Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-05-05
HALL OF REPRESENTATIVES, Washington,
December "a, l842.


December "a, l842.
DEAR SIR: embrace the best oppor
iunny amidst my many engagements
and duties 10 acknowledge the receipt Of
your last obIiging letter, and TO write
you in reply somewhat at length.
The mode | adopt is induced from the
consideration Of the many friendly and
welcome letters which | daily receive
on the subiec!-State reief-of kind
red character with yours, which time
will not allow me 10 answer promptly
and in detail, and from the erroneous
statements Of the proposition which
see continually published to the coun'
try.
! am much gratifed TO learn with
what favor the proposition submitted
10 Congress al the last session is receiv.
ed by the farmers Of all parties in your
region Of the State. am pleased to
learn they consider II in all its bearings
upon themselves and the welfare and
honor Of the country. ln my speeches
aCd in all my conversations, have from
the ccmmencemento of the subject 10 This
moment, urged it as a great and vital
measure, above all mere party, oca or
personal considerations; and in that
light shall continue TO urge it. When
submitted the subject to Congress at its
last session, used the following Ian
guage, as reported in the lnleIIlgencer
al The time:
III regard it [lhe means Of relief TO
the SidteS as high above and beyond
us broader and deeper than either Of the
great parties OF the day. | started it as
no party question, and wished it adyoca-
ted as no party questions for it was 6
question as broad as the Union, and as
deep as the enduring interest Of tho peo
pie, and as momenous as the honor oI
the States"
Some OF those who have made but a
superficial examination OF the PROPOSE
ton, and who, perhaps, have not read
my address to my constituents, con(ound
it with unqualified assumption OF State
debts, and an issue Of paper currency
by the Government for general crCula-
iion; and thus. from false positions, rea
son to conclusion, or rather leap 10 a
ha'ly conclusion, against it.
| have proposed no measure Of as
sumption, have proposed no issue o
a paper circulation. He who borrow'
bank paper has 10 pay interest for its
use, whilst ii yields him no profit but il
the purpose TO which he may apply it
Propose that the General Government
shall advance its credit for period o
time 10 the form OF Government stock
bearing a low rate Of interest, to be d
vided upon an equitable basis among al
the States, Territories, and the District
OF Columbia; that the inde bted States
shall apply their portion TO the liquda-
tion Of all or part Of their debts, as they
may agree with their creditors; ard !ha
the States not indebted can be CREDITED
with their amount IN the books Of thu
Treasury, and receive their regular in
teFest on the same and their portion o
the principal when the capital shall b.
gradually paid; and that the faith o
the Government generally shall bt
pledged, and the entire public domain
worth ten times the amount, shall b,
specifically pledged, for the payment o
the interest and principal Of the enlir,
amount.
| have proposed thata portion of III,
bonds shall bs in denominations from
thousand dollars down to one hundred -
not that they shall be made circulating
currency, but that those who now loci
up gold and silver in limited amount
may find it TO their interest TO purchas
Government bond ola holder, and thu
unlock boarded gold and silver, an,
lock up 10 its stead bond that vii
have as firm a value as gold and silver
and will yield the possessor interest eV
cry SIX monlhs-that guardians an,
trustees may have it in their power I
invest funds in stock which will ru
for years and never depfeciate in value
and will secure to widows and orphans
sure revenue from stable stocks. An
in the bill which submitted al the las
session, which is on the journal Of tn
10Th of August, IS lhe following section
"Sec, 33 That, for The more conve
Dlenl pay menl of interest, and to secur
and make uniform the manner and mod
Of transfer or exchange OF said stock,
Congress may designate or esabIs
agencies OF commissions 10 various part
OF the Union, for the convenience an
security Of the stockholders and lh
Government"