Bloomington Post, Volume 2, Number 43, Bloomington, Monroe County, 22 September 1837 — Page 2

found it, in tnnmy cases, inconvenient to comply with tr-e demands of the Treasury and numerous and press

ing application were made for indulgence or relief; As the instalments under the deposite law becanv? payable,

their own embarrassments, and tho necessity under which they lay of curtailing their discounts and calling in their debts, increased the general distress, and contributed, with other causes, to hasten the revulsion in which, at length, they in common with the other banks, were fatally involved. Under these circumstances, it becomes our solemn duty to inquire whether there are not, in any connection between the Government and banks of issue, evils of great magnitude, inherent in its very nature, and against which no precautions can effectually guard? Unforeseen in the organization of the Government, and forced on the Treasury by early necessities, the practice of employing banks, was in truth, from the beginning, more a measure of emergency than of sound policy. When we started into existence as a nation, in addition to the burdens of the new Government, we assumed all the largo but honorable load of debt which

was the price of our liberty; but we hesitated to wcigli down the infant industry of the country, by resorting to adequate texation for the necessary revenue. The facilities of banks in return for the privileges they acquired, were promptly offered, and perhaps too readily received, by an embarrassed Treasury. During the long continuance of a national debt, and the intervening difficulties of a foreign war, the connection was continu ed from motives of convenivn ?; but the causes have long since passed away. We hftve no emergencies that make banks necessary toaid the wants of the Treasury;' we have no load of national debt to provide for, and we have on actual depotite a large surplus. No public interest, therefore, now requires the renewal of a connection that circumstances have dissolved. The complete organization of our Government, the abundance '.f our resources, the general harmony which prevails between the different States, an J with foreign Powers, nil enable ns now lo select the system most consUtcnt v i'h tho Constitution, and most conductive to the public welfare. Should we, thru, connect the Treasury for a fourth time with the 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 avoided in such an arrangement, is made strikingly evident in the very event by which it has now been defeated. A sudden act of the banks intrusted with the funds cf the people, deprives tho Treasury, without fault or agency iff the Government, of the ability to pay its creditors in the currency they have by law a right to demand, 'i bis circumstance n; fluctuation of commerce could have produced, if the public revenue had been collected . in the legal currency, and kept in that form by the of-, Peers of the Treasury. The citizen whose money w as

tvutk receives it back, since the suspeus.oti, at a

value the benefits of a salutary credit to any branch of

enterprise. The credit bestowed on probity and industry is the just reward of merit, and ah honorable incentive to further acquisition. None oppose U who lovte their country and understand its welfare. But when it is unduly encouraged when it is made to inflame the public mind with the temptations of sudden and unsubstantial wealth when it turns industry into paths that lead sooner or later to disappointment and distress it becorret V.rMe to censure, and needs correction. Far from helping probity and industry, the ruin to which it leads falls niosl severely on the great laboring classes, who are thrown suddenly out of employment, and, by tho failure of magnificent schemes never intended to enrich them, are deprived in a moment of their only resource. Ahiixes of credit and excesses in speculat ion

will happen in despite of the most salutary laws; no ! tutions; and surely no one can object, to any appeals or Government perhaps can altogether prevant them; but j animadversions on the subjects which are consistent en i'c rninrvl Jnvni'nmrnt e:m refrain from contributing I with facts, mid evince a proper respect for the intelli-

th legal currency of the United States, and that it nedds no legislation to maintain its credit, and facilitate the management of its concerns; the existing laws being, in the opinion of that officer, ample for those objects. Difficulties will doubtless be encountered for a season and increased services required from the public functionariesj such are usually incident to the commencement of every system but, they will be greatly lessened in the progress of its operations. The power and influence supposed to be connected with the custody and disbursement of the public money, are topics on which the public minds is naturally and with great propriety, ptculiary sensitive. Much has been said on them, in reference to the proposed

separation of the Government from the banking insti

the stimulus that calls them into life.

Since, therefore, experience has shown, that to lend

the public money to the local banks is hazardous to the

operations of the Government, at least ofdoubtful bene

fit to the institutions themselves, and productive ofdisastrous derangement in the business and currency of the country, is it the' part of wisdom again to renew the connection X It is true that such an agency is in many respects convenient to the Treasury, but it is not indispensable. A limitation of the expenses f the Government to its actual wants, and of the revenue to those expenses, with convenient means for its prompt application to the purposes for which it was raised, are the objects which we should seek to accomplish. The collection, safe-keeping, transfer, and disbursement 01 the public money can, it is believed, be well managed by officers of the Government. Its collection, and, to a great extent, its disbursement also, have indeed been hitherto conduct-

gence of the people. If a Chief Magistrate may be allowed to speak for himself on such a point, I can truly say, that to me nothing would be more acceptable, than the withdrawal from the executive, lo the gseatest practicable extent, of all concern in the custody and disbursement of the public revenue; not that 1 would

shrink from anv responsibility cast upon me by the duties of my office, but because it is mv firm belief, that

rency required by the act of 1789, and took the notes of banks in full confidence of their being paid in specie on demand; arid Congress to guard against the slightest violation of this.principle, have declared, bylaw, that if notes are paid in the transactions of the Government it must bo under such circumstances as to enable the holden to convert them into specie without depreciation " or delay. Of my own duties under the existing laws when the

banks suspended specie payments could not doubt. Directions were immediately given to prevent the reception into the Treasury of any thing but gold and silver or its equivalent; and every practicable arrangement , was made to preserve the public faith, by similar or e- , quivalent payments to the public creditors. The revenue from lands had been for some time substantially so collected, under the order issued by the directions of my predecessor. The effects of that order had been so salutary, and its forecast in regard to the increasing insecurity of bank paper bad become so aparcut, that even before ihecatastrophe, I had resolved not to intei fere with its opera ion. Congress is now to decide whether the revenue shall continue to be so collected or not. The receipts into thcTreasury, of bank notes, i ot redeemed in specie on demand, will not, 1 presume, le sanctioned, it would destroy, w ithout the excuse of

its capacity for usefulness is in no decree promoted by j war ni,i,i,; dUtress, that equality of imports, and it lie possession of any patrauage not actually necessary j ,UMijiy of commercial regulation, which lie at the four.to the performance of those duties. Hut, under our j ,J;ition of o;ir Confederacy, and would offer to each present form of Government, the intervention of the I State a diiect temtalion to increase H foreign trade, by Rxcutive officers in the custody and disbursement of j depieciat'mg tho currency icceived for duties in i;s the public money, seems lo be unavoidable, and before j ports. Such a proceeding would also, in a great deit can be admitted that the inlbrcnce and power of the j gree, frustrate the policy, so highly cherished, of infuIvxeeutive would be increased by dispensing wi'h the a- sin; into our circulation a larger proportion of the pregency of banks, the nature of that intervention in such cious metals; as policy, the wisdom of which none can an agency must he carefully regulated, and a compari- doubt. though thcien.ay be different opinions as to the son must be instituted between its extent in the two ca- extent to which it should hccanicJ. Its results have

ses.

The revenue can oiilv he collected hv officers a;-

lieen txj auspicious, and its success is too closely inter woven with the future prosperity of the countrv, to

ed solely by them; neither National nor State banks, w hen employed, beim' reouired to do more than keen it

safelv while in their custody, and transfer and jviv it j pointed by the Picsident, with the advice and consent j permit us for a moment 'oc oiitempla'c its a band nmen'.

in such portions and at such times as the I rcasury shall j of the Senate. I lie pub.ic moneys, in the lirst in- j We have seen under its influence, our specie augment-

stance, must, ttir reloie, in an cases, pas through nanus ed beyond eighty millions; our coinage increased so at selected by the Incentive. Other officers appointed in j to make lhat'of gold amount, between August, 18.) 1. & the same way, or as in some c ases, by the President a-1 December. lLV'JG. to ten millions of dollars: exceeding

lone, must also be entrusted w ith them when drawn lor ' t. vvh.

the purpose of disbursement.

ni reci. Surely banks are not more able than the Government to secure the money in their possession against accident, violence, or fraud. The assertion that they are so, must assume that a vault in a bank is stronger than a vault in the Treasury; and that directors, cash

iers, and clerks, not selected by the Government, nor under its control, are more worthy of confidence than officers selected from the people and rcponsible to the Government; officers bound bv official oaths and bonds

lor a l.uthlul performance of their duties, nuj corutant-1 ccssanly be invested wtli more or less power in me ly subject to the supervision of Congress. j selection, continuance and supen ision of the banks that The difficulties of transfer, and the ni l heretofore j may lie employed. The question is then narrowed to rendeied by banks, have been less than is usually sup-, the single point, w he.her, in the intermediate stage be-

posed. i he actual accounts show that by far the lar- tween the collection and disbursement ol the puulic

t li

lt is tho seen. that even

iMu- limits intit t ire i 'I I,.. ,.,......,... . .1" r...i.

- I uv . 1 . - - , -v 1 n 1111111

I.esides l without abatement, until tin

who also . of sueeie t-a vincnts. Tl

during the thiitv-0.1 j

r improvement continued : moment of the suspen 1 H 1 - t fl

us pniu.-v lias now ui'iet m i.v:i

I previous years.

when hanks are employed, the public, hinds mut twice j J R. pro-.--.ect

pass through the hands 0! r.xecutive oincers. this the head of'.he Treasury Department,

holds his office at the pleasure ol the 1 resident, and ' suddenly cli c ked, but iss'lil far from feinirovertiirowii.

some other officers of the same department, must in- Amidst u'.l coiiffielir.g theories, one. position is under

niabie; the piee'ions metals will invariably disappear when there ceases to be a necessity for their use, as a

in sti ict accor.!;.:;cc with

t. they all or-

! circulating medium. It uasinstiict accor. !:;.. . ibis truth, that wnilst in the mouth of May l.cwere every where seen, and were current for

ger portion of payments is made within short or con-! money, the agency of hunks is necessary to avoid Idiuarv purposes, thev disappeared from circulation the

in Mum receives ll DJLK, since me .mjskmis.uh, hi a ..,;,.. .i;,-,,, , ,,l.w.oe, nC .M..tlnn . .,.,1 it.n ! .l-imren.iw nvini i ..I" the ...it rnnace and liilliicnee ol ' ., ,..,,.... tl r ; .. I I.,- ,u.. 1.....1- .

sacrifice m its amount; whilst he who kept it m 1-1 w,ule numbor of warrants issued at the Treasury in ; the Kxccuti ve? I!ut is it clear, that the connection of; :vd tIC community tacitlv agreed to dispense with it.

gaieurrui.. o, ..... w...... v ... ,.Swsmo.., the vpar 83a V(.ar tHe rcsult3 of which will it is j the Executive with powcrlul moneyed institutions, ca employment. Their plan

pursues, without loss, the c;-t 0f ,js business. The

itf.liovnil fitttriln cnlli IaU fur t!ir filtilrf f.'ll short rif

Government, placed in the situation of the former, is, ,holls.ul(J or u,i average of less than one daily for involved in embarrassments it could not have suffered . : ,un ;, r v- ... vrL- ii.nv

k.i : .......... 1. 1 ...... Ar.i.n 'Pt..... ? - '

rvi?3uiciii3 aie, moi cover, iiujmeiiieu uy iii'jsi; samiiii i .

The difficulties heretofore existing are, moreover.

age more than two a dav, and at the city of Washing-

11-

ri;

and just laws which forbid it to uae a depreciated cur

rency, and, by so doing, take from the Government the nbility which individual have of accommodating their transactions to such a catastrophe. A system which can, in a time of profound peace, v. hen there is a large revenue laid by, thus suddenly prevent the application and the use of the money ol the pet-pie, in the manner nn-1 for the objects they have directed, cannot le wise; h itwhocan think, without painful reflection, that, unxU'.r it, the same unlorsecn events might have befallen u 1 in the midst of a war, and taken from us, at the nwi r at w hen most wanted, tho use of those very means 'vhieh were treasured up to promote the national wel1.1 : an 1 guard our national rights? To such embar-

-s iicntsund to such dangers will this Government be

iv. iv exposed, whilst it takes the moneys raised for,

n: ; necessary to, the public sen ice. out of the hands of j-' o.vn officers, and converts them into a mere right of ; t, e:i against corporations entrusted with the posscs--i. -i t.f them. .Nor can such results be effectually : i ii'vi- d against in such a system, without investing the !

! i veuti ve w ith a control over the banks themselves, i'. 'lethei State or National, that might w ith reason be objected to. Ours i, probably, the only Government 11 the world that is liable, in th-j management of its ti cal concerns, to tMVurrctiris 'ike these. Hut this imtnent risk is not the only danger attendant on the surr nder of the public money to the custody and control of local corporations. Tho ugh the object ii said to the Treasury, its effect may be to introduce into theopcralio.n of tho Government influences the most subtle, founded on intercsis the mo-t selfish. The use by the b:ink, for their own benefit, of the money deposited with them, has received the sanction of tho Government from the commence! at of this connection. Tho money received from the people, instead of being kept till it h needed for their use, is, in onstqueucoof this authority, a fin l.on which discounts are ma I j for the profit of those vu happen to be owners i f stock in the banks sclccte I depositories. The

Mippo:-.e I aii' I oiien exaggerated a lvantages ol such a boon will always cause it to be sought for with avidity.

I w ill 11 it stop to coti-dder on w !

dent to it is to be conferred; whether tip; selection and

c jutrji Ik; trusted to Con g res i or

er wul bo Mibiected to appeals madj in every form

which the sagacity of interest can suggest. The banks

under sii' h u system, are stimulated to make the most

i t tin u lortunalc acquisii ion; the deposites arc treated

a an iacreaxr of capital ; loans and circulation are rashly aiigim ntcd; and, when the public exigencies require a re. -nn. it is attended with embarrassments not nro- . : 1 1 ..a. . . . I

Mieu 1 r, nor loresetu. i litis banks that thought tiiemscJves mo;t fortunate when the public funds were received, find themselves most embarrassed when the season i f payment suddenly arrives. ( nfbrtuna'ely, to-i, the evils of the system are not liii.iltcdto the banks. It stimulates a general rashness of enterprise, an I aggravates the fluctuations of eom-m-nveruij the currency. This result was strikingly exhibited during the operations of the late deposite system, and especially iii the purchases of public lands.

1 he ord .r which ultimately directed the payment of

jruu .mo silver in sum p,i,ei,ases greatly checked, but eou.d not a!tog;'her prevent, the evil. Specie was inuecJ more dithcult to be procured than the notes which the banks could themselves create at pleasurejhut still, being obtained from thein as a loan, and returned as a deposite, which they were again at liberty to use, it only passed round the circle with diminished speed. This operation could not have been performed, had the funds of the Government gone into the Treasury, to bo regularly disbursed, and not into banksjto be loaned out for their own profit, while they were permit-

employment. 1 heir place was supplied bv a currency

pable of ininistering to the intcrests ol men in pom ts cxcliisivel y of paper, and in man v ca-es of the worst where they aie mo-t accessible to corruption, is less lia-, description. Already aie the bank notes now in cire-s-ble to abuse than his constitutional agency in the ap-1 lation greatly depreciated, and :hy fluctuate in value; pointment and control ot the few public otlicers leqmr-, between one place and another: thus diminishing and red by the.proposcd.'plan f Will the public money in making unct itain the worth ol prop-city and the prico their hands, Ik- necessarily exposed to any improper in-! of labor, and failing to .subserve. c -ept at a heavy loss,

daily lessened by an increase in the cheapness an 1 la-' t .i fe r -'tec on the part ol the l .xccutive f .May ll not ( tbe purposes of b;iMiie- s. With ca.-U succeeding day cility of communication ; ami it may be asserted w ith j Ik; hoped that a prudent fear of public jealously and i tl,e metallic currency decreases; hv some it is hoarded confidence, that the necessary transfers, as well as the ! disapprobation, in a matter so peculiarly exno-ed to I in the natural fear, that, once parted with, it cannot bo safe-keeping und disbursements of the public moneys, ! them, will dete r him from such interference, ev en it , replaced : w hile by others it is diverted by it more can lie with safety vV convenience accomplished through i higher motives le found inoperative? May not Con- j legt:iu,a-e uses, for the s:ike of gain. ShoJd Congress the agencies of Treasury officers. This opinion has j gress o regulate hv law, the duty of those ofl: -ers. and i vtucti"ii this condition of things, hv making i rrefea:nu-

been, in some degree, confirmed bv actual experience

since the discontinuance of the banks as fiscal agents, in May last; a period which, from the embarrassments in commercial intercourse, presented obstacles as great as any that ma, lie hereafter appiehended.

I he manner of keeping the public money since that

subject it to such supervision and publicity, as to pie- , hi.- paer money receivable in payment of public due","

vent the possibility o any serious abuse on the part ol j :i temporary c heek to a wise'.ind salutary policy will, the Executive? and is there equal room for such super- i,, a prob ibilii v, converted into its absolute desvisionund publicity in a connection with hanks, acting tructioti. under the shield of coiporato immunities, and conduct-j It is true that hank notes actually convertible ito

cu uy persons ii repoiisiunj .o me , iu,ci iiiin-.i. ...I., in- sjiecie may oe receive I in luiviucnt -t the revenue,

period, is fully stated in the report of the Secretary of i people? It is believed, that a considerate and candid j ithut kin ' liable to all these eb ectio:i. A; that such

the Treasury. That officer also suggests the proprie- j investigation of these questions, will result in the con j ;l course may, to some extent promote individual cor.ty of assigning, by law, certain additional duties to ex- j viction. that the proposed plan is far less liable to oh- j vcuieneo, an object always to be considered where it isting establishments and otlicers, which, with the mod- j jectiun, on the score of Kxeeutivc pat rouageuud control, j docs not conflict with the" priuei"!cs cf oat (.Jove: r. :v;.t ifications and safeguards referred to bv him, will, he j than anv bank agency that has been, or can 'Lhj, devis- or the vrencial .-rlfare of tb - eomitrv If such po-i s

thinks, enable the Department to continue to perform 'ed

-ted tc substitute for it a credit in account

In expressing these sentiments, I desire not to utidcr-

this branch of the public service, w ithout any material

addition cither to their number or to tho present exHuise. The extent of the business to be transacted has already been stated; and in respect to the amount of money with which the officers employed would lie cnl rusted at any one lime, it appears that, assuming a balance of five millions to be at all times kept in the Treasury, and the whole of it left in the hands of the collectors and receivers, the proportion of each would

not exceed an average of thirty thousand dollars; but

that, ueuuctiug one million tor the use ol the mint, and 1 1 y

assuming the remaining four millions to be in the bauds

ol one-half of the present number of officers a stipposi tion deemed more likely to correspond with the fact

the sum in the hands ofeach would still be less than tho

amount of most of the bonds now taken from there ccivcrs of public money. Kvcrv apprehension, howev

er, on the subject, either in respect to the safety of the money, or the faithful discharge of these fiscal transac

tions, may, it appears to me, be effectually removed bv adding to the present means of the Treasury the estab

lishment bv law, at a few important points, of offices

for the dope-site and disbursement of such portions of

the public revenue as cannot, with obvious safety and

convenience, be left in the possession of the collecting;

oincers until paid over by tlieni to the public cieditors. Neither the amounts retained in their hands, nor those deposited in the offices, would, in an ordinary condition of the revenue, be larger in most cases than those often under the control of disbursing officers of the Army and Navy, and might lie made entirely safe, by requiring such securities, and exercising such controlling supervision, as Congress may by law prescribe. The principal officers whose appointments would become necessary under this plan, taking the largest number suggested by the Secretary of the Treasury, would not exceed ten; nor the additional expenses, at the same estimate, sixty thousand dollars a year. There can be no doubt of the obligation of those who are entrusted with the affairs of the Government, to r.evit.l i llvi-ti.-t ...ill. n y 1:,!. ...-.,. 4.. a I. . .

..ui.vji.v-i. ilium nun .is iiiuv; cost iu me nation as is consistent with the public interest; and it is for Congress, & ultimately for the people, to decide, whether the benefits to be derived from keeping our fiscal concerns apart and severing the connection which has hitherto

existed between the Government and banks, offer suf-

ucieni advantages to justity the necessary expenses. If the object to be accomplished, is deemed important tn

the future welfare of the country, 1 cannot allow myself to believe, that the addition to the publicexpenditure of couparatively so small an amount as will be ne

cessary to effect it, will be objected to by the people. It will be seen, by the report ofthe Post Master General, herewith communicated, that the fiscal concerns of that Department have been successfully conducted

iuce imy lasi, upon me principle ol dealing only in

v ith these views, 1 leave to Longress th ; measures necessary to regulate, in the present emergency, Unsafe keeping and transfer of the public moneys. In the performance of constitutional duty, I have stated to them, without reserve, the result of mv own reflections.

I he subject is ot great importance: ami one on winch m-y xvoj bp to ,-Cnev under another form, the loans we can scarcely expect to be as united in sentiment as uf pl,iic moncv to t!lu banks, and the evils consequent we are in interest. It deserves a full and free discus- thereon

don, that anv large

pecie is required for public payments. Of

were only received, and always mid-.T ci-.-;i'iianc-?;j alio ing their early present. i"i'ii for payment, a:i iii:.t shoit and fixed periods, they were c :ivc: :ed into specie to lie kept by thcodiccrs ofthe Ticasury. so. no of the mo-t serious obstacles to their iecp:io:i would

perhaps be removed. To retain tho iio:cs in the Treas-

sion, and cannot fail to lie Ix-neliied by a d'spnssioiiate I It is however a mistaken

ii i i' r . i ii .

comparison ol opinions. wen aware invseii oi ine uu-1 amount .,.;,. 1

of

l-Pf-l n i-neri I

i 1 I branches of the C

concession among tho co-ordinate ivernincnt, I can promise a reasona

ble spirit of to operation so far as t . an be indulged in without the surrender of constitutional objections, which I believe to be well founded. Any system that may be adopted should lie subjected to the fullest legal provision, so ns to leave nothing to the lvxecutive but what is necessary to the discharge of the duties imposed on i. : ... . i" .. . . i i . . . i . : i i i : i . i

n iu , nun w iuue e i pi an may oe uu imaieiy es nunsucii, sa

my own part shall he so discharged as to give to it a lair trial, and the best prospect of success. The character of the funds to be received and disbursed in the transactions ofthe Government, likewise demands your most careful consideration. There can be no doubt that those who framed and a,t..m...l tl... r .:...: i : :.. ; . ..

iv.r.,j,i um V..UIIMLIUUUII, iiin in" m unmiiia'c view ine

the seventy or ciuhtv millions no: estimated to lu; in tb.

country ten millions would be abundantly sufficient for that purpose, provided an accumulation of a large aiikiuu: of revenue : beyond tho necessary wants of" tho Government be prevented. Ifto these considerations be added the facilities which will i ie from enablingtho 'P...... ........ . .:....! ' 1 ! . 1 . r

: i lutmiu 10 suwsiy me pu u. ic CI cuuor l)J lis Ol dl;3 Or j notes received in payment ofthe public dues it may he

IV assumed that no motive ot convenience to Hn

citizen lequires the reception of bank papc. To say that the refusal of paper money by the Gov- '1 eminent; introduces an unjust discrimination b-lwccn the currency received y it, and that used by individ- ' uals in their ordinary affairs, is. in my judgment, to view it in a very erroneous light. Tho Constitution '

prohibits the States

i. ......... I . . . i - it

.1.. i . . f ,i V- i r i- . , r-."i.a .uu oi.iii-.-. irom maiving any i ning nut goi i lepreciatcd paper ol the Confederacy of which five a.id silver a tender tl.,. ..-.v.. ..V.1..1.,? ,i

- - - - - . , I " ' 'IVj OI'JJ UIIV4 I I I U J

hundred dollars in paper were, at times only emial to

one dollar in coin inlendeil to prevent the recurrence

01 similar evils, so tar at least as related to the transactions of the new Government. They gave to Congress express powers to coin money, und to regulate the value thereof, and of foreign coin;"they refused to give it power to establish corporations the agents, then as now .chiefly employed tocientea paper currency' Unprohibited the States from iiiakinsi anv thin hut r,)l,

and silver a legal tender in payment of debts; and the first Congress directed, by iios'itivo law. that the reven

ue seould be received in nothing but gold and silver.

I'ubltc exigency at the outict of the Government.

without direct legislative authority, led to the i sc of banks as fiscal aids to the Treasury. In admitted deviation from the law, at the same period, and undo: the same exigency, the Secretary ofthe Treasury received their notes in payment of duties. The sole ground on which the practice thus commenced, was then, or has since, been justified, is the certain, immediate and corvetient exchange of such notes for specie The Gov

ernment did indeed, receive the inconvertible notes of

state banks during the difficultiesof war and the community submitted without a murmur to tho unequal taxation and multiplind evils of which such a course was productive. With the war this indulgence ceased ,and the banks were obliged again to redeem their notes in gold and silver. The Treasury, in accordance with previous practice, continued to dispense wtth the cur-

secures to every'citi.en a 1 ight to demand payment iu the legal currency. To provide by law that tho Government will only receive its dues in gold and silver, is not to confer on it any peculiar privilege; but merely to place it on an equality with the citizen, by reserving to it a right secured to him by the Constitution. It is doubtlesss for this reason that the principle has been sanctioned by successive laws, from the time of tho first Congress under the Constitution down to the last. Such precedents, never objected to and proceeding from such sources, afford a decisive answer to the imputation ol inequality or injustice. thjt, in fact, the measure is one of restriction, not of

favor. To forbid the public agent to receive in paj--ment any other than a certain kind of money, is to refuse him a discretion possessed by every citizen. It may bi left to those who have the management of their own transactions, to make their own terms: but nosuch discretion should be given to him xvho acts merely as an agcut of the people, who is to collect what the law requires, and to pay the appropriations it1 makes. When bank notes are redeemed on demand, there i then no discrimination in reality, for the individual who receives them may, at his own option, substitute specie for them; he takes them from convenience or choice. hen they sare notjso redeemed, it will scarcely be contended that their receipt and payment, by ft public officfer, should be permitted, though none1 deny that right to on individual; if it were, the effect wdulct