The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1843-12-12

These opinions relative 10 the Public Lands do not in
any manner conflict with tho observance Of the most
liberal policy toward those of our fellow citizens who
press forward into the wilderness aud ure the pioneers
IN the work OF its reclumntun. IN securing 10 all
such their rights of presumption tho Government per-
forms but an net of rcribuyo justice for uferngs on
countered and hnrdships endured ind finds ample re
mnnernllon in the comforts which its policy ensures
md the happiness which il inpuris.
Should u revision Of the Thrift, with view 10 Rev
cnue ,bGcone necessary in The estimation Of Congress
doubt not you will approach the subject with just
aud heightened regard 10 the interests Of the whulo
Union Tho principles and views which | have
heretofore had occasion o submit remain unchanged
II can, however, never DO too often repealed, that
the important interest Of every important pursuit of
no requires for success permrnecy and stability in
IcgslntiOu. These can only be attained 10y adopting
rs The bn'i3 Of action moderation N all thirgs, which
~ us iud'epeuS1bly necessary 20 the harnu.
Nous action Of the political olthe ANNUAL System
In our political orrau2 lOn, no section Of tho
c'nutry should desire 20 have its supposed interests
advanced at the sacrifice Of all others; but Union be-
ing the great interest, equally precious all, should
he IOrtercd and sustained by mutual concessions and
the cultivation Of that spirit of compromise from
which the Constitute itself proceeded.
Hou will hc Informed, by the report fom tho Tron
snry Department, ofthe measures taken under tie
act orlhe last session. au,horsing the issue Of rrers
ury totes in lieu of those then outstanding The sys-
tom adopted ir pursuance Of existing laws, seems
well calculated to save the country large amount Of
!
dangers and expense lhr transmits on Of funds to
diSbursng agents refer you alsn that report for
the means proposed lay the Secretary To inrrGaso tho
revenue, md particularly To TINT pornn Of il which
relates to the subject Of tho ware-housing system,
which earnestly urged upon Congress ~ lis last
sion, aad ms to the inpnrtancc OF which my opinion
has Undergone change
In view orlhe disnrdcrcl condition Of the currren-
cy NJ the time, and the high rates Of cxchargr be
tween different pats of the country. felt il To he H..
cnmbeni on me, 10 present To the consideration Of
your predecessors, proposition conflicting in de-
gee with the Constitution, with the rights OF the
SiaieS,& having the sanction, not in detabut in pin
cipe vi some OF the eminent men who Ind preceded
~" IN the Executive office. That propositions conirru-
paed tho issuing Of Ircnsurv notes of denominations
not less Than five more than one hundred dollars,
10 be employed in pnyment of the obligations of tho
Government in lien Of gold and silver. at the opnn
OF the public creditor and To amount exceed.
ing ) ,00Dh0o 1t was proposed To make them
Ccvube cveryN here and 10 establish at vuruus points
Repositories of gold and silver be held in trust for
the redemption Of such notes, as to their
convettibilty into specie No doubt was entertained
! that such notes would hnvG maintained par value
! with gold and silver, thus furnishing paper currcn.
cy Of equal value tho Uninn thereby meeting tho
Just expectations of the people and fulfilling the du-
| ties Of IA parental Government Whether tho drpos-
tories should be permitted to sell purchase bills
under very limited restrictions, together with all its
other details, Submitted 10 the wisdom Of Con-
gress, and regarded as Of secondary importance.
thought then and think now, that such arrange
mcnt wnu'd have been attended with the hnppicst
| suits The whole matter Of the currency would have
been placed where hy the Constitution it Designed
| to be placed under tho Immediate supervision and
! contoI UG congress.
The action oflhe Government would have been in
dependant of all corporations and the eye which
rests increasingly the specie currency, and guards
II aJiinst adult Grafton would also have rested on the
paper currency, to control and regulate its and
| protect il against depreciation. rho same reasons
winch wQnld forbid Congress from parting with tho
power over the coinuge, would seem operate with
nearly equal force in regard to any spb-i;Gion for
tiG precious metals III the form al circulating mcdi-
um. fapef, when substituted Tor specie, constitutes
standard of value by which the operations Of soc.
ETY. regulated, and whatsoever canse itl deprec-
alton, affects society to IN extent nearly if not quito,
equal to the aduiteraon Of the coin. Nor can with
hold the remark, iha It's advantages, con,rasted with
Bank Of the United States, apart from the fact that
II bank was eseemed rs obnoxious to the public
tneh,as well on the OF cSpediency orconsii
tntonallty appeared rs to be striking and obv-
Gus The relief which bank would afford by m
issue Of = 900 900 Of its notes, Judging from the
experience Of the late United States Bank, would not
have occurred in less than fifteen years; whereas
der the proposed arrangement, the relief arising from
the issue Of 900 900 Of Treasury would have
been consummuted in year; Thus furnishing in
one fifteenth part OF the time in which II bank could
have accomplished Il, paper Medium Of exchange,
equal IN amount TO the rer wants OF tho country, at
par vlue with gold aud silver.
The saving TO the Government would have been
equal to all the interest which has had to pay
Treasury notes oF previous well Us subsequent is
sues, thereby relieving the Government, and Rt the
same timo agordng relief to The people. Under ali
the responsibilities attached to the station which &C.
cupy, and in redemption of pledge given to the last
Congress at tho close of its first session, submitted
the suggestion to lis consideration at two consecutive
| sessions The recommendation, however, met with
no tnvor ut its hands While am free to admit that
tho necessities oft times have since become great
y nmcliorated, and that there is good reason 10 hope
that the country is safely and rapidly emerging from
tho difficulties and embarrassments which every
where surrounded it in 1871, yet cannot but think
that its restoration to sound and healthy condition
would be greatly expedited Ivy resort 10 the expedi
oni in modified form.
The operations Of tho Treasury now rest on tho
act OF 1888, and the resolution Of 1916, and those
laws have been so administered as TO produce rs
great quantum of good to the country their prnvs
ions capable Of yielding. If there had been any
distinct expression of opinion going 10 show that pub
lie sentiment is 10 the plan either "a heretofore
recommended 10 Congress, or in a modified form,
while my own opinion in regard TO it would remain
unchanged, should he very far from again present
ing tito your consideration. Tho Government has