Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1838-04-05

he contends that t|]z power which the
Government possessed 10 impose taxes re-
stricts it, in their payne 10 the receipt
ofthe precious metals But The constitu-
ton does not say SO. The powersis given
inbroad aud unrestricted terms; and the
Government is left at liberty to csiiisst the
taxes in whatever medium or commodity.
from the exigencies of the case II can col
1 lect them. 1t is doubtless, much the most
convenient TO collect them in money, be-
cause that represents, or can command,
every thing, the want Of which is implied
by the power IF taxation.1 Bat suppose there
was no money IN the country, none what
ever, to be extorted by the tax-gatherer
from an impoverished people2 Isthepow-
er Of Government to cease, and the people
to be thrown back into afsfate OF naturel
The Senator asks if taxes could be levied
and collected in tobacco, in cotton, and
other commodties?,s Undoubtedly they
could, if the necessity existcdifor such an
inconveniept imposition. Shch a case of
necessity Oh exist in the colony of Virgin
la, and other colonies, prior tolthe Revolu-
ton, and taxes were accordingly levied in
tobacco or other commodities, as wolf
scalps, even at this day, compose part Of
the revenue Of more thanson State.
! The argument then, OH the,ssSanator
against the right of the GosernIneitio re-
ceive bank notes In payment Of public
dues, a practice coeval with he existence
of the Government, does not seem to me
to be sound. II Is not. accurate for anotll-
! er, reason. Bank notes, when convertible
at the will of the holder into specie. are so
4 much counted or told specie, like the specie
which is counted and put into marked kegs,
denoting The quantity Of their contents.
4 The Senator tells us that it has been only
within a few days, that he has fdiscov-
cred that il is lllegalto receive bank notes
in payment of public dues. Does he think
that the usage of the Government, undef
all its administrations, and with party III
power, which has prevailed for nigh fifty
j years, ought to be set aside by a novel the
DRY Of his, Just dreamed into existence,
even if il possess the merit Of Ingenuity
The bill under consideration, which has
been enlogized by the Senator as perfect
in its structure and details, contains pro-
vision that bank notes shall be received
in diminished proportions, during term
of six years He himself introduced that
identical principle. 1t is the only part of
the bill tina, Is emphatically his. How.
then, can he contend that ii is unconstitu-
tiona to receive bank notes in payment Of
pubic dues? appeal from himself to HIM
self. The Senator further contends, that
general deposits cannot be made wills
I banks. and be thus confounded with the
\ general mass of the funds on which they
4 transact business. The argument supposes
that the money collected for taxes must be
preserved in identity; but thatsis impossi-
\ lie. often to do. May not the collector
give The snail change which he has rece'-
ved from one fax-payerrt n another tax-pay-
err, to enable him to effect his payment!
May lie not change gold for silver, or riee
prrsn, or both, il he be distant colector,to
obtain an undaunted remittance to the pub
! lie Treasury? What, Mr. President, is tbs
process Of making deposits with bankss
I The deposit is Inade,a credit is entered for
4 its amour. to the Goyernnen:.-That cred
/ it is supposed to be the exact equivalent of
the amount deposited, ready and forth
: coming to the Government. 1t rs inmate
rial to the Government whether it receives
: back again the identical money put in, or
other money of equal value. Allsthat it
wants is what isl put in the bank, or its
equivalent; and that in ordinary times,with
such prudent banks as alone ought to DO
selected, tits sure of getting. Again: tho
: Treasury has frequently 10 make remit
lance to foreign countries, to meet the ex-
.penditures necessary there for our naval
squadrons, and other purposes. They are
: made to the bankers, to the Earrings or the
Rothchilds, in the form Of bills of ex-
change purchased in the market by the
= agents Of the Government here, with mon
: ed drawn ont Of the Treasury, Here is
: one conversion OF the money received from
The -gatherer into the Treasury. The
bills are transmitted to the bankers, hon
: ored, paid, and the amount credited BY
them to the United States, Are the bank
, ers bound to retain the proceeds Of tho
bills in identity! Are they bound 10 do
more than credit the Government for an e.
quail amount, for which they stand respon-
siblc whenever it is wanted? Ifthcy should
-ssbappen to use any portion ofthese very pro-
&C of bills RENTED tothem in their bank
Zig operations, would be drawing moneyffom
the Treasury, contrary to the provisions Of
constitution.
q The Senator from South Carolina
J contends that there is no constitution
y al power to contract with the twenty
selected banks as proposed in the sub
stitute; yet the deposit act of 1886, which
obtained the hearty appreciation Of that