The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-12-15

u Iavodably adopted specie tie exclusive currency
for its own use, And this must ever be the case un-
less one Of the other kinds be used. The choice, in
the present state of public sentiment, lies between an
exclusive specie currency the one hand and govern
ment issues Of some kind on the other, That these
issues he made by chartered institution, is sup
posed to be conclusivey settled. They must he made
Ihen directly by Government agents For several
wears past they have been thus made in the form of
Treasury NO:es and have answered valuable purpose
Their usefulness has been limited by tlelr being tram
sent and temporary their ceasing TO bear interest at
given periods, necessarily their speedy returnI
aud thus restricts their Of circulation, and being
used only in the disbursements of he Government,
they cannot reach those points where they are most
required. BY rendering their use permanent 10 Inc
mod rate extent already mentioned, by otterlngs no
inducemnnt for their return and by exchanging them
for coin and other values they will constitute to Ger.
tain extent the general currency so much needed to
mantan the internal trade of the country. And this
is the Exchequer plan far as il may operate in fur
nshng currency.
I cannot oregO the occasion to urge its importance
to the credit Of the Government in financial point OF
view. The great necessity of resOrtin5 to every pros
per and becoming expedient in order 10 place the Trea
sury on footing ofhe highest esponsblity is entirely
obvious. The credit of The Government may BE re-
g1rded as the very soul of the Government ltself-a
principal Of vitality without which all It's movements
are langud and lis operations embarrassed,
In this spirit the Executive felt itself bound oy the
most imperative sense Of duty submit to Cougess at
its last session, the propety ofmakhg specific pledge
Of the land funds as the basis for tho negotiation Of
the loans authoIzedtobe contracted. thOn thought
that such application Of the public domain would,
without doubt have placed at the command of the
Government ample funds 70 relieve the Treasury from
the temporary embarTassments nnder which II abored
American credithas suffered considerable shock, in
Europe, from thearge Indebtedness Of the States and
the temporary liabilities Of some Of them to meet the
interests of Their debts. The and disastrous pros
traon of the u s. Bank Of Pennsy vania had contr-
bu ed largely to increase the sentiment Of dstTus by
of the loss and ruin sustained by the holders Of
its stock, large portion of whom foreigners, and
many of whom alike ignorant Of our political
organization, and of our actual respons5ilItes.1
| 1t the anxious desire Of the Executive, that, in
the effort to negotiate the loan abroad, the American
negoiaor mic be able 10 point the money lender to
the fund morlgaged for the redemption of the principal
and interest oany loan he might contract and thereby
vindicate the Government from all suspicion OF bad
| faith inability to meet its engagements. Congress
differed from the Executive this view OF the subject.
1t became nevertheless the duty of the Executive to
resort 10 every expedent in its power to negotiate the
authorized loan. After failure to do SO in the Amer
lean market, citizen Of high character aud talent was
sent TO Europe with no better success; and thus the
moTying spectacle has been presented Of the inabl1
lity OF this Government to obtain loan so small as
not in whole to amount to than onerfoutth OF its
ordinary annual income at time when the Governs
of Europe, although involved in debt, and with
obtain loans Of any amount dt greatly reduced rate OF
interest 1t would be Improbable to look farther into
this anomalous state of things, but | Canpo conclude
without adding, that for Government which has paid
off its debls Of Two with the largest maratlme
power of Europe, and now owing debt which is al
most next to to nothing when compared its boun less
resources, Government the strongest in the world,
because emanang from the popular will, and firmly
rooed in the affections, OF great free people, and
whose fidelity to lis engagements has never been ques-
toned; for such government to have rendered the
capitalists of other countries opportunity for small
investment of its stock, and to yet have failed, implies
either the unfounded distrust of its good faith
purpose to obtain which, The course pursued is the
most fatal which could have been adopted. 1t has now
become obvious TO all men that the Government mus
look to its for supplying its wants and it is con.
solng to know that these means are altogether ade
quate for the object. The Exehequer, if adopted will
greatly aid in bringing about this result.
Upon what regard well founded supposon thai
its bills would be readily sought for by the public
ditors, and that the issue would in short time reach
the maximum of $l5 0OO 900 it is obvious that $l0,-
0OO 900 would thereby be added TO the available means
of the Treasury without cost or charge.
Nor can fail to urge the great and beneficial effec
which would be produced in aid Of all the active pur.
suits of lie 1t effects upon the solvent State banks
while would force into liquidation those of an OPP
posite character through its weekly settlements, wouIt
be highly beneficial; and with The advantages of
currency. the restoration of confidence and credit wouC
| follow, with numerous train of blessings, My con
vctlons most strong that these benefits would flow
from the adoption Of tins measure; but if the resui
should be ADVERSE there is this security in connection
with it, that the law creating it may be repealed at the
pleasure Of the Legislature without the slightest i'm
plcaon of good faith
recommend to Congress to take into consideration
the proprety of re.mbursng fine imposedIon Genera
Jackson at New Orleans, at the time Of the attack anC
defence of that city and paid him. Without designing
any reflection on the Judicial tribunal which imposed
the fine, the remission al this day may be regarded
unjust nexpedientIofthe voice the civil autoritywa
heard amid the glitter of arms, and obeyed by those
who held the sword; thereby giving additional lustre
TO a memorable military achievement If the laws
although the penalty incurred and paid, is worthy o
little regard in pecunary point rviow it can hardly
be doubted that II would be gratifying to the war.worn
veteran now in the winter of his days, to be relieved
from the circumstances in which that Judgement placed
him, There cases in which lunctionares may be
called on 10 weigh hepublic interests against their own
personal hazards, and if The civil law be violated from
praiseworthy motives an oyerruIng sense of public
danger and public necessity, punishment may well be
restrained within that limit which asserts and maintains
the authority of the law, and the subiecon of the
military to the civil power. The defence of New Or,
leans while it saved city from the hands of the enemy
placed General Jackson among those Of the greatest
captains of the age, and illustrated Of the brightest
pages of our history Now that the causes of excite
ment existing at the time have ceased 10 operate il il
believed that the remission of this fne and whataver
of qualification that remission might cause The eminen
man who incurred and maid IL Woud be in accordance