The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-04-13


specie clause" They have had 10 idea Of establishing
10 'ns "sy one currency for The people, aud another lot
The once holders They would never consent 10 have
appreciated currency for ihemsrves aud "ihe better
currency ior Their public servants They have been
pursnsded thar the subreasary might be well enough
II the Government should receive its tho
currency which the people receive in theirs Bat they
are utterly opposed 10 the whole system with the
specie clause" ! have already shown, that without
the specie clause il amounts 10 nothing. ia the opn-
ion Of is projectors aid have also shown tina, with
n does not accomplish single object for which they
nroess 10 desire lis adoption THIS Is the ground takcn
by the DEMocaATlc REVIEW periodical magazine,
got up ut Washington under the particular auspices OF
Mr. Van Buren, HIMSELF and established Tor ihe express
purpose Of disseminating, in more imposing and du
rabe FORM the Locof doctrines oil his adn'nstra
lon In the February number given their doctrines
in regard TO paper currency They fepndia'e, entire
", the form Of bank paper convertible INTO specie o.
the will Of the holder, now used me who'e com
manly; hut 90 for paper currency, founded on 'ne
specie deposiIes OF the Government and to be issued
by the Government tself-lhus making the Govern--
ment the great Banker Of the nation and mus TOO IN
yesting the Executive with The whole money power OF
the country. Say they "a paper currency IN inc
form Of certificates OF deposile actually and bona hde
representing so much specie dollar for dollar would DO
very different thing. combining as u would every
convenience Of form possessed by paper win every au
vantage OF substance and sody inherent IN the precious
metals themselves"
u
banking system under The principle laid down
IN this organ OF the administration, except u be ~ the
shape Of a GOVERNMENT BANK. It's TO this end that
NIL their measures terdng Again, says THIS organ,
4" II Is plain that nothing easier than TO combine Inc
advantageso soldy Of substance and convenience Of
form, TO any extent that may prove desirable ny con-
verting specie into the form Of paper through certit.
Gates Of actual specie depositc, which would indeed
aJrd paper currency before suggested, entirely ex
emp, from all the evils indispensable from every paper
medium founded any basis less broad and solid than
the actual dollar fordoiarn Aud il adds - that Con-
gress will be culpaby aud fatally false to the most
imperative duty, if il adjourn at the present session
without adopting the specie policy OF the .idmnisra-
on for the future fiscal operations Of the Federal Co
yernment"
/ will here mention another fact. TO show with how
much zeal this hard money doctrine is TO be pressed by
the administration and It's prominent friends In Au-
gust 1888, after the adjournment Of Congress, the Sc
crcary of the Treasury addressed circular to "our
consuls AT the most important ports IN foreign countries,
with view 10 obtain accurate and detailed statements
in respect to the modes Of collecting, keeping and dis.
bursting the public money which prevailed In each re-
spectsey, and concerning the guards, checks, and
penalties deemed necessary for its security" He re-
celyed from the most important ports IN En-
rope. and from some in the West Indies. Col. Benton
introduced resolution, which adopted by the Sc
naie That the Secretary Of the Treasury be directed
TO communicate the Senate any authentic information
he may recently have received in respect TO the modes
OF collecting. keeping, and discussing public moneys IN
foreign countries In compliance with this resolution
the Secretary communicated the information which he
had received from consuls abroad These answers
were, on motion of Col. Benton referred to the Com
miltee on Finance, of which Mr. Wright chairman,
and he himself member This committee made a re-
port, accompanied by these documents. and recommend
ed that thousand copies be prined and it
SO ordered by the Senate.
This report forms document Of 80 printed pages
Iioo pages are taken up by the report OF the commit
lee-fIteen pages are occupied with answers OF the
consuls from every part Of the world from whom an
swers had been received except the consul at Havana
and the remaining sercafyioo pages are occupied by
him in dissertation Loco focosm' he answers from
every commercial nation Of Europe show their system
TO be substantially what we are conendng for in
our country. But the consul at Havana holds up to
admiration and for imitation and adoption, not
only the system of revenue but the eTclasirc metallic
currency Of colony of mpotent and degraded Spain
1t is account Of the doctrines contained IN has com
muncaiion that these Z" humbuggers' Of the admins
grafton have procured 10000 copies to be printed for
the bcneti, OF the people, He dscards the Of pa
per money in every shape He goes for an crctus,rc
mcac currency and says that the people OF the Uni-
ted States enjoy that happiness and prosperity
20 which they arc entitled until they adopt the hard
money system Of Spain and her dependencies. That
there may be mistake to his views, quote him as
follows . | mean metallic currency, not what is
called metallic basis for convertible currency: for
have arrived fixed and rooted unbelef in the very
possibility Of the existence OF any such thing IN our
country and the words convey my mind the idea Of
nothing except empty ILLUSION, which proves to be bat
vacant air whenever 1t IS clutched at"
He says, if he could believe in the practicabiy
Of convertible currency, STILL it would not impair the
ACKNOWLEDGEMENTS is not too stroug aword-wih
which have been inspired for metallic currency
IL has become enshriued in my bosom IN
company with liberty of speech and of the press,
Of the essential elements Of real practical freedom
in the presence Of which, the Of unlimited des-
posm work its full measure Of mischief; in tho
absence of which the blessings Of unmeasnred liberty
cannot be fulfilled"
In regard to the efforts now making to PROSTATE the
banking institutions of the country aud introduce
metallic currency he says: As citizen Of the United
States my most active sympathes with those who
rendered to my country the service Of bringing about
this struggle; and recently they have been with
those who have kept up, until it has become too
rious ever to cease until the battle shall b, won"
He adds II rejoice therefore, IN the signs, that thor
the voters) attention is aroused too widely too gene
rally, TO admit Of the possibility Of slumbcr until the
subject shall be settled. In these signs the
ianiy Of delyerance from that is eternaly
preying upon the vitals Of industry and Of honesty
throughout land whose annual rayages upon the
former exceed those Of the longest reign OF any scepred
swndler that ched from the remnant left by his
direct exactions his slaves, by aduteratng
their coin and whose influences upon the latter are
deleterious far, than any which could attend the
open exhibition Of gambling house in every village OF
our country"
This extraordinary document is hailed with approba-
ton and exultaon IN the March number of the De-
mocratc Review" the official organ OF the admnstra-
ton: and the managers Of that express thor
regret, that, instead Of Thousand COPIES the
Senate did order hundred thousand to be print
&C for " universal distribution"
The author Incidentally throws little light around
his subject by description of the internal condition of
the island, which shows the effects Of his hard money
system. He speaks Of their roads which, Curing
considerable portion Of the year. literally mpassable
and. their best, such that the valuable products
OF the SOIL after being manufactured will scarcely bear
the cost of andcarriage Of fifty milesthe plough in
universal use all over The country, from its remolest