Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-05-24
TIE NEW NATIONAL DEBT.

TIE NEW NATIONAL DEBT.
The bill authorizing the creatim of a new Nation
al Debt, in tie deceptive shape of an issue of Tlca-
sury Notes, rassscd die House Of REPRESENTATIVES,
It a late hour. on the lG5i INST. by the lncacrc ma.
ioriy of&ir, having previously passed il thirrl read
ie ly tic casting vote oil the Speaker. On the ncxl
day, aIhotioa to reconsider the bill was made in II
fuller House, aui rejected, agaia only BY The casting
vote OF the Spcahcr-or rather, it passed. ayes 10,
noes 1903, when Tire Speaker, IN the exercise Of hIs
night, We presume, but certainly contrary to USAGE
IN tlat body, voted in the negative, thereby creating
4 lie, aua rcjcctng tac motion We learn from
tie National lulclligenccr, however. that some ofihe
most obnoNious features ofrheh I'LL were stricken out,
previously To lis Passage. Thclc can be no aouJl.
ge presume, OTIS adoption BIS die Senate, although
Mr.. Btuton recently declared that the vote which
lie cave at the cyfia session was the last ,Lot he
would ever aisc for lhe issue Of Treasury Noes. As
iis3 fundamental n;azi,n oClle Dcn,ocr,,jc ,,.,,y
however. that. when an order IS issned bv lMe Execp.
tive. all who profess To be tie friends Of the adminis-
tration must Give il a cordial support. under nam of
a formal anatllema aud To
use the impressive language Of it's lllustrious Chief,
they must be " either WHIPPED in or kicked oul"of
the rouks,-wc presume Nj. Benton will Law aside
his antipalby To this ilrelecmable Guyernmcn, pa
per money, and give it his support. At all events,
We IMAGINE. lns opposition 10 it will rot be very yc-
hemcut.
The Wh:qs aud a few of the Administration party
opposed Ibis bill. not because they were dtsiious
Of increasing or perpctuaIiag the embarrassment
ia,o which the government has plunged itself
by It's Experiments, but because they lro lcrrcd
a direct loau-lhat mode of creating "A debt posses
sing decided advantages over the Indirect, dccep-
tive, AMI, as many believe, unconstitutional plan
olissu ing government paper as "A circulating medium,
which, under the contemplated law, these Treasury
Notes must obviously become. But the Executive
d%emnnded Treasury Nofes-and that department of
he government not only assumes the right to tell
Congress what ii must do, but il also requires lle
most implicit obedience oforders as to the manner Of
caITSng it, requircments into effect. Ia uutlI,accord-
ipg 10 modern Democratic notions, the Executive is
the Goycrnmcnt"-and Congress only assemblies
to do It's biddingsi Or if, as in The case of the Stc-
Gle Circular, il object to any proposed policy, the
Presi lent sets its declared Will at defiance with
perfect impuni,y and if the two Houses afterwards,
by overwhelming majori,ies, express their decided
opposition to his course, and pass a law to restrain
ibis ilIcgl,imate assumption OF authority, the same
functionary contcmptuously thrusts tie law into his
brooches pocket, and smothers it by this newly-in-
vented process of exercising the Veto power. And
all is.donc in the name of Deuocracy-whilc those
who are defending the independence of Congress,
and, by consequence, the rights of the people, which
are insemrably linked together, by rcbukine Exccu-
tive usutpalion. and by endcavoring to confnc the
President to the exercise ofhis constitutional pow
ersanl duties. are branded as Federalists 4 ,Aristo-
Gratis BY The m5nions and tools of power, So much
influence has mere names, which. in this matter NJ.
least. so far from being the signs of Times. are the
very reyefse-rhe words used CONVEYING IDEAS exact
Is opposite to those Which they originally s~ipnifed.
independently e the intrinsic obiections 10 the
Treasury Note Bill. We NAV we'll ask. This IS to be
deemed III, cons,llnm,tjop of len. lack sons :. hmm
bic efforts to restore the constitutional currency of
gold and siiycI'-ir an inconyer,islc papcy currency.
resting upoa no specie basis. bun entirely mon Govern.
mcnt credit, is the .. hard money" which the FIX
pelimentcls promised The pcople, when ,hcv com-