The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-05
cretary Of the Treasury, OF Feb II, 1920,
used the following language in opposition to
Treasury notes:

used the following language in opposition to
Treasury notes:
as hnancla resource, the issue Ct Treasury
no'es y luSihable only where the deficiency which
.ney are Intended TO supply Is small in amount and
temporary IN It's nature. As measure OF alleyia-
non, " VIII be more likely 10 do harm than good
y asuhcieni amount OF these notes, oil any descriP
non Whatever should be issued, and put into ciTcu-
ialion where they most wanted, unless they were
gwen away, debt in that part Of the Union would
DC contracted TO the extent Of the issue II might
enao'e borrowers to pay debs previously contraced
oH hetr relative situation fc0nd be The same. Unless
me currency became viiaed by the relief which was
anorued, The ultimate payment OF the debt would
.ohsu,hnaie the ruin which the measure was IN
Tended 10 prevent But il Is probable that The sums
Which might be advanced, by way of loan, would, IN
q greal degree be lost. The government is mol,
from us nature, qualified for operations OF this kind
ne general system OF credit which has been ihtro-
uacea oy The agency OF banks, and by the inevitable
enect OF The measures of the General Government,
has produced an artificial state Of things, which re-
qui.es fepossi n rather than extension The issue
VI reasury notes for the purpose OF aeviaiiDg the
general distress, would tend 10 increase this unna-
uIai ana forced state Of things and give TO dura-
ZION winch II would otherwise never attain. Ii much
OF me evl resulting from decreasing currency had
no, already been suffered there might be plau
sioie reason for urging the issue OF Treasury notes
% measure Of alienation. This ground cannot
DC urged IN its favor; 1t is therefore indeenSble,
upon he ground Of expediency as well as OF prin-
cpe.
Mr.. A. J. DALLAS, whose name should be
respected by at least one prominent member
OF the party in power, while Secretary of the
Treasury, used the following language in a
report to Congress
Treasury notes are an expensive and pre-
carious substitute either for coin or for bank
charuaI thaxt NTH in
terest, productive of no countervailng profit
or emolument, and exposed to every breath
of popular prejudice or alarm"
So much for these distinguished authorities.
But we object TO Treasury notes now, for the
reason, among others, that they only benefit a
few to the prejudice Of the many, and that
they are disguised loan, which, not only
bring no more real money into existence, but
actually displace, to the amount issued, the
currency in beneficial circulation Neither
the poor man, nor middling classes, ever see
a Treasury note. They are not payable on
demand in specie. They do not assist mer-
camille exchanges to any considerable extent
The capitalists seize them and hoard them,
and thereby Tend 10 the Government the money
that would otherwise be engaged in trade and
commerce, on loans based upon private secu-
curities. They bring the Government there
fore, into the market as borrower, and thus
are constantly tending to disturb and cramp the
money business and its multilarious relations.
They are liable 10 depreciation, and in the
event Of any sudden emergency, which
should call for the whole revenue of the Trea-
sury the holders will be helpless sufferers If
there be any system of paper money, which
tends TO make the mighty more powerful,
the rich richer, the poor still more depressed,
and deranged trade still more deranged, it is
the practice Of issuing paper promises TO pay
from the Treasury Department. We are OPP
posed TO it-not from factious views-but
from sincere conviction of its injurious and
dangerous tendency. We look upon it as
upon the red tongue of the Ichneumon, which
seduces the industrious ants to its surface and
ticks them to destruction.
We hope our friends in Congress will op-
pose this irredeemable paper money system
and, if possible, put an end TO the whole of it,
SPRING.--March has opened most delightfully."-.
The warm sun and the balmy atmosphere have in
spired life into all things. The broad tronoirs
ofthe city, morning and evening, begin TO exhibit
the gay and smiling hrongs ofthe gala season Of the
year; he buds and the flowers are putting forth the
turf has already donned its bright coat of green and
the songs Of the birds are heard ia the branches
Spring Of hope and love- and YOUTH and eladness
Wind winged emblem brightest, best and larest
Whence comes, thou, when, with dark Winters sad
ness,
The tears that fade in sunny smiles thou sharest
Sister of 10Y thou srt the child who wearest
Thy mothers dying smile, tender and sweet;
Thy mother Autumn, for whose grave thou dearest
Fresh flowers and beams like flowers, with gentle feet
Disturbing not the leaves which her winding. sheet
FROM ILLINOIS.
Extract of letter to the Editor, dated Jacksonville,
February III.
We have just had a great Harrison meeting
here which carried every thing before il. After a
short notice, upwards Of FIVE hundred persons came
together and approved the nomination Of the Har-
risburg Convention. The loco focos trembling,
and well they may If Harrison cannot carry this
State under the circumstances no man can"
The Wings of Massachusetts have had great
meeting at the State House. in Boston, and respond
ed with cordially the nominations OF the National
Convention. Gov Everett and George Hull, were
re-. nominated for the Offices OF Governor aud Lieu
,.,,n, Eovernor or tho State