The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-18

2. The union Of The purse and he sUord |
These words seem now to be used with lillle re-
ference TO their original meaning. true
union of the purse and the sword is where tue
Executive, having the immediate control oil the
military and civil force of the nation, IN his ca
pacily of Chief Magistrate, usurps also the
right TO expend the money OF the People with
out their consent The idea Of such an union
of The purse aud sword in this country, may be
regarded as chimerical il is, indeed, stretch
of power which 20 monarch in Europe, al The
present day, would venture TO usurp over his
subiecis-one which the Autocrat oil all The
Russias, or the Emperor Napoleon, IN the height
of his power, would not have dared TO exercise
ia his own dominions, whatever he might have
done in a conquered country
The union Of the purse and the sword, there
fore, in the present case, if il mean any thing
(Which i, not altogether certain) must mean the
power of the Executive 10 change the deposi'o-
ries of the public money.
But a limited discretion in this respect must
necessarily be confded TO some other depart
ment of the Government than Congress, for the
simple and obvious reason that, otherwise, the
public moneys would be unsafe during the re-
cess of Congress. And if such a trust must be
reposed somewhere, where can II be more pro-
perly reposed than in him who must be sup
posed to have commanded the suffragcs OF the
people on the score Of pr1-eminent worth IN
tegrity and patriotism Is the Chief Magis-
trate, chosen by the whole People, TO be consi-
dered less deserving Of their confidence than
a subordinate officer not deriving his authority
from this great source of power and honor
It the necessity of reposing this trust be an
evil, it is no argument against the Exchequer,
but against the Constitution of the United
| States, which has vested all Executive power
in the Presd enl-and the only way to obviate
the evil would be to have the Constitution so
amended as to elect the head of the Urea
surv by the People, and thus establish two
independent Executive powers, one for the
sword and another for the purse, TO collide with
or rival and embarrass each other, as the case
might be.
| But the question before the People at present
| is, how to restore a sound currency, under the
Constitution as ii is, and not to suggest tanci.
ful amendments TO that instrument. Under the
| Constitution, as it now stands, and is interpre-
| ted, it is difficult TO imagine how Congress
could place the public deposl,es more efeclually
beyond the control Of the Executive in Bank
of the United States, in the State Banks or in
the Sub Treasury, than in the Exchequer. The
objection exists 70 all, and is not peculiar TO the
Exchequer. On the contrary, the proposed plan
of the Exchequer is accompanied by special pro
visions, backed by strong and repeated recon-
menda,i ons of the President, for the purpose OF
rendering it less obnoxious to the danger in ques
ton, than any other plan which has been hitherto
offered; and IT remains for Congress TO render
those provisions, il practicable, still more com
plele.
B. The danger Of an initiation and depre-
citation Of The currency. In considering this
objection, IT is necessary to commence by re-
curing TO some settled truths. In the first
place, IT may be regarded as certain that the
country must and will have paper CURRENCY
The People will not consent TO revert to the
practices OF barbarous age, and restrict them,
selves TO an exclusively metallic currency.-
There may be some who still dream, with Mr.
Benton, of this thorough and radical revolution
in the habits Of the People; but very little re-
Election would be sufficient to convince any sane
and practical statesman of the impossibiity OF
efecting such change without resort TO dcs-
potic power.
The use OF paper money, as a common circu-
latIng medium, is, after all, but mod if;ation
Of, and improvement on, bills Of exchange
Bank notes are, in point Of fact, though not in
form, bills at sight en- the bank which Issues
them, divided into such sums as TO suit public
convenience-and they are retained in circuIa-
lion for the same reason of convenience that in
duces The eml l,yment of bill of ex-
change namely, the risk and trouble OF
transporting specie. The advantages of such
medium of exchange, in a country like ours,
where internal commerce and travel are far
greater than in any other part of the globe, are
too numerous and obvious TO be ever voluntarily
relinquished. The use Of paper circulating
medium could only be prevented by severe
penal laws, vigorously executed, which would
smack somewhat too much Of tyranny 10 be
palaiaole to Tree people, even supposing that
The legislatures Of so many States, most of them
interested in Banks of issue. would harmoni.
ously unite in the pass &c Of such laws. The
General Government h no power, nor any pre-
tence OF power, to force metallic currency on
the People, except in the ridiculous and Iatitu-
dinarlan manner pointed out by the Senator
IRON Missouri, of pevering the taxing power
OF The Government TO the suppression of bank
notes.
Secondly, it is certain that the power of fur
nishIng the nation with paper currency is. I'm
less subject TO restraint, equivalent to the power