Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-12-14
NUMBER Az.

prominent interest of every important pur-
suit Of life, requires for success, perma-
us ncy and stability in legislation. These
can only be attained BY adopting as the
basis Of action, moderation 10 all things,
which is rs indspens.bly necessary TO Sc
cure the harmonious acilun OF The political
as ofthe animal system. In our political
Organization, no one SECTION OF the country
should desire to have It's supposed inter-
esis advaucrd al the sacrifice of al others;
but Union being the z eat interest, equally
lprecious 10 all. should be iosiered and sus
laned by mutual concessions and the cul-
,ivation Of that spirit OF compromise fiom
which the Constituti, itself proceeded.
You will be Informed, by the report from
the Treasury Department, Of the measures
taken under tie act Of the last session,
authorizing the re Issue ofTreasury notes
in lieu Of those THEN outstanding. The
system adopted in pursuance Of existing
laws, seems well calculated to save the
country a large nmount of interest, while
y. affords commences and obviates dan
gers and expense in the transmission OF
funds to disbursing agents. ] refer you
also to that report for the means proposed
by the Secretary 10 increase the revenue,
and particularly, to that portion Of 1t
which relates to the subject OF tho ware
housing syst, m, which earnestly urged
upon Congress at its last session, and os 10
the importance of which my opinion has
undergone no chang.
In view of the dIsordered condition of
the currency al the time. and the high
rates of exchange between different parts
the country, | fell it TO be incumbent
on me, 10 present to the consideration OF
your predecessors, proposition conf'lct'
ing in no degree with the Constitution, or
with the rights of the States, and having
the sanction no, IN detail, but IN principle,
OF some of the eminent men who had pre-
coded me in the Executive office. That
proposition contemplated the issuing OF
Treasury notes of denominations no. less
than FIVE nor more than one hundred dol
lars, to he employed IN payment of the
obligations of tie Government IN lieu OF
gold and silver, ut the option OF the public
creditor. and TO an amount no, exceeding
$l5,000,000. 1t was proposed to make
them receivable everywhere. and to es.
tablish at various points repositories OF
gold and silver to be held in trust for the
redemption of such notes, so as 10 ensure
their converiibilty inta specie. No DOUBT
was enteria ned that such notes would
have maintained par value with gold
and silver, thus furnishing paper curren.
cy Of equal value over the Union, thereby
meeting the Just expectations of the peo-
pie and fulfilling the duties Of parental
Government. Whether the repositories
should be rmi:ted 10 sell or purchase
bills under very limited restrictions, to-
gether with al It's other details, was sub.
mitt to tie wisdom Of Congress, and
was regarded as Of secondary Importance.
thought then, and think now, that such
an arrangement would have been attend.
ed with the happest results. The whole
matter OF the currency would have been
placed where by the Constitution il was
designed TO be placed = under the immedi-
ate supervision and control OF Congress.
The action ofthe Government would have
been independent Of all corporations, and
the same eve which rests INCREASINGLY on
tho epecie currency and guards il against
adulteration, would also have rested on
the paper currency, 10 control and regu.
late its issues, and protect it against
depreciation. The same reasons which
would forbid Congress from parting with
the power over the coinage, would seem
10 operate with nearly equal force ia re-
gard TO any substitution for tao precious
metals in the form Of a circulating medi.
UNI, Paper, when subs, tued for specie,
constitutes standard OF value by which
the operations Of society are regulated,
and whatsoever causes its depreciation,
affects society to an exten; nearly, il not
quite, equal to the aduteratIon Of the coin.
Nor can withhold the remark, that its
advantages, contrasted with Bank ofthe
United States, apart from the fact that
bank was esteemed as obnoxious to the
public sentiment. as well on the score OF
expectancy as Of conslitu,ioraihy, appear
ed TO me 10 be striking and obvious. The
relief which bank would afford by on is.
sue OF SIS 900, 600 OF its notes, Judging
from the experience Of the late United
States Bank, would not have occurred in
less than fifteen years; whereas, under
the proposed arrangement, the relief arts.
ing rom The issue OF SIS 900, 900 Of
Treasury notes would have b, en- cons1m-
mated IN one year; thus furnishing in
one fife, NH pari Of tire time in which a
bank could .huve accomplished it, paper
medium Of exchange, equal 10 amount TO
the real wants Of the country, at par va'ue
with gold and silver. The saving to tie
Government would have been equal TO all
The interes; which il has had to pay on
Treasury notes OF previous as well as sub.
sequent ssu, s, thereby relieving the Co.
vernment, and at the same time affordng
relief TO the people Under all the re-
sconsihiuics attachedto the station which
occupy, and in redemption OF pledge
given to the last Congress at the close Of
lis FIRST session, submitted the suggestion
to its consideration at two consecutive
sess ons The recommendation, however.
met with no favor at its hands. While |
am free 10 admit, that the necessities OF
the times have since become greatly ame-
liorated, and that there is good reason TO
hope that the country IS safely and lapld-
~ emerging from the difficulties ana en-