The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-10

and sale will go nigh drive every one TO the pick
axe and the spade, II not to the sword and bayonet
But il there no remedy for this threatened misery
Are all To suffer the holders of United States
bank stock have suferedi Fellow-citizens, be cool
and deliberae-be true TO yourselves-think and le-
gislate for yourselves, you did in the trials Of TO
BY an united effort, imperatvely command your re-
representatives. to suspend all other proceedings and
instantly adopt the plan of an universal currency
based upon property as have here presented II
TO you; or II any one amongst you has better plan,
come forth, in the name of philanthropy, and save
the people and the country.
Constitutional suggestions arise whether the Fede-
raj Government can make Exchequer bills the sole
tender for debts due to the United States. Against
the assemblies of the people the Constitution cannot
be urged. The instrument was framed Tor the nam
tenance Of their rights il was framed for the pro-
lection OF their property and preservation oil their
lives it is provision against the ambition and de-
signs of an Executive authority against the encroach-
ments of delegated power in legislative and not in
popular assemblies. Against the legislation of the
people there is no opposition; our institutions admit
of no appeal from the nations will the will of the
people, the of power, the origin of the legs
lative system, the absolute and uncontrolled Execu
tive of all Just Government" The sovereignty that
framed the Constitution can dispense with or modify
the covenant, and again create similar instrument
but change unnecessary though the hand of despe
ration is upon To those who yenerate the wis
dom of their ancestors, say " let the law sleep"
Al this still moment Of fearful expectation, when the
dark clouds of futurty roll heavily over us, let the
law Sleep, until the gradual though certain sequence
OF prosperity, progressing like the genial sun in
troubled armament shall pierce and dspel the dark
obscurty that wells our hopes and the mercy of
dempton prevail oveGthe anticipated horrors Of a
terrible and dreaded despair.
Fellow-citiZens, it is asserted by men, celebrated
fnanciers that universal consent" has fixed the
value OF gold and silver and made the precious me-
tails the medium of general value Nothing can be
more untrue To assume that gold is the universal
medium of value, is to place effect cause, in the
purchase and sale of agraran produce, by means OF
gold the question of valuation refers to the commo
dty of life and not the commodity Of transfer. 1t is
the wheat, for instance, which has value and not the
gold you exchange for it II is the wheat which buys
the gold; and we are again brought back to the posi-
ton that the supply governs or establishes the value
The wants OF man constitute the necessity of sup
ply, and the supply establishes the value-that is to
say, in the sweat of thy face shalt thou eat bread
Gold never has been an universal medium of valua-
ton. Of all materials it is the least adapted to that
purpose. Gold in most civilized countries, has re-
ceyed an impress representing the national or public
faith; and, ia virtue Of that arrangement, the metal
then denominated coin is transferable from hand to
hand, as medium of exchange at specified value
the valuation in plying its identity with property
but the circulation Of coin is altogether of local Ell
feet. American gold, for instance, when sent to
England, becomes bullion" and is valued, in turn,
by English gold The absolute princes of Asia have
in many instances been known to mix up their silver
coin with nine of copper for one of the finer metal
and command their subjects to receive the debased
coin at the standard Of the current mint it was
timated before the alloy; but the laborer, the
holder OF property, who had commodity to ex-
change for coin, Immediately regulated his supply to
the necessity of the occasions and, in place of giving
ten grains of wheat for grain of silver, would only
part with one grain for the allowed metal The re-
suit would have been the if the currency in place
Of an alleged metal had been promise to pay in pa
per without the ability to pay-that is a currency
without basis Those, therefore, who held the coin
originally parted with it by paying away ten Of the
alleged pieces for one of the pure coin; and those
barbarian princes who attempted to plumber their
subjects by false contrivances, more Just than
bankers, have acknow ledged the ruinous effect of
their system by ultimately restoring the basis of
currency to an unalloyed medium. The Chinese, in
the days of Marco Palo, had paper currency based
upon the arbitrary will of the Emperor In Patri-
archal form of government the will of the chief
presents the national faith ; and it is known the
Emperors Of China redeemed their issues. The
French assignas system perfect paper curren-
cy based upon real estate; and the redemption
of the assignats, after years of circulation and
a change of government and policy, no longer
required their prevalence, fully demonstrates the
feasibility, advantages and expediency of pa
per circulation when based not on the tickle propen-
sity of irresponsible individual promises but upon the
only Interchangeable security available" property.
labor-the wants of man"-gold is untitled for the
medium of circulation, because, from its dvisbility
and portable quality presents facilities and induce
mens for direct deception in the successful attempts
of dishonest traders who readily deprive each
coin of insensibe portion of its substance and we
have sometimes known ducats coined in Germany to
be current in the remote parts of Central Asia,
when money-changers were not present. at the rate
of their original estimation, though clipped of
eighth their primitive weight The only advantage,
if the really is to be viewed in that light
OF gold over other property as circulating medium,
IS that the possessor OF coin holds IN his hand the
4
the national faith pledged by the impression upon
the metal-and the impression or seal of the United
States upon piece of paper would be a similar
pledge, if the faith of the receiver could attest the
fidelity of the coming power. We would prefer
basing the currency upon the "pubc revenue--upon
the public domain-upon real estate-the interest of
bond and mortgage on gold and sver-and our credit
upon the wants and faith of the community" The
wants of the American community need no illustra-
ton. The gravity of despair sits heavily each
portentious brow The faith Of the people is to be
assured by the feasible simplicity of the plan for an
universal currency based upon property" as full
and copious remedy and responsible medium IL the
expectation of specie prohibited and the violation
of law to that effect made felony by statute
and Exchequer bills shall be redeemabe demand
in gold and silver, in convertible property, by
means OF summary process-the inference follows, as
matter Of course, that the Exchequer bills will al
ways circulate above par or in other words be worth
little more than the value in specie of their base
of predication. Excess of value of the Exchequer
bills will arise from the preferable facility of trans
port that paper possesses over property.
PLAN FOR THE REDEMPTION OF EXCHEQUER ELLIS.
Surprising an issue of S250,000,000 more less
two hundred millions for the immediate liquidation
of foreign debt and fifty millions more less to
pay off the balance of domestic States debt--and to
insure full, free and untrammelled interchange of
fiscal operations.
The system of cutting Exchequer bills when pre-
sented by public debtors will annually throw out of
the circulation the amount of the commercial revenue;
at this rate the whole issue would be redeemed in ten
years, period so contracted would be nconyenent,
and Government must also have certain revenue for
its disbursements, we would redeem the Exchequer
bills gradually by the following offsets, always pay
ing the annual disbursements by recreation of the