iPf It in iiuoitienaUinttltutlono, f of ttnrf'eirij it to llio States, they foui:d it in many cnsc, in convenient to comply with the demands of the Treasury, and numerous nnd prcsting njipluntiinis wcro made for indulgence or relief. As the inttal ments under the flopes to law hecair.o pnjablc, their own enibarrasnunts and the necessity un der which thoy lay 6f curtailing their discounts and calling in their drills, increased the general dintcss, nnJ contributed, with other causes, to hasten the revuhion in which at length, they, in common w ith the other banks, were fatally involved. I ndcr these circumstuuccs, it I ccomcs our sol emn duty to enquire whether there are not, in any connection let vcotrtho Government and banks of issue, evils of great magnitude, inherent in its very nature, and against which no precaution's can ef fectually guard. Unforsccn in the organization of the Govern ment, an J forced on the Trea-ury by early necessi ties, the practice of employing banks, wai, in truth, from'the llcinnlng, more of a measuro of emergen cythan of sound -policy. When we started into existences as a nation, in addition to the burdens of the new Government, we assumed all the large but honorable load of debt which was the price of our liberty; but we hesitated to weigh down tho infant industry of the country by resorting to adequato taxation for the necessary revenue. The facilities of banks, in return for the privileges they acquired, "were 'promptly oirercd, and perhaps too readily re ceived, by an embarrassed Treasury. During trie lonj continuance of a national debt, and the in tervening dillicultiej ofa foreign war, the connec tion was continued from motives of convenience; but these causes have long since passed away. We have no emergencies that mako banks neces sary to aid the wants of the Treasury; we have no ioad of national de'jt to provide for, and we have on actual depositc a large surplus. No public inter cst, therefore, now requires the renewal of a con ncctioli that circumstances have dissolved. The cdmplete organization of our Government, the a Sundance of our resources, the general harmony which prevail! between the different States, and with foreign powers, all enable us now to select the system most consistent with the constitution, and most conducive to the public welfare. Should wo then, connect the Treasury forafmrth time with tho local banks, it can only be under a conviction that past failures have arisen from accidental, not inherent defects. A danger difficult, if not impossible to be avoid ed in such an arrangement, is made strikingly evi dent in the very event by which it has now been defeated, A sudden act of tho banks .intrusted with the funds of tho people, deprives tho Treasu ry, without fault or agency of the Government, of the ability to pay its creditors in tho currency they have by law a right to demand. This circumstance no fluctuation of commerce could have proJuccd, if the public revenue had been collected in tlie legal currency, and kept in ti.at form by the officers df the t reasury. The citizen, whose money wis in bank receives it back, since the suspension, at a sa crifice in it3 amount; whilrt ho who kept it In the legal currency of tho country, and in his own pos session, pursues, without loss, the current of his business. The Government, placed in the situa tion of the former, is involved in embarrassments it could not have sulfcrej had it pursued tho course of the latter. These embarrassments aro, more over, augmented by those salutary and just laws which forbid it tu Use a depreciated currency, and, by bo doing, take from the Government tue ability which individuals have of accommodating their transactions to such a catastrophe A system which can, in a time of profound peace, when there is a largo revenue laid by, thus suddenly prevent the application and the uso of the money tf tho people, in the manner and for the objects tlicy have directed, cannot be wise; but who can think, without painful reflection, that, under it, the same unforscen events might havo befallen us in the midst of a war, and taken from us, at the foment when most wanted, the use of those very means which 'were treasured up to promote tho na tional welfare and guard oUf national rights lo such embarrassments and to such dangers will this Government be always exposed, whiUt it takes the money raised for, and necessary to, the public ser vice, out otitic hands- oi uj own olhcers, ana con verts them into a mere right of a'tion against cor porations entrusted with the possession ot them Nor can such result? be effectually guarded against in such a svstem. without investing the Executive with a control over tho banks themselves, whether Btate or National, that might with rcasou be ol jei t- cdtd. Ours is probably, the only government In the world that is "liable, in tho management of its fiscal concerns, to occurrences likcthee. But this imminent risk is not the only danger attendant on the surrender ofthe public money to the custody a id control ol local corporations, l nougli tne ob ject is to aid the Treasury, its effect may bo to in. troduce into the operations of the Government, iu fluences the most subtle, founded on interests the most selfish. " 'The uso bf the banks, for their own benefit, of the money deposited with them, has re cived the function of the Government from Ih'o commence ment of this connection. The money received from the people, instead of being kept till it is need ed for their use, is, in consequcne of this authori ty a fund, on which discounts are made for the Ptoftt of those whohifppcn to be owner's of stock in thebaaks sclscted as depositories. Thd supposed " and often exaggerated advantages of such it boon will always cauto it to ho sought for with avidity. I will not stop to consider on whom tho patronage in -iJcnt to it is to be conferred; whether the selec tion and control be trusted to Congress or to the iJvecutive, either will be subjected to appeals made in every firm which the sagacity of Interest can suggf st. The 1 auks', tinder such a system", arc timulated to make tho most of their fortunate ac. quisition; the deposites aro trcatCJ as an increase tit capital; loans and circulation are raslriy aug-rnrnte-, and, when the public exigencies require a Wturn. it is attended with embarrassments not pro vided faf nor foreseen. Thus banks that fhdught themselves most fortunate when tho public funds were rocritcd, find themselves mosl embarrassed when the scasort of payment suddenly waives. Un fortunately r too, the evils of the system arc not limited U the banks. It stimulates a general rajh.nrai of enterprise, and aggravates the fluctua tion's of eomrnerco and the currcney, 'iTiis result waa etrikingly exhibited during tho operations of ith lata deposite system, and especially in the pur chase pf public lands. The iofder which ultimate ly dire.'Uxf the payment of- RoU aitd silver in sucb purchase , greatly checked, but edttld not altogeth er; prevent, tho evil, fjpocia was fndVe 1 miro diffi cult to )3 prJcnicd than tho notes which the banU . could themselves create ut pleasure; but still, bi i ijj obt i lid 'from them a.i o loan, and rtUarncd as s depjsite, which they wcro again at liborjy to use it only passed round the circle with diminUhw peJ, This operation could not lwve l n per forfiCd, had the funds-of tho Government ganoin to-tho Treasury, to bo regularly diaUirscd, and no( into banks, to bo loaned out for their own profit while' thoy were permitted to sulwtitulo for il a cred it, in account. In. niiirfiii ' tlirio ccr.tirr.entl, I dcjr "P undervalue tho htiictlwot' a ullntoiy ctedil to Miy branch ofentcrprifc. 1 he credit bestow cd on' prob ity and Industry is the just reward of merit, and an honorable incentive to further acquisition. None oppose it who love their, country and understand its welfare. But .when it is unduly Jncounyieel when it is made to inflame the public mind with the temptation of sudden ond unsubstantial wealth when it turns indu.'try into the paths that lend, sooner or later, to disappointment and distress it becomes liatilo to censure, and needs correction. Far from helping probity and industry, the ruin to which it leads falls most severely on the great la boring ( lasses, who arc thrown suddenly out of em ployment and by tho failure of iiiagiiil'u cnt schemes never intended "to enrich them, are deprived In a nioircnt of lluir only resource. Abuses of credit and excess in speculation will happen in despite of the most salutary law; no Government perhaps can altogether prevent them; but surely rvery Gov ernment can refrain frdfii contributing the stimulus that calls them into life. Since, thercfofe, experience has shown, that to lend the public "money to the local banks, is haz ardous to the operations of the Government, at least of doubtful benefit to the institutions themrtlvcs, and prcxWtivc of disastrous derangement in the bu sinews and currency of tho country, is it the part of wisdom again to renew the connection!. It is true, that such an agency is in many re spects convenient to the Trca-.ury, but it is not in- ihspcnsaMc. A limitation of the cxl cases ol the Government in its actual wants, And ofthe reven ue to those expenses, with convenient means for its prompt application to the. purposes for which it was raised, are ihe objects which we should seek to ac complish. The collection, safekeeping, transfer and disliurseme nt of the public money, can, it is believed, be well nunagedby officers of tlie Govern ment. Its collection nnd. to a great extent, its dis bursdmen' al o. have indeed been hitherto conduct ed o'ely bv them; neither National nor Stito liank wl en employed, being required to do more than keep it safely while in their custody, and transfer and pay it in such portion, and at such times, as tho I reasury shall direct. surely banks are not more able man tuc uovcrn- mentto secure the money in their possession against accident, violcn c. cr fraud. The assertion that they aro so, must assume that a vault in tho Trc.nu. the nditional expenses, at the some estimate, si st v thousand dollars a year. t 'Pimm nnn ln tin dniiht ofthe obligation of those who aro entrusted with the r.fTaira of government, to conduct ihcm with as lit- tlo cost to tuc nation as is riniDian.ii. !. .iik1!n li.lnrnul mill it IS Air Congress, LIli; IHIVWil ....... w ilnk- fur lllfi ncnniC. tn UCCluG (Mill iiiummwi ip- 1 Whether the benefits lo ho derived from lice mncr our fiscal concerns apart, and sever ing the connexion -which has hitherto exis ted between the government and banks, direr sufficient advantages to justify the If the obicct to be accomplished is deemed important to the fmiiri. welfare o f the country. I cannot allow myself tobelevc that the addition to tlie pub lic expenditure of comparatively 'so small an amount us will be necessary to effect it, pet- brandies ofthe government, I can promise a reasonable spl it ol co-opera ion, o -it can be indulged in without! he : surrcn.icr of constitutional objections, which I believe to be well founded. Any system w.jn be adopted should be subjected lo the nil est legal provisions, su as u to the executive but what is necessary to ... .i 1. !mnnM m mm wUlbeoec.edtobytl,e people. G S It will be seen hy the report 01 tne ros - .1. -. t n t ..n Im I ltlIQI1ffl. I V 11111 Kill I. SHU" la undeniable; tho precious motuls Vi t Vnnauiy uisappcur vvnun mere ceases to lj 1 a IlCCUBSIvy II" uiril lie"-, ,ia il CirCUIAj.jr! medium. It was in strict accordance wi thiii truth, t int winisi, in hic month nri... m last, they were everywhere seen, and were current for all ordinary purposes, tliuv ,.,. . jnnearcd from circnliition the ninineiiiiui tt ' u iri:i-. .11.11.. .. ;-". r - ,in,n,inn 0r., !(. 1 navmentoi specie was rciu?eu uv t he ban! 1 filed by W$Xil anil the com nuui.y taci.lv agree,! to 1 "l Ai i."rS Z the co.oyrninate' pen.e will. u. employment. Their p!ace r c.v. iiiMii?monuvfl. n tne trans.cr v., t have lormance 01 '----" ' nr ted to them, williout reserve, 'CU...: 'rtnrlinns. The subject 13 of, grLt iinpor.ai.ee; and one on which we can Lrcely expect to be un,d.nr.nnnn ivn.irnin intcrcsi. 11 '"-'' free discission, and cannot fni to i.e iiene- mnstRr (.Jcncm. lierewitu coinimiuiuaiuu, (liatthc fiscal affairs of that Department i.nvn lwin siicccssfiillv conducted since Mnv Irrst Unon the principle of dealing only in the legal currency ofthe United States, mill ilmt it needs no legislation to maintain r-icilitnte the m:matrcnu'nt of its concerns; tlie cxisiinglaws being, in the nf that ofliccr. ample for those nliippls. Difl'icullies will doubtless be encountered for a scaton, and iuc.cased services reqiur- ril fmm the nnhlic funclionaries; sucli are nsiiailv incident to the commencement of every system, but tiiey will be greatly les sened in the prhgrrss of its operation. The power and influence supposed to be coniiiTled with .he -u6lody and dis bursement of t'ie public money is naturally mid, with great propriety, peculiarly sensi tive. .Much has been said on them, in reference to the proposed separation of the minnti mill lltff linilKlllir 1I1SI1III1H1IIM lllllllll. "" ," ft . . , . , - . I'UVI'I II I llfc IK SJm'S r unlr ffS Sntl -..rely no one can o- ject to any npnool. are more worthy of confidence thanolUccrs selected . or nill'advei frnni tho Ticoiile and rcsnonsihlo to itle Oovcrn menf, officers bound bv official oaths and bonds for a faithful performance of their duties, and constantly subject to the supervision of Congress. The difficulties or transler, ami tne am heretofore rendered by banks, have been less .ban is usually supposed. The actual accounts show that by far the larger portion of payments is made within short or con venient distances Iron, tlie places 01 collec tion; diid the whole nuihbcr of warrants is sued at the Treasury in the vear 183-1 a vear, the resu'le of which will it is believed afford a s-afe lest for the fntilrc -fell short of five thousand, or nn average of less than one daily for eac'i State; n t c city of N. Y; they did not average more than two a day, and' at the city of Washington only four. The diflii'.ul.ici heretofore existing are moreover, daily lessened by an increase in the cheapness" nnd facility of c.omm inica tinns', and it Way be asserted with confi dence, that the necessary transfers, as well urns on tlie suiiicct, which are consistent with facts, add evince a pro per respect for the intelligence of the peo ple. If a Chief Magistrate mav be allow e,l to speak for himself on such a point, I can truly saw that to me nothing would be more nc'ceo'iablc than the withdrawal from the executive, to the greatest practicable extent, of all concern in the custody and disbursement of the public revenue; no. that 1 would shrink from any responsibility cast upon me by the. duties ol my ollu e but because it is mv firm belief, tlutt in capacity for usefulness is no degree promo ted by the possession of any patronage no actually necessary to the performance ol those duties. Hut under our present forn of government, the intervention of the Executive officers in the custody and dis bursement of the public money seeuis lo hi unavoidable; and belore it can bo ailmittei that the influence and power of the Execu live would bo increased by dispensing will aS the safe-keeping and disbursement of the , ' ..... f..i ... . vi'iiium in m rn .111 iiiM'iii-v 111: 1.11 1:111 1' lv regarded, and a comparison n ust In public moneys, can with safety and con venience be accomplished through the a gencies of Treasury officers. This opinion lias been, in some degree, confirmed by ac tual experienro since the discdhtimiarirc of the banks as fiscal agenls, in May last; a period which from the embarrassments in commercial inlercourse. presented obsta cles as great as any that may be hereafter apprehended. The manner nf keeping the public money since that period, is fully stated in the re port of the Secretary of the Treasury. That officer also suggested (he propriety of assigning by law, certain additional duties, to existing establishments & officers, whi di with the modifications and safeguards refer 1 1 1 :n i. . 1. :..!. ..i.i ,i, reu . ,,y ,.. , vv .. ,, ,. - wl,0 n8n lolds ,lb ofril.0 al ,f,0 p e:lsurP ?S ?Vl nirr,, PJ,Ti the President,and some other officers of,.,, material addition cither trt thsir number, or instituted between its extent in the twe cases The' rcvclnie can onlv be collected b officers appwintcd bv the President, will tlie advice k, consent of the Senate. Tin public, moneys, in the first instance, must .1" .1 tl 1 increiore, in an cases, pass inroiigii naniir selected by the Executive. Other officer! appointed in tlie same way, or, as 111 somi cases, by the President alone, must also br ; entrusted with litem when drawn for tin purpose of disbursement. It is thus sect , that, even when banks are employed, tin ; public funds must twice pass through tin i bands of the Executive officers. Uuside. this, the bend of the treasury departments to the present expense. The extent ofthe business to be transacted has already been stated; and in respect to the amount of mo ney with which the officers employed" would lie clttTiisted at any one lime, it appears that, assuming a balanCo of five millions, to be at all times kept in the Treasury, and the whole df it left in the bands of the col lectors and receivers, the proportion ofeach would not exceed an average of thirty thou sand dollars; but lhat, deducting one million for the use of the mint, and assuming the rd mnining four millions to be in the hands of one half of the present number of officers a supposition deemed more likely to corres pond willi the fact (ho sum in the hands ofeach would still be less than tlie amount of most ofthe bonds now taken from the receivers of public money. Every appre hension, however, dn the subjeel, eithor in respect to the safety of tho money, or the faithful discharge of tho fiscal transactions, may, it appears to me, be effectually remo ved by adding to the present means of the Treasury, tho establishment by law, a ta few important points, of officers for the deposite and disbursement of ouch portions of the public revenue as cannot, with obvious safety and convenience, beleft in the pos session of the collecting officers until paid iver by them to tho public creditors. Nei her the amounts retained in their hands, nor those deposited in 1I16 ofiiicrs, would, in an ordinary condition of tho revenue, ie larger inmost cases "than thosoofteii tin ier the control of disbursing officers of the irmy and navy, and might he made entirely infe, by requiring such securities, anil cxer ising Mich controlling supcrviti m, as Con rross may, by law, proscribe. The princi lal ofiiee'rs, whoso appointments would be onie necessary under this plan, taking the argest number Higgratcd by the Secretary same department, must necessarily be in 1 . , , . vesieu wiui more or less power 111 the sc lection, connnuance, and supervision, o the banks that may be employed. The question is then narrowed to the singl point, wiietiier, in the intermediate stage between the collection and disbursement ol the public money, the agency ol banks is necessary to avoid a dangerous exlensioi of the patronage and influence of the execu tive? Hut is it clear that the connection ol the executive with powerful moneyed tnsti tutions, capable of ministering to the inter est ot men in points whore they are mos accessible 10 corruption, is less liahle to ubltse, than bis constitutional agency in thr appointment and control ofthe few pnblii olln-erd reriuired hv the nronoscd nbm? Will the public money, when in tl.err hands un necessarily exposed to any improper interference on the part of llio Executive? May it not bo hoped that a prudent fear of (muni-, jr.iiiiusy ami iiisapporiiauon, in a matter so peculiarly exposed 10 them, will defer him from any such interference, even if higher motives bo found inoperative? May not Congress so regulate, by law, the duty of those' officers, and subject it to such supcrvison and publicity as to prevent the piissioiiuv 01 any serums abuse on the pari of tho Executive.? And is there equal room for such supervision and publicity in n connection with hanks, nciing under the liifeld of coYporate inmiinities, Jnd conduc ted by persons irresponsible to tho govern merit and the peopte? It is believed that a considerate 1 nd candid investigation nf iliAn questions will result in the conviction, that the proposed plan is far less liable toobicc- ..". wit iitu M-ims 01 executive patronage mid control, than tmv bank agency that bus been, or can be, devised. With thcSO views. I Innvn In Pun the measures nectary lo regulate, in ihn ged as to give to it a fair trial, and tlie bcM prospect ol success. , 1 J lie eliaractcr 01 me iinun iu no .v..-.. and disbursed in the transactions of the gov ernment likewise dep.ands your inOst careful coiifideralion. . , There win be no doubt that those who framed and adopted the constitution, luivieg in itntiittltnin view the clcnrcciatcd paper ol the confederacy, of which live hundred do -lars in paper were, at times, equal to on-3 dol lar in coin intended lo prevent the recurrence ofsiinilarevils, so far nt least as related to the transactions of the new government. They gave lo Congress express powers to coin mon-v; and regulate the valite thereof, and of foreign coin; they refused to give it power to establish corporations; the agents then as now, chiefly employed to create a iintiur currency: t lev prohibited the states from making any thing but gold and silver 1 legal payment ot dents; and lite nrsi vjon irress directed by positive law, that the rev enue should be received in nothing but gold and silver. Pu' lic exigency at the outset of the goy- crnmeilt, without direct legislative autlion ty, led to the use df banks as . fiscal aids to the Treasury. In admitted deviation from the law. at the same period, and under tlie exigency, the Secretary of the Treasury received their notes in payment of duties. Tlie sole ground on which the practice, thus commcncce, was then, or lias mice, neen iuslificil, is the certain, immediate, and on-eiit 'lit exchange of such notes lot spe- ic. The govefilmenl did, indeed, receive he inconvertible notes of tf.b Slate haiiKs luring the difficulties of war, and the com nimitr snliinittnil without rl murmur to the tncqual taxation and multiplied evils hi" ivhich such a rotirse was productive. With tho war, this indulgence ceased, and be banks were obliged again lo redeem heir notes i.i gold and silver. The Trea sury, in accordance witu previous practice, onliniied lo dispense with the currency cquired bv tho act of 1789. and took the totes of banks in full confidence of their Iwiintr nnid in finpiMf, mi ilmfinnih mill f;nn- gress, to guard against the slightest violation if this principle, have declaircd, by law. hat if notes are paid in ibe transactions of 1 he government, it must be under such cir cumstances as to enable the holder to con vert them into specie, without depreciation or delay. Ul my own duties umW the existing 'aws, when the banks suspended specie pav nents, 1 could n6t doubt. Directions were in mrdialely given ( prevent tl c reception n lo the Treasury of any thing but gold and liver or lis equivalent! add every practiea- ilc arrangement was made to preserve the public laitli, hy similar or equivalent pay uients to the public creditors. The revenue from lands had been for some time substan daily so collected, under the order issued ' the direction of my predecessors. The effects nf that order had been so salutary, and its forecast in regard to tho increasing insecurity of bank paper had become so apparent, that, even before the catastrophe, 1 nan resoivcu not to uucriere with its oiier ation. Congress is now to decide wheth er the revenue shall continue to be so collec ted or not. 1 he receipts into the Treasury, of bank notes not redeemed in specie on demand, will not, I presume, be sanctioned. Ii would destroy, without the excuse, of war or public; distress, that equality of imposts, and in'dentily of commercial regulation', which lie at the foundation of our ecinfcilf. racy, & would officer to each state a direct tAI,.l..l7.... n I. f. IV ... .....ii 1. 1, un,,. 11, iiii-ic-iiso us lore.gn mule, hv depreciating the currency received for du IICS III IIS porta. Such a nrocecilinn- vinnl.l also, in a great degree, frustrnfo the policy, so highly cherished, of infiirtmrr intn ...i- was supplied by a eurieney cxi-lusivdv ol paper, anu in many cases. 01 the wor-tiles-scription. Already arc the bank notes nm in circulation greatly depreciated, ami tlitt fluctuate in value between one place sn'j another: thus diminishing and making '. certain the worth of property and tlie'pijij of labor, and failing lo subserve, except at, heavy loss, the purposes of busmen With each succeeding day the metallic mi. rency decreases; by some it 13 hoarJeJu the natural fear, that once parled with, B cannot be replaced; while by othrrs it diverted from its m ire legitimate ut-, u the sake of g-ii v. Should Congress su-. tion this conditi m of things, by mu, irredeemable paper money rec-iv payment ofpnblia dues, n temporary to a wise aim saiuiarv pouev win, n all w, i 1 .'.1 !... :. . 1 , '. uamiiiy, ue cuiivuricu imo us ausoiuie co truction. It is true that hank notes actually conrc tunc into f-pccje iiiny in; rccejicti 111 i,u mclit ot tno revenue, witmmt nornr Ita'l- all these objections, and that such a may, to some extent, promote iniliu . ? . , ... . convenience, an oujeeiaiwavs io no coi;Si crcd where it docs not crflict vviili the- u , 1 . . . ' cipics 01 our government, nr me ecu, welfare of the country. If such iiniriiv were received, and always under mi.Ii , ciunstances allowing their early pri'M im, fc if, at short Si fixed periods, dm u converted into specie, to be kept by t!ir- ficcrs ofthe treasury, some of the iwm rioiis obstacles to their rccciitinn 1 , 1 i, . .1 peruaps no rciiioveo. 1 o retain me d a in the treasury would he to renew, ur another form, the loans of public unui'i the banks; and the evils consequent r on. It is, however, a mistaken inipre that any large amount of specie is icv ' for public payments. Of the wn eighty millions now estimated lo lie 1: country, ten millions would be a'um'i sufficient for lhat purpose, provided .if 1 cumulation of h large amount of rr-t-beyond the necessary wants of i'ie r ment, be hereafter prevented. Il t " considerations be added the facilui" will arise from enabling the m.-r satisfy the public creditors, by iis iV" notes received in payment of tlie dues, it may be safely assumed tin' i' ' tive o convenience to the citiz 11 re tho reception of lunik paper. Til s:V ibnt the rcfiw.l ,il' tvinpr ' f.l v - r by the govcrntiient, introduces in . oiscriiitiiiiition retween the ciur' reived hy it, nud that used by 11: 'i. in their ordinary affinr.i, is, ia 1 1 meni, to view it in a very ririn' The Consiitu' o 1 prohibits the S inakiug any thing but gold and mmi. gal tender in pnvincnt of debt'. '' if tin? Treasury, would not Qxeced ten; nor prcwat emerceiicy, the eaf keeping and Amik. nil L.a- v '"g ovprlwn. It ii.ay, imh cd, I.e qucsticr 1 h I An,w" " wnflicung thcoriM, one position it is not for U.o interest cfd.o ghly cherished, of infuriinrr intrt nnr iSr. i iini'iou a large proporlionol the precious metals; a policy, the wisdom of winch none can doudt, tho; there may be different opinrons as to to the extent to which b mm 1 oe carried, its results have been "" ""sp.cious, and its success is 100 cioseiy interwoven with the future prosperity 01 mc country, (0 permit us for a moment to contemplalo its abandonment. V e have seen. inuW lis ;.ii.. specie uugmonted beyond eighty millions ortr coinage irtcreased so as to mukn that of tfold amrtunt, bcrwc6n Augufct, 18!M, and December, 1830, to ton millions of dollars; exceeding tl.rf wholo coinage at the mint during the tlurly-ono previous years. The prospect of further improvement continued union anaicincnt, nnu the momr-nt nf tl, dm 1 .... ibus , , f ' " ddl,n . EutUlunly checked, ami fr glc:i,cr evils that Hl'ei.d ' ,0 iitt tur ircm ncmcr fivnniirn,n t. .. " . . . 1. 1 1 iirncui tt'- secure to ovory citizen a right w payment in the legal currency, vide by law that the government v receive its dues in gold and silver, confer on it any pccuiiit pri " merely to place it oit an c.ni iinv cilizcn, by reserving to it a iilui him by the Consiiiulion. I' i" '' for this icason that the prinrip'e I' f auctioned by siic'ccsivo liw, ' time of the first Congress tinder t1' 1 tution down to the last. Such pr" never objected to, and proceeding fr1 sources, afford a decisive answri"' putation of inequality or iiijusiiie. lint, in fact, the nicasuie is ' striclion, not of favor. To for' 1 1 " lie agent to receive in payment ju than a certain kind of money, i him a discretion pos?essed bv 'v' 7-cii. It may bo left to tlm-e wl the management of their own tr:n to make their own terms; but s I' lion should be given lo him wlm ' as an agent of the people, vi l is ' what tho law requires, and 10 ) propri.itio.is it makes. Wl.'-n I' n' aro redeemed on demand, di'"" k discrimination in rfaHty, for il' ''' who receives them may, at hi" "'" stitiite the specie for ilirin; be llk' from Convenience or choice. W I" arc not so redeemed, il will "'"" contended that their receipt ami f by a public, officer, should be I'1" though none deny that right t 1 al; if il wore, the effect would I"' ' jurious to tho public, since df" could mako none of those arraiii1'1 meet or guard against the which an individual is at li,prl. Nor can inconvcnicnco to the f'" hn alleged ns an objection to si"'' lion. Its object and motive are 1 ' venience and welfare. If, at a moment of simnllnnroii (xpo-ted suspension by the banl'- foinething to the ninny cmharin that iirncccding, yet these are f" ancedbyits direct tendency 10 , wider (:ircuhilion of gold and H'" crease tho safety of bank papf' i,n 1 . 11,11s i'' 4
Significant historical Pennsylvania newspapers