The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-21
Gle, to be held and paid out by the Government, Of

Gle. 10 be held and paid out by the Government Of
| fcers.
Who can doubt that such would be the principles
that would be established by the Executive, II len 70
his discretion TO establish them whether the clause
is stricken out or retained II does not come within
the scope Of our credulityto believe otherwise How
can We. when Mr. Van Buren, has distinctly an
nounced that such would be his policy7
In his message at the extra session, Mr.. Van Blu
rem urged total exclusion Of the Of bank paper
In all the purposes Of the Federal Government; and
took the ground that 'it may be safely assumed that
no notre Of convenience 10 e CITIZEN requires The re-
eeption Of bank paper" However, he said, ~ o
true That bank notes actually convertible into specie.
may be received IN payment Of The revenue, and hqt
sneh course may, 10 ertent, promote indiridat
e0npeaeneef slch notes only reeered, and at
rays under circumstances alo,cing their carly pre-
sentation for payment and fiat short and fredperiods
Aey cere concerted into specie 10 be kept By the officers
81 se Treasury Tovetain The notes tn The Treasury
'cond be 10 yecio under another FORM the loans of pub
nc money 10 The banks" In the last sentence quoted,
Mr.. Van Buren, employs almost the identical words
that Mr.. Calhoun did, when giving his reasons for
voting against the bill with the specie clause stricken
out!
Ii we wanted further evidence to satisfy ourself,
or to convince others, that we are correct in the
opinion We entertain and have expressed as to the
policy that will be pursued by the Executive in case
the bill should pass into law with the clause in or
out of IT, we would refer to the recent order issued
by the Treasury Department. In that, we find II
doubted whether there Is to be found g. sufficient
ararraM IN ne proceedings Of Congress or in public
opinion, 10 Justify NE sudden, and TOTAL ExcLU-
SION AT THIS TIME, of he notes Of specie paying
banks from reception for public dnes EVERY DEs-
cRIpToNn
Let the Sub Treasury bill be passed. with or with
out the specie clause and be lef TO the discretion
OF the Executive TO carry out under the resolution
Of April, 1916, and who can for moment
entertain doubt, that il will be contended that the
proceedings Of Congress, and public opinion both,
justify [" at tais time, u the immediate and total
cluSion Of the notes of all specie paying banks from
reception for public dues appears to US il is too
distinctly declared that that will be the both by
the President and the Treasury Department, to be
misunderstood by any one.
Since the Treasury circular of the LIST of June
issued calculated to defeat far as practicable
the act of both Houses Of Congress passed by over
whelming majorities of each, and almost by accla-
nation in the lower branch, we have no CONFIDENCE
in leaving any thing whatever connected with the
kind of money in which the public revenues shall
be collected and disbursed, and how kept 10 E1sca
tine discretion. We think the time, manner, and
circumstances, under which il was issued, togeth-
with its character is ofitsef sufficient TO call for
such specific anu definite legislation, as 70 leave
nothing whatever, connected with these subjects to
the discretion Of the Executive.
Entertaining the views We have expressed, we
repeat, we cannot discover the ground upon which,
those who will for the bill with the "specie
clause" retained, are willing TO do So with that ex
cluded from il. To our minds il is equally objec-
tionable with or withou, it, y.