Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-20

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boomed upon solid specie basis becomes object of
general confidence and trust The honorable Senator
from South Carolina was, at the period 10 which he has
referred. If mistake not the decided advocate Of Go
,cininen paper currency, too chch should be ncorer
fi6e lie then thought that cdnrerbie currency was
bungng convance. bohnd the progress Of the age. and
that an nconrctib'e paper issued by the Government.
and enducd with certain conventional qualities. the
best imaginable orm OF useful and currency.
Mr. CALHOUN here shaking his head. MIR. RvEs said
he had hot the slightest desire mscproscnt the
of the honorable Senator and would chreruy give way
10 enable the Senator 10 explain Mr.. C,LuouN decl-
nng, Mr.. HIVES proceeded lcertanly understood the
Senators VIEWS and run risk In saying that they
were understood by the Senate and the country For
myself (sald MIR. X have ever been opposed 10 any
and every form of nconvertbe paper issues currency
Instant and rigorous convcrtibly into specie at the
will of the holder. | believe 10 be the lndspcn
sable condition of safe and sound paper currency, ny
well when issued by Governments asby corporations and
individuals. There IL other adequate and reliable
check against excessive issues. glad. therefore,
to perceive ha, this essential principle distinctly
cognlzed by the President regard 10 the issue of Urea
sury notes under the proposed plan when he tells MS
that ~ o rest actual specie basis. 10 be held in
readiness 10 redeem the notes at the places o issue. II
this principle shall be faithfully carried out in the
stucon and administration of the proposed system, ii
would at least furnish 10 the extent Of It's issues,
rcncy possessing every element OF safety soundncss and
uniformity.
Gentlemen have INDUCED themselves in talking very
eanedy about the assgna,s of France aud the con,lncn
tai money flour own Revolutionary But what were
these but mere paper EMISSIONS resting on no basis what
but promise TO pay al future and indefinite time,
and that III the case OF the French assgnats,
which only conveyed 10 the holder right 10 purchase ma
ona property enormous prices, both OF Them ISSUED
without limitation 10 amount, IN quantities snrcharg
ING the circulation, and constantly increasing rs the val
ne of the paper declined and deriving from the arbitrary
fiat aud penalties OF legislation the only semblancc OF ca
changcabe value they possessed Surely it cannot require
a moment reflection detect the total want Of
bance between issues such these and convertible pa
per currency resting an ample prov son OF funds To re-
deem it dollar for dollar when demanded. and strictly
limited in amount by the law which authorizes lis crca
tlon.
Bu, the Senator from Pcnnsy lvania demands. Where
IS the warrant lin the Counstitutiou for the of the
proposed notes oithe Government, II really scenes to
me- Mr. President tina, this question comes illtlc late
in the day from the gentleman and his friends "ho ior
the last four years, have been steadily yo2ng or issue
OF Treasury notes Identical III name an pilhclpc
least with those proposed The hon oralc Sen
ator refers to passage of constitutional history, from
which itappcars that clause authorizing Congress TO
issue bills u credit which formed part OF the first
draught OF the Constitution had been, upon full consid
Grafton stricken ou in the Convention. But If the gen
tean had taken the trouble pursue his researches
little further he would have found on the same page OF
constitutional history, the Debates OF the Iohventon
reported by Mr. Madison, note by that distinguished
man, stating expressly that the striking out oil the clause
IN question neither intended, nor had II the elect
ito disable the Government from the use Of us our" notes.
as far as they could be safe proper pul %'a SIMPLY
designed to take away the prcteXi for Government ia
per currency properly called, resting on the mere
faith andcredt OF the Government, and at the time
made legal tender in payment ofdebts Now, SIT, If |
have understood correctly the plan submitted IN the re
port Of the Secretary Of the Treasury, the Treasury
notes proposed to be issued will possess neither Of the
characteristics Of the condemned Government paper
rency. Instead Of resting the mere faith and credit
OF the Government, they TO be established on solid
specie basis always held IN readiness TO redeem them
on demand, and, instead of any preonslon to legal
tender their acceptance by the public creditor is express
y declared To be at his free choice and option. 1t
would be strange anomaly Indeed, If Government lav
ing power toconact& pay debts to lay and collect taxes
and to make them uniform, and to PROVIDE IN war and IN
peace, for the financial eXgences of great nation, were
not permitted to make of its notes evidences OF
debt created by it, in conducting these operations when
necessary and proper-makDg them receivable IN dis
charge Of alducs it, the hand and paving them,
the other, to the public creditor in lieu Of specie, only
when preferred and desired by the creditor himself II
the OF the Government, thus used and introduced
into circulation through the financial operations of the
pupic service should prove of 50 much general con
venience TO be spontaneously adopted by the commu
nifty circulating medium extent, this instead
Of forming objection to their use, ought, 1t would
seen to be strong recommendation OF them IN the eyes
of an enlarged and benifcent craftsmanship
The Senator from Pennsylvania has thought fit TO
fer To certain opinions delivered on this floor 1887, by
distinguished member for the Administration, rcspcc
ting the power of this Government the general cur
rency OF the country In those opinions, may be per
mitted to say have concurred and do not now
concur But nevertheless, have ever believed that II
is in the power of this Government in the exercise OF Its
unqucstonable functions render efficient aid IN
ring to the whole country the people as well as the Of
fee holders. the enjoyment Of sound and uniform cur
rency and that 1t is among its highest and most sacred
duties to every power with which it is legltimatcy
clothed the attainment Of this great end. will say
further that this duty has been recognized by every Ad
minstraon that presided the desnies of the
country. (and by in emphatic terms than that
of General Jackson } till il was discovered & announced
by the late Administration that the wholeduty and power
Of the Federal authority in regard the currency was lim
ted to the coinage of the prccons metals, and the coec
ton Of the reren in gold and silrer-ln other words,
take of the Government and It's official corps lea
wing the people to shift for themselves they may! In
the spirit of this philosophy, we now hear meas
ure objected to, and its constimionay questioned, be
cause, looking beyond the narrow rangeo mere govern
mental interest," 1t promises participation OF its benefits
to the great body Of tho community For myself, sir
confess nv lessons of civic duty have been learnt in diff
ercnt school great political teacher has told that
Government is practical thing made for the hdpp
ot mankind, and not TO furnish out spectacle OF
uniformity, to crafty the schemes Of visionary po
cians' and that the Sabbath (though Of divine ns
uon) made for man. not man for the Sabbath. so
Government, which pretend to higher origin or
authority hold itself instrumental and subordinate
TO the wants and Of the People, for whose benefit II
was established.
A.