Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-05-05

lar favor of any kind, and although am
convinced that my opinions on side ques
tons can neither advance nor relard
question which has it's strength alone in
ais opn intrinsic merits. yet to d,sarm
even that casulstry which makes il bU.
slness II moi duty TO oppose every
thing that is good aud that offers relief
10 a suffering people, upon the ground Of
tender scruples, and which has as wide.
ly misconceived my views upon curren.
cy as il has the character Of the measure
Of relieflo the States which | have pro
posed, will, 10 few words, give my
vie VS. on this collateral il not wholly ex.
traneous subject.
am and ever have been in favor OF
a mixed currency oI metal and converu
BILE paper; but that no institution shall
under any circumstances issue a note
Tor circulation that it cannot redeem, up
on presentation, with gold and silver
When an institution suspends specie
payments, it should at the same instant
suspend all business, except TO pay and
receive its debts.
am opposed TO the Government is.
suing or authorizing The issue Of pa
per currency for circulation, which could
not be always converted into specie; and
hence have never voted for the issue
Of Treasury notes during the existence,
in whole or in part, Of the four Admin
islrations that have existed since | have
been 10 Congress, because il was an in-
convertible paper Of circulation.
The influence of the measure, howev.
er, upon the currency, would be inslan
taneOus and sau,ary, by restoring con-
tidence and retaining q large amount ol
the metallic basis IN the country.
Is gold and silver to be the only ma.
tional, as it is the constitutional currency
Of the country? Then it is important to
arrest, in great degree, the constant
flow TO Europe which goes to pay State
bonds bearing six per cent. interest,"
This cannot be done by the Legislatures
Of the indebted Stales nor by the twenty
six States; it can be done by their and
the peoples ageDts-the Congress oil
the United States. Is not this result
Important If you arrest the flow of bul
$1,000 600. you would keep an amount
that would pay in rapid circulation a.
moDg The people lOO,O00,00O dollars oil
individual debts in a month, perhaps in
a week.
Is a mixed currency desirable, upon
the basis Of Mr. GaIlatn's opinion that
three paper dollars may be issued Gor
one Of specie: then it is important TO AT
rest the escape Of gold aud silver 10 pre-
vent an inflated aud uusodud paper cur
rency. For every million Of specie lhaI
exported $4,000 600 Of paper should
be distracted at the same time from cir
collation., or explosions and suspensions
will be continually recurring, and the
mixed currency will bsar its just pro-
portion Or can two millions only be
safely issued for one in specie: in the
sam me proportion should the paper be
withdrawn from circulation, or the struc
ture will stand on the cone, and the frs
and every strong wind of commercial
vacillation or failure OF crops will over
throw, with crash, the inverted pyra-
mid. State legislation cannot alone ar
rest the escape OF specie, because it can
not reach the evil, 1t is too wide, Toe
deep rooted. 1t must be national.
Money raised by direct taxation II
pay Stale bonds is not spent among the
people who pay the taxes. as is the cast
with money raised by taxation to pay foI
civil expenses or county improvements
But it is sent to Europe to pay interes
on State bonds held there; and hence
the greatest evil Of the existing system
OF tax alton by the States.
The amount OF interest must be d.
minisbed, and must be paid, to relieve
the people, either wholly or in part from
the customs or the public lands. As
measure of finance it is indispensable
for the well being and prosperity Of lht
nation.
The drain Of specie or specie fund
now amounts to about $4,000 600 Il
pay interest abroad Thus there is
perpetual annual drain of about one fifI
OF the entire specie Of the nation, AM
whether it is sent from Maryland, Penn
sylvania, or Louisiana, the effect i
equally felt in Name, Missouri, anc
Georgia; for it matters not at which ex
treme or al how many points the vita
fluid is drawn, every part Of the bod
polite becomes in on equal degree ex
hausted But BY transforming The Stat,
debts, which will average six per cent
interest, into Government stocks at ,hre
or four per cent interest. payable at tn
Treasury, the bonds or large portion
OF them would at once be sent TO thi
country to be exchanged on the book
| IF thu uoIion,l