The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-10-09
Communications.
SPECIE CIRCULAR REVIEWED.

SPECIE CIRCULAR REVIEWED.
NO. II.
In the preceding number CATER giving general in
PRODUCTION the subject and exhibit of the Specie
Circular itself for the sake of reerenee) time was
mainly consumed in establishing the papabe illega
ty of any Executive Interference whatever with the
functions of the Secretary of the Treasury and that
too whether he the Secretary be found, acting within
or without his prescribed sphere of action This in
deed may be said to hold in all But If that in
reference be shown easily it CAM to be in case
entirely ,riot the Secretary legitimate sphere and
be- witha openly assumed against the light of know
ledge as well as contrary the practice of the 60
vernment then truly must it be conceded by ALL that
such proceeding was not only an assumption of un-
authorized power in the then Executive, but indie
fensible assumption Of such power.
Having secured or at least attempted TO secure, the
grounds already taken, we shall now propose TO adj
the discussion to other grounds. And in so
doing the first object of attention will be, to exhibit
the true merits dement's, Of the in ITSELF
considered with reference to the laws and Consttu
ton of the country.
1t appears with certainty that before the Specie
Circular was issued the opinion of the Attorney Gen
sral of the United States called for by the Pres
dent, to the legality of such step; whether for the
honest purpose of obtaining light the subject,
or with view Of finding how far the proposed mea
sure could be legally colorably reconcied to the
mere letter Of the law, without reference to its spirit
leave to be inferred from the circumstances of the
case But, certain it is, the opinion called for
and that officer Pronounced, that the Secretary by
direction of the President we presumed had authority
by law to exact nothing but gold and silver in pay
ment of the public dues. This opinion ayowedly
based as the Attorney General himself declares at
subsequent time, when again called by the Pres-
dent in similar case, (see the opinion Of Mr.. Attor
ney General Butler, published in the Globe, 9th
March 1887, in relation to Rves' bill) the suppo
sed authority of the law joint resolution of 1916.
The law, of 1916, sir, (the Attorney General to the
contrary bold to say, gives such authority
to that officer and requires but little learning, and
but an ordinary share of sense to decide plain ques
ton. The act of 1916 says
That the Secretary Of the Treasury be- and he is
hereby required and directed to adopt such
he may deem necessary, TO cause, may be-
all duties taxes, debts, sums OF money accrung or
becoming payable to the United States to be collected
and paid in the legal currency of the United States
Treasury notes. notes of the Bank of the United
States by law provided and declared, notes of
banks which are payable and paid on demand in the
said legal currency of the United States and that
from and after the Both day of February next such
duties taxes debts of money, accruing or be-
coming PAYABLE to the nted States aforesaid ought
to be collected or received otherwise than in the legal
currency Of the United States; in notes OF banks
which payable and paid on demand, in the said
legal currency of the United States"
These are the words of the law, and the Attorney
General in the opinion already referred to boldly in
fers therefrom that the word "ay is used in the
statute and shall" that he the Secretary is not
obliged receive the notes of banks whose notes
payable and paid on demand, &c. but may may not
do So at his the Presidents good pleasure This is
mere bubble, unworthy Of high functionary and
Mr. Webster has very truly said, altogether ncon-
siscnt with the idea that there is another party to the
question besides the Secretary and Prcsdcntand that
party is the People
The true mode of constituting all laws is according
to the will and intent of the Legislature at the time
the law made. This intent, have been taught,
is to be very carefully sought for by those who to
act under its authority and cmphatcally forms the
Great Polar Star in all siatuary constructions. We
admonished by learned authorities not less than by
plain common sense, that the mischief-the remedy
and the reason of the remedy, shall be diligently
sought for and carefully brought to mind, whenever
law In obedience to these principles let us inquire
for moment into the state of the finances and of the
country, Immediately preceding and up to the time
when the act in question passed. And truly may
it be said, that all who conversant with the matter
whether by reading, the still more impressive lesson
of experience, know that when tire act of 1916 was
called into being it was without controversy period
of great confusion and uproar in the moneyed com
munity. We have forcible and striking picture Of
the times in Mr. Webster's speech Immediately prcce-
ding the passage Of the law and in Mr. Secretary
tstye and distinct information. We learn from these
and from other good sources that great Inconvenience
and loss had been sustained by the Treasury in the col
lection Of the public moneys Had all the notes offer
81, and received in payment, been actually the notes
Of specie paying banks payable and paid demand,
then had all things been well ia the public collections
and there would no, have been the least for
the interpolation ~ Congress, But the case was Ear
otherwise much q the paper receive, into the Trea-
sury came nc' undct this description and no, little
collected po~-es-cd value whatever IL order TO
exclude this deprecated y sausicSs paper Congress
passed the Law ~ l-i6
Here Ne have far. clear and fall understanding
of the rsasoas which noved The National legislature
10 lhg passage Of that law And H. reason of the
las saws great authority = the liz of the iaw