The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-17

ment should receive in its dues greater proportion Of
com ana less proportion Of paper currency, than the
respective State governments receive in their dues or
greater proportion than people are enabled from the
condition OF the country 10 receive from each other in
their mutual dealings am at a loss 10 comprehend
Let the government be treated as well as the people
treat each other, and the people be treated well as
they treat the government, m relation to all money AZ
fairs currency that is good enough for the people,
good enough for the government. The idea OF having
aPWeiy metallic currency fos either the government
the people Is not the policy that was ayowed by Jack
sons administration, il either desirable, ii feasi-
ble or feasible II desirable. As 10 what 10 the best
kind OF currency, we have explicit opinion in report
OF the same high authority to which all Of OF the adj
minstraon party, including Jackson and fancy, as we
have seen, frequently referred in illustration Of
common views upon the subject. when we were urging
the currency reform I'll mean Mr.. Crawford as Secre-
ary OF the Treasury in report OF his made July IL,
1920 TO the House. and reprinted by order Of the House
Jan, IA, 1884. he says
There can be no doubt, that metallic currency
CONNECTED WITH PAPER CIRCULATION CONVERTIBLE
INTO SPECIE, and not exceeding the demand for
facile Transmission Of money, is the most Convenient
that can be deuiSd.n
So thought under all Of Jackson's administra-
tion-So all his supporters in and out OF Congress
maintained during the same period And this was
the extent of our proposed reform in the currency.
We thought this much to be feasible, in time My
offence now is, that am Of 1ae same opinion aiHI
the national legislation should be brought TO bear in
support of the old policy of Obtaining the requisite
proportions OF paper circulation convertible into
specie, from our local banking institutions So the
republican convention at Gray, in this County, in
August last, must have also reasoned, when they
resolved TO have specie or ITS EauIvALENT. in pay
ment OF the public dues. The republicans Of Cum
berland had not then hrayed in search OF strange
gods, nor of purely metallic currency even for the
purposes of the Government II they have done so
since, ! am yet To be informed of il from other
sources than have attempted to assert it.
am convert to The opinion, that the attempt OF
the Sub Treasury bill TO collect and disburse the
public revenue in gold and silver alone, is in its
nature proposition that will provide one sort of
currency for the Government and another sort Tor
the people. And ! win put an illustration of this
stiuents TO test it for himself Suppose the Govern
ment makes law, that il will neither take nor pay
out in any of its operations, any currency but gold
and silver. This then, establishes one currency,
merely, tor the Government, and excludes all others
Can an individual do the samea He has the legal
right to do the same most undoubtedly But can he do
it, in the nature of things ashley exist and must exist
in our land where enterprise exceeds fourioid the
capital Of the country and is therefore, OF necessity
sustained only by adding credit-a paper currency
to The pO,rer of capital-Let any individual, mer-
chant mechanic, farmer, lawyer or day laborer
among my constituents, try the experiment Let him
dvest himself Of all paper currency, and arm HIM
self only with coin, and at the commencement OF
any day or week initiate his Government in making
the declaration will neither pay out nor receive
in any but specie currency, in my intercourse with
my fellow citizens" How long can he persist in
this policy My opinion is, that from the utter in
ability of ninety-nine in every hundred citizens
around him to reciprocate the same payments, ne
would find that he would neither buy nor sell enough
to obtain his dinner one day in seven II farmer,
he could not sell his produce. II day laborer, he
could not hire out day, upon such terms-lt would
be impracicabe for people to deal with each other
upon those terms at this day, without immense sac
To hrin aba a
long of STABILITY in the legislation OF both
the National Government and of the States, such as
was entered, upon by Jackson's administration, to
gradually dispense with small bills, and through the
cooperation of the local bank system, would be
requisite. 1t is condition that the nation cannot
be jumped into at once, and much less alta pertod %
universal suspension OF specie payments by banks And
if this be mpracticable for the people, even upon
small scale, and if the people cannot maintain
themselves in taking the same position as the Go
vernmeni would, in discarding all currency but CON-
even upon small scale, then TO my mind II Is estab
lished, that such position taken by the Govern
ment makes one currency for ITSELF and leaves the
people with different and inferior currency Tor
themselves. And not only this, but the inconve-
nience and loss of doing this upon small scale,
will tell every man how difficult and onerous
must be the relation between Government and its
Debtors acting on this policy upon a large scale
What single town in my district could do this at
this early day Of our jackson policy OF dispensing
with small bills and adding to our specie circulation
what town could do this, even in conducting its
municipal affairs with its own citizens 2 Let any
town attempt it, and learn the cost Inconvenience,
and ntity of it at this early day, and then Judge
what must be the ponderous and insuperable obJec-
tions of such system, when attempted to be en-
forced upon the broad scale of National Revenue,
wherein millions are to be paid and repaid! The
salaried officers of Government, whose privilege it
is receiUc money Of and mol 10 pay money TO the
Government, would derive an immediate benefit
from it, Members Of Congress- who recently took
their pay in gold and silver, realised the immediate
benefit of it. Those who supported the Sub Irea-
sury bill honestly wished this benefit to be universal
doubt not But ] do not believe that there was one
of that honorable body who was SO paid, who could
resist the conviction at the moment, that Govern
ment was doing by him, what his constituents could
not do by each other fer tpeny gears 10 eome that
Government was dealing in one currency, while his
constituents at home were UNAvoIDABLY dealing with
each other in very different and inferior currency.
And this was to ALL practical illustration OF the Ia
vortism OF the exclusive hard currency system of the
Sub Treasury bill, and OF its operation In placing
the Government and its officers ABOVE THE PEOPLE,
and above THE PEOPLES CURRENCY. The Govern
ment's hard coin only persuaded me more firmly, OF
the uNME,suRABi.E distance that such bill would
divorce the Government from the people, as well
as from the banking institutions OF the people.
knew saw, felt, lamented, the weight OF respon-
siblity which must encounter, in thus firmly abld-
ing by the dictates Of my own judgment and reason
upon this matter against the weight Of The powers
that be-" towards whom entertain the most friendly
feeling and wishes. But looked TO my own heart,
stituents al home as understood them, and could
not be false to the one or risk the other to the dis
posal of the representatives Of other people. be.
lieve the measure in question to be impolilc, and
nrepnant with elements that would not fail TO bring
ruin upon the hopes of all who have heretofore
desired to foriy the people against the necessity of
national bank, by terrifying and improving the
currency of local banks. believe that 1t would not
only tend to discourage the early resumption of
specie payments by the banks, but utterly disable
them from sustaining specie payments If once re-
commenced Without the bill, ! had the most con-
dent hopes that before the close OF the next reg-
lar session of Congress all the sound banks of the
country would resume specie paymenis-that COM
merce, enterprise industry through all its ramiica'