Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-14

anti one ON which we can scarcelv axnect IN |
be as united IN sentiment ns we are in inter.
est: u deserves a full and free discussion,
ana ca"nc' 'a'' 10 'e benefited by dispas>
sious,e comparison Of opinions WeI aware
myself Of the duty oi reciprocal concession
mong the cosordinate branches of the Gov
ernmest, can promise a reasonnhI. sniri,
Oh cooperation, So lar as il Can he indulpedl
Ia "ithout the surrender of constitu,;,pa, Oh
Jects, which believe TO he well f,,nded.
ANY system that may he adopted should be
SUBJECT 10 The fullest legal vision. so as 10 |
'ea'c ao'hing 10 The Executive but what is
necessary 10 the discharge of the du,ies inn.
posed on him and whatever plan may bc |
ultimately established, my ow part shall he |
50 ms. harged as TO give to il fair Trial. and
| The best prospect of success
ne character oi the funds 10 be received
and disbursed In The transactions of The Gov. |
eminent, likewise demands your mos, care.
ful consideration.
There can be no doubt that those who
'neu anu aoop'ed The Constitution, having
IN immediate view the deprecated raper If
the Coniederacy-o which five hundred dol
i"ts IN paper were, at times, only eunal 10
VIE uolidr IN communicated TO prercnt The
recurrence OF similar evils, so lar al iea,, MS
related 10 The transactions OF the rev GOV.
eminent. They gave to Congress express
powefs 10 com money, and To regulate the
ca''e 'hereoi, aud OF foreign coin they rev
'useu 10 give IT power To establish corior,
lions-ihe agents, then as now, chiefly en-.
proved 10 create a paper currency : they
P'ohioneu The States from max ing any thing
out goid ants silver a legal tender in nav meni
OF dehis and the first Congress directed Inv
positive law, that the revenue should be re-.
ceived IN nothing but geld aud silver.
Fuoiic eNgeney al the outset of the Gov
ernment, withOutd din Get Legislative au,bor;,v
usR pf Le
reasury. In admitted deviation iropa the
.aw al inc same PERIOD and under The same
; eNiSency, The Secretary OF the Treasury re.
.eNcu 'heir notes in payment of duties The
Sole ground on which the pr actice, thus com
menceti, was then, OF has since, been ius,i>
heu' IS The certain, immediate, and convent
, en- exchange OF such notes inr specie. The
, government did indeed receive the incup.
.eriiole notes OF State banks during ths dill
hc!Hties Of war ) and the com muniiY subm;,.
.eu without murmur TO the unequal tay,
'ioh ana multiplied evils of which such
course was productive. With the war mi,
, indulgence ceased, and the banks were OH.
iiged again To redeem their notes in gold &,
eiNe.' Inc treasury, Ia accordance with
. p'e'ious practice, continued 10 dispense " i,b
'he currency required by The act OF 1850 and
LOOK Inc notes of banks in full confidence Of
Ineir oeing paid in specie on demand and
Cons resS, 10 guard against the slightest yio,
,d'ioh OF ihis principle, have DECLARED bv
law that II notes atepaid in the TRANSACTIONS
q! 'he government, IL must he under such
.".urns'ances as 10 enable the holder 10 con
delay. ''I'a''oh Ut
vi my own duties under the existing lave
i ~heh me banks suspended specie payments
eouiu not doubt. Directions we're inm..
, eny given 10 prevent the reception into
Tue reasury OF any thing but gold and sl
yer OF lis equivalent; and every Practicable
; al arrangement was made 10 preserve the uub
ia''h' 'y similar or equivalent paynea,s
10 me puoiic creditors. The revenue fran
lands bad been for some time subsinnt;,ilu
SO coiiecied, under The order issued Inv the
directions OF my predecessor The effects ri
'hat order had been so salutary, and lis tnre.
cast 10 regard 10 the increasing insernr;,y nj
oahR paper had become SO apparent, thai.
even before The catastrophe, had resolved
NOV W interfere with lis operation. Congress
Is now TO decide whether the reyenue sha,I
, continue to lie SD collected or not,
) ne receipts into the Treasury, OF ban,
"o.eS' hoi redeemed IN specie on demand "a IN
"o'' presume, be sanctioned IL would do.
Stoy' without the excuse of war or nubli-
a,s''ess' 'hat equality Of imports, and inder
NY 81 commercial regulation, which Inc A.
'no foundation OF our CoDfederacy, and wound
oher to each State direct tempia,inn ~ :,
crease its foreign trade, by depreciai;n, -, -
currency received for duties in ils no,tS
such proceeding would also, in a great de.
gree Illustrate The policy, so highly cherish.
Ell, oil IniusIng into our circulation l,ra.
proportion OF The precious metals uoli,Y
The wisdom of " bich none can doubt H.
there may be different opinions as 10 the 90
'cnl 10 winch il should be carried lis rs
Guns nave been already TOO auspicious and
us success is too closely interviewer w;,b
Ne iuluie prosperity OF the country to per.
mt us ior moment 10 cuntempla,e i,s ahaa
comment. We have seen ubas ;,s ;aa'
ehCo, our specie augmented beyond eigL,,
nhitohs our coinage increased SO as TO mate
'nat OF Soid amount, cetw cen August 1874
and December, 1886, 10 ten millions ofI'J
iars exceeding the whole Coinage at The min,
aurlng the thirIy-one previous wears. The
prospect OF further Improvement tontioued
"Hhout abatement, until the moment of tie
suspension otsPecie payments. This policy
naS now indeed been suddenly checked. hn,
sun Jar from being overthrow. Amidst
an coDbIcting theories, one position 10 md
nIdble the precious metals will ;nvs,;ati,
| disappear when there ceases 10 be a necess;,y
! ior 'neiF use, as circulating medium. II
was IN strict accordance with this truth thai
whist, IN the month Of May last. they were
every where seen, and were. current for ali
oruihary purposes, they disappeared from cir
cnIh'Ion The moment The payment nj snec;o !
was reused by the banks, and the commn-
nhy laciiIy agreed 10 dispense with ifs
'npIoyment. Their place as supplied by |
currency exclusively Of paper, and, in ma |
- &c" %, 'ne worst description. Already |
L. ,a''- o'h no'sS now IN circulation great |
" deprecated, and they fluctnate i, yaIuo
between one place and another thus dim;n.
ishing and making UNCERTAIN Tic Cit ~
property ana Inc price of Labor 81 r. ~: