The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-04

ed during the first Congress under the constitution
and if the constitution did not permit the receipt in
payment OF the public dues in any other medium
than gold and silver, il was act Of useless legis
laton, and only sought TO do that by law, which had
been done by the constitution, The very fact that
the constitution did not restrict the medium in which
payments might be received, rendered this act ne
ceSsary Many of the very men who framed the
constitution, were members Of that Congress- and by
this act have themselves interpreted the constitution,
so as 10 leave no doubt whatever, that the medium
Of receipts intended to be left to the discretion
of Congress, TO be controlled by the convenience,
and the necessities Of the Government But, sir,
did that act exclude the receipts OF convertible bank
notes answer mo- because at that time CONVEX
lible bank notes were regarded as equivalent to,
and treated as specie For the purpose Of sustaining
this Interpretation, hereby quote passage from
the report of Gen. Hamilton, the then Secretary Of
the Treasury, Of the Odd Of April $780, TO the House
of Representatives in which, referring to this Sec
tion Of the act he says This section provides for
the receipt of the duties in gold and silver coin only
The Secretary has considered this provision as hav
ing for its object the exclusion of payments in the
paper emissions OF the particular states, and the
curing the immediate or ultimate collection Of the
duties in specie intended to prohibit to individu-
ais the right OF paying in any thing except gold and
silver coin, but not TO hinder the Treasury from
| making such arrangements, as its exigeDces the
speedy command Of the public resources, and the
convenience ofthe community might dictate those
arrangements being compatible with the eventual
| receipt of duties in specie" This Interpretation,
thus placed upon the act of $780, reported to Con-
gress as early as the ODD of April 1870. The habit
OF receiving the notes in specie paying banks by
the Treasury Department, also reported TO Con-
gress on the 22d of May, 1874. With this informa-
ton before it, Congress not only did not correct but
acquiesced in General Hamon's construction Of
the act; and this construction has been practised
upon BY every administration Of the Government,
since Congress ITSELF has BY various acts, making
the notes Of specie paying banks receivable in pay
ment of the public dues, interpreted the powers of
the constitution as Mr., Hamilton did; and has
think, settled its proper construction beyond all pos
sbe doubt. To prove that the notes of specie pay
ings banks were regarded equvalento and treated
as specie, refer to the proceedings of Congress I'M
der the confederation on the 26th of May, 1881 in
cooperating the Bank Of North America. The fol-
lowing is one Of the resolutions adopted
Resoiped, That the notes hereafter TO be issued by
the said bank payable demand shall be receivable in
payment OF all taxes, duties and debts due that may
become due. payable to the United States"
Again in the 18th article of the plan Of the bank
II provides That The bank notes payable on demand
shall air, be made rceeird6c IN the duties and tares
Of erery State in he Union, and from the respective