Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-12-23


the whole Union. The principles an
views which have heretofore had occs
sion 10 submit, remain unchanged.
can, however, never be too often repeat
ed that the prominent interests Of ever,
important persuit of life, require 70
success, permanency and stability in lie
gislation. These can only be attained
by adopting as the basis Of action, mode
ration in all things, which is as indis
pensably necessary TO secure the harmo
NOUS action Of the political as of tht
animal system. In our political organ
cation, no one section of the country
should desire TO have its supposed inter
esis advanced at the sacrifice of all 9th.
ers; but the Union being the great inter
est, equally precious to all, should be
iostered and sustained by mutual conces
sions and the cultivation Of that spirit OF
compromise from which the Constitution
itself proceeded.
You will be Informed by the report
from the Treasury Department, OF the
measures taken under the act of the last
session, authorising the REISSUE of Trea
sury notes in lieu Of those then outstand-
ing. The system adopted in pursuance
Of existing laws, seems well calculated
TO save the country large amount of
interest, while it affords conveniences
and obviates dangers and expense in the
Transmission Of funds TO dsbursing a.
gents. | refer you also to that report
for the means proposed By the Secretary
10 Increase the revenue, and particular
~ 10 that portion Of it which relates to
the subject of the warehousing system,
which | earnestly urged upon Congress
al its last session. and as 10 the import
ance of which my opinion has undergone
no change.
In view Of the disc rderod condition of
the currency a. the time, and the high
rates Of exchange between different
parts Of the country, felt it incumbent
On me, TO present TO the consideration of
your predecessors, n proposition conflict
ing in no degree with the Constitution,
or with the rights Of the States, and hav-
ing the sanction not in detail, but in prin.
ciple, Of some Of the eminent men who
had preceded me in tho Executive office.
That proposition contemplated the issue
of Treasury notes Of denominations not
less than five nor more than one hund
red dollars, to be employed in payment
of the obligations Of the Government in
lieu of gold and silver, at thu option of
the public creditor, and to an amount not
exceeding 100000 1t was proposed
to make them receivable every where,
and 10 establish at various points deposi-
tories Of gold and silver to be held in
trust for the redemption Of such notes,
10 as to ensure their conver,ibility into
specie. No doub! was entertained that
sach notes would have maintained a par
value TO gold or silver, thus furnishing
paper currency Of equal value over
the Union, thereby meeting the jus, ex
pec.aiIons Of the people aud fulfilling !
the duties Of q parental Government.
Whether the repositories should be
permitted 10 sell or purchase bills under
very limited restrictions, together with |
oil its other details, was submitted to the
wisdom Of Congress, and was regarded
Of secondary Importance. thought
then, and think now, that such an ar
rangement would have been attended
with the happiest result. The whole
matter Of the currency would have been
placed where by the Constitution it was
designed to be placed, and under the i'm
mediate supervision and control Of Con.
gress. The action Of the Government
would have been independent Of all cor
poratons, and the same eye which rests
increasingly on the specie currency and
guards it against adulter ration, would also
have rested on tho paper currency, to
control and regulate its issues and pro-
teci it against depreciation. The same
reasons which would forbid Congress
from parting with the power over the
would seem to operate with
nearly equal force in regard to any sub
stttntfon for the precious metals in the
form OF a circulating medium. Paper.
when substituted for specie, constitutes a
standard Of value by which the opera
lions of society are regulated, and what
'oever causes its depreciation, affects
society to an extent nearly, if not quite,
equal to the adulteratlon Of the coin.
Nor can | withhold the remark, that it
ls advantageous, contrasted with the
Bank of the United States, apart from
The fact that bank was esteemed as OBJ.
noxious TO the public sentiment, as well
rs on the score Of expediency as of
appeared to me to be
trlklng and obvious. The relief which
bank would affori by an issue Of $751;
100000 of its notes, judging from the
experience Of the late United States
Bank, would not have occurred in less
han fifteen years; whereas, under the