The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-13


float, but cannot issue originally e. st set
which we think no j. d. itself A
raw. ,aical mind can
But we crave an az
whence does G." ..swer to another inquiry
le It's scrir ,ngress derive the power 10 Is
NJ az ;. for loans, or Treasury notes Dear
.interest?-A power which the Editor
Gems TO concede. There is no grant an to-
tidem per6is, in the Constitution TO do this
The right TO contract debt appertalns to the
Government, e.r necessitafe REL To do so oy
contracting loan, has been from the trst con
ceded TO the Government, and to issue scrip
for such loan, as matter of course; and whe-
ther such scrip be for IS or for $4,000, does not
alter the question Whether il be in the form OF an
ordinary scrip or in that Of Treasury note,
would seem to US to be a matter OF no moment
Does the Constitution prescribe the form F.
Or is il constitutional TO issue only SIX per
cent scrip, or per cent. scrip, or =, ., " OF
per cent. scrp--or if the creditors be willing
| to take scrip bearing no interest, Is II uncon-
stitutional for the Government to issue II, or lor
tire creditor to receive il Fortunate is that
Government whose citizens are so patrlotic
as to advance all the supplies which the
Government may want free Of interest, ana
still more fortunate the Government that, in
paying the debts Of its citizens, can furnish
them currency 1--WE speak Of currency in the
ordinary sense of the term) more useful, and
therefore more valuable than gold or silver.
But is il not too late to raise such question
as the editor raises? The Government has is
sued paper, time almost out OF mind. Treasury
notes have been issued under almost all the ad-
ministrations-and it is idle TO say that because
the notes heretofore issued have borne an inte-
rest, and those now proposed to be issued bear
no inerest-that the last is unconstitutional
while the first is just the thing. Equally idle Is
it to say that because the scrip and notes hereto
fore issued have been of limited circulation,
that they were constitutional-but that because
it is proposed to issue notes, or scrip, or bills
call them what you may, Mr.. Editor-which
will have larger circulation anil give The Go
vernment greater and longer credit, that there
fore you can't issue them at all.
But, apart from all reasoning on the subject,
one would suppose that the authority Of Mr..
Jefferson should be regarded as full authority on
this subject-and, tor the edifcation Of the read
ers of the Enquirer Eve hope Mr.. Richie will
copy it) we give him an extract from his letter TO
J. W. Eppes at p. 1913 Of the Nv. VOL of his CORE
spondence. He is speaking ofbank issues and OF
the duty Of this Government. "But although We
have so improvdenty suffered the field Of circula-
| ting medium to be fched from us by private iLdi-
viduals, YET think we may recover it in part, and
even in the whole if the States will cooperate
with US. If Treasury bills are emitted on tax
appro, rated for their redemption in fifteen years
and (to insure preference in the first moments
of competilion) bearing an interest OF SIX per
cent, there is no one who would not take them
in preference to the Bank paper now afioat, on
principle of patriotism as well as interest and
they would be Withdrawn from circulation Into
private hauds to considerable amount. Their
credit once established, Others might be emitted
bottomed on tax and not bearing interest; and
il ever their credit iauered open public loans in
which these bills alone should be received as
specie"
The first stage in this proceeding has been re-
|
have been issued, and have entered into ci,cula
| lion-the next step is now proposed, to issue
notes bearing no inter, st TO be always convert
bic into specie. There exists no occasion for
tax TO sustain them for any fund
ing process. They will rest on specie and
b. always convertible. We leave the editor OF
the Enquirer to settle the constitutional ques-
| AZ I "A. 4 II
mocracy and State rights, and conclude with a
single additional inquiry which we hope the edi-
tor will take in good part. Will he be kind
enough to tell us what he is for 2 He is under
stood TO be against aNationalBank-ihep pet Bank
system and the Sub-treasury, and he is now
against the Exchequer 1t would give us the
greatest happiness to know what he is for.
Another remark closes this article We would
have the Enquirer to know, if he does not al
ready, that the Exchequer is the Presidents
plan. To give Mr.. Webster rap over the
knuckles about it, and 10 deliver to him a
State Rights lecture concerning it, might be-
come the Globe or the Richmond Wing, but
scarcely Thomas Ritchle. If Mr.. Webster has
seen cause 10 adopt it, it must suite the taste of
some men to attempt therefore to depreciate it,
but il does not seem quite to come up to the
standard we have formed of the editor of the
Enquirer. 1t Is not exactly au tait to make Mr.
Webster responsible for the Presidents plan of
finance or his opinions, as set forth in his Mes
sage. We can't suspect that Mr. Richie had
any sinister design in doing so.
REVOLUTION IN PERU.