Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-12-22


principle - ol some OF the eminent men
who had preceded mo in the Executive
office. That proposition contemplated
the issuing Of Treasury notes Of demon
nations not less than five nor more
than one hundred dollars, to be employ.
edin payment Of the obligations OF the
Government in lieu Of gold and silver,
at the option Of the public creditor, and
10 an amountnOt exceeding $I5 100000.
1t vas proposed 10 make them receivable
every where, and to establish at various
points repositories OF gold and silver, TO
be held IN trust for the redemption OF
such notes, so as 10 ensure their conVer
tibiIty into specie. No doubt was en-
tertained that such notes would have
maintained par value with gold and
silver, thus furnishing paper currency
ofequal par value over the Union, there
by meeting he just expectations Of the
People and fulfilling the duties Of g pa
RENAL Government. Whether the de-
posiroriss should be permitted to sell or
purchase bills under very Limited restric
Iions, together with all ils other details
was s1bmiued TO the wisdom Of Con
gresS, aad was regarded as olsecondary
importance. | thought then, and think
nov, that such an arrangement would
have heen attended with the happiest
results. The whole matter Of the cur
rency would have been placed where by
the Constitution it was designed to be
placed under the immediate supervis'
Jon and control OF Congress. The &C.
lion Of the Government would have
been independent of all corporations, and
the same eye which rests increasingly
on tho specie currency, and guards II
against aduIteralioD, would also have
rested on the paper currency, TO control
and regulate it's issues and protect II
against depreciation The same REQ
sons which would forbid Congress from
parting with the power over the coinage
would seem TO operate with nearly equal
force in regard 10 any substitution slor
the precious melalS in the form Of a cir
cuIalng medium. Paper, when substi
Iuled for specie, constitutes a standard
OF value by which the operations Of soci
ETY. are regulated, and whatsoever eau
ses its depreciation, affects society to an
extent nearly, irnol quite, equal to the
aduIteTaton Of the coin. Nor can | with
hold The remark that its advantages,
contrasled with bank of The United
States, apart from the fact that bank
was esteemed 90 obnoxious 10 the public
sentiment, as we'll on the score Of expe
dicncy as Of consiIulionaily, appeared
10 me to bs striking and obvious. The
Telei which bank would afford by an
issue $l5,00O, 900 offs notes, Judging
from tho experience Of The late United
States Bank, would not have occurred in
less than fifteen years; whereas, under
the proposed arrangement, the relIoI
arising from the issue of $4,000 600 oI
Treasury noleS would have been consum
mated in one year; thus furnishing in
one fifteenth part Of the time in which q
bank could have accomplished 1t paPsr
medium Of exchange equal 10 amount tC
the real wants Of the country, al par
value with gold and silver. The saving
70 the Government would have been
equal 10 all tho interest which it has had
to pay on Treasury notes Of previous al
we'll as subsequent issues, thereby re-
lieving the Government, aud at the sam'
time afTordng relief to the People -
Under all the responsibilities attached
10 the station which occupy, and in re
damplion ola pledge given to Tho las
Congress at the close Of its first session
submitted the suggestion 10 iIs consld
GRAFTON al Two consecutive sessions -
The recommendation, however. me
with no favor al its hands. While | an
Gfee 10 admit that tho necessities OF tn
Himes have since become greatly amelj
GRATED, and that there is good reason t
hope thai the country is safely and rH
pidIy emerging from the difficulties an
smbarraOsmentS which every wher
surrounded tin iS4l, yet ! cannot bu
Ahlnk lhatits restoration 10 a sound an
healthy condition would be greatly ex
pedled by a resort 10 the exPsdient in
modified fora.
The operations OF the Treasury no
rest on the act Of 1850 and tho rssolu
tion Of 1916, and those laws have bee
30 administered Os TO produce as great
quonium o. good 10 tho country as the
provisions arc capable OF yielding.
,hero had been any distinct Oxpressio
OF opinion going 10 show that public SCI
tmrnl is NVerse 10 the plan either {
heretofore recommend to Congress {
10 modified form, while my own opir
ion in regard to !, would remain uuchNr
ged, should be very far from SgA
presenting /, to your consideration. 7
Government has originated with !
SlalOs and the People, for their o.
benefit and SdvantOgP; and II would
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