Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13

the wisdom OF when none can douDt,
though there may be different opinions
as TO the extent to which il may be car
ricd. Its results have already been too
suspicious, and It's success is too close
Iy interviewer with the future prosperi-
ty of the country, to permit US for
moment to contemplate its abandon
ment. We have seen, under It's lnfiu-
ence our specie augmented beyond go
600, 900; 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 pros
pect of further Improvement continued
without abatement, until the moment oil
the suspension of specie payments
This policy has now indeed been sud
checked, but it is still far from being
overthrown. Amidst all conflicting
theories, one position is undcniable I;
the precious metals will invariably dis
appear when there ceases to be u neces-
sity for their use, us a circulating me-
dunn, II YVES in strict accordance with
this truth, that whilst, in the month oil
May last, they were every where seen
and were current for all ordinary pur-
poses, they disappeared from circu!a-
ton the moment the payment OF specie
was refused by the banks, and the com
munity tacitly agree to dispense with
its employment. Their place was su-
piled by currency exclusively paper,
and, 10 many cases, OF the worst dcs.
cription. Already are the bank notes
now in circulation, greatly deprecated
and they fuctuate in value between one
place and another; thus diminishing
and making uncertain the worth OF pro-
perty and the price Of labor, and failing
10 sabsorve, except at a heavy loss, the
purposes OF business. With each sue
ceeding day the metallic currency de-
creascs by some 1t is boarded, in the
natural fear, that, once parted with, 1t
cannot be replaced; while by others
it is diverted from its moro Legitimate
uses for the sake fgain. Should Con-
gress sanction this condition Of things,
by making irredeemablo paper money
receivable in payment OF public dues, a
temporary check to Il wise and saluta-
ry policy viii, in all probability, be
converted into lis absolute destruction.
II is true that bank notes actually CON
vertlble into specie may he received IN pay
ment of the revenue, without being liable
to all these objections, ami tEst such a
course may, TO some extent. promote In
dividual CONVENIENCE, an object always 10
be considered where il does not coGti let
with the principles OF our GoVeGnment or
the general welfare of the country. Ii such
notes only were received. and always TN
der circumstances allowing their early pre-
sentatiun for payment, and If, at short and
fixed periods, they were converted INTO
specie, to be kept ~ the offers Of the trea
sury, some Of the most serious obstacles
to their reception would be removed To
retain the notes in the Treasury, would be
TO renew, under another form, the loans
Of public money TO the banks, aud the C
Wis consequent thereon.
II is, however. a mistaken impression,
that any large amount Of specie is requl
red for public payments OF the seventy
or eighty millions now estimated TO be IN
The country, ten millions would be abund-
antly sufficient for that purpose, provided
an accumulation OF large amount Of re
venue, beyond the want of the Govern
ment, be hereafter prevented. Ii 10 these
considerations be added the facilities which
will arise from enabling the Treasury to sa
tisty the public creditors. ty its drafts or
notes received in payment Of public dues,
1t may be safely assumed that no motive
of convenience 10 the citizen requires the
reception Of Bank paper.
To say that the refusal of paper money
! by the Government, introduces an unjust
discrimination between the currency re
ceved by il, ard that used by individuals
in their ordinary affairs, is, in my j'idS
meni, TO view it in very erroneous light
The Constitution prohibits the States from
! making any thing but gold and silver a
tender in the payment of debts, and thus
secures TO every citizen right to demand
payment of the legal currency. To pro
vide by law that the Government will only
receive IFS dues in gold and silver, is not
TO confer on It any peculiar privilege but
merely 10 place II on an equality win the
! citizen. by reserving to il right secured
to him by the constitution. Ii is doubt
less for this reason that the principle has
been sanctioned by successive laws, from
the time Of the first Congress under the
Constitution down TO the last. Such pre-
cedents, never objected to and proceeding
from such sources, afford a decisive an
swer to the imputaton of inequality or in
justice
But, in fact, the measure is one Of re
striction, no; OF favor. To forbid the pub
lie agent TO receive in payment any other
than a certain kind Of money, is to refuse
him discretion possessed by every cit
zen. II may be left TO those who have the
management Of their own transactions, to
make their own terms but 10 such dIscre-
ton should be givea 10 him who acts
merely as an agent of the people, who is
10 collect what the law requires, and to
pay the appropriations it makes When