The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-12-06

supposed interest, advanced 1t the sacrifice of all
others but Union being the great nterest, equally
precious to all should be fostersd and sustained by
mutual concessions and he cultivation Of that spirit
Of compromise from whieh the Consultation itself
proceeded lafsI s1g Il. st.lsst ~ ~. In i5ei..
You will he Informed, by the report from tho
Treasury Department, OF the measures taken under
the act Of the last session. suthorxing he roissA Of
Treasury notes IN lieu Of thoss then outstanding,
The system adopted in pursuance of existin8 hws
seems well calculated to the country large
amount of interest," while it affords consensnces and
obvates dangers and expense in the transmission Of
funds dsbursing agents. refer you also to that
port for the proposed by tbs Secretary to In.
crease the reveaQe and particularly to that portion
of it which relates to the subject of the wars-hous-
ing system, which l. earnestly urged upon Congress
al its last session. and to the importance Of which
my opinion has undergone no change. y ssSs
La view Of tho disOrdered condition Of the curren-
CIV at the time, and the high rates of exchanges be-
tween different parts of the country felt it to be in
cunbent me, 10 present to the consideration Of
your predecessors, proposition conflicting m no de-
gree with the Constitution, or with the rights of the
States and having the sanction not in detail, but p
principle, of some of the eminent men who had pre-
ceeed me in the Executive Office That proposition
contemplated the issuing Of Treasury notes oil do
nominations not less than five than hum
cations of the Government in lieu of gold and silver,
at the option Of the public creditor, and 10 an amount
not exceeding SIS, 900 000 twas proposed to make
them receivable everywhere and to establish atva
points repositories Of gold and silver to DC held
in trust for the redemption of such notes, so
as to ensure their convertibity into specie ~
No doubt was entertained that such notes
would have maintained par value with gold
and silver thus furnishing paper currency Of equal
vaue over the Union, thereby meeting the just ex-
=. ~. l,.s..u .rf-
parental Government. Whether the Repositories
should lie permitted to sell purchase bills under very
limited restrictions together with all its other details
war submitted to the wisdom OF Congress- and was
regardsd 40 of secOidary mportance. thought then
and think now, that such arrangement would have
been attended with the hapPiest Iesul s.. The whole
matter Of the currency would have been placed here
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 unceasingly on the sprce currency
and guards It against aduiteraton, would also have
rested the paper currency to control and regulate
its issues and against depreciation The game
reasons which would forbid Congress from pairing
with the power the coinage would seem 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-
sttutes standard Of value by which the operations
of society are regulated, and whatsoever causes its
uepreclatOn, aUeCiS society 10 an extent nearly,
not quite, equal to the adulteration of the coin
Nor can / withhold the remark, that its advan-
tages, contrasted with Bank of the United States
apart from the fact that bank was esteemed as
obnoxious TO the public sentiment, as well on the
score Of expediency as Of constuonality, appeared
to me to be striking and obvious. The relief which
bank would afford by issue Of $l5O00,0O0 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 900 DOC
Of Treasury notes would have been consummated in
year thus furnishing in fifteenth part of the
time in which bank could have accomplished it, Q
paper medium Of exchange, equal in amount to the
real wants Of the country at par value with gold and
silver. The saving to the Government would have
been equal to all the interest which it has had to pay
on Treasury notes OF previous well as subsequent
issues, thereby relieving the Government, and at the
same time afording relief to the people. Under al
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 10 admit
that the necessities of the times have since become
greatly ameliorated 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 184l, yet | cannot but think
that IFS restoration to sound and healthy condition
would be greatly expedited by resort to the expedi-
cnt 10 modified FORM 10
The operations of the Treasury now rest upon the
act of 1889, and the resolution OF 1876 and those
laws have been administered as to produce as
great quantum Of good to the country as their pro-
visions are capable Of yielding. If there had been
any distinct expression of opinion going TO show that
public sentiment is averse to the plan either here
tofore recommended to Congress, or in modified
form, while my own opinion in regard to it would re-
main unchanged, should be very far from again
presenting it to your consideration. The Govern
ment has originated with the States and the people,
for their own benefit and advantages and it would be
subversive Of the foundation principles of the poti-
cal edifce which they have reared, to perscvere in
measure which in thcr mature judgments, they had
either repudIated condemned. The will OF our
constituents, clearly expressed, should be regarded as
the light to guide Footsteps the true difference
between a monarchica or aristocratical government
and Republic being that in the first the will of the
few prevails 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 num-
Der of the rank and file in each Company and
Regiment little more than nucleus around
which TO rally the military force OF the
country in 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 in the mi
litia 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
Union for the present, and Of easy application to the
great body of the militia in time OF war.
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
a full complement of men, and make j, very de-
spbl~ 10 repount the Corps of Dragons which by an
Of he last Congress was directed 10 be dissolved
refer you to the accompanying report If the Sec
rotary Tor inf rmaton in relation The Navy of Inc
United States While every effort has been and will
consipu~ ~ BE- made to rerench al sureu Aui,ics and
lop of all cxcrescencs which from time to tine NAV
have grown up yet it has not been re srded az wise
or prudent TO recommend any material chanc~in the
annual appropriations. The interests which are in
voved are OF too important character to lead to the
recommendation OF any other than liberal policy
ADEQUATE olnin 10 be ma 10 nnhl