money. and 10 regulate
the value of foreign coins, it clearly has no
power to substitute paper, or any thing else,
for coin, as tender in payment of debts
and in discharge of contracts. Congress
has exercised this power, fully, in both ils
branches. 1t has coined money, and still
coins it: it has regulated the value of for
eign coins. and still regulates their value
The legal tender, therefore, the constltu'
iional standard of value, is established, ant
cannot be overlhrown, To overthrow it
would shake the whole system.
But If the Constitution knows only golt
and silver as a legal tender, does it follow
that the Constitution cannot tolerate TIT
voluntary circulation of bank notes, CONVEX
tible into gold and silver at the will of TIT
holder, as part of the actual money Of tn
country. lisa man not only to be entitled Il
demand gold and silver for every debt, bu
is he, or should he be, obliged 10 demand
in all cases. Is it, or should Government
make it, unlawful to receive pay in any Thin
else? Such a notion is too absurd TO be sc
riously treated. The constitutional lender
the thing to be preserved, and it ought TO b
preserved sacredy, under all circumstances
The rest remains Tor judicious legislation b.
those who have competent authority.
| have already said that Congress hu
never supposed itself authorized 10 make an
thing but coin tender, in the payment {
debts, between individual and individual; BIT
it by no means follows from this, that it ma
not authorize the receipt ofany thing but col
in payment Of debts due the United States.
trL..a ,,ouuors IN distinct and flow Crn