Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-01-20

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certainly 50 understood the Senator's views and
run uo risk "a saying they were - understood by
ihe Ssnaie aud the country. For myself said Nir
iHyes, have efcr becn oppoaed 10 any anu every
i'um "i inconveriblc paper issues A. currcucv -
instant and ugnrons cunyeaib.!iiy into specie NJ thc
VIII o. the hoidcr.l believe 90 b. the Indispensable
condition of a spic aud sound PAPER currency. n,
well When is'ucd hy Governments rs by cor,ora.
lions ond individuals. There : no other adequate
aud reliable vhcck against excessive isaucs. I WIS
s'de. therefore. 60 pcrceiyc that TINS essential pm
cPlc Is distinctly rcrUg.iscd by the President. in
regard II the rsue ct Treasury nales under IA.
proposed plar. when lac Tells uS that 4 is ito rest
on an aciull specie basis, 20 be held an readiness To-
redeem the ioies AZ the pieces whore isssed." II
this principle De faithfully earned oHt in the con
slrnciion Ond administration uflhe prpoSed system
Il would at least furnish. 10 The extent Of its issues,
a currency possessing every element Of safety, and
slundness aud uniformity.
Geutlemtn have ildulged themselves in talking
very leanrdiy about the ~assignais Of France and
ne continental money ofour Revolutionary era
bui what were these but mere paper emisSuns,res
ing on 40 hasn whatever but a promise to pay alta
ipture md indefinite time. and not even that in the
case Of The French a~ssignais, winch Gully conveyed
10 the holder a rIshl 60 purchase national property
At enormous prices. both Of them issued without
fi'nnaii"n as % amouni.in quantities surchargins The
Icircslation; aud constantly increasing rs the value
OF the PAPER declined, and deriving from the arbi-
irary Eat and penalties oflegislaiion the only sem
bianec Interchangeable value They possessed. Sure
~ II cannot rrquite a moments reflection TO detect
the total want Of resemblance between issues such
us these aud a cpRycrtiblc paper currency resting on
M ample PROV ision OF funds to redeem IL, dollar for
dollar when demanded. oni strictly limited in n
mount by the law which authorizes lis creation.
Bot The Senator fwm Pennsylvania demands.
Where ~ the warrant IA The Constitution for the Is
] sue ul the urfuO.nd u1fgg uf tho f.tNaruunauf1 In
really seems 10 me. Mr. President. that this ques-
lion co-nes n little late in the day frusi the gentle
m1n AMI hs friends. who. ior the last iOur years.
have been steadily voting for issue upon issue
OF Treasury notes, identical in name and principle,
AT least wuh those nov ~propo,ed. The honorable
Scne'ur refers US 10 a passage OF constitutional. histo-
~, frutn which II appears hat a clause authorizing
Congress u issue bills # CT. diLwhich formed n parl
81 The first draughi Of the Constitution, had been,pp-
on full consideration stricken out in the Convention.
But Il The gentleman had taken The ,ronble 10 pur.
sue his researche, n little further, lac would have
iound GA the same page of Constitutional history. in
the Dcbatcs Of The Convention. rs irpnricd by Mr..
Madison a note by that distinguished man, stating
expressly that the striking OuI OF the clause IN gdes-
iipn was neither intended, nor had il The effect. TO
Disable the Goreranentf from lie use Of is oioa notes.
0sJar as they co.ii Be sJe or proper but was
SIMPLY designed 10 lake away the pretrXt for a Coo
er"me"fPaper earTcHcy, properly 50 called, resting
w wv NNaN NAANl NilA AltNllA ~ lAf EElulenl1 lN
at the same time. made a leg u tender in payment ul
debts. No. sir, ifl have understood correctly the
plan submitted 10 the report of the Secretary oi
ihe Treasury, the Treasury notes proposed To be IS
sued viii possess nciIhcTO OF The characteristics olihe
c Hdcmned GCrcrnReHt paper currency. Instead OF
resting on the mere faith aud cicdt Uf,ha Govern
menL they arc to he cs;a5 ishei o. soiil basis, al.
ways held m readiness to redeem lhcm on demand,
aud, Insicu! Of any rretensi0n 10 he n legal tender,
their acceptance Ivy the public creditor IS expressly
declared q DC al hs own free choice and option
II would be a strange anomaly, indeed, ia Govern.
mcn' having p"wer - contract aud ply debts. 10 las
aud collect ilIes. and 90 make them uniform, aud Ia
provide ~ war aud IA peace, for the financial cxi-
goncIcs Of n great Eaiiun, were not permitted 10
make use OF is own miles or evidences Of debt ere.
aied by ~ m conducting these operations. when ne.
cessary aud propcr-mtking them receivable in dis
charge al all dues 10 %, on :h9une hand, and paying
them. on the other to the public creditor. in lieu ul
spcSIc,only whSn preferred and desired by the cred.
iioT himself. II lhr "a les of The Government. thus
used aud introduced iulo circulate n through The +.
naucIll operation Of the pubic service. shp Id prove
Of - much general Convenience as 10 be sponlain.
epusIy ainiicd by the clmmuniy as 4 circulating
medium. % some extent, this; instead ~ofiurm.ng an
digestion 10 Their use, uughl, n UJpld seem, 90 be a
strong recommendation of Them la 10, eyes Of an en-
laFged and bcneiconI siaiesmanship~
The Senior from Pennsylvania has thought ft &
Wv ~ Sl'Ai hINlllps4st utl4NGTch on luNa lltus ~
lS31.hy adisling Iishcd member Of The Adminis,ra.
non. respecting the power OF lhis Government over
the general currency Of The country. Ia ihOse opin
IONS may be permitted To say I have never con
cured, and DO not now concur. Bat. nevertheless
| have ever believed Ihat il Is ia the poNer 81 ihi,
Government. IA The exercise Of its uuquesiionabl,
function; TO render efficient aid IL securing to Ih,
whole country, the people as well as the office. hold
ers. the enjoyment "f a sound and Uniform currency
and that ItIs annng us highest and most sacred d.
lies u exert every power with which IL Is legitimate
ly clothed 10 The attainment Of ihs great end.
VII say further, that this duty has been recognised
hy every Administration that ever presided over th'
destinIcs Of The country. t1nd by none in more EN-
phaiic terms than that Of General Jacksnn.) ull Il va
discovered and announced by the Federal authority
IN regard Ia the currency was limited to the coin
age ni the precious metals, and Tie collection oCh
TeUeHus "a gold and Siiucr-in other words, 10 TAX
ing care Of the Government aud ITS official corps
leaving the people To shin fr themselves as tho
may! In the spirit Of rhis new philosophy; we nov
hear 4 measure objected 10, aud its. consiiluioHaL'
D questioned because looking beyond The narrow rang
oi mere governmental! interest. il promises a partic
Ipatlun In rs benefits % the great body Of the com
mnnIiy. For myself sir. l confess my lessons Of O.
D vic dLty have been learnt in a different school -
VI A grea, political teacher has told us that Govern
mem Is n practical hing. mIde Tor Inc Happiness .
mEHkiaa and not to furnish out a spectical Of an.
1919 o " AARNAAN A"N NAA VI hAnlNNAAII INaAAl
D clans end t.al as Ihe Slbbalh Though of divin
isiItuuon) was made for m1n,noi maufUr the sabbath
, so Government. which can pretend 10 no higher ~
igin or authority, mus hold itself instrumental =u
subordinate to ihe wants and uses Of The People,
whose benefit it was established.
Bot gentlemen must not content themselves wit
simply opposing every measure viii CHS offered d
others Tor The relief Of The country. If they are D.
satisfied with The measures proposed by others. IL
thcm come forward and tell as what is their rem,
, dy for The present disordercd condition ofIhe cour
ny. Surely when they contemplate the universe
q confusion snd disO-g1uIzaiIOn which noyv prevail 0
y the business OF sOcIely-indusiy discOu ragged an
b p~aralysed by the unccrioIHiy anil precariOusuess q
B rs reward. commerce struggling under a lead ofeu
barrcssmcnt FROM The want Of a sound medium 4
crchangc,the incubus Of a heterogeneous aud depr,
cuied currency pressing The energies Of Inc peOpl
d 10 The earth, af a moment, TOO, when every cOnsIde.
lion connected with The honor Of Inc American
r uamc, al home a. abroad calls Cor n free aud siren,