The People's press, and anti-masonic Democrat. [volume] (Middlebury, Vt.) 1836-1838, 1837-09-12

bank agency that has been, or can be, devised.
With these views, | leave to Congress the
measures necessary to regulate, in the present
the safe keeping and transfer of
the public moneys. In the performance of con-
stltutional duty, lave stated to them the result
OF my cwnI :. The subject is of great
Importance Il he on which we can scarce
ly expect to bs united in sentiment as we are
In interest. 5fserves full and free discus
sion, and cannot Ill to be benefited by dis
passionate comparison Of opinions. Well
aware myself ct he duty of reciprocal conces-
cesslon among tte coordinate branches of the
government, ceh promise a reasonable spirit
OF CO. operation, 10 far as it can be INDUCED in
without the Sdrl ender of constitutional obiec-
tons, which | beG eve to be we'll founded. Any
system that may be adopted should be subjected
10 the fullest legal provision, so as TO leave no.
thing to the executive but what is necessary to
the discharge of the duties imposed on him
ana whatever Sfan may be ultimately establish
ed my own F7xt shall be so discharged as to
g give to 1t fa rial and the best prospect of
The character of the funds to be received and
dlsbursed In the transactions of the Govern
m9nt, ikewls pands your most careful con-
ihere /arOe no doubt that those who franz
ed and ADOPTED the Constitution, having in i'm
medlate lew the deprecated paper of the con-
tederacy|-of which five hundred dollars in pa.
per werf at times, only equal to one dollar in
coin-if blended 70 prevent the recurrence of
simllaIt evils, so far at least as related to the
TRANSACTIONS of the new Government. They
gave p Congress express powers to coin money
ana p regulate the value thereof, and of foreign
coin they refused to give it power to establish
corPo1 atlons--the agents, then as now, chiefly
elnPoNed TO create paper currency; they pro-
hipiteui the States from making any thing but
goiu al I'd silver a legal tender in payment of
aeDts and the first Congress directed, by pos
iliVe lai, that the revenue should be received
In noth1 Ing but gold and silver.
PUBLIC exigency at the outset of the Govern
ment' Without 6S1ectlegislative authority, led to
the use Iof banAss as fiscal aids to the Treasury.
In admitted deviation from the law, at the same
PERIOD land under the same exigency, the Sec
rotary IF the Treasury received their notes in
Paymert of duties. The sole ground on which
the practice, thus commenced, was then, or has
since, 4een justified, is the certain, immediate,
and c9hvenient exchange of such notes for spe-
Gle. The Government did indeed receive the
neon ertible notes of State banks during the
dlihculties of war; and the community submit,
ted wlta'put murmur to the unequal taxation
and MULTIPLIED evils of which such a course was
productive. With the war, this indulgence
ceased land the banks were obliged again to
redeem( their notes in gold and silver. The
reasurE y, in accordance with previous prac-
lce' Continued to dispense with the currency
re4uiFgfby the act of 1889, and took the notes
IN sPciS sna Go1s1es,l benz ta sa ss,G
against the slightest violation Of this principle,
have declared, by law, that if notes are paid in
the transactions of the Government, it must be
under such circumstances as to enable the hold
er to convert them into specie without depre-
citation or delay.
Of my own duties under the existing laws,
when the banks suspen ded specie payments,
coulk not doubt. Directions were immediate
ly given to prevent the reception into the treas.
ury, of any thing but gold and silver or its equi-
valent; and every practicable arrangement was
made to preserve the public faith, by similar or
equivalent payments to the public creditors
The revenue from lands had been for some time
so collected, under the order is.
sued by directions of my predecessor. The
effects of this 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 resolved not
to interfere with its operation. Congress is
now TO decide whether the revenue shall con-
tinue to be SO collected or not.
The receipts into the treasury, of bank notes,
not redeemed with specie on demand, will not,
presume, be sanctioned. 1t would destroy,
without the excuse of war or public distress,
that equality of imports, and identity of COM
mercial regulations which lies at the founda.
ton of our confederacy, and would offer to each
state direct temptation to increase its foreign
trade, by dePreciating the currency received
for duties IN IFS ports. Such a proceeding
would also, in q great degree, Illustrate the poll.
cy, so highly cherished, of inflsing into our
circulation large proportion of the precious
metals; policy the wisdom of which none can
houbt, fho'tgghh sssre may be different opinions
as to the extent 10 which it should be carried |
Its results have already been too suspicious,
and its SUCCESSES TOO closely interviewer with
The future prosperity of the country, to permit |
Us for moment to contemplate its abandon. |
nent. We have seen, under its influence, our
specie augmented beyond eighty millions, our
coinage increased, so as to make that of gold |
amount, between August, 1884, and December
1886, to ten millions Of dollars exceeding the
whole coinage at the mint during the thirty. one
previous years. The prospect of further i'm
Continued without abatement until
he moment of the suspension of specie pay
nents.
This nolicv has now indeed haan snIdon1..