Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-09-29

rency TO perform all the offices connected
with it, from the moment of its collection
TO that of its disbursement, Congress
should, therefore, authorize the issue Of
this sum and no more, and it should b.
made re-issueable indefinitely. The yalu,
OF this paper would be derived, not from
its redeemabiity, as bank paper, notes
but from its recelvability by the Treasu
ry, and from the amount being limited t.
what will be actually absorbed IN receipts
and payments Of the government. Moth
ing can be more simple and safe and eco
nomlcaI. In the first place it would be
equivalent TO the creation OF six millions Of
specie, which would cost the country moth.
ing, and yet answer the purposes of its
treasury, | think better than specie, and
much better than bank paper. lfthe gov
eminent were TO use specie, besides cost
ing the country just six millions instead OF
nothing, it would create pressure on the
the banks, and would be medium much
more affected in the uniformity of it's val
ue by the state of the foreign exchanges
than this Treasury paper. The rise and
fall ofloreign exchanges would not affect
this paper at all, as it can circulate in this
country alone. This would be great
merit, giving it in this respect decided
preference over specie or bank bills. If
the Government were to use bank bills,
besides being precisely as costly medium
as specie, it would expose the government
and people TO the hazards Of bank insol-
vcncy or bank suspension. Moreover the
transmission of funds from one point to
another, which is very embarrassing to
the banks and disturbing TO the exchanges,
where the government uses bank bills,
would produce no such effects, where trea-
sury paper is used The truth is, then,
that the question comes to this, shall the
people ofthe United States use their own
credit, which costs them nothing, or that
of the banks, which costs as much specie,
as the medium of the fiscal operations OF
the common Treasury? If this be the
question, as think it is, no patriot can
hesitate in deciding it. To cali this Trea-
sury paper continental money or French
assignats would be justly regarded as an
absurdity, fit had not been done by man
Of Mr.. Webster's character. If the Gov
ernment were to attempt 10 make this pa
per substitute for revenue, instead ofthe
mere medium Of collecting it, by making
it the means Of eilecting permanent loan
even of 90 or 80 millions, it would necessa-
riIy depreciate, as it will carry no inter-
est, and would be justly liable to the a.
bove odlous comparisons in degree pro-
portioned to its excess. The treasury
Bills issued at the extra Session, notwith-
standing all the unpatriotc efforts Of the
banks and of mere party politicians to de-
preciae them, performed the functions of
a Treasury Currency perfectly WE'LL
These notes were paid out in the first in
stance 10 the public officers and public
creditors, passed into the hands Of those
who had TO pay money to the government
and thence back into the Treasury
About six millions of them, | think, per-
formed the whole operation of collecting
and dsbursing the revenue. Since the
attempt ofthe New England federalis,s to
destroy the credit Of the country by de-
as immoral and irreligious
those who would lend money to the gov
crnment, have never witnessed any
thing in the conduct of any party more re-
voting to my sense of patriotism, than
the efforts Systematically made TO depre-
ciate the credit Of the Treasury notes is
sued at the extra session. What shall we
.hink ofthe patriotism Of men, who could
publicly express their exultation that the
rredeemable paper Of banks was above
he par Of government paper? Politicians
Who have placed their hope of advances
nent upon the combined influence Of the
ranks, or have invested their private funds
n them, seem to regard the interest ofthe
'eople at large rs of small consequence
ghen it comes in conflict with that of the
anks, and the real ground Of the opposi
on to Treasury paper is that it super
edes as pro tdato the use of bank paper,
nd thus limits the field for bank circula-
ON.
! consider the Constitutional objection
} this Treasury paper as unfounded.-
urely the government can receive any
ring it chooses, il payment of its debts,
ven if it were brick bats, provided they {
re- Of uniform value, and this paper will I
, much mole uniform than bank paper, [
nd | think, than specie itself. 1t certain |
: does not become those who maintain
lat the government should receive bank 0
lPer in discharge Of its dues, 10 deny its S
ght TO receive its own paper.--The only d
over exercised by the government would I
, the agreement to receive the paper a
$ whole value would be derived from 4