The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-10


18th section of the bill provides, that after the
10th OF June, 1S43, Gall 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 be
paid in geld and silver only" 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 slso 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
Inent, of which they pronounce them to be un-
worthy. And, again, sir, it is common argu-
ment in the mouths of all the friends of this
measure, so far as have heard, that whatever
is received by the government in payment of
public dues, acquires thereby an 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, l 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 in the same proposition.
Now, Mr. Chairman, submit to you a man
of candor to says if 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 an 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.. CO. to
make the case still stronger, will prove to you
that, under 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 a silver dollar or a gold
piece, unless they buy it and pay premium for
1T, as all those who any thing to the govern
ment will be compelled to do, and as every man
in paying his taxes TO the government will have
to do indirectly How is this? The gentleman
from New York, Q1r 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 re-
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 was greater mistake.
Whs, sir, let me ask you, pays into the trea
sury the vast amount of revenue expended in the
administration of our public affairs. answer
for you, sir, the great body of the people
Every man i'll 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 the general government. The inn
porting merchant first pays it in duties-the coun
try merchant pays it to him, with profit ON it,
and lastly, sir, the consumer pays it the country
merchant, with another per cent. upon it; anc
although he may pay his store account in paper
| money, yet, sir, he pays the premium it il
the additional price put upon the goods to cove
| it Thus we that all the people, of all pro
| LESSONS, trades, and avocations, contribute in
| directly to fill the national treasury with gol,
and silver and it is SAID that it is paid out TO TIN
public creditors. Well, Mr.. Chairman, who ar
the public creditors to whom this hard money i
| to be paid out? We have been already told tina
all the people public debtors, or tax payers
but, sir, are all the people public creditors, ant
will they all receive back part of this specie 70
some service performed for the government! N
mo. Then, repeat again, who are the pebli
creditors, None but the office holders under tn
|
| power who may be fortunate enough to obtain
I contract with it. These are the men who t,
be paid for their services and their salaries in go
and silver, while the great mass of the people
who paid that specie into the treasury, and pait
| premium to get it, arc compelled to receive TO
their property and labor discredited and depre
| ciated paper currency.
Now, sir, l beg to know what proportion iher'
| is between those who pay the hard money int,
bf.a IN mn
| again. and to throw it into general circulation
| among the people, according to the argument o
| the gentleman from New Yord; Sir, it is abou
| as one to one thousands; and believe might b.
within the truth and say that it is not create
| than as one is to two Thousand. But admit tina
all the Office holders and contractors III the gov
crnment arc to receive their salaries in gold anS
silver; can any mortal man be so credulous as &
believe they will pay it out to their creditors, ant
that it will thus enter into the general circula
| tion' Why, sin, such an idea is not only absurd
but perfectly ridiculous.
have already shown that the effect of Thu
will be to dcpreciatc the currency of the coun
try. Then, | ask, what must fellow as a neces
sary consequence Why, sir, that specie, I'm
der such state of things, must and will cease t.
circulate as part of the currency, and become ar
artidle of trade and merchandise, bought and
sold among brokers and shavers, is proposition
SO clear, that simply to state it is to prove it
And, sir, these Office holders and contractors
who are to be paid off in the sSyellew boys" and
'smint Drops" will be able to sell them for pre-
MUM of from five to ten per cent. IN the paper
currency OF the country, and conseq entity get
that addirion to their salaries, and then have as
good money as the people are allowed to have
under the self-styled democratic administration.
But, MIR. Chairman, why need have con-
sumed so much time in attempting to prove by
argument that this measure will create a distinc-
ton between the currency of the government and
that of the people, when might have proved it
in one moment by pointing you to the state Of
things that surround us? Il is notorious fact,
which no man will have tina boldness to DENY,
that this distinction has existed to a very great
extent since 1887; and that at this time the Of
fee holders are reaping the benefit of it. This
scheme has been in practical operation since that
time: The revenues have been collected in
specie, and it has been paid out to the public
dnslxr