Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-15

paid in the transactions OF the Government,
Il. mus, be under such circumstances as to
enable the holder to convert them into specie
without depreciation or delay.
or nv own duties, under the existing
laws, when the banks suspend specie pay
ments, could not doubt Directions were
Immediately given TO prevent the reception
into the Treasury OF any thing but gold and
silver or its equivalent and every practical
Bile arrangement was made to preserve the
public faith, by similar or equivalent pay
ments to the public creditors. The revenue
from lands had been for some time substan-
tally so collected, under the order issued by
directions OF my predecessor. The effects
of that order had been so salutary, and its
forecast in regard to the increasing insecu-
rity Of bank paper had become so apparent,
that even before the catastrophe, had re-
solved not TO interfere with its operation
Congress is now to decide whether the rev
enue shall continue TO be so collected or not.
The receipt into the Treasury Of bank
notes not redeemed in specie on demand,
will not, presume, be sanctioned II would
destroy, without the excuse OF war or pub
| lie distress, that equality Of imposts and
identity OF commercial regulation which lie
at the foundation of our confedrracy, and
would offer to each State directtemptatlon
to increase its foreign trade by deprecating
the currency received for duties in its ports
Such proceeding would also, il great
degree. Illustrate the policy, so highly cher
ished, OF infnsing into our circulation lar
ger proportion Of the precious metals; a
policy the wisdom OF which none can doubt,
though there may be different opinions as 10
the extent 10 which il should be carried
Its results have been too suspicious, and its
success is too closely interviewer with the
future prosperity of the country, to permit US
for moment to contemplate its abandon
ment We have seen, under its influence,
our specie augmented beyond eighty mil
lions; our coinage increased so as to make
that Of gold amount. between August, 1884.
and December, 1886, to ten millions Of dol
lars exceeding the whole coinage at the
Mint during the lhryone previous years
The prospect Of further improvement con.
tinued without abatement until the moment
Of the suspension OF specie payments This
policy has now. indeed, been suddenly check.
ed but is still far from being overhrown.-
Amidst all conflicting theories, one position
is undeniable the precious metals will in
variably disappear when there ceases TO be
a necessity for their use as a circulating
medium Ii was in strict accordance with
this truth, tina, whilst in the month OF May
last they were every where seen. and were
current for all ordinary purposes. they dis
appeared from circulation the moment the
payment OF specie was refused by the banks
and the community tacitly agreed to dis
pense with its employment. Their places
was supplied by a currency exclusively OF
paper, and, in many cases, OF the worst de-
scrip,ion. Alreardy are the bank notes now
in circulation greatly deprecated. aud they
fluciuale in value between one place and
another; thus diminishing and making un-
certain the worth OF property and the price
Of labor. and falling TO subserve, excep, at a
heavy loss, the purposes ofbusiness. With
each succeeding day, the metullic currency
decreases; by some il is boarded, in the ma
tural fear that. once parted with, il cannot
be replaced; while by others, it is diverted
from its more legitimate uses for the sake OF
gain. Should Congress sanction this con-
dilion Of things, by making irredeemable
paper money receivable in payment OF pub
lie dues, temporary check to q wise and
salutary policy will, in all probability. be
converted into its absolute destruction.
II is tue that bank notes actually con.
yertlbe into specie may be received in pay
ment OF the revenue, without being liable TO
all these objections. and that such course
may, 10 some extent. promote individual con-
yenience--an object always 10 be consider
ed. where il does not conflict with the prin.
ri MI nf -. Il
welfare Of the country. Ii such notes only
were received, and always under circum-
stances allowing their early presentation for,
payment; and il, at shori and fixed periods,
they were converted into specie TO be kept
by the officers of the Treasury some of the
most serious obstacles TO their reception
would. perhaps. be removed To retain the
notes in the Treasury, would be to renew,
under another form, the loans of public
money TO the banks, and the evils consequent
thereon.
Ii is, however a mistaken impression,
that any large amount OF specie is required
for public payments OF the seventy or
eighty millions now estimated to be in the
country ten millions would be abundantly
sufficient for that purpose, provided an &C
emulation of large amount OF revenue,
beyond the necessary wants of The Govern
menl, be hereafter prevented, II to these
considerations be added the facilities which
will arise from enabling the Treasury to
satisfy the public creditors, by its drafts or
notes receivable in payment for the public
dues, it may be safely assumed that no mo-
tive Of convenience TO The citizen requires
the reception of bank paper.