The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-12-05

supposed interests advanced al the sacrifice Of al
others but Union being the great interest equally
precious to ALL should be fostercd aud sustained BY
mutual Concessions and the cultivation Of that spirit
Of compromise from which the Constitution itself
proceeded.
You will be informed, by the report from the
Treasury DEPARTMENT, OF the measures taken under
Tue act oil The last session, authorizing the reissue OF
Treasury notes in lieu Of those then outstanding.
he system adopted In pursuance Of existing laws,
seems well calculated To the country a large
amount OF interest," while il affords nvcniences and
obSa'cs dangers and expense in the transmission OF
lunds 10 discussing agents refer you also 10 that
port ior The means proposed by the Secretary TO in
crease the revenue, and pal ticulary TO that portion
Oh II which relates TO the subject of the ware-hous-
ing system, which ! earnestly urged upon Congress
al lis last session, and to the importance Of which
my opinion has undergone no change.
In view Of the disordered condition Of the curren-
oy at The time, and the high rates Of exchange be-
tween different parts Of the country felt il to be in
cuS'oent on me, TO present to the consideration Of
your predecessors proposition conflicting in no de-
gree with the Constitution, with the rights Of the
states, and having the sanction not in detail but in
principle OF some Of the eminent men who had pre-
coded me in the Executive Office. That proposition
contemplated the issuing Of Treasury notes Of dc.
nominations not less than five than one hun
dred dollars, TO be employed in payment of the obj
satons OF the Government in lieu of gold and silver
III the option OF the public creditor and to an amount
not exceeding Sl5,000,000 II was proposed to make
mem receivable everywhere and 10 establish at
rous points repositories of gold and silver TO be held
IN trust for the redemption of such notes. so
as TO ensure their convertibility into specie -
| NO doubt was entertained that such notes
| would have maintained par value with GOLD
and silver, thus furnishing paper currency Of equal
value over the Union, thereby meeting the just cx-
p'clallons OF the people and fulfilling the duties Of
should be permitted to sell purchase bills under very
limited restrictions together with all It's other details
was Submitted TO the wisdom of Congress and was
gaided as Of secondary importance. thought then
and think now, that such cement would have
| been attended with the happiest result $. 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 nave
been independent Of all corporations, and the same
eye which rests increasingly on the specie currency
and guards II against adulteraion, would also have
tested on the paper currency to control and regulate
tsissues and protect it against deprec The same
reasons which would forbid Congress from parting
with the power the coinage would seem to operate
with nearly equal force in regard to any substitution
for the precious metals in the form of circulating
| medium. Paper, when substituted for specie, con
stitutes standard Of value BY which the operations
OF society regulated, and whatsoever causes its
depreciation, affects society to extent nearly IL
not quite, equal to the adulteration of the coin
Nor can ! withhold the remark, that its advan-
tages, contrased with Bank of the United States,
obnoxious to the public sentiment, as well on the
score of expediency as Of consttutonaty, appeared
to me to be striking and obvious. The relief which
bank would afford by issue Of SIS 900 900 Of its
notes. judging from the experience of the late United
States Bank, would not have occurred in less than
fifteen years whereas, under the proposed arrange
ment the relief arising from the issue OF 0U0
of Treasury notes would have been consummated in
one year thus furnishing in one-feenh part Of the
time in which bank could have accomplished it, q
medium of exchange email IN he
real wants OF the country at par value with gold and
silver The saving 10 the Government would have
been equal to all the interest which il has had TO pay
on Treasury notes Of previous well subsequent
issues thereby relieving the Government, and at the
same time adordIng relief TO the people. Under all
the responsibilities attached TO the station which
occupy, ard in redemption of pledge given to the
last Congress at the close Of its first session, submit
ted the suggestion to its consideration at two conse
cutive sessions. The recommendation, however, met
with favor at its hands While | am free TO admit
that the'necessities of the times have since become
greatly ameorated and that there is good to
hope that the country is safely and rapidly emerging
from the difficulties ard embarrassments which every
where surrounded it in lS4I, yet cannot but think
that its restoration TO sound and healthy condition
would be greatly expedited by to the expedi
ent IN a modified form.
The operations Of the Treasury now rest upon the |
act Of 1883, and the resolution of 1916, and those
laws have been administered to produce as |
great Yo~.ss--s sc Sod 80 H. --~-s, shA.-
VISIONS are C3paOc OF Nieiunx. III tnefe nau Dttn
any distinct expression of opinion gong TO show that
public sentiment is averse 10 the plan either here
tofore recommended TO Congress or in a modified
form, while my opinion In regard TO IT would re-
main unchanged should be very far from again
presenting it 10 your consideration. The Govern
ment has originated 18th the States and the people,
for their benefit and advantage; and IT would be
subversive Of the foundation principles Of the polti
cal edi6ce which they have reared to persevere in
measure which in their mature judgments, they had
gaI mad he al .f
constituents clearly expressed should be regarded
the ligh, to guide footsteps the true difference
between a monarchcal or srstocratcal government
and a Republic being, that In the first the will OF the
few prevail. over the will Of the many, while in the
last the will OF the many should be alone consulted
The report Of the Secretary Of War will bring you
acquainted with the condition of that important
branch Of the public service. The Army may
be regarded in consequence Of the small mum.
Der OF the rank and file in each Company and
Regiment, as little than a nucleus around |
which TO rally the military force Of the
country in case OF war, and yet its services
in preserving the peace OF the frontiers Of most
important nature. In all cases OF emergency, the |
reliance Of the country properly placed 10 the mi
ta Of the several States, and II may well deserve
the consideration Of Congress, whether new and
more perfect organization might not be introduced,
looking mainly TO the volunteer companies Of the I
Union for the present and OF easy application TO the
great body Of the militia ia time OF
The expenditures Of the War Department have
been considerably reduced in the last two years
contingencies, however, may arise, which would
call for the filling up Of the regiments with
full complement Of men, and make II very de-
sirsbr TO remount The Crp- Of which by an
act Of The last Congress directed TO be dissolved.
! refer you to tn. accompanying report of the Sec !
rotary for inf rmaon in relation To- the Navy OF the
United States While every effort has been and will
continue TO be made TO re,rsnch all super6uitcs and
op OF ali ercrescenc's which from lime To time may
have grown up ", IL has no, ben ardcd as wise
prudent TO recommend any material change 10 the
annual appropriations. The interests which in
volved too important character TO lead TO the
recommendation OF any other than literal policy
Adequate appropriations ought TO be made TO enable