The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1848-03-23

whole of your receipts there. Not at the
Treasury or the Subtreasury, because it is
not at the custom-house.
These Treasury notes must necessarily de-
preciate. They are deprecated now They
are issued confessedly to cover deficiency
of revenue, and have no basis to rest upon,
as no measures are provided for their re-
demption.
Sir this evil of depreciation in the Gov
eminent securities is one which aggravates
itself. 1t leads necessarily and inevitably to
increased expenditure. The greater the de-
probation the greater must be the issue, and
the more there is issued the greater is the
depreciation. Thus the process goes on, de-
probation leading to eXtravaeant issues, and
exravagant issues to further depreciation,
until the Treasury paper sinks below any
standard of depreciation and becomes value
less, because it has no standard Of Value
Such has been and such will be the fate Of all
issues upon the naked credit of the Govern
ment unaccompanicd by such efficient pro-
vision for their prompt redemption as rem
ders them readily convertible, and thus sus-
tains their credit.
1t has been suggested that this species of
paper may be issued as a mode Of relief to
the currency and the business operations Of
the country. This is the counter project to
that of modifying the Subtreasury. 1t raises
the question whether the Treasury shall take
upon its shoulders the banks, or the banks
the Treasury, when neither can stand alone.
This scheme will furnish the country with
deprecated currency, and entail upon it all
the evils Of deprecated and still depreclat'
ing currency, in which evil the Government,
in all its financial interests must participate
The experiment cannot succeed. We can
not find an instance in the history of nations
where such financial experiment has sue
ceeded. The fate of the continental money
of the Revolution, of the French assignats, Of
the experiments of our own country OF State
banks issuing paper upon State credit, all
show that currency resting upon the naked
credit Of the Government must necessarily
fail.
National credit is like individual crcdit-of
no value except as it is based upon adequate
means of meeting its engagements. Paper
issued protessedly to covera deficiency OF re-
venue, without provision for its redemption,
will be like the paper ofan insolvent lndlvid-
ual--worhlesa.
have said that Treasury notes may ena-
bic YOU to anticipate revenue. But no man
supposes that, while this war continues, you
will have any surplus Of revenue over your
current expenditures. Nay, the reverse viii!
be the case. There must be an annual ac-
emulation of deficiency and Of debt ltyon
would anticipate, you must look forward to
period beyond the duration Of the war--to the
revenues Of peace-for an indefinite period.
! If, therefore, you would anticipate the means
of redcemng them, you must make your notes
payable upon time, with rate OF interest
corresponding with the value OF your stock.
This would place them on a par with that
stock and, if the latter would not be taken,
the former would not avail. But if you make
them model Of investment they cease to be
Il currcAcv.
There is but one mode in which Treasury
notes can be kept in credit as a currency, !
and that is, as have already suggested, by
providing adequate means of redemption |
when the issue is authorized. But what
means can you provide? Your current eX-
penditure will absorb all your ordinary re-
venues, and all which can be derived from
existing sources. You have but one recourse !
left--a direct tax. l repeat, you have no
other mode Of providing for an issue of Treas
ury notes to cover the deficiency in the re-
venues, and this must be resorted to. And il
the people Of this country will submit to d.
rect taxation for the purposes Of the Mexican
war; they will give you strong evidence of
their appreciation ofyour policy.
l believe that have shown that neither
loans nor Treasury notes will answer your
purpose. You cannot command the means Of
relieving your Treasury for the coming year.
But the entire occupation of Mexico is con-
templated, and it may last for years. If so.
where are the means for protracted war
fare or occupation Of that country to be
found? What will be the condition of your
finances or Of the commercial and monetary
affairs Of this country, with an annual def
cheney in your Treasury for y series of years
of from thirty to forty millions year?
Sir, these evils are only to be removed by
removing the cause which has produced them.
Put an end to this war; and let the finances
and the country revive by the force of its
elastic energies under the sunshine Of peace,
A few words as to the project ofderiying a
reyenue from Mexico, or subsising your ar
mics there Sir, | I'm rejoiced to find that
the idea of indscrminate plumber is aban-
doncd, although TIE purpose of military con-
trbution is still entertained. | have always
regarded this plan as chimercal. How will
YOU carry out your revenue system there
BY means of the Mexican authorities? You
cannot trust them. They would require
more ovcrseers than it would require to per-
form the service, If you employ American
officers they will dctraud and resist you.-
Military aid must be employed, and the :
whole matter would degenerate into military
contribution, and contribution into indiscrim-
mate plumber.
AS to military contributions it is enough to
say of them, in the language of your Com
handing General, they would eXasperate
the enemy and starve ourselves" Produc-
ton would cease and the country become cX-
hausted.
What expectations can you entertain of
serious relief from that country? That peo- /,
pie are already Frustrated. Their means are
exhausted by their efforts for their own de.