Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-15

surely II cannot require a moments reflection L
eject inc total want OF resemblance between issue
so" % NeSc Aud n convertible paper currcnc
eStlng on an ample provision of funds To redeer
| - 1ohar Toe dollar, when demanded, and strict
nnueI IN amount by the law which authorizes it
| brt the Senator from PENNSYLVANIA demand,
vince Is the worron, in the Constitution Tor III
| issue OF the propoSe seal notes OF the Government?
rea''y seems 20 me, Mir President, tina, this qucstio
| comes l,tt'e late in the day from the sentema
anu MS fIiends, who for the last tour years, h,v
| oeen steadily voting for issue upon issue of Urea
| sutv NOES, Identical in mud principle Mt cas
| WIN those now proposed. The honorable Senate
refers us 10 passage OF constitutional history, from
when appears thata clause anthorisns Congress
% ISSUE oills OF credit, which formed part Of tn
| hrst drausht Of the Constitution, had been, upo'
inI' consideration, stricken out in the Convent OF
but " the gentleman had taken the trouble to pur
sue RS researches little further, he would hav,
'ound on tho same page of constitutional history, il
The Debates oi the Convention as ,cpor,ed by Nj
Nadison' note by that distinguished man, stating
expressly That the striking out of the clause IN qucs
non was neither intended hal it the effect, "tC
disaoIe the Government from the use Of its own
notes MS lar as they would lie safe and proper, bui
was simply designed 10 take away the ptetcxt for d
Novernment paper currency, properly so called
resting on the mere faith and credit o the Cavern.
men'' and at the same time, made legal tender III
pay Weht OF debts. Now, sir, II have understood
correctly the plan omitted in the report of the
secretary OF the Treasury the Treasury notes pro.
posed To to issued will vossess neither Of the cha
rActerlstics OF the condemned Goyernmcn: paper
currency. Instead Of resting on the mere faith and
cFcdi' oi ihc Government, they ate 10 be- abShcd
on solid specie basis, always held in readiness 10
redeem them on demand, and instead of any pre-
tension 10 be legal tender their s5cep ance by the
pnohe creditor rs expressly decircd 10 be n its
Tree cGolce ana option. Ii wouli be a strange ano
mnly, indeed, il Government having power 10
contract and pay debts, 10 lay and collect taxes and
10 make them uniform, aud 10 provide, III an !
IN peace, for the hnancill eNccnces OF great ma
ton, were not permitted to make use OF lis own
notes or evidences o. debt created by H. in conduct,
ing these operations, when necessary and proper
making them receivable in discharge OF all dues 10
II, on the on: hand, and paying them on the other
10 The public creditor, IN lieu OF specie only when
preferred and desired by the creditor himself. lf;he
ties OF the Government, thus used ami Introduced
INTO circulation through the financial operations of
the pubic service, should prove of so much general
convenience as 10 be spontaneously adopted by the
community rs = circulating medium, to some extent
tins, instead o. forming an objection to their USE
ought. II would seem, 10 be strong recommend
ton OF them IN the eyes ot an enlarged aud bencfi
cent s;ntoSm,nShip..
The Senator from Pennsylvania has thought Fl,
IN refer to certain opinions delivered on this ,or i'm
1887, by distinguished member OF tho Aiminis,ra-
ton. respecting the power Of this Government over
the general currency %: the country. In those oDin
IONS, may I've permitted TO say, have never con
CURED, and do not now concus. But nevertheless
Government IN the exercise of its unuucs,iona bl.
functions, render Efficient aid in securing to tho
Whole country, The people well IS The office hold.
erS, The enjoyment OF a sound and uniform curren.
cY, anj ihatit IS RmNNg its hi.he aud most :,
cred duties to cSsr; every power with which i, is
leS;maicly clothed To the attainment of this great
end. will say further, ;hat this duty has been re
co.niscd by every Administration ;hat ever prcsi-
e. over the d->,inirs OF The Country, (Nrd ly none IN
mo emphatic terms than that of General Jackson
till It was dsclvere ami announced NV the late
m niS;ratinn that lie whole Gu'y and power of the
Federal authority - regard 10 the currency WIS
limited 10 coinage OF the precious metals, aEi the
collection OF the in gold and ST yer-in OH.
er words, - taxing care OF the Government aad IT'S
ofci', cors. eavIrs the people - shift for them.
selves AS thty may In the spirit OF this new mi
ioSo rhy, We noR helr lsure orie,ts,l TO- and
us conStutontlity cues lone !, because, looking
beyond the narrow range OF mere cove n mental IN
isres'. promises PARTICIPATION in its benefits 10
the great body Of the nmun ". For myself SIR
confess my loSsons OF civic duiy have been learnt
m different scsool. greet political teacher has
told US that "GoveFrment Is practical thing,
made for the happiness OF mar kind and no, TO fIs.
nish out spectacle Of uniformity, to crafty IN.
schemes OF visionary potcians;' and that rs the
Sabbath, tiho-gh OF divine insiit i:ion) was made
lor man, not man fnr the Sabbath. 50 Government
which can pre'ent 10 no higher origin or auihority
mlsi hold tse instrgmNntsi ami subordinate to the
wants and uses Of the People, Tor whose tenet, it
was established.
But gentlemen must content themselves with
SIMPLY opposn. every measure which IS Offered i,y
Others Tor the relief OF the country. If they afe
dissatisfied W IN the measures proposed by Others
let them come forward ana tell MS what's their re
medy for the present disoIdercd condition Of "a
county. Surely whc1 they contemplate tn, mi
versal confusion and tisorganz ton which now
prevail IN the business OF soc,ety-.nius,ry dis
eopnsed and paraIysei Ivy the uncertainty and rrc.
seriousness Of its reward, commerce STRUGGLING IN
Ger Ioid OF embarrassment from the want nt n
sound medium oil eNchln.e, the incubus of hctcro
gencous and teprcc'ied currency pressin. the
energies OF tie people 10 the earth at moment TOO
when every consideration connected with the honor
OF the Amer can name, at home and abroad calls
Tor tree and strenuous deve opment OF the nation.
al iaculties-with cccne such as this before their
eyes, appealing lmpressvely 10 the sensblli,ics AS
well rs obligations Of lofty patriotism surely cen
tem-n will not lie content to fo'd their arms with
stoical Ind Here and IN the codnes and soud.
OF metaphysical ABSTRACTION cry out 10 a suiT.rins
peop'c, You expect too much fom The Govern
ment
certainly had no, expected, after the si,nnl re-.
huke winch this memorable language employed in
a high quarter on former occasion, had me, win
IRON the country, to hear It repeated now Yet
the Senlior from Ponns ylvdnia tells us-le,ye tbc
people to 'hemselves-;hey must not look 10 Con.
gross TOR re leland the Senator from South t,sro
Ina Joins him by telling his political friends thew
nave nothing To DO hot TO stand still. Now, sir
while tie country IS suifenn. under en- lnrrnssnenf,
and disorders Of lie gfHvest character 1trihufnbic
mainly. IN my humble judgment, 10 mIsgovernucnt
md errors of ruo.ic policy, for one cannot recon
CHE o. 10 my sense OF duty, as servant and terre
sentative ol Tie people" 70 stlnj still and do moth
Ing. believe that Government. is comnetrut for
gopd-ns 10 know, f,om bitter eXperience. thar II,
Il capable Of eviland am for an honest efl ,rt n,
'.as' % d. something Tor the good Of the country
II - very evident what gentlemen promise them
selves fom their do nothing policy, and defeating
~ succession. eVcrS measure which shall he plopos
Ell for correcting existing evils They still cn., 10
their cherished sab Treasury Bys'em. Their ban
ner 7 inscribed with the motto OF the sub.Trc7snty
The whole suh-Trcnsu'y, md nothing but the sub
Treasury. Eat II ihty hope ever ngain To bring
the free people Of this coIniry TO that rcpujilteG
system, with al rs ifon.hcur;cd exclusiyeress. il,
selfish abandonment Of tic interests of the rr.n,
BODY Of the people, is Shylock cIlcon Of tho
''hetter currency" for the Cow rnmcnt nIo,c. and
the absolute dependence Of all the en,s md finc
toraries OF tho system the will Of tho Pr, sient
uey vii! yet fiod perhaps, that they are rerhoans
without their host.
Whl', then, Mr President, is i, incumbent un2n
ne, with q due regard u the circumstances Of our
nOston, nov to dol The suu-Trcasury system
has been rcpudi''ed 10y the People, and will nevcr.
IN my humble judgment, be submitted to by them
again. National Bink, It must he conceded, even
by rs strongest advocates, IT., for the present at
81 nlsO out oi the question. We're there no other
difficulties m the way, tho adfniued impDss.biiity
of obtaining subscription Of Tho stock Of such an
institution, under sting circumstance IL IN itse
IN insupe'able mped'ncnt In regard 10 the State
bnnkg. Ike my honorable friend from S. Carolinn
lnr Prestonl who first addressed you this morning
have always believed that Idclous md fcgu.