Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-02-05

issue of Treasury notes under the proposed
plan when he tells us that it is "to rest on
an actual specie basis to be held in readi-
ness to redeem the notes a; the places Of IS
sue" If this principle shall be faithfully
carried out in the construction and admin
istraton Of the proposed system. il would
at least furnish, to the extent of the issues.
currency. possessing every element of
safety soundness and uniformity.
| Gentlemen have INDUCED themselves in
talking very learnedy about the assignats
of France and the continental money of
our Revolutionary era. But what were
these but mere paper emissions, resting on
no basis whatever but promise to pay at
future and indefinite time, and not even
that in the case of the French assignats,
which only conveyed to the holder right
to purchase national property at enormous
prices, both of them issued without limita-
ton as to amount. in quantities surcharging
the circulation, and constantly increasing as
the value of the paper declined, and deri-
irving from the arbitrary fiat and penalties
of legislation the only semblance of ex-
changeable value they possessed. Surely it
cannot require moments reflection to de-
issues such as these and convertible pa
per currency resting on an ample provis-
ion of funds to redeem it, dollar for dollar
when demanded, and strictly limited in
amount by the law which authorizes its
creation.
But the Senator from Pennsylvania de-
mands. Where is the warrant in the Con
sttution for the issue of the proposed notes
of the Government! 1t really seems to
me, Mr.. President, that this question
comes little late in the day from the gen.
tleman and his friends, who for the last four
years, have been steadily voting for issue
upon issue Of Treasury notes, identical in
name and principle, at least with those now
proposed. The honorable Senator refers
us to passage of constitutional history
from which it appears that clause author
izing Congress to issue bills of credit.
which formed part of the first draught Of
the Constitution, had been, upon full con-
sideration; stricken out in the Convention.
But if the gentleman had taken the trouble
to pursue his researces little further, he
would have found on the same page of con-
stitutional history, in the Debates Of the
Convention, as reported by Mr.. Madison,
note by that distinguished man, stating
expressly that the striking out of the clause
in question was neither intended nor had it
the effect, "to disable the Government from
the use Of its own notes, as far as they
could be safe or proper" but was simply
designed to take away the preteXt for a
Government paper currency, properly so
called, resting on the mere faith and credit
Of the Government. and, at the same time,
made a legal tender in payment of
debts. Now, sir, if have understood cor
rectly the plan submitted in the report of
the Secretary of the Treasury. the Treas
ury notes proposed to be issued will pos
sess neither of the characteristics Of the
condemned Government paper cUrrency.--
Instead of resting on the mere faith and
credit of the Government, they are to be
established on solid specie basis, always
held in readiness to redeem them on de-
mand, and, instead of any prctension to be
legal tender, their acceptance by the pub
lie creditor is expressly declared to be at his
own free choice and option. 1t would be
strange anomaly, indeed, II a Govern
ment having power to contract and pay
debts, to lay and collect taxes, and 10 make
them uniform, and to provide. in war and
in peace, for the financial eXigencies Of a
great nation, were not permitted to make
use of its own notes or evidences of debt
created by it, in conducting these opera
tons, when necessary and experimenting
them receivable in discharge of all dues 10
it, on the one hand, and paying them, Oh the
other, to the public creditor, in lieu Of spe-
Gle, only when preferred and desired by
the creditor himself If the notes of the
Government thus used and introduced
into circulation through the financial opera
tons of the public service, should prove of
so much general convenience as to be spon-
taneously adopted by the community as a
circulating medium, tosOme extent, this. in
stead of forming an objection to their use,
ought it would seem, to be a strong recon-
mendation Of them in the eyes of an en-
larged and beneficial craftsmanship
The Senator from Pennsylvania has
thought fit to refer to certain opinions, de-
livered on this floor in 1887, by distin-
guished member of the Administration,
respecting the power of this Government
over the general currency of the country.
In those opinions, | may be permitted to
say, have never concurrcd, and do not
now concur. But, nevertheless, have be-
licved that il is in the power Of this Gov
eminent, in the exercise of its unquestiona-
BILE functions, to render efficient aid in Sc
curing to the whole country, the people
as well as the office holders, the enjoyment
of sound and uniform currency, and that
II iS amOnU itS hiuhect and most cacrad d,