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