Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-12-19

our tellOw citizens who press forward lnto
The wilderness, aDd.are the pioneers IN the
work Ol pre- smptiOn, the Government peT-
form bul an acl Of reiribuiVs justice for
fsuferings encountered and hardships en-
dnted, and finds ample remuReralions in
the comforts which its policy insures and
the happiness which i, imparts. ShouldIal
revision Of the tsTif,vith view to re.
venue, become necessary 10 the estimation
OfCOngress,I doubt not you will approach
the subject with a just and enlght'
end regard 70 the interests Of the
whole Union. The principles. and views
which have heretofore had occasion to
submit, remsin unchanged. II can, however
never be too often repeated, that the prom,
insni interest Of every important pursuit Of
life, requires for success, permanency and
stability ia legislation. These can only be
attained by adopting, as the basis Of &C
tion, moderation ia all things, which is as
iDdispensably necessary to secure the har-
mOniOus action of the political as OF the
animal system. In our political Organiza-
ton, no one section Of the country should
desire to have its supposed intIests adSan-
ced at the sacrifice Ofall others; but union
being the great interest, equally precious
to 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 beinformed, by the report from
the Treasury Department, OF the measures
q taken under the act Of the last session. aus
fhOFiylnn tha re az in
lieu Of those then outstanding. The sys-
TEN aqcpted in persuance Of existing laws
seems we'll calculated 10 save the country
large amount of interest, while II affords
cOHveniencss and Obviates dangers and
expense In the Transmission offunds to dis.
bursting agents. I refer you also 10 lhstre.
port for the meanssproposad by the Sect'y.
to increase the revenue, aud particularly t.
that portion Of it which relates 10 the sub.
jsct Of the swarehousing system. which car
nesily urged upon Congress at its last ses>
siOu, and as TO the importance of which
my opinion has undergone no change.
In view Of The disorderd condition Of
the CuIency at the time. and the high rate
OF exchange between different paris Of the
country, | felt it 10 be incumbent on me,
to present TO the consideration Of your
predecessors, a proposition conflicting 10
no degree with the Constitution. with
the rights of the States, and 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 denominations not less
than ivelnOr more than one hundred dollars
to be employed in payment of the Obliga-
tiOne Of The Government in lieu of gold and
silver, at the option Of the public creditor
and to an amount not exceeding $4,000,
600. Il was proposed to make. them receiv.
able every where, and to establish at Vari.
Gus points repositories Of gold and silver
10 be held in trust for the redemption of
such notes, 30 az 10 ensure their converti.
biIIty into specie. No doubt was entertand
that such notes would have maintained . |
par value with gold and silver, thus fur
nishing paper currency Of equal value |
over the U0iOR, thereby meeting the Just
expectation OF the people, and fulfilling
the duties OF PaFeRtal. .GOVeFnmsn'.-
Whether the repositories should be per.
milted TO sell or purchase bills under very
limited restrictions, together with all lis
ether details, was submitted to the wisdom
ofCOngress, and was regarded as Orsec-
Ondary Importance. | thought then, and
think now, that such an arrangement
WOuld have been attended with the happi.
est results The whole matter of the cnr-
Tsncy wOHld have been placed whore by
the Constitution It was designed to be-
piaced-under the immediate supervision
and control Of Congress The action of the
Government would havebeen independ ent
Of 81 corpoEatlons,a and the same eve which
rests increasingly on the specie currency
and guards II against adulteratiOn would
also have rested on the paper currency, 10
control aad regulate its issues and protect
il against depreciation. The same reasons
which wouldss forbid Congress flom parting
with the power over the coinage would
seem 10 operate with nearly equal force in
regard TO any substitution for the precious
metals in the form Ofa circulating medium.
Paper, when. substituted for specie, con.
stituGes u standard Of value by which the
operations Of society aTe regulated, and
whats leveT causes lie depreciation, affects
society to an extent nearly, It not quite,
equal TO the adultert Of the coin.
Nor can withhold ihe remark, that
its advantages, contrasted with Bank
Of the United States, apart from The fact
that bank was esteemed as obnoxious
10 the public sentiment, ss we'll on The {
score Of expediency % Of constitutional.
ity, appeared to me 70 be striking and !
Obvious. The relief which a bank '
would a6Ord By an issue Of els ,OOO,- Il
600 Of lis notes, judging from the expe e
Tienes Of the United States Bank. would o