The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-12-04

Again th Treasury notes We're intended to be the
evidence of loan 10 Gov, rnmeft for one year ehe
by the capitals, ubc creditor and circulating
medium; and therefore, was prescribed thai the rsft
of ntrr,s, should not exceed Fix per cent If money
could he borrowed at four FIVE per cent. so muc.
the better for the Government but the Secretary
prohibited ON going leyond p. r cent Now after
he has resolved TO issue paver money crcul fiDr
medium AID lhns TO change the character Of the II
sury note to ihGt Of bank note 'hc whips the dev Il
round the stnn,r ny firing the rate Of norost on.
mill per cent which is just nothing at all This
evsslIn of the law plain that requires no Illus
uat'on beyond The simple statement OF the fact Har-
rtsbry Union.
We have already demonstrated that these notes arc
just what they intend, to be- evidence of loan
To the Government but the Union SEEMS inclined
10 curtal the privileges of The holder Of using
notes IN business transactions. Has here ever IN all
tin, been Treasury note bond issued BY tlIs or
any other cVIlIs ID Government that not necotia.
BIZ is II ~ not a sc and salutary improvement in
the bonds, That they are OF small denominations and
capable OF being put into circulation Nv the people D.
Haze any pairiot any poliIcan, any ble
before objected TO The Government all riding all
luiional JaeiIdies TO exchange. We not only afuil,
but We inssf that Congress has not The power 10 reg.
tate Exchanges, by The creation uf bank or any ther
machine for making and lending money. Blu IL Goa
gre's can faeiifaie exchanges In the legmai, riu
nance OF duty or IN the constitutional exercise Of its
powers, SHOULD do In tie present instance Com
gress borroHs money TO pay it, deb 5. A debt now
payable and dtmauJeJ l. changed into del paya BILE
h,r after and notes issued evidcners the new debt
Instead OF borrowing million OF doll from one man
the Government bofTo~s smaller from thou-ard
OF men, he NOTES when sued and delivered the
properly the colder. Shall Soyernmef reslraia IN,
power to use them paying his ow a deb.s or IN lend
ing them TO neig Dor IN purchasing goods or pr
ducef In other woris, shall Governu II in ISSUING
certificates Of indebtedness accommodate the crsJI
TT by giving HIM negotiable certificates of snail de-
I ssufa.a H. IL r. A
The p0u1 Is undoubied bot the Union" would
d. ubi The Iocyof thus accommodating the peo,I e
But the " Union" objects 10 so low a rate OF nte-
rest Who j. injured by ~ II the public creditor
Is willing to accept notes drawing one mill per cent
shall Democrats object TO ths econon,, What il
the sum total Of the Unions reasoning in the para
graph above quoiedi II the public creditor would
take Treasury notes Of $50 each at one n Der cent
interest, or 81 OOOO notes at SIX pee cent The Gov
ernment ought 10 issue the 500 900 notes and Nv
the SIX per cent interes because the $50 notes would
enter into the circulation OF the country and facilitate
exchange This Is the "Uoionsn Argument Then
the Government must not perform a legitimate and
constitutional act II IFS incidental effect should be
what Congress has no right directly 10 accomplilh
Is not tins the srgumentl Well, let US sift Il for
moment. Let us assume, what the Union will admit
duties for the ,o's purpose pose; Of revenue bu, ba. not
right to lay duties or imposts for the soc purpos, of
protection 10 American manufactures Well dn,
Of two cent, yard is laid upon cotton cloth. Tbi.
duty legitimate, because laid for revenue But il
incidentally protects the American manufacture Of
cotton. What than' Why II is unconstitutional n
the reasoning Of the "Unionn be correct Can such
nonsense be tolerated. The borrowing Of money by
the Government is constitutional. The issuing Of
notes OF bonds, or certificates, as evidence of The
loan IS legitimate. There IS no restriction as TO The
denomination Of the note, bond, or certificate
Bot suppose the holders trade them oG-assirn
them away-buy goods with them--iransnit them h,
maitland put them in circulation, what them Doe
this render the issue illegal How absurd the mo-
ton and yet this IS the argument Of the "Union "
ne Incidental effect Of Constitutional act cannot
make the act Illegal Congress has no RICH, 10 order
the militia Of the States to be shot down But Con.
grcss has right to declare war; the incidental effect
OF which might be that thousands Of them would ne
thus destroyed We hope the Harrisburg Union
WIZ reconsider and reverse its opinions School
Dtmocrof