Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1838-04-28

( - eels aill sfOvVhOlei NO. 3d. ?
:. every patriotic citizen and faithful repub.
lican ought to be freely expressed, Mr..
Riker has consented to its publication.
! WASHINGTON MARCH 90, 1888.
! Hon. RIcHARD RKER.--Dear Sir;
You ask my opinion of the Sub Treasu-
ry bill as it passed the Senate. Twill
give it as briefly as possible. ~
Before the bill was engrossed, the Esd
section, originally introduced by Mr..
Calhoun, and commonly called the spe.
Gle clause, was stricken out. Mr.. Tip
ton then moved to insert a section in its
place, requiring the notes of the specie
paying banks to be received in payment
of the public revenues, under such res
trictions and regulations as Congress
should provide, which was rejected. A
: section was then adopted on motion Of
Mr. Webster, taking from the Secretary
Of the Treasury thelpower Of discrimina-
ting as to the kind offunds to be received
in the different branches of the public
: revenue. In this shape the bill passed
; the Senate. e'-Af "'e
Now, as TO its practical operation:
By its provisions the Government is
thrown back upon the joint resolution
of 1916, under which the Executive
claims the right to prescribe the kind Of
funds to be received whether specie or
the notes of specie paying banks, Un-
der this construction Of this joint resolu-
ton, the late President issued the specie
circular, by which he required specie in
! payment for public lands, whilst the
) notes of specie paying banks under GER
tain restrictions, were received for
customs. Mr.. Webster's amendment
I takes away this right of discrimination.
The President must therefore, either re-
quire specie or the notes of specie pay
ing banks. in all the different branches
Of the public revenue, and cannot re.
ceive one kind OF funds in one branch,
and a different kind in another. He
must, of course, rescind the specie cir
cular which relates TO the public lands,
or he must extend it to the customs.
Which will he do? Some have sup
posed he would authorize the receipt Of
the notes OF specie paying banks, and
disburse them in the public service; this
under certain restrictions, might be
done, and might perhaps, be made 10
operate benefcially upon the different
(, interests to be affected by it. Probably
this was the expectation of some of those
who voted 10 strike out Mr.. Calhoun,
specie clause, for although Mr., Tipton's
2 amendment was rejected sill it was
} avowed in debate that it was opposed on
5 the ground that it implied a distrust in
the President as to the proper perform.
$ ance of his duty.
The question then recurs, which oil
the two descriptions of funds will he d.
rect to be received? should think he
would hardly direct the public dues to
be paid in specie, after the expression Of
The Senate against it by striking out the
specie clause; he must, then direct the
receipt of notes of specie paying banks,
under such regulations and restrictions
as may be prescribed. AS to whatthose
will be. we are left to infer from the facts
before US. The President in his Mes
sage at the extra session said; 'lf at
short and fixed periods, they, (bank
notes. were convertible into specie, to
be kept by the officers of the Treasury,
some of the most serious Obstacles to
their reception would. perhaps, be re-
moved. To retain the notes in the
Treasury would be to renew, under an
other form, the loans Of public money
10 the banks, and the evils consequcn,
thereon ... (,
Itook the ground, at the extra session
that if the bank notes were to be conver.
ted into specie, as above suggested by
the President, it was immaterial to me
whether specie or the notes of specie
paying banks were to be received the
: practical effect would be the same in
both cases. t', s 81
Mr.. Wright, in his speech at the ex-
ira session, said For himself, he
; agreed with the view of this matter
which he understood his honorable col
league to take, that in case the deposites
: were confined to the safe keeping Of the
officers Of the government, it was q
question Of much less interest to the
banks than seemed to be generally sup.
posed. If the banks were not made the
repositories, it could not be supposed
their notes, ifmade receivable, would be