, 1840-10-03

per at five per cent. discount to-day, it may
not be fifty tomorrow?
The truth is, the proposal is far too viciou.
when it is fairly brought forward in its naked
deformity. There is no safety, either for the
public purse or the public morals, except
when the currency received and paid out
by government is either gold and silver, OF
that which is of equal vdiue with gold and
silver, and can be Immediately converted
into it. And If of equal value, then the Of
fice-holder who receives it is just as much
advantage as if he received the gold and sill.
yer itself.
A deprecated currency to exist among
them, expose themselves to numberless temp.
~tations, daily frauds, and grievous loss. Do
they wish their government TO initiate their
example?
The people have the power to correct
this gross abuse. In time. when they see
their way clearly. they will correct it. In
the mean time. the President is bound, even
BY his official oath, to use every ~eXertion TO
correct it, in all government transactions.
He violates the acknowledged spirit. il not
the words, of that constitution he has SOL
EMMY sworn TO support, if he permits any
government officer to receive or pay out a
single dollar of currency that is not either
gold or silver, or their equivalent.
And il Congrss or the Presindent were to
sanction a deprecated currency for the Gov
eminent merely because the people tolerate
a deprecated currency among themselves, it
would be a violation, not only of the spirit of
the Constitution, but of every sound princi-
pie of public morals. If tie Wing party
propose TO vitIate the Government currency,
because the popular currency is vitiated, they
propose an IMMORTALITY; and If this is
not their proposal. then their cry about "gold
and silver for the "ffice-holders, and rags for
the people!' is pure, unadulterated, unmixed
hun5u-. II has not the shadow of n foun-
Extraordinarily the shadow of Il medning-to
excuse its iuccSSlnt repetition.
To those Wings who have too much sense
and selfrespect to employ or endorse that
idle cry, and who admit that Government
ought 10 receive and pay out only gold and
silver. or their equivalent. but contend that
the par notes Of specie-paying Banks ough,
to be received, ! reply. that the experience
Of the las; few years has proved how little
dependence can be placed even on the most
solvent Banks. We have had two general
suspensions within less than twice that NUN.
Der of years. They CONT upon us without
warning, ''iike n thief in the nigIIt;'-debas-
ing the whole paper currency of the coun-
try in 4 single day. How. then, can Gov
eminent take any Bank paper. without the
risk of holding Il deprecated currency, be-
fore ever that paper is paid out of the vaults
of the treasury! Mr.. McDutfie, in his cele-
5rated Report from the Committee of Ways
and Means, lmade April I3. 1907 calculates.
nj page -. that Government lost. during less
than three years of the Late War;, THIRTY
Two MILLIONS of dollars solely By taking IT,
preciated Bank paper. Such a contingent
CIV may not again happen. Let us hope that
it never will. But that terrible lesson OF
the past ought not to be forgotten.
1t has recently been the fashion Of the
Opposition 10 assert, that the law we are ex-
aiming has been urged to its passage .'des-
pire the lamentations Of the people," and in
the face of their opposition to il, in Con-
gress and elsewhere.
II evera public measure won its way to
public confidence. in despite of an unpopu.
lar reputation. and by the mere dint of its
intrinsic excellence. it was the Independent
Treasury Law. If ever n public measure
was patiently discussed. rigidly tested, and
deliberately approved by a majority Of the
PEOPLE of these United States, it was the
Independent Treasury Law. If ever a pub
lie measure was forced. by the circumstances
Of the times. upon a Government DESTROYS
of adhering strictly to the Constitution, 1t
was that same Law, which Gen. Harrison
~pronounces TO be a scheme to subvert the
and establish a Monarchy on its
What COULD the Executive reasonably
md constitutionally recommend, situated as
he country was when the extra session of 81
Vas called! The sovereign voice of the
issuing from the ballot aox, had twice
tina, they would not have a Nation
Bank. Then the State Banks had been
escorted to. They had been "tried in the [
and found wanting" Further to I
rust them would have been nothing short of
breach of official duty in the Executive.-,
What, then, waste be done? Since the pub.
&c will had put down a National Bank, and
Experience had condemned the State Banks,
course remained! One only; and that