The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-12

treasury.
end TO empower the Executive to purchase from
each State, payable in Treasury notes, much land
may be necessary to enable them to pay of their
debts
Sd. To empower the holders of Treasury notes,
being citizens of the United States, TO recover by
summary process before magistrate within the Ju-
rsdction of the United States, any individual
State the amount of notes held by them by seizure
of any property of the United States other than gold
or silver-judgment with costs.
4h To prohibit the expectation Of gold and silver,
under any pretext or to any amount.
Government dues should be receivable only in Elk
cheauer bills. This arrangement will oblige public
debtors purchase Exchequer bills for gold and sii-
yer. The gold and silver accommodating from the
sale of Exchequer bills will be again put into circu-
lation through payments OF Government disourse-
ments in CON- after the receipts of the first year
shall have been anticipated by issue OF notes. and
thrown into the community and any bank existing
after the issue of those bills notes may be avaa-
BILE for temporary deposites in account, because all
banks WILL by the operation OF system, be Obliged
to resume specie payments or the liquidation OF their
capitals.
The difficulty of providing for the keeping of agra
ran produce property, other than gold and silver,
and bond and mortgage, will be obviated, by the hold
of such property first arranging with the posses
sors of real estate for bond and mortgage ransac-
ton, and then presenting that security to Govern
ment
To conduct the details of the Exchequer system,
we require no board of control at Washington or
elsewhere multiplication of officers or increase
of patronage in the hands of subordinate executive
officers. The Treasury Department, in all its
branches ramifed throughout the Union, will be an
efficient agent to prope the circulation through the
vessels of consolidated SYSTEM and look after the
registry of bonds and mortgages; SO our commerce
and manufactures the arts and sciences, the consum-
ers, merchants, operatives and capitalists; every
branch of political economy, and every interest in
the social condition. would thrive, and the monetary
system become the securest bond of federatve union
for no State could withdraw from or dismember the
Unon without cutting the sinews of its power in the
arrangement of its currency, which must cease with
its integral identity in the Federal Government
The management of fiscal agencies will re-
quire no attention for the prevention of fraud,
because our arrangement will remove human
frailty from temptation. 1t is better to say
Lord lead us not into temptation" than to attempt
strengthening the honesty Of man, for the abutments
of official bonds and responsible securities scare
ly ever available. Notwithstanding the great preva-
lence of honorable men, for we all honorable
men, few individuals can be found who will readily
and from principle serve your purpose. Moreover,
it difficult to discover and entice from their retreats
those who may be bound to be honest by their con-
nectons in life, or whose condition and character
would suffer so much from the defamation of dsho-
nesty to counterbalance the advantages to be de-
rived from the probable fruits of defalcation! There
FORE the honesty Of public officers shall be secured by
the removal of temptation All notes paid into Go
vernment shall instantly be cancelled by the sigma
ture of collectors placed thereonthen cut and re-
turned to the holders in lieu of receipts These can
celed notes should be entered at the United States
Treasury Experimentation receipt noticed to the
holder and transmitted to the origin of issue for re-
creation. few Of the advantages attending this
plan of universal currency are,
lst firm, an unimpeachable and permanent
bond of union to the federation in the support Of
which the property of all the States will become
surety.
I'd. An universal medium of currency, or monetary
system founded upon property, and consequent equa-
cation of exchanges.
Sd. Payment Of the debts of all the States by means
of the public domains-thus placing in circulation
the quiescent, though responsible resources Of the
country.
4th Increase of agrarian exports%o the amount of
gold and silver withheld by the prohbitory act and
ACKNOWLEDGEMENT Of the agraran system by furnishing
funds for the recovery of fallow and improvement OF
real estate
5th. Cancellation Of conflicting interests by obvi-
ating National Bank or Sub Treasury system
9Th A saving to the nation of millions in taxation
by issue of hundreds of millions of Exchequer bills
without interest redeemable on demand, and the
tnual and gradual redemption of Exchequer bills,
the funds accommodating from the interest bonds and
mortgage, and proceeds of public lands, for appro-
priated to the relief of taxable property.
7th. The operation of this system of universal cur
rency would ransfuse new life into an exhausted
frame. 1t would degenerate the morals of public Off
GERS, of STOCKHOLDERS, the great mass of spectators
and the people at large. 1t would afford medium
for the universal interchange of commerce. of fiscal
life and of all the relations incident to communities
of men. 1t would be the twice-blest and merciful
rain to the parched and suffering earth, tho blood to
the dry bones and resurrection to the deaddead
we now are to the world and to our own honor-cOn-
temned by the universe loathsome, offensive corse
of repudiated faith.
The spirits of past ages frown upon us-the ghosts
of our ancestors abhor us-departed honor mourns
upon the pedestal of grief NATIONS perfdy !
nation whose glory Providence once elevated upon
the pinnacle Of renown, and said, behold the people
in whom am well pleased, the child ofmy own heart"
To the rescue then, every man of you-ay, and
too, and every little child-to the rescue all
and public sentiment must prevail for "our is
legion, and we are many"
Fellow -citizens, your strength lies in the organza-
ton of your numbers, and in the unanimty of your
purpose. 1t is, therefore, recommended to the
of each Congressional district throughout the U United
States, to meeting of the residents, without
regard party and the poll ofthe election ground
between The 18th and 25th day of February next fol-
lowing, propose and adopt the resolution that fol-
lows:
lst Rcsolped, That we, the citizen free holders,
taxable nhabi ants, and voters OF the ----- Con-
gressIona district approve of the "Plan for uni
versal currency, based upon property" published at
Washington as "cal to the nation"
I'd. Resolpcd, That the Governor, Senators, and
Representatives of the State, shall be, and hereby are,
instructed to consent to the of the Federal
Government, and sustain and authorize the Executive
and Legislative Assembly of The United States in the
construction of law for carrying into effect the
I" Plan for universal currency, based upon pro-
perty."
Sd. Resolred, That the Representatives of this dis
trict in the Congress of the United States, now in
session at Washington, be- and they are hereby in
structed vote for the passage of law authorizing
The "Plan for an universal currency based nr"n
perty."
4h RESOLVED, That ignominy and degradation
shall be the award of all who deny the recognition of
sovereignty, by abstaning from active FarciPa-
ton in measures essential for the PRONUNCIATION of q
law authorizing the "Plan for universal currency,
based upon property"
5th Resotped, That the plan for an universal