The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-11
FOR THE MADIsoNlAN.
GILL TO THE NATION
A PLAN FOR AN UNIVERSAL CURRENC Y
BASED UPON PROPERTY.
Concluded.
PHrLApELpHlA, January /, ls4l,
( Concluded.


The system We propose, generally dispenses WIN
the existence of pubc depostes and consequently al
accumulatinp treasury. The money we require D.
Exchequer bills, bearing no ineies', feoce"aue %
demand and il is essential the issue OF those bills Tor
the repayment Of which the revenues ana PUBIC 90
mains of the United States are pledged, should be
made 10 anticipate the annual recepts--consequen,
there is no occasion fol- treasury Of public deposites
Our object is the stability Of credit 1t is upon pro
perry monetary system must be predicated, and by
credit the system must become available for current
purposes. We doubt the expediency of promise
to pay gold and silver, though we hold ourselves
obliged to do opionaly; TO presuppose ability
10 pay in gold and silver the amount of Exchequer
bills necessary for the free promotion Of pecuniary in
lercourse liquidation of the liabilities ofdebtor and
creditor and relief of all fiscal necessities, IN COM
munity of 10 0000 900 luxurious and civilized beings,
implies an mpossibity. Our present banking capita
when Mr., Tyler came into office was estimated AT
$3.50 900 600 which is amount probably necessary
for the necessities of the country, ami far exceeds all
the gold and silver in the country.
To provide the means of a cheap and safe exchange
is necessary consequence of universal credit and not
the motive of fiscal legislation The object have
10 consider is 1.-The furnishing paper circulation OF
universal credit" The funds or Exehequef bills will
be employed in exchange ard in fiscal intercourse ofal
kinds by The individuals concerned in such transac
tons and neper by the principle of issue The govern
ment draw out of the well TO the surface; the
busbandman operative directs the invigorating
dun into The fcrzing cannes his necessities required
First, how the Exchequer bills to become
circulating medium? BY what process Is the first i'm
pulse to be given that shall drive through the arteries
of fiscal economy with recurrent and responsive Vi
gor, the viyifying principle Our Exchequer bills
are prepared for delivery. To whom shall they be
distributed They are like uncrougM mine of
gold of silver, of copper, of iron, or store of cot
ton, tobacco, sugar, &C. equivalent to all or each,
every one of which they represent on the faith Of
credit discounts prohibited there are therefore
no borrowers. Suppose Jumps of gold and silver,
and copper, dug from the mine and placed in
our mint; we coin the metal into eagles, dollars and
cents for the facilities of division how is the coin
age placed in circulation The old pieces called
in, i. exchange is made, qud pro quo is effect
ed-in fact you sell the new coin, taking the old in
payment. Do so with the Exchequer bills-sell them
and take gold and silver in exchange-et your capi
tai be expressed by ExPEDENcY-sell an amount for
cash, sufficient with the amount of Government dis
bursements, to establish interchange of fiscal in
tercourse-the amount OF Government disbursements
will send the bills into the hands of the army and
W. and all officers subordinaes and attaches of the
political system But all these. claimants de-
mand or circulate-and all that would be purchased
by gold and slverpayment will not relieve the fs-
cal distress Of country. The principal of loans
must be adopted, and the receipts must be in bond
and mortgage upon property valued at the taxable
sessment rate half of which should be the maxi
mum of loans the interest of bond and mortgage,
hypothecated produce, gold and silver, and cop
per and ron and cotton and sugar and tobacco and cof
titcates of stock promissory notes Of banks and
individuals no projected railroads in the moon, or
here upon the earth; artificial rain companies in
romance or commonplace but bona fde property,
the only available and just security Upon thisprin
cipe issue the Exchequer bills to the full extent of
the demand, and the circulating medium will become
the representative Of convertible property-a none
tary system stable the earth. We ask the United
States Government to provide us with circulating
medium, based upon property and here is prece-
Japt IF SuDnOsp
dollars worth Of public lands is transferred to the
State of Pennsylvania-there is occasion to
have these lands surveyed, the transfer should
be made by scrip-there can be no doubt Of
the existence of the public domain, of its extent
and value If the holder of Treasury bills enters up
and sues out his claim he has the choice Of selection
by priority of Judgment. The real estate is in fact,
bona de fair security for the amount is assessed at
but this amount of gold and silver cannot be procured
by those who desire to purchase and the lands are
useless a medium of exchange and transfer. Now,
let the United States Government issue Exchequer
Bills to the amount of S35, 900 900, take the lands
from the State of Pennsylvania as security and hand
over their to the State thus extnguishing the
State debt, and enabling the State to pay her liabi-
ties by universal tender stablitaed upon proper
ty, so let the measure be proposed to all the
States; but the United States should 60 farther
Let have bank of discount, exchange and depo-
site as national institution, however constitutional
the measure may be, of which there is much reason
to doubt there cannot be any question about the in
tility of such institutions bank Of this kind is
utterly unnecessary, for when adequate medium
is brought forward by being elected from the mine
or from agrarian resources, or from manufactures
and mechanics, by the developments of human labor
and creation of property when the representative
Of this paper, in the form of Exchequer bills, is
placed in crculation life, vigor and activity will
pervade the masses of our population. The dry beds
of commercial rivers will again flow full of the fiscal
tide and prosperity of the body polite flourish in the
general working of healthy system as the clear,
ruddy countenance of youth turgid with the circu-
lation of sanguneous nutrition. Then, the Treasury
notes added to the gold and the silver Will drive out
fictitious credit and we shall more have an nef-
fcient and irresponsible promise to pay, but true
and unfailng medium of circulation, no less neces-
sary for the fiscal intercourse OF life than the sea is
for commercial interchange in the mercantile world.
When bills shall have been issued from the United
States Treasury, dispersed through the States and
difused among the people, the post Office will regulate
the exchanges each agent can remit his funds to any
part Of the Union through the post without discount
or premium And if large portion Of the State I
debtss is due to foreigners who will not give their
confidence to any fiscal arrangement originating or
existing in America, let those creditors purchase and
take away cotton or any material that may suit
their demand thus doubly beneiting the community,
first BY leaving the circulating medium undiminshed,
and secondly, by encouraging agrarian industry
through the expectation of agricultural produce.
Open YOUR fiscal legislation by prohibiting the ex
portation of gold and silver, and this measure alone
when the medium of circulation is eliminated will
force foreign creditors to take agrarian pro-
duce and manufactures for the liquidation of their
claims.
No more then of reputation The political body
that repudiates its debts becomes the disreputable
subject of opprobrium The political body that re-
pudiates its honor becomes outcast from the con-
eregation of nations 1t is audacious breach Of
international law for nation to repudiate debt to
another nation, or the subjects thereof. What have
been the consequences, the justifable and expedien
consequences, of the Chinese seizure of British prop
erty and refusal to pay for the same' Reprisals
the part of the British government-and so long as
England confines her demands to her claims of rest-
tuition she has right on her side in the dispute with
China.