A Compilation of the Messages and Papers of the Presidents. Volume 3, part 2: Martin Van Buren
History
A Compilation of the Messages and Papers of the Presidents. Volume 3, part 2: Martin Van Buren
Presidents -- United States; United States -- History -- Sources; United States -- Politics and government; Van Buren, Martin, 1782-1862
The ease and safety of the operations of the Treasury in keeping the
public money are promoted by the application of its own drafts to the
public dues. The objection arising from having them too long outstanding
might be obviated and they yet made to afford to merchants and banks
holding them an equivalent for specie, and in that way greatly lessen
the amount actually required. Still less inconvenience will attend the
requirement of specie in purchases of public lands. Such purchases,
except when made on speculation, are in general but single transactions,
rarely repeated by the same person; and it is a fact that for the
last year and a half, during which the notes of sound banks have been
received, more than a moiety of these payments has been voluntarily made
in specie, being a larger proportion than would have been required in
three years under the graduation proposed.
It is, moreover, a principle than which none is better settled by
experience that the supply of the precious metals will always be found
adequate to the uses for which they are required. They abound in
countries where no other currency is allowed. In our own States, where
small notes are excluded, gold and silver supply their place. When
driven to their hiding places by bank suspensions, a little firmness in
the community soon restores them in a sufficient quantity for ordinary
purposes. Postage and other public dues have been collected in coin
without serious inconvenience even in States where a depreciated paper
currency has existed for years, and this, with the aid of Treasury
notes for a part of the time, was done without interruption during the
suspension of 1837. At the present moment the receipts and disbursements
of the Government are made in legal currency in the largest portion of
the Union. No one suggests a departure from this rule, and if it can now
be successfully carried out it will be surely attended with even less
difficulty when bank notes are again redeemed in specie.
Public-domain text, read in full here on John Shaqi.
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