Arkansas intelligencer., 1843-12-30

l.. oo"'y A'0Pcitucnt, OF Inc measures taken un.
der the act of the last session, authorizing the re-
issue of Treasury notes in lieu Of those then out.
stu nding. The system adopted in pursuance Of
existing laws. seems we'll calculated to save
the country large amount Of interest," while it f.
lords conveniences and obviates dangers and ex.
pense in the Transmission of funds TO disbursno
agents. ! refer you also to that report for The
means proposed by tho Secretary to increase the
revenue, and particularly to that portion of il
"hch relates 10 the-ssb'4o. ofsi,ae ~afe housing
system, which ! earnestly urged upon Congress
at Its last session. and as to tho Importance of
which my opinion has undergone no change.
! In view of the disordered condition of the cur.
rency at the time, and the high rates of exchange
between different parts of the country, felt i, 10
be incumbent on me, TO present to the consdera.
non OF your predecessors. proposition conflict.
ing in no degree with the Constitution or with the
rights of the States, and having the sanction not
| IN detail, but in princip pie, of some of the emf.
nent men who bad preceded me in the Executive
office. That proposition contemplated the issuing
OF Treasury notes of denominations not less tina u
five nor more than hundred dollars, to be en-
ployed.in the payment of the obligations of the
Government in lieu of gold and silver, at tho op.
ton of the public creditor, and to an amount
not exceeding Sl5,OOO.OOO. 1t was proposed to
make them receivable everywhere and to establish
at various points repositories of gold and silver to
be held IN trust for the redemption Of such notes.
so as to insure their convertibi!lyeinto specie
No doubt was entertained that such notes would
have maintained par value with gold and silver.
thus furnishing a par currency of equal value
over the Union; thereby meeting the Just expec.
tations Of the people and fulfilling the duties of
parental Government. Whether The deposiories
should be permitted to sell or purchase bills under
very limited restrictions, together with all its 9th.
tied IN he sslp Of
gross, and was regarded as Of secondary impor-
lance. | thought then, and think now, that such
an arrangement would have been attended with
tie happest results. The whole matter of the
currency would have been placed where. by the
Constitution. it was designed to be placed, under
the immediate supervision and control of Con-
gress. The action of the Government would have
been independent of all corporations, and The same
eye which rosts increasingly on tho specie curren-
cy and guards It against aduteration would also
have rested on the paper currency. to control and
regulate its issues and protect it against deprecia
ton. The same reasons which would forbid Con-
gross from parting with the power over the COIN.
ing, would seem to operate with nearly equal force
IN regard to any substitution for the precious me-
tails III the form of circulating medium. Paper,
when substituted for specie, constitutes standard
OF value by which the operations of society are
regulated ard whatsoever causes its deprecia lion.
affects society to an extent nearly, if not quite
equal, 10 the adplteration of the coin. Nor can
withhold the remark. that lis advanta ges contrast
ed with the Bank Of the U. States apar, from the
fact that bank esteemed as obnoxious to the
public sentiment, well on the score of expedi-
ency as Of constitutonaIity. appeared to me to be
striking and obvious. The relief which a bank
would Afford by an issue Of 100000 of its
no'os, Judging from the experience of the late U.
States Bank. would not have occurred in less than
fifteen years; whereas. under the proposed ar
rangemcnt, tho relief arising from an issue Of
SlJ,0OO,UGO Of Treasury notes. would have been
consummated in one year thus furnishing in ono
fifteenth Of tho time in which a bank colId have
accomplished IT, paper medium OF exchange,
equal in amount TO the real wants Of the country.
at par value with gold and silver. The saving to
tn" Government would have been equal to all the
interest which 1t has had to pay on Treasury notes
Of previous as well as subSeou ent issues thereby
relieving the Government, and at the Same time
aiorJng relief to the people. Under all the re-
sponslbl!itles attached to the station which occu-
Ply, and in redemption of pledge given to The
last Congress at the close of the first session, |
submitted the suggestion to its consideration at
two consecutive sessions. The recommendation
however, met with no favor ut their hands. Wniie
am free TO admit, that the necessities of the times
have since become greatly ameliora,ed. and that
there is good reason to hope that the country is
safely and rapidly emerging from the difficulties
and embarrassments which every where surround
ed it in 1871; yet cannot but think that its re-
storation to a sound and healthy condition would
be greatly expedited by resort to the expcdlcnt
in modified form.
The operations of the Treasury now rest on
the act of 1883, and the resolution of 1916. and
those laws have been so administered rs to pro-
duce as great qlantumsof good to the country
as their provisions are capable Of yielding. II
there had been any distinct expression of opinion
going 10 show that public sentiment is averse to
the plan either heretofore recommended to
Congress, or in a modified form, while my own
opinion in regard toit would remain unchanged,
should be very far from again presenting it to
your consideration. The Government has origi-
mated with the States and the people, for their
own benefit and advantage; and ii would be sub
versive Of the foundation principles to the poIii-
cal edifce which they have reared to persevere
in measure which in their mature judgments,
they had either repudiated or condemned. The
will of our constituents, clearly expressed, should
be regarded as the light to guide our footsteps tho
true difference between monarchal or arstoc rat
icaI government and Republic being, that in the
frs, the will of the few prevails over the will of
the many, while in the last the will Of the many