, 1840-10-03

FORVEVER, THE PURSE AND THE
SWORD. IT Is, THEREFORE,, EMF
NENTLY IN ACCORDANCE WITH
THE FREE AND DEMOCRATIC SPIR
IT OF THE AMERICAN GOVERN
MENT.
Yet this law is daily represented as a vir
tual uniting Of the purse and sword! 1t i
spoken of (ay!even in public, by a candidate
for the PresidencyD as a plot against the
Liberties of the country-a law actually Civ
ing 10 the Executive monarchicat powers!-
Spirit of party! how dost thou blind man
kind! How much Of perversion and misrep.
resentation hast thou TO answer for!
1t is not my habit TO put forth challenges
or provoke discussion; but this | will say,
that | I'M ready and willing (strong in the
conviction of a good cause) to take up the
affirmative of the above positions, on any
fitting time and occasion, and maintain them
as may, against all corners.
The third great principle of this law yet
remains TO be spoken of; specie clause, re-
quIrlng payments TO and from the Treasury
to be made in gold and silver.
To the usual objections made to This clause.
Mr.. Van Buren,, in his last annual Message,
has well replied. He says:
81 am aware that the danger of %inconven-
fence 10 The public, and unreasonable press
ure upon sound banks, nave been urged as
objections to the payment Of the revenue IN
gold and silver. These objections have
been greatly exaggerated. From the best
estimates, we may safely fix the amount Of
specie in the country at EIGHTY-FIVD
MILLIONS of dollars; and the portion of
that which would be employed, at any one
time, in the receipts and disbursement OF the
government, even if the proposed change
were made at once. would not. it is now az
ter fuller investigation believed, exceed
FOUR OR FIVE MILLIONS. If the
change were gradual, several years would
elapse before that sum would be required,
with annual opportunities. in the meantime.
10 alter the law, should experience prove it
TO be oppressive or inconvenient.'
Again, in the same Message, the President
informs US:
sOf nearly twenty millions of dollars paid
10 collectors and receivers during the preSen:
year. the acreage amount in their hands at
any one time has not exceeded A MILLION
AND A HALF"
Thus, the amount Of specie withdrawn
from circulation, by this provision of the law.
Is likely to be very small, compared to the
total specie circulation of the country; an
amount altogether inadequate to cause EN-
barrassment by materially contracting the
circulation; on the average, perhaps. hardly
more than a tweive-and-a-half cent piece for
each inhabitant of the United States: unless.
indeed a large surplus accumulates in the
Treasury, which is NEITHER likely nor desira-
bic. And here it is worthy of remark, that
while, under the old law, it was the interest
Of the Banks and the commercial community
TO have as large a surplus revenue as possible.
so that they might use and profit by it; now.
under the Sub-Treasury lawit is the interest Of
all that no more revenue should be collected
than will barely suffice for the necessary ex-
penSes OF the government. The tendency
OF the law. in this respect, is excellent. The
less surplus there is, the less risk will there
be of loss and corruption in its receipt and
disbursement, and the less difficulty in provi-
ding for its safe keeping.
The cry-for it hardly deserves the same
of argument-which is raised, for effect. be-
fore the people, in regard to this specie
clause, is; '.One currency for the ofice-hol-
ders, and another currency for the people!
Sold anu SILVER 10 paw tWe servants OF the
people, and but worthless rags left for the
people themselyes!"
What does this cry mean! What is the
of those who employ it! Do they
seriously propose TO US. that government
should receive and pay out something worse
than gold and silverl in other words. Il de-
preciated currency! Is that the mean
ing! If not, the cry has no meaning at ALL
1t means if it means any thing, that. while
the people have 4 currency circulating among
which is under pay. the Government
should receive and pay oul 4 similar drpre-
ciated currency.
Now, if it be possible to frame a proposal,
which will introduce corruption throughout
the whole extent of our government. THISlt
ONE. The Government dues are 10 be
collected, and the Government creditors paid
in a currency under par, of uncertain /
value. fuctuating from day to dav! What
be the consequence?-not the proba- =
bic, but the certain consequence-of such Il
proceeding? II
Confusion Observation-Disclosures beyond cal 6
:ulation!-corruption without boundi-temp-
. ..o- - Lii, III. f