The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-12-14
SENATOR BENTON AND THE MESSAGE

SENATOR BENTON AND THE MESSAGE
We shall not so into any analysis of the Sc
nator's views of the Presidents Message at this
time, but after quoting passage from his re-
marks upon the reading of the Message, refer
him to passage in Senator Woodbury's Re.
port from the Treasury Department at the ex-
ira session Of 1887.
The honorable Senator said
Looking at that feature 1.-THE Fiscal Agent of the
message read he perceived that the President gave
outline of his PLAN leaving to the Secretary of
the Treasury to furnish the details in his Report He
apprehended that nothing in those details could re-
concile him TO the project or in any manner meet his
appreciation. There trere tpo main points presented
in his PLAN TO ieich he could agrceboM being
wholly unconstitutional and dangerous One was
that Of emitting bills Of credit, issuing a Treasury
currency. Congress had constitutional authority
to issue paper money emit Federal bills Of credit;
and the other feature is to authorize this Government
TO deal in exchanges"
Without stopping to argue the soundness Of
these positions with the honorable Senator, we
shall refer him to Gen. Jackson's message Of
1880, on some of these points, and to the follow
ing extract from Secretary Woodbury's (Letter
orr Report, on the others and let him see how
these authorities harmonic with his own views
on this subject:
"Certificates, (says the Secretary not on interest
but payable in specie bearer order well be-
ing receivable for all public dues could he authorized
be given in payment to the public creditor, when
ever preferred by him, and sufficient specie existed in
the Treasury This kind of paper would be very
venient in form, and would differ little from the drafts
now in use on banks, except being drawn on known
specie fund.- and expressing its face not only this
but it's being receivable in the first instance for all pub
lie dues II would possess the highest credit attain
able in society.
and convenience, even the drafts, though exposed to
several Disadvantages which would not exist with the
certificates are the par Of specie, and furnish
such facilities for large payments and distant remit.
tapces that the amount of them, on both banks and
collecting officers kept out unreturned has increased
within few months from the aggregate of about two
millions to nearly four and a half millions.
"If the demand for such paper increased, public
and private convenience might be promoted, and an
equal quantity of specie at the same time preserved IN
the country by reserving for this purpose from any
accumulation in the Treasury, sufficient sum, and
Nv placing il at few important and convenient points,
10 rendeI greater number Of certificates redeemabe
there with the very coin whose representative they
are Intended, and honestly, ought to be.
GAN the advantages of these certificates could thus
be furnished by paying them out TO the public credi-
tor when more desirable to him than specie But no
loans OF them appear advisable nor any bank ncorpo-
ration bank officers bank machinery whatever, IN
connection with the subject. They would combine
the most important requisites appertanng 10 any paper
currency such the greatest security an entire spe
Gle basis, and the unity Of all issues ~ one pody;
while the control these last, which II IS so de-
slrable 10 preserve independent would be placed and
regulated by law, to prevent any interested and
injurious excuses. The whole risk would be the
loss by casualty ai,huness Of any of the specie
that was held TO redeem the paper and which, well
as the expenses would probably be in part remuners-