The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-05-14


Mr.. Tyler is in favor of providing national and
convertible paper currency by the direct exercise of
the constitutional power of the Government that is
be goes IN for the Government doing that which Mr.
Clay insists should be done by ponsble body of
individuals invested with an exclusive monopoly Of
making paper money fora long series of years. he
agrees with Mr. Clay in the necessity of having con-
Serupe paper currency, but differs with him to the
means OF procuringH. Mr.. L Ter is for exerting the
inherent power of the Government to provide q uni
form circulation, and thus, avoiding all possible con-
hict with the Constitution while Mr.. Clay is for ex-
crossing what he Jailed the ''vagIant Bank pow
err at all hazards, and committing the charge of
twelve men sitting round green table, the delicate
and sovereign power Of fixing and unfxing the
ues OF property and labor of the country tor a
of years.
MrLClay differs widely from Mr. Van Buren,, who
holds that The Government has nothing do with the
provision of paper currency of any description the
Constitution having established gold and silver to be
the only medium for the fixation of valuabIes.
L he President occupies middle ground between
Mr.. Clay and Mr.. Van Buren,. Mr. Claws plan de-
Preclates the true value of gold and silver in proper
lion To ITS appreciation of the value of labor and pro-
Pery that is, even if is confined the scale of three
paper dollars to one of Specie the prices of things
raised In the same ratio The constant liability to go
beyond the scale of three to one, and the necessary
contraction of issues incident to every expansion
part and parcel of this plan
The ex-Presdent's plan is founded in truth, but it
Is doie 10 oDectlOn on The score OF inconvenience,
and leaves the States to wild in their schemes of
creating paper money, which they will ever do right
fully or not unless the necessity for doing taken
away by the General Government.
Mr.. Tyler proposes that the Government shall
nave the power to anticipate the by the issue
OF limited amount of paper dollars, payable in
coin on demand and in order to facilitate commerce
and make it the interest of the States to do away
with their usurped Banking system, he would endow
the Government with the additional power to issue
paper scrip based upon coin, dollar for dollar He
does not propose to disturb the relative value of gold
and silver by the issue of paper money, but merely
to constitute such machine shall have the power
OF making paper representative of coin pass current
IN Name and Louisiana. The machiney necessary
Tor such national purpose would not possess any
power that could be turned against the liberties or
interests OF the people, and its erection would be
stitutionally within the province of Congress.
That the good sense of the people will settle down
upon the Exchequer as reported by Mr.. Gushing to
the House of Representatives, we think there can
be no possible doubt 1t is plan for collecting dis
bursting, and keeping the public revenues, and for fur
nishing paper currency based upon con dollar for
dollar, which will place the subject of values forever
beyond the pale of politics. and put end to the eter
nal recurrence of the ague and fever which have
since the foundation Of the Government, afflicted our
monetary relations.