The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-14

was glad, therefore, 10 perceive that inns essehtia
principle is distinctly recognised by the President, III
regard TO the issue Of Treasury under the pro-
posed plan when he tells us that IT is ito rest on an
actual specie basis TO be held IN readiness to redeem
the notes at the places Of issue" II this principle
shall be faithfully carried out in the construction and
administration Of the proposed system, It would al
least furnish TO the extent of its issues, currency
possessing every element OF safety, soundness ana
uniformity.
Gentlemen have INDUCED themselves in talking We
ry eaIncdly about the assgnats OF France ana the
| continental money OF our own Revolutionary eia
But what were these but paper em sions, resi-
ing on no basis whatever but promise 10 pay at
future and indefinite time and not even thal In ihe
case OF Che French assgnais which only conveyed to
the holder right 10 purchase national property at
enormous prices both of them issued without lima-
ton as to amount in quantities surchargng The cir
cuation and constantly increasing as the value OF
the paper declined and deriving from the arbitrary
fiat and penalties Legislation the only semblance OF
value they possessed. Surely it cannot
require moments reflection 10 detect the total want
of resemblance between issues such these and
veItlble paper currency resting on an ample provision
funds TO redeem it, dollar for dollar, when deman-
died. and strictly limited IN amount by the law which
authorizes its creation.
But the Senator from Pennsylvania demands
Where is the warrant in the Constitution for the is
of the proposed notes OF the Government II
really NE, Mr. President that this question
comes a 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 OF Treasury noes
identical in name and principle, at least with those
now proposed. The honorable Senator refers US To
apassage Of constitutional history from which APP
pears that clause authorizing Congress to issue balls
Of credit which formed part ofthe first draught OF
the Constitution had been upon full consideration
stricken out in the Convention. But If the gentle
man had taken the trouble to pursue his researches n
little further he would have found the same page
of constitutional history in the Debates of the Con-;
vention, reported by MIR. Madison note by that
distinguished man. stating expressly that the Striking
out OF the clause IN question was neither INTENDED,
hor had il the effect, ITO disable me Government
from the Of lis notes, as far they could be
| safe or proper" but simply designed to take
| away the pretext for Government paper currency,
properly called, resting the mere faith and ere
dit of the Government and, at the same time made
| a legal tender in payment OF debts, Now, sir, # |
have underso God correctly the plan submitted IN the
report of the Secretary of the Treasury, the Treasury
notes proposed to be issued will possess neither Of the
| characteristics ofthe condemned Government paper
currency. Instead OF resting on the mere faith and
credit of the Government they to be established
solid specie basis, always held in readiness to
deem them on demand and instead of any pretension
be legal tender, their acceptance by the public Gre
dtor expressly declared to be at his tree choice
and option. 1t would be strange anomaly, indeed
| if Government having power to contract and pay
debts, to lay and collect taxes, and TO make them
form, and to provide, In war and in peace, for the
financial exgencies OF great nation, were not per-
| mitted to make OF its notes evidences OF
debt created by it, in conducting these operations
when necessary and proper-making them recelva
Bile in discharge OF all dues to IT, on the one hand, and
paying them on the other, to the public creditor in
lieu ofspece only when preferred and desired by the
creditor himself fthe notes of the Government thus
used and introduced into circulation throug the
financial operations of the public service should prove
OF SO much general convenience as to be spontane-
ously adopted by the community circulating me
dun, to extent, this, instead of forming OBJ
lection to their use, ought, it would SEEM 10 be
strong recommendation ofthem in the eyes of en-
larged and beneficial craftsmanship
! The Senator from Pennsylvania has thought fit to
refer to certain opinions delivered on this floor in
| 1897 by distinguished member of the Administra
tion respecting the power of this Government oyel
the general currency of the country, In those OPT
mons, may be permitted to say, have never con
Cured and do not now concur. But, nevertheless
Phave ever believed that il is in the power of this
Government, in the exercise Of its UNREASONABLE
functions, to render efficient aid in securing to the
whole country the people well as the office holders
the enjoyment of a sound and uniform currency and
that 1t is among its highest and most sacred duties &c
exert every power with which it is legitimatei
clothed to the attainment of this great end. | viii
say further that this duty has been recognized by
every Administration that presided over the des
TIMES OF the country (and by in more emphatic
terms than that of General Jackson till it dis
covered and announced by the late Administration
that the whole duty and power of the Federal autho
age of the precious metals and the collection Of III
rere,lue in gold and srerin other words, to taking
care Of the Government and its official corps, leaving
the people to shift for themselves they may Ir
the spirit OF this new philosophy, we now hear mea
sure objected to- and its e0nstutionality questioned
because, looking beyond the narrow range of mere
governmental interest it promises participation in
its benefits to the great body of the community Fol-
myself sir confess my lessons of civic duty have
been learnt in different school. A great political
tea barb has fol hot ('nva
thing, made for the happiness Of mankind, and not to
furnish out spectacle of uniformity, to crafty the
schemes of visionary politicians and that the
Sabbath Though of divine institution) was made fol
man, not man for the Sabbath, Government, which
can pretend to no higher origin authority, ml ;.
hold itself instrumental and subordinate to the want.
and uses of the people, for whose benefit it was es
tabshed.
But gentlemen must not content themselves witt
simply opposing every measure which is offered by
others for the relief of the country. If they dis
satisfied with the measures proposed by others, lei
them come forward and tell us what is their remedy
for the present dsordcred condition of the country
Surely when they contemplate the universal confusion
and dlsorganzation which now prevail in the bust
ness of society-industry discouraged and paralysed
by the uncertainty and precariousness of its reward
commerce struggling under load of embarrassment
from the want of sound medium of exchange, the
incubus CT heterogeneous and deprecated currency
pressing the energies of the people to the earth at
moment too, when every consideration connected
with the honor of the American name, at home and
abroad calls for free and strenuous development OF
the natiocal iaculties-with such this be-
fore their eyes, appealing impressivey to the sensi
bilites as well obligations Of lofty patriotism
su,ey gentlemen will not be content to fold their
arms with stoica Indifference, and in the GOODNESS
and solitude of metaphysical abstraction cry out to
suffering people, You expect too much from the CO.
! vernment!
certainly had not expected, after the signal rebuke
. which this able LANGUAGE, emDuycu ia htuh
quarter on former OCCASION had met with from the
country to hear it repeated now. Yet the Senator
from Pennsylva tells u.-ieare The people 10 them
seires-Mev must not look 10 Congress- for rehef-and
the Senator from South Carolina joins hi by telling s
political friends they have nothing to de but TO stand
stW. Now, sir, while the coun ry suffering under
embarassmen,s and disorders OF the gravest character
attributable mainly in my humble judgment, TO mis-
government and errors Of public licy, for one,
cannot reconcile it to my of duty, servant
and of the nnnnn sLand sLiu ad Ia