Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-03-10

discount. and constitute as is well known almost the
whole of your receipts there Not at the Treasury or
the Subteasury because it is not at the custom mouse
These Treasury notes must necessarily depreciate
They are tlcprccated now. They are issued cones-
sedy to cover n deficiency OF revenue, ana nave no
basis to rest upon as no means are PROVIDED ior their
redemption.
Sir this evil of depreciation in the Government Sc
curtcs is which aggravaics itself II leads ne
ccsslry and inevitably to increased expenditure. The
rrcntcr the depreciation the greater be the issue,
and the there is issued the greater is the dcprc
clatlon Thus the process goes depreciation lead
inc to cxtiavagant isscs and cXravagant issues to
further depreciation, until the Treasury paper sinks
below any standard OF depreciation and becomes val
ucIess. because il has standard OF value Such has
been and such will be the fate OF all issues upon the
naked credit OF the Government, unacconpanlcd by
such efficient provision for their prompt redemption ms
renders them readily convertible and thus sustains
their credit.
1t has been suggested that this species of paper may
DE issued ms mode OF relief TO the currency hnd the
business operations of the country. This the coun-
tcI-procct to that OF modifying the Subtreasury. II
raises the question whether the Treasury shall take
upon It's shoulders the banks or the banks the rca-
suiy, when neither can stand alone. This scheiilc
VIII furnish the country with deprecated currency
and entail upon ii all the evils OF deprecated and
sui dcpcclatlng currency in winch evil the Govern
lient III all lis financial interests, must participate
The experiment cannot succeed We cannot find an
instance in the history OF nations where such nan-
cal experiment has succeeded. The fate OF the con-
tlncnal money OF the Revolution oi the French as
s!anh's, OF the experiments III our own country OF
State banks issuing paper upon State credit all show
That currency resting upon the naked credit OF the
Government must necc sarily fail.
National credit is like individual creditof no value
except as II Is based upon adequate means OF mcctin.
its engagements Paper issued procsscdly to
deficiency Of revenue, without provision for its re-
dcnpiion will be- like the the paper OF an insolvcn
iindvidua--worthicss.
have said that Treasury notes may enable you to
anticipate revenue But no man supposes that, while
tins war continues, you will have any surplus OF re-
venue over your current expenditures Nay, the re-
verse vii he the case. There must be an annual nc.
emulation OF deficiency and OF debt. II you would
anticipate, you must look forward TO period beyond
the Duration OF the war-to the revenues oi peucc Tor
an indefinite period II, therefore you would antici
pate the means OF rcdceniing them, you must make
your notes payable upon time, with tate OF interest
corresponding with the value Of your stock. Tins
would place them on par with that stock and, II
the latter would not be taken, the former would not
avail But ii you make til EN- mode oi investment
they ceased to be currency.
There is but one mode IN WHICH Treasury notes can
be- kept III credit as Il 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 expenditure
Will absorb n your ordinary revenues, and all which
can he derived from existing sources You hive but
one resource cit-a direct tax repeat You have no
other mode OF providing for an ISSUE OF Treasury
L. cover the deficiency the revenues, and this must
be rcsored TO. And II the people OF this country Will
submit TO direct taxation Tor the purposes OF the Mex
lcan war. they viii give you strong evidence OF their
appreciation OF your policy.
believe have shown that neither loans nor Trca-
command ,hs means nt ri;pP , ,rr gu u,''' is
rho r,,,,i,, r,r H., ,h 80, t .' 'e"i =, io'
i - ,,J ,'J :, @ C'"p'l'o VI ,,tA
where are fine means tor n nrnirnr,.J ,,,r,,,o or %
az, ' , n",n r"' i9tace9 WaIlate or oc
,jd r,,i ,i ,''' a. rnr iino,a ''u'. "n'l MIi W.
n,,I ,,' VI 49, at ,hs " VI ui' co'etcln
J'G -, ',',s oou's's, WIN an alinua
49,, ,l'',, -, ' ;iI;'. ''i Sciics VI !cuis VI
81 ', ,h! =" H. '''','' I " .'ni
,L li I,' t Un'. w. ic',lo'td ny removing
H.; , i ' IT,, H. EE , t'i'h iu' an Ell" 10
Ia, ,L l ., 49, Io.,, 49, "lu 'i'c country revive
y e 'o''e oi It's ''"s'c energies under Tie sunshine
~ t. ,,,.l- -. =. A., : r,..
e., ~ wins a. 10 w ProJecl OIL deriving revenue
' i " f f''i9',us your armies tiierc or,
i'i ~ y" " W @ 'i u'c "ea oi Huiscfi'lilihte
w - u,,iouah ti'e purpose of militia
~ y .''i nave Always re-
sn."ru i's pau d o'lieiiGai' nov VIII you carry