, 1840-04-18
WHOLE NUMBER sac.


will be followed by the issues of succeeding
years. More ard more will it be perceived
to be needless and indiscreet to cash them ;
and more and more will the specie of the
country accumulate in the custody of the re-
~ceivers general, until after a few years,
the greater part of the specie Of the coun-
try will be found in the vaults of the deposit
taries, presented by an equal amount Of GO
vernment paper in circulation. can con-
celve Of no cause or motive but one for with.
drawing the specie from the vaults of the de-
positaries, and that is, when, from an u~nfavoy.
able state of our foreign trade, the course
Of foreign exchange is much against US /; and
then this system will furnish grea: facilities
to the export Of the precious metals.
In process Of time, it will be seen, as was
observed with respect to the bank of Am
sterdam, that there is much larger amount of
specie in deposite with the receivers general
than is likely to be called for by the paper
representing it in circulation, in the common
transaction of the business and
Of the country. And what has been done
before will be done again. Government, in
a time of necessity, will be tempted to in.
crease its paper issues upon the credit of this
dormant specie capital. 1t will be tempted
again and again to resort to this expedieni,
since it is easier to make emission Of paper
than to lay the burden of taxation on the
people. The history of American paper
money, during the revolution, Of French as.
signats and of government banks, through
out the world, tells the whole tale, and gives
you the denouement.
But we shall be informed, as has been in
sisted, that this bill cautiously guards against
the degeneracy Of the system into a govern
ment bank, by the provision, contained in the
23d section, enjoini,g the secretary Of the
treasury " to issue and publish regulations to
enforce the speedy presentation Of all gov
eminent drafts for payment at the places
where payable and TO prescribe the time,
.depositaries from the seat of government,
within which all drafts upon them, respect
lively. shall be presented for payment ; and,
in default Of such presentation, to direct any
other mode and place Of payment which he
may deem proper"
Then it is to depend upon the secretary Of
the treasury whether we have a government
bank or not! We are delivered over to the
tender mercies of his legislation in the form
of the regulations which he may choose to
issue and publish! And the extraordinary
power is vested in him, if any dare violate
his regulations, Of denouncing the severe
penalty of receiving payment "any other
mode and place which he may deem proper"
Now, sir, between n draft on the receivers
general at ST. Louis and at New York, there
will be a difference at oil times of at least
per cent; and at some periods a much
greater difference. Is it fittings it in &C.
cordance with the genius of free institutions,
with the spirit Of a country of laws, to con-
hde such a power 10 a mere secretary of the
treasury What a power is it not to re.
ward political friends or political enemies.
But, sir, | look at the matter Of this res
friction in a higher point Of view. You can
not maintain it. Why should you? You
have provided all the means, as you profess
10 believe, of perfe I security for the custo-
dy OF the public money in these public de-
positaries. Why should you require tie
holder of a Government draft, often ignorant
the legislation Of the Secretary of the
Treasury, to present it for payment by a gi-
ven day, under a severe penalty, depending
upon his discretion9 Will not the incon-
of the community, Of a precise
day and a short day, for the presentation of
the draft be vastly greater than that Of the
Public in retaining the money for an inde6-
day, until it suits the holders conven-
to demand payment And will you
not be tempted to keep possession of specie,
foi the Incidental advantages which it al.
lords All! sir ; are we to overlook the
uses to which, in corrupt DAYS Of the
this dormant specie may be ap-
piled In the crisis Of political election or the
OF the existence oil a party in powerf
Congress will be called upon, inperatlvely
called upon. by the people. to abolish all re-
'trlctions which the Secretary of the Trea-
'ury may promulgate for the speedy p1esen-
.ation for payment of government drafts
The wants Of the people and the necessity
IF country for a paper medium, possessing
Uniform value, and capable Of general circu-
alton, will demand it at your hands, and YOU
will. be most ready to grant the required
We should regard the system accor-
ling to its true and inherent character, and
lot be deceived by provisions, inevitably
temporary in their nature, which the policy