Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-12-07

I a.
non' uhe public credit With large bod, OF the
'~'iee land IN the world under the control ard q, the
disposal ct the Government one cen reasonable doubt
me 'nure nhlV OF the boNerunent meet ia cnga,,
ncnts under every emergency. Ia s.asvs al mai ,nd
d"teutie' similar to ih.sc through which we are passing
the capitalist makes bis nySsiulent ia The to,srn,co,
STACKS with the assured confidence of ultimate rim
eusensni aud whatever may DC said in period of v,..t
hnnneia prosperity, such existed for some yesr. -
1851, should regard saicinl In n season ~ 6n.ii
embarrassment either o. icnae the lands thems,ly,. o
me P'",esus s>nS from their ssl.s The :st pasa
mount duty OF those 20 whom may be entrusted the admin;
Htion OF public afsiis. is guard the public cred In -
establishing the credit at this Government, the an,
most Obvious mode IA taken restore the credit az 81
States. The mites only be ,nado sound hv -
ducing healthy action in the Central t.oyeruen, .n Il
history OF the present day fully establishes the fact that an
increase M the value Of tle stocks OF tins Government
m majority OF insonccs be attended by an incrcos. IN d.
value OF the stocks OF the States II should ere(ote M
matter Of general congtUtunton that amidst all The ,n,L,
rasscnis Arising from surrounding tanccs the CO.
OF the Government should have been fully re .tfc r. ,
has been enabled to effect loan IT dollars
redeem that amount Of Treasury notes on terms moy a.
,orabc than that have been offered for many ye,r
And the six per stock which YVES created In Isio
has advanced IN the hands OF the holders to nearly twenty
per cent, above is par value The confidence OF the pe
pie. IN the integrity Of their Government Ia. ,hus be., So
naly n'anliesed-Thcso opinions relative To the publ,
lands, do not. an conflict witt, the obse,
OF the most liberal policy towards thos. Of our fellow or,
fens who forward into the wilderness and ae the nj
oncers IN the work OF its reclamation I'm sccutns a, -.
snch, ther nRhs al ccnpon, the nj
hut an act OF rebue justice for suferinRs sncount,rsJ
aud lardshps endured, aud finds ample remuneration i'm
which II nmpafts.
Should revision OF the ,srii with yiew TO revenue
become necessary IN the estimation OF Congress- douLt
not You VIII approach the subject with n lust and euligbt
red regard 10 the interest. OF tho whole Union IT.
principles and which have h, retotore had oec,sr
To submit, remain unchanged IL can however n.v.r L
TOO often repeated that the prominent interest of every
important pursuit OF life requires for success .rmn,c,
AUG stability IN legislation These only be attained by
accepting Us he basis OF action, moderation in all things
which - ndspensably necessary 10 scc,,o ,L hs'
NOUS aeton OF the political of the animal sys,con In
' ponura organization, no one section of the country
should desire TO have s supposed interests advanced nj ,b
sacrifice al all others; but Union being the great insr,
equally precious to all should be fostcrcd and sustained b
mutual concessions and the cultivation of hpt ~n ~ com
promise from which the Constitution itself proceeded
- fon will be informed by the report from the Treasury
'pa"i'h'' "' 'he measures taken under the act of tie
sst session. authorizing the OF Treasury notcs in
lru ot those then outstanding The system, adop,.J ~,
pursuance OF existing laws, seems well calculated Ia saw,
' country large ainouni OF interest," while affords cor
Nenence aud obViaies dangers and expense in the ran
mission OF funds Disturbing agents. refer Won .o -,
mat report Tor the means proposed by the Secretary 10 in
crease the revenue, and particularly 10 that potton a, II
winch relates 10 the subject Of the rrhousny system
which earnestly urged upon Congress at its last session
ana as To the Importance Of which my opinion has under
gone no change.
In view OF :hc disOrdered condition of the currency =,
the nme' and The hig rates OF exchange between diff
~ part VI inc country elt It 10 be incumbent on me
10 present to the consideration of your Predecessor.
position conflicting in decree with the Cor. ti,n,, ~
win The rights OF the States, and having the sanction moi
IN d'ta, but IN principle of OF the rn,inor, mo-,
who had preceded me IN the Executive office Thai mn
position contemplated the issuing OF Treasury notrs of
nominations not less than five than one hur,b
dollars, 10 be employed IN payment OF the obligations Of tho
government IN lieu OF gold and silver at the option al the
public crcditpr, and not exceeding ri ma
uOO IL was proposed To make them receivable ,v.,,
where and To establish various points epos,ores of
and silver 10 be held IN for the rcdompton Of r
notes, 50 as to ensure their cOnverbity into specie
No doubt entertained that such notes would have RAJ
tanned par value with gold and silver Tins ,,,r,sl'
paper currency equal value Union thereby meet
s W., OF the people and fulfilling the du-
es OF aparcnlnl Government. Whether the cpoSoric.
should be permitted 10 sell, purchase bills under yc,,
Limited restrictions; together with all il. other detail, -
submitted to tile wisdom OF Congress- and was regarded
rs OF secondary importance. thought then and think
now, That such an arrangement would have been attended
with the happies results. Tho whole matter of tho Cur
renCy would have been placed where by tho Cons,;,,
twas designed TO be pncedunder the immediate super
vision and control OF Congress- The action of the Go
Ne'nmen would have been independent of all corporations
and The same which Increasingly on the speci,
currency aud guards it against adu,eraon wond also
have rested tho paper currency control and regulate
us issues rnd protect against depreciation. The same
reasons which would forbid Conge,s parting with the
power over the coinage, would operate with nearly
equal force IA regard substitution for the pr.cio.
metals al the fern Of a circulating medium. PAPER whr,
substituted Tor specie, constitutes standard OF value by
which the operations OF society regulated and haso
ever causes s depreciation affects society an extent
neatly, II not quite, equal the adueraon of the coin
Nor can withhold the remark that its advantages con
uastrd with Bank Of the United States apart from he
tact that bank esteemed obnoxious the public
rehiiihtn ~ well on the OF cXpedicncy con-
sutuuonaliy, appeared be striking and obvious
The relief which bank would afford hy an issue OF SI5
uOOOOO 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
mcnt the relief arising from the issue of $4,000 900
Of Treasury notes would have been consummaied in one
YEAR thus furnishing IN onehi;oenh part OF the time
which bank could have accomplished psPer medium
ct exchange, equal in amount to the real OF the
country, par value wild, gold aud silver The saving To
the Government would have been equal To oil the inere,t
which has had to pay Treasury Of previous
well subsequent issues, thereby relieving the GoNerr
fla II
Under all the responsibilities attached TO the station which,
occupy, and IN redemption Of pledge given lasI
Congress. at the close OF it, first session, submitted tho
suggestion it, consideration consecutive sessions
The recommendation, however, met with favor it,
hands While am free 10 admit. that tho necessities VI
the have since become greatly nmeurated and thai
there good hope that the country safely and
rapidly emerging from the difficulties and emhauRss-
mrut4 which every where surrounded IN lSil, yet
cannot but think mat s restoration sound and healthy
condition would he greatly expedited by the
pedient in n modified form.
The operations Treasury ofIss9 AMI
o." resolutions uf 1916 and those
produce quanium of cool Tie country ihcr
visions are capable Of yeihg II there ad been distinct
PRECISION OF "hoh gi@ 10 snow i lnule sentiment IL aNsi--'
the plan either heretofore recommended Congress
modified form while my opinion Ia cgnni 10 would
consideration. The Government has
cTcore for their own benefit and advantage and would BE- sub
Of the foundation PRINCIPLES Of the political edee which
They reared to in winch IN trr
81, mt ,,, rnl,.,,,.. ,Ss Inc Z, A. ,s's , ',
auocratcai Republic being
viii Ofthe few prevails the VIII many
the VIII Of e many should le consulted
Tie report Secretary War bring you aequaini-i
with the condition Of that branch of t- public
r army may be rsarI, In consequence OF the nlI number Of
the mnk ant OLE each Company AMI REGIMENT, little
than nucleus around which e. rally military n the
10y Of and preserving The peace OF
the frontiers Of most important nature. Ia oil cases n
rcnyy, The reliance II The county properly placed the militia
States AMI may well deserve the CONSIDERATION ~
Congress whether and perfect organization
he introduced looking mainly to the volunteer eoman'ss o. c
Union for the and of application the body VI
militia of
The expenditures War Department been eon-dcra
bly, reduced contingencies. however
would call Tor the hlng The with
compliment and make II very desirable rnyunt the
Corps Dragons wrh lay Of the last Congress d
rcccd bo dissolved.
refer you ~ hr accompanying report the Secretary fpr Boo
formation relation Navy of the Unci states Win1r
effort has been continue be- made 60 reneh n gu
pcrucs boy 81 which from Line 10 time my