The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-19
RESUMPTION or PAYMENT.


tuGonal currencyl No. In deprecated
Treasury notes The Government is war
ring against the banks, which have always
stood ready to pay their debts in paper, be-
cause they do not resume payments in spe-
Gle; while at the same moment, it resumes
payment itself, only in paper Of its own coin
ing.
Resumed payment. Yes, that is the word;
for It is well known that, for some time past,
there has been suspension Of the payment in
any thing whatever, OF just claims and de-
mands upon the Government by its financial
department.
The Navy and Army appropriation bills
for the current year have been held back in
the Senate to save the Treasury from the de-
mands which their passage would have thrown
upon 1.-THE claims Of public creditors have
been delayed and suspended in the hands of
the accounting officers, to prevent their pre-
sentation for payment at the Treasury--the
drafts Of agents and disbursing officers, on the
public departments, that were cashed for them
by banks, have been dishonored. Yes, drafts
that were cashed by the very same and
shamefully abused deposite banks, to furnish
the means Of carrying on the war the South,
have on presentation been protested and,
have remained unpaid, for how many months
we know not! This is not all. The depart
ments OF the Government and those connected
with them, had literally used up the city banks.
As in the case of bankruptcies where the Go
vernment claims priority over individuals,
the funds Of the banks were monopolized SO
that the smallest accommodation could not be
extended to individuals. This is no exaggerat-
ed picture.
And how are these claims to be liquidated
nowl BY the payment of gold and silver, or
its equivalent? No. But in deprecated
Treasury notes. These suffering claimants,
whose just dues have been hung up in sus.
pense, will now be told, they must accept Of
Treasury notes or ",cair' longer. To this
cold hearted, arbitrary dicium, the feeble, help
less creditor can only submit, and say, "my
poverty, not my will con sents."
If there existed any thing to justify such
resort or to make it necessary on the part OF
the Government, no one could be ready to go
further than ourself in defending it, or reproba-
ting those who opposed or attempt to throw
discredt on the means provided or employed.
But there is no apology, none whatever to be
found, for continued employment of filthy de-
preciated Treasury paper. A loan could
have been negotiated re-imbursable at the
pleasure Of the Government, on much cheaper
terms, than by issuing Treasury notes carry
ing with them six per cent. interest; and pay
able in gold and silver or its eqniralent. The
honor and character Of the Government de-
manded that this course should have been
pursued, in place Of the miserable paltering
resort to Treasury notes, which are to be i'm
posed on the public creditors.
1t will naturally be asked, why was not the
latter mode adopted to supply the Treasury
with meansl We will answer. The fear, the
dread Of the name Of making loan, of crea-
ting debt led to, the former miserable erpe-
dent.
The paying public creditors in Treasury
notes i,redeemable for one year, is just as
much debt for which the Government is IL
able, as creating and disposing of Scrip re-
deemable at its pleasure would be; and, the
people will so understand it, and while they
would have applauded the latter as an open,
manly course, they will condemn the former as
ptiful and contemplate.
The means by which the bill to authorize
reissue Of Treasury notes has been carried
through the House of Representatives, are
in our opinion disgraceful, if not dishonest.
Why was it TINT deception, we had almost said
fraud was employed; as well as self-contra-
diction7 The chairman Of the Committee of
Ways and Means, in his report Of the goth
March, accompanying his Sub-Treasury bill,
stated that, there would be deficient revenue
both in 1888 and in 1889; and, it would be
fortunate if the means of the Treasury should
be sufficient to meet the ordinary annual ex-
penditures, and redeem the Treasury notes
issued under the act of October last during
the next four years. On Friday last the same
gentleman, in his speech, made on taking up
his Treasury note bill declared, that the means
of the Treasury would enable it to meet the
ordinary demands and redeem all those notes
within the present year These are the OPP
posite and contradictory statements OF the
leader of ono branch of the new coalition
The leader Of the other branch. Of the two
Ii.