Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1843-12-14

alOTOS COiiNenlellCleS, ana OoVla[eS hangers ana
expense in the transmission of funds to discussing
agents. | refer you also TO that report for the
means proposed by the Secretary to increase the
revenue, and particularly to that portion of it
which relates to the subject of the ware housing
system, which earnestly urged upon Congress at
Its last session, and as 10 the Importance OF which
any opinion has undergone change.
In view the disordered condition of the cur
rency at tie time, and the high rates OF exchange
between Gj>feteut parts OF the country, felt 1t to
Oe incumbent on me, To present 10 the consldera-
lion ot'your predecessors proposition conflicting
IN no degree with the Constitution, or with the
rights al the States. and having the sanction not
an detail, but in principle, OF some OF the eminent
men who had proceeded me in the Executive Of
lice. That proposition contemplated the issuing
1t Treasury noeS OF denominations not less than
.sive nor more than one hundred dollars, to be
uloved in payment Of the obligations Of the Gov
,ernmenl in lieu of gold and silver, at the option of
The public creditor, and 10 an amount not exceed
log SI5,0G0,00a IL was proposed TO make them
receivable everywhere aud To establish. at various
points, depositors OF gold and silver be held in
rrust for The redemption OF such notes. so as
sure their conveilibilty into specie No doubt
was euteGaiacd that such notes would have main-
ianca par value with gold and silver, thus fur
ln>hIng = paper currency OF equal value over tire
laion, thereby meeting the just expectations OF
1te people and iuth'llng the duties OF a parental
Governments Whether the deposilocies should
be permitted 10 sell or purchase bills under very
limited restrictions, together with all It's olher de-
1aiS, was submitted to tie wisdom OF Congress.
and was regarded as OF secondary importance. l
1hoEghl Glen, and think now. that such arrange
ment would have been placed where by the Con
,iuulon, it designed to be paced-unGer the
immediate supervision and control O! Congress-
The action of the Government would have been
independent OF ali corporations, and the same eve
which resiS increasingly on the specie currency,
and guards il against adulleration would also have
rested the paper currency to control and regu-
late It's issues and project against depreciation.
The same reasons which would forbid Congress
from parting with the power over the coinage,
would seem 10 operate with nearly equal force in
regard 10 any substitution for the precious metals
in The form ola circulating medium. Paper, when
substituted for specie, constitutes a standard OF
value by which the operations of society are reg
,llated, and whatsoever causes Its depreciation, et
feos society 10 extent nearly, If not quite, equal
10 the adueraton Of the coin. Nor can | with.
hold the remark. that its advantages, conirasted
with & Rank of the United States, apart from the
fact that bank was esteemed as obnoxious to the
public sentiment as well on the score OF expedi-
,ency as OF constituiionatv, appeared to me TO be
striking and obvious. The relief which bank
would afford by an issue of SI5,000,O00 of its
notes, ludeiag from the experience Of the late L.
States Bank, weuld not have occurred III less than
fifteen years; whereas, under the proposed ar
rangen.ent, the relief arising from the issue of
$4,000 0G0 of Treasury notes would have been
cons mnnated la wear: thus furnishing in one
fifteenth part ot1he time In which bank could
have az oc0JGpllshed4l, per medium of exchange,
equal III amount to the real wants OF the country,
at par value with goad and silver The saving 10
~ Z bar baan l,l,a
interest which it has had to pay on Treasury notes
of previous as well as subsequent issues, thereby
relieving the Government and at the same time
affording relief to the people. Under all the
sponspties attached to the station which | oc-
-cupy, and in redemption of pledge given to the
last Congress at the close of Its first session, /
submitted the suggestion TO its consideration at
zwo consecutive sessions. The recommendation,
however, met with no favor at its hands. While
! am free to admit that the necessities of the times
3!ave since become greatly ameliorated, and that
there is good reason to hope that the country is
safely and rapidly emerging from the difficulties
and embarrassulents which every where surround
co il in lSiI vet cannot out think that its resto
ration to a sound and healthy condition would be
greatly expedited by resort to the expedient in a
modified form.
The operations of the Treasury now rest on the
act of 1889, and the resolution of 1876 and those
laws have been so administered as 10 produce
great uranium of good to the country as their
provisions are capable of yielding. If there had
been anv distinct expression of opinion going to
snow that public sentiment is averse to the plan
eIihe: as therefore, recommended to Congress, or
IN a modified form, while my own opinion in re-
gard TO il would remain unchanged, should be
Iery far from again presenting it to your consider
atiaR The Government has originated with the
States and the people, for their own benefit and
advantage and it would be subversve of the foun-
slatioa principles ofthe political edihce which they
lave reared, to persevere in a measure, which in
their mature judgments, they had either repudIa-
.ed or condemned. The will of our constituents,
clearly expressed, should be regarded as the light
H. guide our footsteps; the true difference between
4 nlonarChal or aristocratic government and Re-
rt,iilc beng that in the first the will of the few
l.roy;.iis over 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 tha: impor-
tart branch Of the pubic service. The Army may
he regarded in consequence of the small number
ofthe rank and file ia each Company and Reg-
neDt as little more than nucleus around which
10 rallv the military force ofthe country in case Of