Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-12-21


the estimation of congress, 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 occa-
sion to submit, remain unchanged. 1t
can, however,never be too often repeated,
that the prominent interest of every i'm
portant pursuit of life, requires for sue
cess, permaneney and stability in legis-
laton. These can only be attained by
adopting as the basis of action, u.v,|era-
ton in all things, which is as insispensa-
bly, necessary to secure the harmonious
action of the political as of the animal
system. In our political organization,
no one section Of the country should de-
sire to have its supposed interests advan
ced at the sacrifice of all others; but an
ion being the great interest, equally pre-
cous to all, should be fostered and sus-
tanned by mutual concession and the cul
tivation Of that spirit of compromise from
which the Constitution itself proceeded.
You will be informed by the report
from the treasury department, of TIE
measures taken under the act of the last
session, authorising the reissue of treas
ury notes in lieu of those then outstand-
ing. The system adopted in view of ex-
Isting laws, seems well calculated to
save the country large amount of inter-
est, while it affords conveniences and
obvlates dangers and expense in the
transmission of funds to disbursing a.
gents. 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 TO the
subject of the warehousing-system, which
earnestly urged upon congress at its
last session, and as to the importance of
which my opinion has undergone no
change.
In view of the tiisordered condition of
the currency at the time, and the high
rates of exchange between different parts
OF the country, felt 1t to be incumbent
on me, to present to the consideration of
your predecessors, proposition conflict
ing in no degree with the Constitution,
or with The rights Of the States, and hav-
ing the sanction not in detail, but in prin-
clple, Of some of the eminent men who
had preceded me in the executive office.
That proposition contemplated the issu-
ing OF treasury notes of denominations
nos less than five more than one hundred
dollars, to be employed in payment Of
the obligations of the government in lieu
of gold and silver, at the option of the
public creditor, and to an amount not ex
ceedlng fifteen millions. 1t was propos-
ed to make them receivable everywhere,
and to establish at various points deposit
tories Of gold and silver to be held in
trust for the redemption Of such notes, SO
as to ensure their convertibiitv into spe-
Gle. No doabt was entertained that such
notes woald have maintained par value
with gold and silver, thus furnishing a
paper currency of equal value over the
union, thereby meeting the just expecta-
tons of the people and fulfilling the du-
ties OF parental government. Whether
the repositories should be permitted 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 secon.
Diary Importance. thought then, and
think now, that such ar arrangement
would have been attended with the hap
piest results. The whole matter of the
currency would have been placed where
by the Constitution it was designed to be
placed-under the immediate supervision
and control Of congress. The action of
The government would have been indie.
pendent of all corporations, and the same
eye which rests increasingly on the spe-
Gle currency ard guards it against adul.
teration, would also have rested on the
paper currency, to control and regulate
Its issue, and protect it against deprecia-
ton. The same reasons which would
forbid congress from parting with the DO
wer over the coinage, would seem to op-
crate with nearly equal force in, regard
TO any substitution for the precious met.
ais in the form Of circulating medium
Paper, when substituted for specie, con.
stltutes standard of value by which the
operations of society are regulated, and
whatsoever causes its depreciation. af
sfects society to an extent nearly, if not
quite, equal to the adulteraton of the
coin. Nor can withhold the remark
that its advantages, contrasted with 8
Bank OF the United States. apart from
Il ehOioCt thdl DhHh was tStttlHeu DIS W
noxous to the public sentiment. as wei
on the score of eypedicncy as Of consttu
tionallty, appeared to me to be striking
and obvious. The relief which a bank
would afford by an issue of SIS, 900, OO(
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 ar.
rangemenl. the relief arising from the is
sue of fifteen millions of treasury notes
would have been consummated; liz one
wear thus furnishing in one fifteenth
part Of the time in which bank could
have accomplished it, paper medium oil
exchange, equal in amount to the rea
wants OF the country, at par value with