Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-07-25

ssssfs-. 4s.1@A III can
s, me notes would be considered lie bond
:, ~ p,sramen, 70 be paid when 3ns ~ " tad e1-
iinSpsGea ra be paid and ID. again, do like
the hanks md THIS cannot to. We have bill for
Independent Treasury main feature of which is hard money
payments at the Federal Treasury can conceive it to be
compatible with the character of such treasury to take W
and cancel the Government bonds but to reissue them
often as taken up is too much like banking for
banking, where the shunied aganand agyn
long will hold together This would redsce our sab
treasurer to something like cashier of modern ban-rc-
Issuing the same paper ad fnitu Even banks did not do
this In the begnning-n their better days The Bank of
England did net reissue for long time.
Mr. REVERDY JOHNSON, from his seat 1t does not
reissue it pays and cancels each note
Mr. BENTON. Good Let our Government reduce
our Subeasury below the Bank of England paper ma
chine Let cancel the when paid and have paper
currency will therefore strike out the clause OF re-
issue in the bill and if that is struck out the bill far
am concerned, may take its course.
These my objections the bill and this PRACTICAL and
will require from the Senale have another objection,
any particular clause in the BILL but to the policy Of
resortng thus early in war with Mexico to an issue of
Government paper
Forty year. ago Mr. President, when was student a,
law, read of my bOoksan English book, of
these words:
ancestors in King Williams time had annually Maid
long their exigences lasted, less than we
now annually their account they would time OF war
have borne greater burdens than they have bequeahed
settled upon their poserity in of peace and might
have been eased the instant the exigency over"
The nculcaed in these words sunk deep upon nv
mind and resolved upon if should be nv lot
have any share the management of the public affairs
my country The great principle OF the lesson is every
generation should bear burdens and cast them
upon postery and if principle, wise and just in ITSELF
needed any illustration confirmation, would be found in
the subsequent history of the country which words of
the lesson written. Mr.. Justice Blackstone wrote them
in l77 The British debt then about hundred and
forty millions Of pounds seng and the and cost of
management about five millions that debt about eight
hundred millions, and the annual interest and manag
about thirty millions The example se-the evil practice
commenced, in King Williams time, of throwing burdens
upon postey has continued since and certainly the
British people of the present day bulened degree
which should induce others heed the admontion which they
neglected.
The obvious mode of saving postery from the burdens of
Its ancestors Is for every generation to pay goes and
TO do that each year nearly possible pay the debt
which creates Taxation the mode to do That's and where
taxation inadequate short oans be repaid by those who
make them, the substitute Government treas-
ny paparaad sxcheuar hills in Cr.a, and treas
uy United Staes-should be the last and almost
the desperate, of any Government These are the
principles upon which came into public life and on which
have endeavored 70 act though not always able do
The year 1887 overset my principles The Government
with thirty millions Of dollars in banks found itself on,
morning without shilling hand and Congress was caIleC
together TO provide the Of keeping the Government
alive. 1t of life death and the proceeds o
wsnd have been entirely slow have prevented th
open and declared bankruptcy of the Treasury Under hes
circumstances, the of taxation was impossible
temporary loan the next resource and upon this the Fl
ton TO the Secretary Of the Treasury, MR. Woodbury. who
recommended issue of Treasury The committee
condemned this but finally yielded to the Secretary
his firm asseveraon that loans could be obtained IN
time TO prevent the catastrophe OF bankrupt Treasury
Under these circumstances the Treasury note act of 1887
brought in, but guarded with many provisions proven,
the notes from sliding into currency, make Govern
ment paper-money The act Of 1887 was guarded. and
douby guarded, against that evil FIRST in giving authority 4,
issue, without authority reissue and then by spe
cia clause expressly fobddng reissues and positively re
curing each note to be cancelled and destroyed when
redeemed by the United States. With these guards and
others, the bill passed. voted for it. but with
revuson OF stomach almost convusiye, and With msgiynp
Of the heart which proved to be prophetic. In little time
the guards all broken down Of The same note.
egazed and these entered and ek the Treasury
bank notes enter and leave bank OF course did moi
Tor this overthrow Of the guards which had assisted
set up but the want Of my made no difference The
mischief had been done in the first step; once issued
Treasury notes strong enough TO themselves
and s4.de into paper currency.
these my objections to the bill ITSELF and Of lis policy
Toe poh n this early resort of supporting the
tovotnn'f wAS from its dangerous and seductive nature
20 % e frt lat and the almost desperate resource
"louG o. The est fesor and here must say ths
z the oniszico shy fair object Of taxa
~. Tes sni coffee arc left out o
Ike = leave them out ard
necessity or ta1aiioa
a.