The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-26

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that gold and silver, the only legal currency Of the
United States, or State bank notes convertible into
the legal currency and nothing else ought 10 be re-
ceiyed by the United States in collecting It's dues
We contend that during the suspension by The banks,
II is right just, legal and wise that the General Go
vernment refuses their notes We contend that
when the banks shall have resumed cash payments,
all duties taxes, debts and sums OF money payable to
the United States, ought again to be collected in the
legal currency fihe United States, OF in State "bank
notes payable and paid on demand in the legal cur
rency Of the United States" For the purpose Of re-
asserting this policy, Mr.. Clay has recently intro
duced into the Senate resolution which has been
referred TO the Committee on Finance. II is true,
Mr.. Clay's resolution is not precisely what that of
1916 was. The resolution Of 1916 was merely per-
missve Mr.. Clays is somewhat imperative in its
expression. II is right il should be so. The party
in power in 1876 not hostile TO the banks of the
States; but The contrary, disposed to extend
encouragement 10 them, in that period OF their dis
tress The resolution at that time, that the notes Of
specie paying banks ought to be received by the u.
States, was deemed and turned out to be sufficient 10
secure their reception in all taxes duties, debts and
sums Of money payable TO the United States But
now party is in the ascendant which, though il
disposed to extend any encouragement 10 them II
pays no respect TO the precedents Of former and
calmer and Tin some respects) similar epoch. The
resolution of 1916 is, in fact, still in force which
permits the notes Of specie paying banks to be re-
ceived by the United States But, those in power in
their mpoliuc stubbonness, have insisted they will
not permit the notes of the banks to be received after
they again become convertible, on demand, into the
anpl on If tba UTn;ta Z.
this view of the facts, that Mr. Clay's resolution is
proper in this respect II is as follows.
"Resolred, 6ythe Ssaak and House Of Repyeseuta-
hres 81 e United STATES Of America, in Congress as.
senblcd, That no discrimination shall be made as to
the currency or medium Of payment in the several
branches OF the public revenue or in debts or dues
to The Government; and that until Otherwise order
Ell by Congress- The notes OF sound banks which are
payable and paid on demand in the legal currency
of the United States under suitable restrictions to
be forthwith prescribed and promulgated by the Sc
cretary Of the Treasury, shall be received in pay
ment Of the revenue and Of debts and dues to the Go
vernment, and shall be subsequently disbursed in a
course OF public expenditure to all public creditors
who are willing TO receive them"
On this resolution, Senator Silas Wright, Chair
man of the Committee on Finance, courteous de-
batter and skilfu actican, has produced lengthy
and elaborate report. The comments on the first
clause Of the Resolution, respecting discriminating
Treasury orders, are voluminous and dull On the
second clause, respecting the reception of convert-
bic bank paper, the Report is spirited and ingenious
but in parts of il, sophiscal and delusive II not
being within the limits Of my design to expose all
the sophistry of the Report will merely add here
that the reason is above assigned why the resolution
is proper and perfectly defensibe in being impera-
tive in its tenor as TO the receipt of convertible bank
paper in the operations of the Federal Treasury 1t
is true this part of the Report contains these decla
raiions:
"If Congress is not disposed to 60 further now to
favor the banks than il went then il is sufficient 10
say that the resolution then passed is still in force,
and as applicable to banking institutions now as it
was then, If they will bring themselves within its
provisions; and, to allay all cause of apprehension
upon the subject, either as 10 the understanding of
the collecting officers Of the Government, or TO
the exercise of their discretion under that resolution
il is proper TO state, that Information has already
reached this city, that, in few commercial towns
where resumption is known to have taken place,
the notes of the resuming banks are freely received
IN payment of duties posiages and all other public
dues" M rast@- ~. @6 t#aa. -
Iii also true this looks like yielding to "the mag
nihcen displays" of public opinion, disclosed by the
late elections in opposition to the measures of " d.
vorce" 1t looks like giving up one of the principal
features of the measure, recommended by The Pre-
Wright's bill. That principal feature is Ito use
Mr.. Benon's language) "the exclusion OF all bank
notes from the receipts and expenditures of the Fee
deral Treasury" But, if the Sub-Treasury parlv
intend TO YIELD let il be done in OPEN manly and
satesman-ike manner, The country demands OK.
plicit legislation, and will be satisfied with any
thing short of it.
AS to the objections urged in the Report against
the third clause Of the Resolution, respecting the
disbursement of the bank notes received il is an OBJ
vious reonder that the Resolution requires the dis
bursement, under such regulations, not incompatible
with the principle intended to be asserted as may be
prescribed and forthwith promulgated by the Trea-
sury Department. In fact, the entire scope of the
Resolution, is in view Of the existing state OF facts,
to assert the principle that the notes of specie paying
banks shall be received and disbursed; while it
leaves TO the Treasury Department to adjust the de-
tailso chisel from the block the statue conceived
by the sculptor.
PUBLIUS
WILFRED.
Welcome back again TO thy bower, young bulbul!