The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-16

4 When that noble and magnificent commercial empo
rum once Is obliged TO depend on the barkeepers o.
a hotel for all means Of payment; get one pape
dollar to pay the hack, another TO 90 TO the theatre
and when the account is settled, go TO some neigh
boring shop and buy something with the trashy
change, rather than take il home, when il would re-
quire brokerage to get rid of, not to mention the
disoredit OF attempting to pass what no tradesman
or market-man will take but at discount IT at all
They say at New York and in New England, that
there Is coin in the banks. So il long said there
was in the Bank Of Amsterdam. But what assur-
ance have we Of the assertion? There are but two
guarantees: Punishment Of small notes, and eireula-
lion Of COIN not mere conyertibility, but clrcula-
ton too.
That respectable Journal the National Intelligent
Ger, which | have read for thirty odd years with
edihcaton has lately republished part OF an article
from the March number Of the Democratic Review,
which argues that war will break down the banks.
The worthy editors Of the lntelligencer have the
simplicity, the bOrhommis, TO parade this as one of
the evils Of the war they so much deprecate Now,
am neither an adyoeats for war, nor an enemy Of
banks. So far from il, that ! reckon part Of the
price we shall have 10 pay for war, n England
forces hostItes upon u.s. that the next tan years Of
this prosperous country will be more prosperous,
II peace continues, than any trty years heretofore
We must pay a great deal OF temporary Interrupt
is breaking down the trumpery OF banks-wll that
DO an syiP Not one TO deter me a moment from
fighting for SO +0. Should England by war break
down the banks, and build up the manufactures,
many good citizens will submit 10 such disasters
with eomposure, II not qualification. What fragile
structures the banks must be, II the first blow OF an
enemy will destroy them IL has been said that
Great Britain, in l776, stamped this Union into in
dependence and in 1919 pressed It into great naval
power. What next Let her relieve industry
from banks and paper money, what gratitude we
shall owe our mother country!
For war the constitutional treasury will prove an
admirable and indispensable preparation. For why
are the United States prosperous OF late The
bank party say, because OF the tariff Of ls42 But
thar deny. The tariff question Is really curren-
ey question. The body pohuic OF this union is
healthy The union Is prosperous, because the
blood & the body poluc, long diseased, has been
purified OF late years by better currency than It
had for many years. Ever since the sub.treasury
act Of July, ls4O, and Notwithstanding It's harsh
and precIpiIals repeal the constitutional treasury in
some measure has bsen In operation by executive
action, without, however, adequate provision by act
of Congress. During Mr.. Tyler's and Mr.. Folks
mislstrations the country has enjoyed At least
some approximation To coin currency. The public
funds have been kept in banks indeed; but the funds
have been, II not equivalent 10 gold and silver al
any rate much more like them than they were du-
Tyler's fiscal contriyance endorsed by Mr.. w bster
Mr. Tyler rejected the worst Of all the United States
banks and here we are at last about to reinsAte the
treasury and the money where the constitution and
act Of 1883 placed them. That act has been in par
tal force, but without the supplemental guards
against executive control and State banks paper and
all, which this bill provides. And with It, new
era Of economical administration will begin, which,
as have already said is certain TO last as long
Mr.. Polk is President, which 10 long enough TO rem
der its advantages obvious and clear TO all
In this recurrence to first principles there is no
novel, experimental, or perIlous legislation. Our
radIcaism has never gone beyond restoration. We
do not presume TO be wiser than our predecessors
All we do is TO return to their systemic return TO
il from the ruinous specusuons Of the paper-money
contrivances which have failed everywhere and
eyeryhow with terrible injury TO the currency, the
morality the equality, the industry the general wei
fare of the community. To accomplish this resto-
ration some Of us have had to bear the brunt OF
great abuse. Paper-money has controlled two
thirds of the press, and majority Of the profess
sons, especially that Of the law, which governs the
Judiciary. Courts OF Justice have beeu overcome,
legislatures commanded States CONFUSED and con-
quered, Congress carried away. An extraordinary
man, as chief magistrate, gruppied with foes more
formidable than armies with banners. His success
ors, as chief magistrate fell in the Conflicts after
nobly sustaining il with admirable constancy and
superior intelligence. His presidential messages on
that intricate and difficult topic state papers Of
the highest merit for clearness and cogency. He
fell in cause which will render bis memory al
ways grateful to those who maintain property and
industry against the fatal ravages Of paper-money
and privileged delinquency. As one Of their devo-
ted followers, |, too, had my share of caumny to
bear as an enemy to what | struggled to preserve.
For defying as despised the architects Of the ruin
in which Philadelphia and Pennsylvania were ospe-
cially involved, was denounced as a law-breaker,
and, by many, deemed monster.
should like, iftime AMI strength allowed, to pur-
sue the subject in other moral, political, and
nomical considerations, particularly to show that
the courts of law and halls of legislation have been
aiders and abettors of paper-money, so even the
church has seldom, if ever, in sermons, homies or
epistes, condemned its misdeeds. Large numbers
of its victims and advocates are so no more. This
bill will reduce the power Of those who remain, and
be one of the brightest pages in American legsla-