The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-12-04
Again TIL sc Treasury notes were intended to be III

Again tn Treasury notes were ended TO be the
evidence Of loan TO Government for one wear. either
by the capitalist or Lubc creditor and circulating
medium; and therefore, prescribed thai the rote
OF Interest should not exceed six per cent If money
could be borrowed at four five per cent. so much
the better for the Government bat the Secretary was
prohibited f ON going beyond per cent Now, after
he has resolved to issue paper money crcul ,Iing
medium and thus TO change the character the TIea
sury note TO that of bank note he whips the devil
round the stump by fixing the of interest ut one
mil pr cent which is just nothing al all. This
evasion of the law is plain that it rrq ures no illus
1rai'on beyond the simple statement ftue fact Har
ris6urg Union
We have already demonstrated that these notes are
Just what they ended TO be- evidence of los
to the Government !; but the Union seems inclined
TO curtal the privileges of the builder of using these
notes IN business transactions. Has there ia all
tm', been Treasury note or bond issued by this or
any o,her civilized Government thar not negoiia-
bic is ., or not wise and sautary improven nj in
the bonds, that they of small denomination, and
capable OF being put into circu by the peope
Has any patriot, any politician any sensible man ever
before objected to The Government scrdng all consti-
,u'ional Jaeuuiss 10 exchange We not only admit,
bui We insist that Congress has the power TO regu
late nnges by the creation Vt bank any ther
machine for making and lending money. But II Con-
gress can fdcitaH exchange. in the Legitimate ror
nance of duty or in the constitutional exercise Of its
powers should do In tie present nsta nee Con-
gress borrows money 10 pay its deb S. A debt now
payable and dtmindeI is chang ed into del psysbl,
her, after and notes issued evidences orthe new debt
Instead Of borrowing million OF dollars from one man
the Government borrows smaller from thousa nJs
of men. The notes when sued and delivered are the
property oft holder Shall Government restrain his
power to use them in paying his debs or in lend
ing them TO negbbor, or IN purchasing goods pro-
duce! In other wordt, shall Governncn ut in issuing
certificates Of lis Indebtedness accomm date the cred
tr by giving him negotiable certificates of small de-
m (lr cha
/ The pouo is undouhed bot the "Union" would
doub, the policy Of thus accommodating the p~o,lc
/ Bot the (" Union'' objects 10 so low rate Of nte-
rest. Who is injured by ti IL the public creditor
is willing to accept notes drawing mill per
shall Democrats object TO his economy What is
the total Of The ONIONS" reasoning in the para
graph above quoted' II the public creditor would
take Treasury notes OF $50 each, at mill per cent
interest," or 81 1000 notes al six per cent the Gov
ernment ought to issue the $1,000 900 notes and Day
the six per cent interest because the $50 notes would
enter into the circulation of the country and facilitate
exchanges This is the Unions" argument. Then
the Government must not perform a legitimate and
constitutional act, il its incidental effect should be
what Congress has no right directly to accomplish -
Is not this the argument Well let US sft il for a
moment Let us assume, what the Union will admit
that Congress has right 10 lay and collect impos,
duties for the sole purpose Of revenue; but has not
right to lay duties or mposts for tho purpose of
protection to American manufactures Well duty
Of two cents yard Is laid upon cotton cloth This
duty is legitimate because laid for revenue. But it
incidentally protects the American manufacture of
cotton. What tban' Why it is unconstitutional il
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, or bonds, or certificates as evidence Of the
loan Is legitimate There is restriction as TO the
denomination Of the note, bond, or certificate
But suppose the holders trade them off-assicn
them away-buy goods with them-rsnsmt them bv
maiI-aDd put them in circulation, what then Does
this render the issue Illegal How absurd the no.
ton and yet this is the argument Of the "Union "
The incidental effect Of Constitutional act cannot
make the act illegal Congress has right to order
the militia Of the States to be shot down But Con-
gress has right to declare war the incidental effect
Of which might be that thousands of Them would be
thus destroyed. We hope the Harrisburg Union
will reconsider and reverse its opnions.-Oid School
Democrat.