The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-13
THE RICHMOND ENQUIRER - -
CHEQUEp IN THE FIX

-ND In
We Eel, pariculs'
orton OF the plea sure on reading that
ed TO the .,fesidentt Message which rela-
w. Exchequer. We had hoped that it
,ald prove a peace offering placed by the
hand Of a patriot on the altar Of his country.
The Sub-Treasury had been condemned by the
election OF lS40-strongly aud decisively con-
demned. A National Bank was believed to be
equally odious to the People. The late cleo
tons have sealed its fate as emphaticallY as the
election Of 1910 did that Of the Sub Treasury !;
and yet the state aud condition of the country
aud we believe the public sentiment, demands
something to be done. We thought, twelve
months ago, as we think now that the Exche-
quer was the very measure which the country,
and the rhote country, needed. We had not
believed, whatever the fury Of ultraism could
allege against il on the score of expediency, that
any constitutional impeachment existed in its
way We believe that but single editor in
the Union has started constitutional objection +,
and that editor is the editor Of the Richmond
Enquirer.
The matter OF the currency has been unwise-
" committed, both by the Federal and State
Governments, 10 the hands Of banks-those
81 souIless corporations they have been call
ed, which, looking exclusively TO their own pro-
fits, have inflicted upon the community evils Of
the most frightfui magnitude. No man can
doubt the extent OF those evils, who will calmly
weigh the facts stated in the Message. The
"a n 000
0O0, to $l49, OO0, 900; and in the shorter space
of FIVE years reduced to sum not believed to
exceed $5O, OOO, 900; nor is the lowest depth
still reached; we verify believe that the reduc-
ton is destined still to proceed, al slower rate
il is true, but still to 60 on. We confess that
we are startled at our own reflections on
this subject. The misery, the ruin to the
country, has been most serious already
Shall it have no end2 Nay, instead OF hav-
ing an end, are we not to stop until the golden
age is fully restored? When will that come
will il occur in the next two years? Wesay to
the Democratic party-beware! You are vic
torious and triumphant because the People have
seen that Wing majority in Congress had
done nothing for their relief. Follow We in
their footsteps, and the same People will arise
once more in the majesty of their strength.
VIVA, if the golden dreams of some could be
fully realized-and all the Banks were swept
OUT of existence, and nought but scaniy sup
ply OF the precious metals left in circulation
That not even this Government should be per-
mitted 10 pay its d.bts in its own paper, which
its creditor would be glad TO receive if it could
procure it. Have The statistics been well exa ~
ined2 Six hundred million. dollars of the pre-
cous metals have been estimated a, the entire
circulation 10 meet the necessities of the 6O0,-
OOO, 900 OF the inhabitants Of The earth; how
much would b. the air proportion Of the United
States7 With ,at nation can YOU carry on
tradr TO advantage; or what becomes Of the
mass OF Indebtedness with which the People OF
The United States al. at this moment burdened,
not TO speak of the addition to be made to it by
the diminution in the circulating medium
These reflections have forced themselves up
on our mind. and we have fit relieved from our
oppression, when we have turned to the Ex-
chequer as measure warranted by the Consti.
tuition, and which, therefore, it becomes the
duty Of every REPUBLICAN to adopt. But if there
be substantially, in the opinions of the editor Of
the Enquirer-if in truth, this Government
cannot pay off its creditor. at his opn option
with Treasury note not bearing interest, al.
though convertible, at all times, into gold and
siver-f it be unconstitutional to do this, then
hold in very scorn that glorious ancestry Of
which, as Americans, we have made our boast
Let US look 70 the difficulties presented by
the Enquirer in the order in which they are
stated, and ascertain whether they admit Of be.
ing answered.
l. "Whence does Congress derive the pow
er TO furnish Government circulating medi-
UNI" This is the first potent question pro-
pounded by the Enquirer. And we answer by
asking another. Whence does Congress de-
rive the power TO pay its debts Is it limited
as to the mode of paying its debts 2 or as to the
precise article in which it shall pay them 2 lis
power to pay its debts is substantially granted
power. And while it can make nothing but
gold and silver legal tender, and can compel
its creditor to take nothing else yet if the credi
tor consent to take something else which an
swers for him better purpose than gold or sill
yer, what is there to prevent such an agreement
from being carried into effect2 We put plain
quesfion, and crave an answer. Congress has
power to lay and collect taxes, duties, imposts,
and excises-what if, instead of exacting pay
ments in money for duties, the Government
should exact the tenth yard of every piece Of
cloth imported, surely no one could deny to il a
right to do so---and. having done so, will the
editor be good enough to inform us whether il
would be unconstitutional for the Government
to discharge debt which it might owe with the
broad cloth which it had in its stores 2 or would