The Northern galaxy, and Middlebury people's press. [volume] (Middlebury, Vt.) 1843-1844, 1843-12-13

! fellow-citiZens who press forward into the
wilderness and are the pioneers in the work
of its reclamation. In securing to allsuch
their rights ofpre-emption the Government
performs but an act OBSERVATION-DISCLOSURES for
suferinps encountered and hardships en-
dured, and finds ample remuneration in
the comforts which its policy ensures and
the happiness which it imparts.
Should revision of the Tariff, with a
view to Revenue, become necessary, in the
estimation of Congress, l doubt not you
will approach the subject with Just and
enlightened regard to the interests of the
whole Union. The principles and views
which have heretofore had occasion to
submit, remain unchanged. 1t can, how
ever, never be too often repeated. that the
prominent interests of every important
pursuit of life requires for success perma-
nency and stability in legislation. These
can only be attained by adopting as the
basis of action, moderation in all things,
which is as indispensably necessary to Sc
cure the harmonious action of the politi-
Gel as ofthc animal system. In our polit-
ical organization, no one section of the
country should desire to have its supposed
interests advanced at the sacrifice of all
others but Union being the great interest,
equally precious to all, should be fostered
and sustained by mutual concessions, and
the cultivation of that spirit Of comprom-
Use from which the Constitution itselfpro-
ceeded. -t ...,..
You will be informed, by the report from
the Treasury Department, Of the measures
taken under the act of the last session,
authorizing the reissue of Treasury notes
In lieu of those then outstanding. The
system adopted in pursuance of existing
laws, seems well calculated to save the
country large amount of interest, while
it affords conveniences and obviates dan
gers and expense on the transmission OF
funds to disbursing agents. l refer you
also to that report for the means proposed
by the Secretary to increase the revenue,
and particularly to that portion of it which
relates the subject of the warehousing sys-
TEN, which l earnestly urged upon Con-
gress as its last session, and as to the I'M
portance of which my opinion has under
gone no change.
In view of the disordered condition OF
the currency at the time, and the high rates
of exchange between different parts of the
country, felt it to be incumbent on me,
to present to the consideration of your
predecessors, proposition conflicting In
no degree with the Constitution, or with
the rights of the States, and having the
sanction, not in detail, but in principle, OF
some of the eminent men who had prece-
ded me in the Executive Office. That
proposition contemplated the issuing of
Treasury notes of denominations not less
than five nor more than one hundred dol
lars, to be employed in payment of the OBJ
legations of the Government in lieu of gold
and silver, at the option the public credi-
tor and to an amount not exceeding Sl5,-
600, 900.
! 1t was proposed to make them receiva-
bic everywhere, and to establish at vari-
Gus points repositories of gold and silver
to be held in trust for the redemption of
such notes, so as to ensure their CONVEX
tibility into specie. No doubt was enter
tanned that such notes would have MAIN
tanned par value with gold and silver,
thus furnishing paper currency of equal
value over the Union, thereby meeting the
Just expectations of the people and fulfil
ling the duties of parental Government.
Whether the repositories should be per-
mitted to sell or purchase bills under very
limited restrictions, together with all its
other details, was submitted to the wisdom
of Congress, and was regarded as of sec
ondary Importance. thought then, and
think now that such an arrangement would
have been attended with the happiest re-
suits. The whole matter of the currency
would have been placed where by the Con-
stitution it was designed to be placed
under the immediate supervision and con-
troll of Congress. ...
The action of the Government would
have been Independent Of all corporations,
and the same eye which rests unceasing-
ly on the specie currency, and guards 1t
against adulteration, would also have rest
ed on the paper currency, to control and
regulate its issues and protect it against
depreciation. The same reasons which
would forbid Congress from parting with
the power over the coinage, would seem
to operate with nearly equal force, in re-
gard TO any substitution for the precious
metals in the form Of circulating me-
dunn. Paper, when substituted for spe-
Gle, constitutes standard Of value by
which the operations Of society are regu>
lated, and whatsoever causes its depreci-
ation, affects society to an extent nearly,
if not quite equal to the adulteration OF
the coin. Nor can l withhold the re-
mark, that its advantages, contrasted with
a Bank of the United States, apart from
the fact that bank was esteemed as oD-
noxious to the public sentiment, as well
on the score of expediency as Of constitu-
tional, appeared to me to be striking and
and obvious.
The relief which bank would afford
by an issue of sl5, 100000 of its notes,