The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-12-01


redeem that amount Of Treasury notes, on terms
more favorable than any that have been offered for
many years And the six per cent. stock which was
created IN 1912, has advanced in the hands of the
TO nearly twenty per cent above its par value
lug confidence OF the people in the integrity of their
government has thus been signally manifested -
uesc opinions relative TO the public lands do not in
any manner conflict with the observance Of the most
Nocrai policy towards those of our fellow citizens
VINO press forward into the wilderness and are the
pioneers IN the work Of its reclamation. In securing
70 all such their rights Of presumption, the Govern
ent performs but act of retrbutve justice for sui
ierings encountered and hardships endured and finds
ample remuneration in the comforts which its
polcy ensures and the happiness which it imparts.
! Shou q revision of the tariff, with view to re.
venue, become necessary in the estimation of Con-
gress, doubt not you viii approach the subject with
just and enlightened regard TO the interests of the
who'e Union. The principles and views which
nave heretofore had occasion to submit, remain un
changed. 1t can, however, never be too often re
peated that the prominent interest OF every impor
lant pursuit OF s requires for success permanency
and stability in legislation. Tease can only be at
tanned by adopting as the basis of action, moderation
IN all things which 10 rs indisponsably necessary Il
secure the harmonious action Of the political as
the animal system. In our political organization,
one section OF the country should desire have it
supposed Interests advanced ut the sacrifice of al
others but Union being the great interest, equally
precious 10 ALL should be fostered and sustained by
mutual concessions and the cultivation Of that spirit
OF compromise from which the Constitution itself
proceeded
You will be informed, by the report from tile
Treasury Department, of the measures taken under
the act OF the last session. authorizing the reissue of
treasury notes IN lieu Of those then outstanding
1 he system adopted in pursuance of existing laws
seems well calculated to the country large
amount Of interest, while it affords cofveniences and
oDvates dangers and expense in the transmission of
FUNDS TO dsbursing agents. refer you also to that re-
port Tor the means proposed by the Secretary to in
crease the revenue, and pal ticuarly TO thai portion
ing system, which earnestly urged upon Congress
at It's last session. and to the Importance of which
my OPINION has undergone no change.
In view Of the disordered condition of the curren-
cy at the time, and the high rates Of exchange be-
tween different parts of the country felt it to be in
cuHioen on me, TO present to the consideration of
your predecessors, proposition conflicting in no de-
gree with the Constitution or with the rights of the
states, ana having the sanction not in DETAIL but in
principle, OF some of the eminent men who had pre-
ceded me IN the Executive Office. That proposition
contemplated the issuing of Treasury notes of de-
nominations not less than five than one hun
dred dollars, to be employed in payment Of the obli
gallons oil the Government in lieu Of gold and silver
at the option Of the public creditor and to an amount
not exceeding Sl5OOOOO0 twas proposed to make
tneul receivable everywhere and 10 establish at
rious points repositories Of gold and silver to be held
IN trust for the redemption of such notes. so
as 10 ensure their convertibility into specie
NO doubt was entertained that such notes
would have maintained par value with gold
and silver, thus furnishing paper currency of equal
Vaiue over the Union, thereby meeting the just
Psctaons of the people and fulfilling the duties of
parental Government. Whether the repositories
should TIC permitted to sell purchase bills under very
limited restrictions, together with all It's other details,
was submitted to the wisdom Of Congress, and was
gaIded as of secondary importance. 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 where
by the Constitution it was de signed TO be placed
under The immediate supervision and control of Con
gress The action of the Government would nave
'oeeh independent OF all corporations and the same
eye winch rests INCREASINGLY The specie currency
and guards II against aduteratiOn, would also have
lested on the paper currency to control and regulate
nsissues an@proect against depreciation. Thesam
reasons which would forbid Congress from parting
Nth the power the coinage would seem TO operate
WIN nearly equal force IN regard TO any substitution
Tor the precious metals iD the form of circulating
medium. Paper, when substituted for specie, con-
stltutes standard of value by which the operations
OF society are regulated, and whatsoever its
depreciation, affects society TO an extent nearly if
not quite, equal TO the adulteration of the coin.
Nor can | withhold the remark, that its advar-
tages contrasted with Bank OF the United States
apart from the fact that bank was esteemed as
obnoxious TO the public sentiment, well on the
score OF expectancy as OF coDstulonality appeared
TO me to be striking aud obvious. The relief which
a bank would afford by issue Of SIS 600 COO of lis
notes. Judging from the experience OF the late United
States Bank, would not have occurred in less than
hteen years. whereas, under the proposed arrange
ment, the relief arising from the issue Of Sl5OOOOJ0
OF Treasury notes would have been consummated in
one year thus furnishing in ne-6feenh part of the
time IN which bank could have accomplished it, q
paper medium of exchange, equal in amount 10 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 il has had 10 pay
on Treasury notes of previous well as subsequent
issues, thereby relieving the Government and at the
same time ahording relief 10 the people. Under all |
the responsibilities attached 10 the station which
occupy, ard 10 redemption of pledge given to the
last Congress at the close Of its first session, submit
ted the suggestion TO lis consideration at two conse-
cutive sessions. The recommendation, however met
W tn no favor at its hands While am free TO admit
that the necessities Of the times have since become
greatly amelorated and that there is good reason TO
hope that the country is safely and rapidly emerging
from the difficulties ard embarrassments which every
where surrounded it in ls4l, yet cannot but think
that lis restoration TO sound and healthy condition
would be greatly expedited by resort to the exped
cnt in modified form.
The operations Of the Treasury now rest on the
act of 1889, and the resolution Of 1916, and those
great quauum of good TO the country as their pro-
visions are capable of yielding. il there bad been
any distinct expression Of opinion gong to show that
public sentiment is aversc TO the plan either as here
tofore recommended to Congress, or in a modified
form, while my own opinion in regard to it would re-
main unchanged, should be very far from again
presenting 1t TO your consideration. The Govern.
ment has originated with the States and the people,
for their own benefit and advantage; and 1t would be
subyerslve OF the foundation principles of the polt-
cal edIfce which they have reared, to persevere in
measure which in their mature judgments, they had
either repudiated or condemned. The will of our
clearly expressed, should be regarded as
the light to guide our footsteps the true difference
between moDarchcal or aristocratica government
and Republic being, that IN the first the will of the
few prevails over the will of the many, while in the
last the will OF tine 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 as little than nucleus around