The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 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 s
De goes IN Tor the government doing that which Mr.
Clay insists should be done by an body Of
individuals invested with exclusive monopoly of
making paper money for long series of years. He
agrees with Mr. Clay In The necessity of having con-
Verlioe paper currency, but differs with him TO the
means OF procuIingn Mr. Il, is for exertiDg 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
erclslng what he allied the ''vagIant Bank pow
er at all hazards, and committing the charge Of
Twelve men sitting round green table, the delicate
anu sovereign power of fixing and unfxing the va
lues OF property and labor of the country tor
of years.
MrlClay differs widely from Mr. Van Buren,, who
holds that the Government has nothing to doMth the
provision of paper currency of any description the
Constitution having established gold and silver to be
the only medium for the ixatlon of valuables.
The President occupies middle ground between
Mr.. Clay and MIR. Van Buren,. Mr., Cay's plan de-
precates the true value of gold and silver in proper
ton To its pIeciation of the value of labor and pro-
perty that Is if it is confined to the scale of three
paper dollars to one of specie The prices of things
raised IN the ratio. The constant liability to go
beyond the scale of three 10 one, and the necessary
contraction Of issues incident every expansion,
part and parcel OF this plan.
The ex-Presidents plan is founded in truth, but it
IS liable to objection the of inconvenience,
and leaves the States to run wild in their schemes Of
creating paper money, which they will ever do, right
iuily or not unless the necessity for doing is taken
away by the General Government.
Mr.. Tyler proposes that the Government shall
have the powerto anticipate the by the issue
OF limited amount Of paper dollars, payable in
com on demand and in order to facilitate commerce
and make 1t 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 Maine and Louisiana. The machinery necessary
for 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
stitutlonay within the province of Congress
That the good sense of the people will settle down
upon the Exchequer as reported by Mr.. Cushing 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 coin, dollar for
dollar, which will place the subject of values forever
beyond the pale ofpoltes, and put end to the
nal recurrence of the ague and fever which have,
since the foundation Of the Government afflicted our
monetary relations