The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-12-22
the comforts which its policy ensures and
the happiness which it imparts.

the comforts winch lis poIicy cuoulc' a'"
the happiness which it imparts.
Should revision of the tariff, with a
view 10 revenue, become necessary IN the
estimation Of congress, doubt not you
will approach the subject with just and
enlightened regard to the Interests OF The
whole Union. The principles and views
which | have heretofore had occasion To
submit, remain unchanged. 1t can, how
ever, never be too often repeated, that the
prominent interest of every important
pursuit of life, requires for snccess, per-
mancny and stability in legislation.
These can only be attained by adopting
as the basis Of action, moderation in all
things, which is as indspensabIy neces-
sary to secure The harmonious action OF
the polilica! as The animal system. In
our political orgaz alton, no one section OF
the country should desire to have its sup
posed interests advanced at the sacrifice
of all Others; but Union being the great
interest. equally precious TO all, should be
foslered and sustained by mutual conces-
sion and The cultivation OF the spltlt Of
compromise from which the constitution
itself proceeded.
You will be informed, by the report
from the treasury department, of the
measure taken under the act Of the last
session, authorizing the rc-Issne OF trea-
sury notes in lieu OF those then outsiant
ding.-rhc system adopted in pursuance
Of existing laws, seems well calculated to
save the country large amount OF inter.
est, while 1t affords convenience aud OBJ
yates dangers and expense in the trans
mission of funds to discussing agents.
refer you also 10 that repor, for the
means proposed by the secretary to in
crease The revenue, and particularly to
that portion of it which relates to the
ware-housing system, which | earnestly
urged upon congress at ITS last session,
and as 10 the importance oil which my
opinion has undergone no change.
In view of the disordered condition of
the currency at the time, aud the high
rates of exchange between different parts
Of the country, felt 1t to be incumbent on
me, TO present to the consideration 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 Ia principle,
OF some of the eminent men who had
preceded me in the executive Office.
The proposition contemplated the iasuing
OF treasury notes Of denominations not
less than five nor more than one hundred
dollars, TO be employed in the payment
Of the obligations Of the government in
lieu OF gold and silver, at the option Of
the public creditor, and To an amour,
not exceeding Sl5, 100000. Ii was pro-
posed to make them receivable every
where, and 10 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 conyerliblllly into
specie. doubt was ENTERTAINED that
such notes would have maintained a par
value with gold and silver, thus furnish
ing paper currency of equal value over
The Union, thereby meeting the Just ex
peciations Of the people and fulfilling the
duties Of parental government. Whelh-
or the Repositories be permitted to sell
or purchase bills under very limited re-
sIricIions, together with all its other de-
tails, was submitted 10 tho wisdom Of
congress, and was regarded as of second.
airy importance. thought then, and
think now, that such an arrangement
would have been attended with the happi-
est results. The whole matter of the
currency would have been placed where
by The constitution twas designed to he
placed--under the immediate supervision
and control of congress. The action of
tho government would have been indie
pendent of all corporations, and the same
eye which rests INCREASINGLY on the spc-
clio currency and guards 1t against adul-
teralion, would also have rested upon the
paper currency, to control and regulate
iis Issues anu protect 1t against deprccla'
ton. The same reason which would
forbid congress from parting with the
coinage, would seem to operate with near
iy equal force in regard TO any subs'iu-
lion for the precious metals in he form
of circulating medium. Paper, when
substituted for specie, constitutes stand
ard of value by which the operations of
society are regulated, and whatsoever
causesils depreciation. affects society to
an extent nearly, il not quite, equal to
the adulteralion Of the coin. Nor can !
withhold the remark. tina, its advantages,
contrasled with Bank Of tho United
States, apart from the fact that bank
was esteemed az obnoxious to the public