The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-10-12

'hem at all, what provision Of the Constitution
forblds their being in such form as will answer
the purpose of circulating medium" for the
Government? Who has the authority TO re-
strict the exercise of general power to any pc
| cular form and mode2
Must the Government pay heavy interest on
It's loans in order to prevent the evidences OF
its Indebtedness becoming circulating medi-
um" by thus offering an inducement to hoard
them? 1t is doubted whether such course
would be recommended by any but Bank direc-
tors and stockholders, TO whom such notes afford
convenient means of temporary investment.
The truth is that no form can be devised
which is not calculated to render Treasury notes
circulating medium, except heavy rate of
interest. Those heretofore issued have long
constituted and still constitute a considerable
portion OF the circulating medium Of the coun-
try. There are at least two millions Of dollars
Of notes, upon which all interest has ceased
now actually outstanding and in circulation, and
Notwithstanding the official notices inviting
their return, they are kept out and constantly
used for the purpose of remittance. Accord
warranted by the Constitution, because they
were calculated to be, and have actually
become circulating medium. He must
deny totally and absolutely the power TO
issue them, or he must admit that they NAV
assume just such form as convenience and
economy in the public expenditures require.
AS to any danger from such an issue, the
Eastern paper from which the Richmond En-
quirer quotes, and whose sentiments it endorses,
admits in terms that there can be none; "lhat
the sum is too Insignificant to produce any ter
rbe effects u but it fears more "extensive ope-
ratons."
We have already shown that under existing
laws the whole amount cannot exceed five mil
lions of dollars. But there are some politicians
of the apprehensiue school, who seem unwilling
to employ any instrument In reasonable man
ner, from fear that it may be used unreasona-
bly,. Fire and water, according to their theory,
ought not to be employed in a steam engine, be-
cause they may be combined to such an extent
as to produce great mischief The fair and ho-
nest purpose being TO promote The legitimate OBJ
jects Of the Government, the Congress of the
United States can be as safely entrusted with
the power of determining the extent to which
Treasury notes may be judiciousy applied as
with any other power conferred on that body by
the Constitution. And when it shall be proposed
by that body TO food the country with an ir-
redeemdble paper currency, it will be time TO
sound the alarm.
But, so long as the Treasury notes are re-
deemable in coin, on demand, an ehectual
and most stringent check exists TO any
over-issue. 1t seems, therefore, at least pre-
mature 10 object TO a measure which is admit
ted to be harmless, because it mag be entirely
changed in its character and become dangerous
There are other views of this subject which
might be presenled but we are adnonshed by
the length of this article of the proprety of
bringing it TO close.
May We ask Of Mr.. Richie the courtesy to
republish these remarks