The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-16

and acknowledged from the formation of the
government. Now, sir, the general interpreta-
ton oil this resolution must be so construed and
can in no other light than as a direct attack
upon all banks and every other species of Gre
dit; and can only be inconsistent with the idea
of hard money currency. Now, said Mr.. F.,
told you yesterday, that the doctrine of your
party was the doctrine of hard money, and
hard money alone; and now challenge you to
meet this question boldly and with calm deter
imitation. Never attempt TO change the ques-
ton. Run up your flags to the mast head, aud
show TO the world your true position The
state banks have doubtless forfeited their char
ters, you now have the neck of these monsters
fairly under your feet. and | challenge you
now, sir, to crush them. Down with the banks;
down with them at once, and let your boosted
experiment go into effect. For one, /, am will
ling to suffer, that the body polite may be
purged of all IFS impurity, if you can make it
appear that corruption exists. declared said
Mr.. p, upon this floor, on former occasion,
that the present disorder in our monetary con-
Germs had been brought upon us by the last
and present administration of the general GOV
ernment. That position | now reitepate. |
stated also that, previous 10 General Jackson's
attempt to give us better currency, we had
the best currency known to the civilized world
a mixed currency Of bank paper, based upon
gold and silver. The paper of every bank,
with scarcely an exception, was convertible
into gold or silver at the pleasure Of the holder;
the exchanges of the country were at the mini
mum rate; the government collected and dis
bursed IFS funds, free from expense or loss. in
every section oil this wide spread country. In
support of this position, Mr.. p, read from the
report of General S. Smith, of the United
States Senate, warm friend of the admins
traton, the following extract:
"The currency OF the United States, the on
yslegal currency, is gold and silver; all debts
TO the government, and all debts to individuals,
being received in that medium, and in no 9TH
er. As however, the amount of coin requisite
for those purposes would be unmanageable and
nconvenent, the United States, like other
commercial countries, have adopted the sys-
TEN of making credit supply many of the cases
OF coin; and numerous banking companies have
been established, issuing notes, promising TO
pay on demand, gold and silver. Tie Govern
ment Of the United States has established one
of similar character; and for the convenience
of the community, the public revenue is col
lected in gold and silver, the notes of the Bank
of the United States, and the notes ofsuch sol.
States and its branches will receive as cash.
''The currency, therefore, of the United
States, in its relation to the Government OF the
United States, consists of gold and silver, and
Of notes equivalent to gold and silver. And
the inquiry which naturally presents itself, is,
whether this mixed mass OF currency is SOUND
and uniform for all the practical purposes Of the
Government, and the trade of the Union
That it is SO, will appear from the following
facts
LIST. The Government receives its revenue
from 943 Custom Houses, 40 Land Offices,
8 ,004 Post Offices, lS4 Receivers Of Internal
Revenue, 81 Marshas, and So Clerks of
Courts.
''These, with other receiving officers, which
need not be specified, compose an aggregate
gilmore than 5000 persons, dispersed through
the whole of the Union, wha collect the pub
lie revenue. From these persons the Govern
ment has, for the ten years preceding the LIST
Of January, 1880, received, $3.50, loss, 955 II
This sum has been collected in every section
of this widely extended country. Ii has been
miles distant from the places where il was COL
lected, and yet has been SO collected and dis
tributed without losing, as far as the commit
Ice Cdh iCnIh, anu WliilOut
expense of single dollar to the Government
That currency, by which the Government
has thus enabled 10 collect and transfer such
an amount ofrevenue to pay its army and
navy, and all IFS expenses, and the national
debt, is unsafe and unsound, cannot readily be
believed for there can be no surer test olits sui
ficiency, than the simple fact that every dollar
received in the remotest parts of the interior,
is, without charge, converted into silver dol
lar, atevery one Of the vast number of places
where the service Of the Government requires
its disbursement. The Secretary of the Trea-
sury, in his report of the 9Th December, 1923,
declares that, during the four years preceding
the receipts Of the Government had amount
ed TO more than nnety-seven millions of dol
lars, and that all payments on account of the
public debt, whether for interest or principaE
all on account Of pensions; all Of the civil list:
for the army; for the navy; or for whatever
purpose wanted, in any part of the Union, have
been punctually met The same officer states,
that Sit is the preservation ola good currency
that can alone impart stability 10 property, and
prevent those fluctuations in its value, hurtfu
alike TO individuals, and TO national wealth, ~
This advantage, the Bank has secured 10 the
community, by combining within prudent limits
IFS issues OF paper, Sc. &c. q ''HA
"2d. IL this currency is thus sound and
uniform for the Government, it is not less so to
the community. tgi .s D aQ
"The basis of all good currency should be
L. l..