Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-04-28

80
Bat, SIR, 10 order that may not missepressnt II
The honorable member, let me show yoa . little !
more distinctly VIVA. his opinious are speeding
this government paper. IL
TIE honorabie member says, sis, that TO main !
this Sub-t-easury measure successful, and 70 Sc
cure it against reaction, some safe and stable {
medium Of circulation, ITO take the place Of bank
ought to be issued; that, sin the present condi
ton OF the world. paper currency, IN some
torn, If not necessary, IS almos, indspcns able, IN
financial and commercial! operations Of civilized
and extensive communities that tho greatest
desitleratum Is to ascertain what description OF
paper has the requisit qualiticse Of being free
from luc;uation in value, and Iibe:siity to a
busc in the greatest pcrfcction;' that bank notes
do not possess these requisites in degree suf- /
6cicn.iy high for this purpose And then he
saws Il go farther. 1t appears 10 me, after bes- |
towing the bcs. reflection can give the sui ject,
that convertible paper, that is, no paper whose
credit rests upon pTomise to pay, is suitable for
currency ON what, then, (he asks,) ought a
paper currency to ressT Il would saw he ans
wers, ION demand and supply simply: which reg
ulate every thing else-the constant demand
which government has for its necessary supplies
He then proceeds to observe, that there might
be sound and safe paper currency, founded on
the credit OF government exclusively THAT
such paper, only to be issued to those who had
claims on the government, would, in its habitual
stat ,, be at or above par with gold and siIvcr;'
that nothing but experience can determine what
e amount, and what denomnat tons. might safely be
issued but that it might safely be assumed that
1 the country would absorb an amount greatly ex-
I cecding its annual income. Much Of its ex-
: change, which anoIn. TO a vast sum, well as
> its banking business, would revoivc about it and
I, many millions would thus be kept in circulation
l. beyond the demands OF the government
IS By this scheme, SIR, government, in its dis
"a bursemcnts, IS not 10 pay money, but TO issue pa
st per. THIS paper Is not otherwise, payable or re
C. dccnab!e, than as II may be received at the
n Treasury. II is expected to be let out muct
10 faster than il comes in, SO that many million:
will be kept circulation and its habitual char
of actcr will be at above par with gold and sill
in vcr Now, sir, II there is DO found any her,
III more plain and obvi ions project Of paper money
in all its deforrnity, should not know where L
IS look for il.
&c In the first place, sir, I have suggested th
in complete union which it would form, if it were
st in itself, practicable, between tho political an
e. tho money power.
No, The whole commerce Of tho country, indeed
Tor under sucn state Of law, would be little NOR
be than a sort Of incident Treasury operations
nj, rather collateral cmanation Of the revenue sy
Or tenn, than substantial and important branch Of t
by public interest. have referred also, to its prol
~, able consequences, upon which the gentlema
'li- regards great an evil and which he demon
tn mates '':he Capitalization Of commercial a
,y ton a., .x ,,,x ,o,, >, ..;, NJ d.
ro- dent, in the next place, what admirable col
ne trivance this would be to that econon
in tho expenses Of government which the &c
DID tleman has much at heart. Released from q
DIV necessity Of taxation, and from the conseque
'c responsibility to the people; not called upon
he regard at all, the amount Of annual income; ha
vs. ing an authority to cause Treasury notes 10
II sue whenever it pleascs,
IT. SIN n,i,,,udas, liks which the populous North
bic Poured from her frozen oins,
IT'S Rhsns, or tbs Danau''
r,s what admirable restraint would be imposed
ere yov crnment, how dombly sure would assuran
lies be made for it, that all its expenditures would
tie. strictly limited to the absolute and ndespcns al
be wants and demands Of the public service!
ore Bot, sir, fortunately very fortunately, sche'
SO wild. and which would be mischicvous,
the totally impracticable. 1t rests assumptit
for which there is not the least foundation, eitt
the in reason experience. 1t takes for gram
that which the history of every commercial sti
He rcfutcs, and our own, especially, IN almost
the cry page. 1t supposes that irredecmable g
ish- ernment paper can circulate IN the business
its society, and be KEEP, at par. This is impo:
raw bi!i,y The honor able gentleman rejects cow
ern- tbie bank noies which are equivalent to spec
rc,,- since they will always command IT, and adoI
Ill it in their stead, government paper, with no prs
cat ise to paw, but a promise only to be received
the debts and taxes; and he puts forth the lmaSi
that ton, as have said, often and SO long :eu
II OF that this paper will be kept in circulation in
,irds country, and will be able to perform the q
will business Of currency and exchange, even
ern- il exists in quantities exceeding, by many
G re- lions, tie demands Of government.
than If it be necessary, sir, at this day, to rel
con- IDEAS like these it mast be because the hist
1t of all countries, our own included, is a dead
the ter to W.. Even ut the very moment in wh'
Il for am speaking, the small amount of Treas
nent notes which have been issued by governm
they hardly a fifth part of the ordinary revenue
noi., these notes bear an interest Of five per Ger
than though they rcdccnablc in cash at the Tr
place ury, az the expiration Of the year-and tho'
land: in the mean time, they evcrywhere rece
: re- in government dues, not only Of less Vi
ID e. than specie, but Of less value, also. than theno
small non-specie-paying banks; those banks whose
deep per is daily denounced here as rags, fifty T.
very In nv opinion, sir. the whole scheme is
Q re- ionary and impracticablc any which the &c
,cr US Of project ever produced.
all be Mr.. President, towards the close OF
1 for speech Of September, find paragraph in "
You several other subjects arc brought together.
on. which must ask permission to read.
.mbcr Having commended the wise and noble |
ook i. ing Of the little State right party, which
saws it is his pride to be n member throug
IN tho the cyentful ne riod through which the cou