Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-18
VOLUME III.
From Washington.
From our correspondent RotAschid-No: xAL
WAsHINGrnN Sept. 18th, IL


cries do they hope blind the eyes OF the farmers
while they build up their wicked schemes OF DONNA
ton the country, and bring into subJection TO their
vile purposes the power OF me democracy. what
does Mr. Van Buren, propose through his prostituted
organs in Congress? TO flood the co.ntry with IL
millions of paper money. Is this returning TO the
constitutional currency? Suppose the states come
into possession OF half million of this paper, can
they proiier il IN payment OF their debts legal
tender Oh no. that would be against the constitu-
ton. What then? They must abide by the provis-
ions of that charter. Bat was the constitution made
for the special advantage Of the general government
BY no means, you will say. Why then allow to Con-
gess the power Of issuing any other sort of money
than gold OF silver?
We were led to believe by the Immaculate parsonage
al the head of affairs that he was determined 10
come back TO the plain meaning of tho constitution,
that he going TO adhere 10 gold and silver as the
ORG true currency OF the country This his prin
cpa reason for notproposng any scheme of relief by
which the currency and the exchanges might be equa
lied. How IS this great measure of policy proposed
10 be carried out? Not by declaring that nothing but
gold and silver shall be received in payment of dues.
Not by declaring that the receivers of the revenue
shall touch nothing else but gold and silver. Not by
raising loan for the purposes OF defraying the expen
dures Of government, if there be deficit in the
treasury. Not by any one of these things. They
would all have been constitutional. How has it been
proposed to carry out the metallic system which is to
make the farmers rich, and keep down all odlous and
oppressive monopoles2 Task, how is it proposed to
effect so desirable an object? Let it be proclaimed
on the mousse Top, on TIE III the values, on
the Let the be told in the streets of AS
kalon Let the shout be heard from Dan to Beershe-
ba from Portland to New Orleans. and from New
York TO ST. Lods. By conrerting the Treasury De-
partnent intod Bank Of issue artence may be emit
ted paper money payable in gear, NTH interest
to the amount Of tcslre millions Of dollars, and this
money 10 be receired in payment Of public dues and
TO DE PAID OUT At PAR Is not this specie curren-
cy with vengeance? Have we not fallen on gol
denage?
Blu; will these twelve millions of dollars, paid out
at par, continue to remain a. par, or advance above
par This question can only be answered, MIR.
Clay justly observes IN part priori. 1t will depend
entirely upon the amount issued, and upon the abb
sorbng pswer of the imposts. The amount Of i'm.
posts depend again upon the state of trade. Suppose
that six millions of dollars, in treasury notes. be
enough 10 supply this demand for revenue payments
IN aq1arters then issue Of six millions will be ex-
acty al par. Ii there be twelve millions out great
depreciation must ensue for though their redemption
depends ultimately upon the faith of the government,
yet the time of reimbursement will be very doubtful
account Of the uncertainty OF the fund provided
for thispurpose. Under any circumstances then, il
is almost impossible that these notes will ever be al
par They 10 be issued according TO the exigen-
ces OF the department. and not according 10 the re-
qulrements or trade What is TO prevent, then, the
depreciation Of this paper money? Net the discretion
OF the Secretary o. the Treasury
Will there be no inducements to buy up lands among
those who have the coatrol of this Treasury Bank
What is TO hinder the power that presides this
new machine, from over-issuing2 Did it not usurp
the power 10 ISSUE Ate6sufy Draf6, ana make them
pass for money! Is any reliance to be placed upon
men who have been in the constant habit of creating
forcgone conclusion, Of tranpling en- the law and
constitution, and then asking for law TO sanction
their proceedings? Can any penalties of law restrain
fhem7 No, no, no. To what, them has the republic
Gomez Ii is in the hands Of unprincpled robbers
II rs in the power of men who have broken solemn
contract wantonly and without the shadow of ex-
cuse. Ii is beneath the control of men who have de-
stroyed the banking system TO erect in its stead y
rannicaIan anti-democrauc Treasury Bank ofssuc,
whose paper to be based upon the faith OF the peo
pie of these United States. Americans, will you suf
fer this eagne OF tyranny, this engine Intended for
your political commercial and agricultural destruction
to be reared in the open day. under the guse Of giving
you metallic cuuency2 Rouse up from your leth-
argy, your Liberties are IN danger.
WAsHNeToS, September l6, 1897
A National Treasury Bank, 10 be located nj Wash
ington, and under the absolute control Of the Pres
dent is thon, the ultimathule of the dominant par
ty! IL must be confessed that Mr. Van Buren, has
attained hs object IN round about way He has not
taken lessons In the school Of TalleyTand, 10 be
thwarted by the stupidity OF party leaders under the
old straightforward regime. Well, let admire his
cunning dupcity and political tact, if we cannot
specl them, and proceed 70 examine some Of the fea
lures Of this new National Treasury Bank.
The Executive OF this nation does not require abso-
lutte law to carry INTO operation any new scheme by
which Il may extend IL power, aid approach nearer
20 monarchy o. the government Of one. Our history
since 1873 ought 10 prove this position undenably
The administration Of General Jackson was made up
Of series Of the most glarng usurpstons. What
has the Executive, thcn 10 dol To keep a strict eve
TO theopinon Of the majority OF the whole people. Sc
the favor OF ths majority and always join issue
with the Congress, II that body opposes yeu by ap
peang directly 10 the people. They will support you
All the messages of Andrew Jackson are based on
this principle The inaugural speech and the first mes
sage Of DIR. Van Buren built UP on the same pre-
misses.
The Treasury Department, by issuing drafts on the
deposite banks IN payment OF dues, OF for other pur
poses and allowing them 10 circulate 40 money at
the market value, after they were protested for non.
payment i'm specie laid the foundations of the new Ma
.iosal Treasury Bank now TO be erected under tho
tanners OF law. The Secretary Of the Treasury
without the authority of law, declared that these pro-
tested drafts varying real value from 90 TO 96 dol
lars on the hundred should be received At the customs
for the amount expressed their face the Treasury
looking for ultimate payment of these rcqusuons TO
the bodies on whom they were drawn. 1.-THE Banks
ever lquidate them in specie value, the Treasury will
have lost nothing, while the ncpient steps have been
taken towards the immense machine new 10 be rear
ed up under the authority Of Congress-
The loss on these protested drafts must fall some
where Suppose the government 10 owe me $1,000.
must have money. ] take draft on the Manhat
tan Bank, for example, payable in specie. sign
receipt in full. I present the draft for payment.
Bank nses al depreciation Of 10 per cent are offer
ed. refuse them and the draft is protested. The
brokers will pay me for this protested government
bill the specie less four five per cent the
may be On the original taker ofthe draft then falls