Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-12-07

sury notes IN lieu Of those then out.l.na.
Iing. The system adopted Ia pnrsuanc.
Ecf existing laws, seems well calculated d
save the country 1 large amouns Of inter.
est. while il sffoFds conyeniehces and ~.
viales dangers aud expense in The trsns.
mission OF funds to disbursine agents
Irefer you also 10 that Re poft for The means
proposed By. The Secfelary 10 inc.easefbe
revenue. and particularly 10 thai portion
of it With relates 10 The subject Of the
xare-housing system, which i earnessIv
arged upon Congress Il lis last session.
md as 10 theimpoTlance 81 which nv o.
pInion has undergone nosehange.
In view Of: the disoFdered condition 81
be currency al the time, and The high
.ales Of exchange Between different psr,s
# the country. Z iels il 70 be incumbent,
% me. to pregenl 10 The consideration Of
your predecessors. a proposition conflict.
ing in no degree with the Constitution.
u with The rights Of the States, and hav.
ng the sanction not ia detail, but 10 prin.
aiple. of some of The eminent men who
1ad preceded me 10 he Executive office.
That proposition contemplated the issuing
LOT Treasury noies Of denominations not
less Than Eve nor more than one.hundred
dollars. 10 be employed in payment OF the
obligations Of the Government 10 lieu Of
gold and silver. at the option Of the pub.
lie creditor, and 10 an amount not exceed.
ing $l5.000.0O II was proposed 10
make them receivable everywhere, and
70 establish st various points repositories
Of gold and silver to be held in trust for
the redemption Of such notes, 90 asllo en-
sure their conyeriibilily into specie. No
doubt was entertained that such notes
would have maintained par value with
gold and silver. thus furnishing a paper
currency Of equal value over the Union,
thereby meeting the Just expectations Of
the people and fulflling the duties of
parental Government. Whether The trAfe d.
posiloiiss shanArh all its other details,
submitted to the wisdom Of Goa gress,
md was regarded as Of secondary impor. 1
ance. I thought then. aud think now, /
hat such an arrangement would have 7
been attended with The happies, results.
rhe whole matter of the currency would
have-beeen placed where by The Cons.i,
luton il was designed 10 be placed-uR:l
der the immediate supervision and
rol OF Congress. The action Of the
eminent would have been indepep
III corporations, and the same ev
rests INCREASINGLY on the specie
and guards il against adulterati
also have rested on the paper
10 control and regulate its issue
lect il against depreciation.
reasons which would forbid Cong
parting with the power over
would seem 10 operate with net
force in regard 10 any substitution
precious metals in the form Of
ling medium. Paper, when substi
for specie, constitutes standard Of VA
by which the operations fof society are
regulated, and whatsoever causes lis de-
probation. effects society to an extent
nearly, if nol quite. equal TO the adultera-
ton Of the coin. Nor can withhold the
remark, that its advantages, conirasted-
with Bank OF The United States, apart
from the fact that bank was esteemed
as OOuUAtOuS ~ tic puOhN eNhtihSutt 90
well on the score Of expediency as Of con-
stitutionalily. appeared TO me TO be- strik'
ing and obvious. The relief which a.
bank would afford by an issue Of S 1000, n
600 OF lis notes. judging from the expert
ence of the United States Bank, would
yesrEE; -@nafegsS,s 'dnd i the proposed ar
rangement.t the relief arising from The is.
sue Of $4,000. 900 of Treasury notes
would have been contaminated in | year;
thus furnishing in one-ffteenth part OF the
time in which bank could have accom-
plished it, paper medium Of exchange,
equal 10 amount 10 the real wants Of The
country, At par value with gold and silver.
The saving 10 the Government would have
been equal TO all the interest which it has
had 10 pay or Treasury notes Of previous
as we'll as subsequent issues, thereby re-
lieving the Government. and at the same
time sffordiDg relic! 10 The people,, I'm
der all the responsibilities attached TO the
station which occupy, and in redemp-
ton Of pledge given TO The last Congress
al the close Of its FIRST session. | submitted
The suggestion to itl< consideration at two
consecutive sessions. The recommenda-
lion. however. mel with no favor at its