The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-03
CHARLOTTE. N. G. FEBRUARY 3. 1872

detect the total want OF resemblance De-
tween issues such as these and convertible
paper currency resting on an ample proSis
ION Of funds 10 redeem IT, dollar for dollar,
when demanded, and strictly limited IN
amount by the law which authorizes its
creation.
Blu, the Senator from Pennsylvania de
mands, Where IS the warrant IN the Consti
tuition for the issue of the proposed notes
Of the GoyeEnmeu! lit really seems TO
me, Mr.. President, tha, this question comes
little late in the day from the gentleman
and his friends, who, for the last four
years, have been steadily voting for issue
upon issue CT Treasury notes, indeniical 10
name and principle, at least with those now
proposed. The honorable Senator refers
US to passage of constitutional history,
from which it appears that clause author
iziug Congress to issue bills Of credit, which
1 formed pall Of the first draught of the
Constitution, had been, upon full cousdera
ton, stricken OUT il tho Convention. But
! if the gentleman had taken the trouble 10
pursue his researches little luther, he
would have fouud on the same page oil con
slilutonal history, in tho Debates of Tho
Convention, as reported by Dir. Madison, a
note by lba. distinguished man, stating OK
pressy that the striking out OF the clause IN
question was neither intended, nor had 1t
the effect, "to disable the Government
from the use Of its own rotes. as far as they
would DO safe aud proper, but was simply
designed to take away the pretext for a
Government paper currency, property SO
called, resting on the more faith aud credit
of the Government, aud, at the same tino,
made legal tender in payment OF debts.
Now, sir, II | have understood correctly the
plan submitted 10 the report of the Secre
.ary of the Treasury, the Treasury notes
proposed to DO issued will possess neither
OF the characteristics Of the condemned
Government, paper currency. Instead OF
resting on the mere faith and credit OF the
j., Government, thoy are to be established on
: solid specie basis, always held in readl
: ness 10 redeem them on demand, and
r instead of any pre.enson TO be legal ten
, der, theic acceptance by the public creditoi
I is expressly declared to be at It's own tfef
choice aud option. 1t would be stran g
anomaly, indeed, if Government havin;
power to con,rac, and pay debts, to lay AM
!, collect taxes, and to make them uniform
A and to provide, in war and IN peace tor tn
,. financial exigencies OF great natiof
4 were no, permitted 10 make use of It's o~
n notes or evidences Of debt created by II, I
r. conducting these opera.io $, when nece;
h sary and proper-msklng them receivabI
$ in discharge of all dues 10 II, on the on
O hand, and paying them on the other, TO IN
9 public creditor, in lieu Of specie, only who
. preferred and desired BY the creditor him
4 SELF 1.-THE notes Of the Government, thu
v used and introduced into circulation through
q the financial operations Of the public sor
n vice, should prove Of SO much general con
n yenience as 10 be spontaneously adopted b
a the community as circulating medium, t
e some extent this, instead Of forming a
!. objection TO their use, ought, It would seen
q TO DO strong recommendation OF them
q the eyes Of an enlarged and benedcer
:, s,atesmanshlp.S
/ The Senator from Pennsylvania ha
D thought fit to refer TO certain opinions, de
\ livered on this floor 10 1887, BY distlr
% gulshed member Of the Administrator
respecting The power Of this Governner
n. over the general currency Of the country
Q, 10 those opinions, may be permitted
" say, have never concurred, and do OK
IN now concur. But nevertheless, have e.
a. &c IN, tho 0f FIN
Mt Government in the exercise of It's UNIQUE
lis uonable functions, 10 render efficient aid
II securing TO the whole country, the Poop
he as we'll as the office holders, the enloyme
~ of sound and uniform currency, and th
"a. it is among is highes, and most sacrt
ID duties to exert every power with which
ia is leeitimatcly clothed to the attainment
Ia, this crea, end. will say further, th
nd this duty has been recognised by every A
| m,nistration that ever presided over Il
~ destlnles of the country, land by none
Ir. more emphatic terms than that OF Gener
ty Jackson till it was discovered and a
10. nounced by the late Administration til
{ a the whole duty aud power OF the FEEDER
ell authority in regard 10 the currency "
OF limited to coinage of the precious meta
Ter and the collection Of the revenue IN go
es and silycr-iu other words, to taking CO
err. Of the Government and It's official corr
CT. leaving the people to shin for ,hemselV
lrd as thew may In the spirit of this NJ
he philosophy, We now hear measure obIe
TO ed to, and It's cous,i,utiouallty question:
IN because, looking beyond the mario" ran
res of mere governmental interest, 1t promr
i'll participation in lis benefits TO the gF'
md body OF the community For myself,
it confess my lessons Of civic duty ha
its been learnt IN different school. gr'
ent political teacher has told US tina. Cove
men, Is a practical thing, made Tor
in happiness OF mankind, and not to iun
ais out a spectacle Of uniformity, TO CRAFTY
onr schemes of visionary politicians; and y
ere as the Sabbath, (lhoush of divine 'nsi'
on Mr.. JrvrERsoN, in 1919, strongly REQ