Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1844-01-06

mn whole Union. Tho principles and views
10. which have heretofore had occasion to
IA submit, remain unchanged |, can how
he over, mover DO too often repeated, that
Ia tho prominent interests Of every lmpor.
OF Iant pursuit of He, requires for success
u. pormancncy and stability in Legislation
I'd These can only ba attained, by observing
as moderation IN all things, which Is as in.
,h dlspcnsably necessary TO secure the har.
Is moneous action Of tho political as Of the
r. animal system. In our political organi.
lr cation, no one section of the country
y should desire to have its suppose inter.
y osts advanced at tho sacrifice Of all 9th +.
n ers; but Union being the great interest,
Q EQUALITY precious to all, should DO fos.
D. tered and sustained by mutual conces
d slons aud the cultivation OF that spirit OF
e compromise from which the Constitution
e ltseI Iproceeded.
You will be informed by tho report
Il from the Treasury Department, of the
measures taken under the act Of the last
0 session, authorizing the reissue of treas
ury notes in lieu of those then oulstan-
ding. The system adopted in pursuance
OF existing laws seem we calculated to
: save the country large amount of in.
terest, while it alfo rds convenencies and
obwates dangers and expense in the
transmission Of funds to disbursine A.
gents. | refer you also 10 that report
Tor The means proposed by the Secretary
10 increase the revenue, and particular
/ L..
| y that portion OF II which relates TO the
subject the ware-housing system, which
| earnestly urged upon Congress at lis
last session, and as to the importance Of
which my opinion has undergone no
change. =
In view Of the dsordered condition OLA
the currency at the time, and the high a
rates Of exchange between different parts v
of the country, felt it to be incumbent &c
on me 10 present to the consideration of v
your predecessors, proposition conhic- Iii
ting in no degree with the Constitution. Ii
or with the rights Of the States, aud hav. oil
ing the sanction not in detail, but in m
principle, OF some Of the emneat men IN
who had preceded me in the Executive C,
office. That proposition contemplated fe
he issuing of Treasury notes of denom- lo
nations not less than five, nor more lie:
han one hundred dollars, to be employ. ca
ID in payment Of the obligations of the mi
government in lieu of gold and silver, al
he option of the public creditor, and to me
IN amount not exceeding Sl5,000,O thu
I was proposed 10 make them receivable err
very where, and to establish at various fill
points, repositories of gold and silver, co
o be held in trust for the redemption of sill
such notes, so as TO ensure their coaver wi
iblllly INTO specie No doubt was en-. di
ertalned that such notes would have
maintained par value with gold and of
silver, thus furnishing currency of equal lat
value over the Union, thereby meeting w
he just expectations OF the people and wi
utilizing the du les Of a parental gov su
ernment. Whether the repositories wi
should be permitted TO sell or purchase up
pills under very limited restrictions, to- wi
5ether with all its other details, was ria
to the wisdom of Congress, I'll
md was regarded of secondary i.npor toe
ance, | thought then, and think now rex
hat such arrangement would have been err
Intended with the happiest results. The ou
Whole matter ofthe currency would have to
'een placed where by the Constitution it COZ
vas designed to be placed the rel
supervision and control of shC
congress, The action of the govern gel
nent would have been independent of all eff
operations, and the same eye which me
ests increasingly on the specie currcn SUP
y and guards it against aduteration, der
'ould also have rested on the paper cur val
ency 10 control and regulate lis issues en-
nd protect 1t against depreciation. The |
anne reasons which would forbid Con- ry'
resS from parting with the power over exp
nc coinage, would seem to operate with and
early equal force in regard to any sub ma
ltutIon for the precious metals in the tins
'rm OF circulating medium. Paper, ton
hen substituted for specie, constitutes in
andard of value by which the operations and
society are regulated, and whatsoev- viii
causeslts depreciation, affects society pri,
an extent nearly, if not quite, equal thos
the adulteratlon Of the coin err v
Nor can | withhold the remark that # mid
advantageous contracted with the Banks c,
the United States, apart from the fact SUBJ
lat bank was esteemed obnoxious to hest
e public sentiment, as well on the score of it
exPedledcy, as of consttulionality, ap /
Jared to me TO be striking and obvious. to II
ne relief which bank would afford by whit
issue of $15,000,000 of its notes. sess
Lying from the experience Of the late tran
nlted States Bank, would not have oc from
rredn less than Is years, whereas. that
der the proposed arrangement, the re- The
i arising from the issue of $l5, OUo, 900 Bile I
reasury Notes, would have been ploy
nsumalcd in one year; thus furnish who