The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-13

|
BILE facts, can any reasonable man believe for on
f moment, that the use of paper money will eve
be abandoned in this country? Certainly not
Then, sir, have established the important fact
that, under the operation Of this BILL we are still
to have, as we have heretofore had. two kinds /.
currezcy; that is to say, specie and bank paper
the representative of specie. Well, 1 presum,
the gentleman from New York, (Mr. Strongl
| will not deny, nor can any friend of this bill
deny, that the people to use this bank paper
which Is still to circulate as part of the curren
| cy, IN the transaction of their business. | re.
! peat, sir, the people are to use bank notes as
currency in conducting their affairs. This can
not be denied by any body; and the Presiden-
and has leading friends profess to have no host
tility to the state banks. Just stick pin there.
II you please Whether these professions be
sincere or hypocritical, it is all the same.
| Now, sir, what does this bill propose9 The
18th section of the bill provides that after the
Both of June, 1S43, cali sums accruing, or be-
coming payable to the United States, for duties.
taxes, sales of public lands, or other debts and
| also all sums due for hostages, or otherwise to
the General Post Office Department, shall he
paid in gold and silver only.n Thus we see that
after three years, the people required by this
bill, although, as we have seen, they must of
necessity receive and pay out bank paper in their
dealings with each other, to pay all their duties,
taxes, payments for the public lands, and other
debts to the government, and also all sums due
for hostages to the post Office department. in gold
and silver only. And, sir, why do they demand
of the people gold and silver ONLY, in payment
of their taxes and all other dues to the govern
ment' Because they say specie is better than
bank notes They refuse to receive the notes of
sound specie-paying banks and wherefore2 Be
cause they say they are not equal to gold and
silver, and because they contend that this would
be to lend the banks the credit of the govern
ment, of which they pronounce them to be un-
~ \ *
ment in the mouths of all the friends of this
measure, far as | have heard, that whatever
is received by the government in payment of
public dues, acquires thereby additional value
and Immediately becomes more highly appreci-
ated. This, sir, is the reason they assign why
the notes of the United States bank possessed
universal credit But, will notice that argu-
ment by and by. Then, sir, if this argument be
true, that part of the currency of the country
which is rejected and repudiated by the govern
ment, must of course be discredited and become
deprecated III the same proportion.
Now, Mr.. Chairman, submit to you a man
of candor to say, il the friends of this bill have
not, from what have shown, admitted Indirect
ly, that it does and is in fact intended to create
one currency for the government and another
and am inferior one, for the people: l have
shown you, sir, that the government will receive
nothing, after the specified time, but gold and
silver, and that the people must of necessity use
bank paper. Here is distinction which can
not be denied, which is as palpable as the noon
days sun.
But, Mr. Chairman, Continued Mr.. CD to
| make the case still stronger, viii prove to you
| that, uRder the operations of this system, the
great body of the people will get nothing but
| the bank paper circulation as currency. Sir,
they will never see silver dollar or a gold
piece, unless they buy it and pay premium for
1t, as all those who owe any thing to the govern
ment will be compelled to do, and as every man
in paying his taxes 10 the government will have
to do indirectly. How is this9 The gentleman
from New York, (NIr. Strong) insisted, with
great apparent earnestness, that no such distinc-
ton could exist, because, although the govern
ment under the operation of this BILL is to
ceive all its dues from the people in specie, it is
to pay out TO the government creditors the same
medium, and that this would be the means of
bringing gold and silver into general circulation
among the people. Sir, beg the gentleman's
pardon-there never was a greater mistake
who, sir, lei inc ask you, pays into the trea-
surg the vast amount of revenue expended IN the
administration of our public affairs! | answer
for yon, sir, the great body OF the people
Every man in community, and every woman and
child IN community, who buys one dollars worth
of merchandise of foreign growth or manufac-
ture contributes part of that dollar IN the way
of taxes to tho general government. The I'M
parting merchant first pays it In duties-the coun-
try merchant pays it to him, with proht on 1t
aud lastly SIR the consumer pays 1t to the country
merchant, with another per cent. upon 1T; and
| although he may pay his store account In paper
| money. vet sir, he pays the premium on II IN
| the additional price put upon the goods to cover
| it. Thus we see that all the people, of all pro-
| fsssions, trades, and avocations, contribute m
| directly to fill the national treasury with gold
and silver and Il is SAID that it is paid out to the
pablo creditors. Well, Mr.. Chairman, who are
| the public creditors to whom this hard money IS
| to be paid out? We have been already told that
! all the people public debtors, or tax payers
but, sir, are all the people public creditors, and
will they all receive back part oil this specie iof
| some service performed for the government no
no. Then, repeat again, VINO are .ne peo ~
creditorss None but the office holders under the
| Governments and those pets and partizans oil
| mower who NAV be fortunate enough to obtain a
| contract with it. These are the men who are to
be paid for their services and their salaries In gold
and silver, while the great mass of the people
who paid that specie into the treasury, ana paie
a premium to get it, are compelled to receive fol
their property and labor discredited and depre
| ciated paper currency.
i New, SIR, beg to know what proportion there
| is between those who pay the hard money into
the treasury, and those who are to receive IT on
again. and to throw it into general circulatloi
! among the people, according to the argument o
the gentleman from New York; Sir, it is about
as one to one thousand; and believe might oe
| within the truth and say that It IS not greater
| than one is to two Thousand. But admit ina
all the Office holders and contractors In the gov
eminent arc to receive their salaries in goad ane
! silver; any mortal man be so credulors as t
believe they will pay it Quito their creditsrs ant
that it will thus enter into the general circuia
ton? Why sir, such an idea is not only absurd
but perfectly ridiculous.
/ have already shown that the effect of thi
will be to depreciate the currency of the coun
| try. Then, ask, what must fellow as neces
sary consequence Why, sir, that specie, un
der such state of things, must and wiliceas t
circulate as part of the currency, and become an
! sold among brokers and shavers, is proposition
50 clear, that simply to state it is to prove it
! And, sir, these Office holders and contractors
! who are to be paEd off in the 1tyellow boys AND
ssmint Drops" viii be able to sell them for pre-
MUM Of from 1--WE 10 ten per cent. in the paper
| currency of the country, and consequently ge