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21ST CONG. 1ST SESS.]

On Removal of Indians.

[SENATE.

has been, to present and discuss some of the defects of the the State of Alabama, and the greater part of the State existing laws; and to propose the new regulations which of Mississippi, have been since formed. And now, it so are requisite to supply those defects. These regulations happens, that a part of the Cherokees still reside within are conceived not only to be amendments important in the States of North Carolina and Georgia, according to themselves, as sound principles of a permanent system, their present boundaries, as well as within the limits of but also to be urgently required by the actual state of the Tennessee and of Alabama. Latterly, Georgia, in the coins now in use.

The general effects of these regulations will be, to promote the coinage of the precious metals; to increase the quantity of our own coins, and especially of some of our coius, which now scarcely enter into our circulation: to diffuse our different coins throughout the United States; and to retain them in the circulation and the use of the community.

The propositions now submitted, are these:

1. That our copper coins shall be a legal tender for pay ment of any sum not exceeding ten cents, and for no greater

sum.

2. That our silver coins less than a dollar, shall not be a legal tender, for payment of any sum exceeding ten dollars.

3. That when our coins of gold or silver are diminished in weight, more than a twenty-fifth part of their full weight, they shall not be legal money.

4. That no foreign coin whatever shall be a legal ten

der.

5. That the first and third of these regulations shall be in force immediately; that the fourth shall take effect on the fourth day of July, 1831; and that the second shall take effect on the fourth day of July, 1833.

A bill containing these provisions, is also submitted.

IN THE SENATE OF THE UNITED STATES,
FEBRUARY 22, 1830.

Mr. WHITE made the following report:
The Committee on Indian Affairs, to whom was referred
that part of the President's Message, dated the eighth
day of December last, which relates to Indian Affairs,
have had the same under consideration, and ask leave
to submit the following report:

exercise, as she supposes, of her sovereign powers, has extended her laws over the whole of the State, and subjected the Indians to her jurisdiction. Meantime, the Cherokees have formed a civil government of their own, entirely independent of any State, claiming to have a right to do so in virtue of their original title to the lands on which they reside, and relying, likewise, upon the guarantee of their country, in several of their treaties formed with the United States. They have called upon the Executive to make good this guarantee, by preventing the operation of the laws of either Georgia or Alabama, within those limits secured to them by the said treaties. To this application the President has replied, that he has no power to check the operation of the laws of those States, within their respective limits; that the Constitution of the United States forbids the formation of any new State within the limits of an old one, without its consent; therefore, the Cherokees cannot be recognized as a separate State, within those limits were they now reside; and that, if they choose to remain there, they shall be protected in doing so, but that they must submit to the laws of the respective States, at the same time they are protected by them, and earnestly recommends to them to consent to exchange the country where they now reside, for one West of the Mississippi, owned by the United States, and not yet included within the bounds of any state or Territory, where they can be again united with that portion of their nation which has already emigrated, and where the United States can, and will, make them forever secure from any interruption from the whites, or from any other nation or people whatever.

To this proposition the Indians have given an absolute refusal, still insisting on a fulfilment of their treaty stipu lations.

The laws of Georgia will commence their operation in the month of June next. It is easy to foresee the painful consequences which will probably follow, from laws operating over the same territory, at one and the same time, and flowing from jurisdictions or sovereigns, inde

The evil will not stop here; already we are advised that Mississippi has passed a law, incorporating ber Indian population with her citizens; that Alabama has extended her laws over the Creek Indians within her limits: and before long, we may anticipate that the like policy will be pursued by several other States.

Everything which relates to those Indian tribes or na tions, with which we have political relations, created or regulated by treaties, is becoming, every year, more and more interesting: especially those relating to such as re-pendent of each other. side within any of the States of the Union, or of the territories belonging to it. The matters communicated by the President, in his Message, relative to the Cherokees, are of the most delicate and interesting character, whether considered in relation to the United States, to the States of Georgia and Alabama, or to the Cherokee Nation. The committee have employed themselves assiduously in their From the information before the committee, no hope investigation, with an anxious wish to avail themselves of need be entertained that either of those States will change all the information within their reach, and are desirous to their policy, and repeal those laws; a period has arrived, recommend something to the Senate, which, if produc- when the United States have a duty to perform, which tive of no positive good, will at least have the merit of not must be discharged, in good faith, to the States concerned, farther embarrassing questions, already sufficiently com-to the Indians, and with a sacred regard to their own high plicated. character.

With this nation, the United States have formed a num- In the view which the committee have of this subject, ber of treaties, commencing as early as the year 1785, they believe it would be unnecessary, if not improper, and ending in the year 1819. At the formation of the for them to offer any opinion upon the points in dispute first, the Indians occupied portions of territory within the between the coutending parties, because there can be chartered limits of the States of North Carolina, South no reason to suppose any additional enactments by Con Carolina, and of Georgia. Since that period, North Car-gress are necessary to put in the power of the Executive olina ceded a part of her territory, on which a portion of to make good the guaranties contained in the treaties, if, these Indians resided, to the United States; and that ter- in his judgment, they ought to have the construction for ritory, according to the terms of the deed of cession, has been which the Cherokees insist, and his duty, according to since formed into the State of Tennessee. South Caro- the constitution, would authorize him to oppose the op lina and Georgia amicably settled the boundary between eration of the State laws. them; and by an agreement between the United States and Georgia, dated in the year 1802, the United States acquired the title to a portion of territory, out of which,

In 1802, Congress passed an act to regulate trade and intercourse with the Indians, the provisions of which connected with the treaties, are sufficiently broad to au

SENATE.]

On Removal of Indians.

[21ST CONG. 1ST SESS.

thorize the Executive to give effect to every stipulation, the purpose, and threats, when persuasion is likely to which it is the duty of the United States to perform.

The failure to comply with the wishes of the Cherokees, as it appears to the Committee, proceeded not from a defect in the law, but because, in the opinion of the Executive, constitutional objections exist, which it is not in the power of Congress to remove, by any law which they could enact,

fail. The committee are well satisfied, that every humane and benevolent individual, who is anxious for the welfare of the great body of the Cherokees, and is correctly informed of their true condition, must feel desirous for their removal, provided it can be effected with their consent.

Other strong inducements for this desire, must be found in the condition to which they are now brought, by the collision between them and the laws of the States in which they reside.

Although,the committee, for the reasons before given, consider it unnecessary, if not improper, in them, to of fer any opinion upon the validity of the conflicting claims of the parties; yet, it may not be without its use to call the attention of the Senate to some of the leading facts, and main points, upon which the controversy has depended, and must hereafter depend.

The title of the Cherokees must rest upon their original right of occupancy, and upon the treaties formed with the United States.

As to the first, "their title by occupancy." the answer would be, when the country was discovered, they were savages; and that this discovery, of itself, gave a right to form settlements, and to exclude all other civilized nations. That it conferred upon the nation of the discoverer and settler, the right to acquire the usufructuary interest which the natives had. It would be added, that, at a very early period, the Cherokees formed a treaty with Great Britain, by which they gave up their independence and put themselves under the protection of His Britannic Majesty. That they took a part with the British Crown in the war of the Revolution. That the American arms were employed against them, and they conquered, when Independence was acknowledged, and the treaty of peace made with Great Britain. That this conquest conferred upon the respective States, within whose limits they were, all the rights, and gave them all the powers which the Crown bad, prior to the Revolution. That this right still continued in the States, and never was yielded to the United States. That, in securing these rights, they severally exercised these powers, from the year 1777 up to the year 1785, in such manner, as, in their sovereign will, they believed to be wise and just, without any control from the United States.

The difficulties which have actually occurred were foreseen some years since, and successive Administrations seem to have been anxiously endeavoring to avoid them; and the only remedy suggested by any, appears to have been, to provide a country West of the Mississippi, beyond the limits of any State or organized Territory; to have it laid off and divided into as many districts as would accommodate all the Indians residing within any of the States or Territories; to have those districts so described, by natural or artificial marks, that each could be known from every other; and then, by fair and peaceable means, to induce the Indians to exchange the lands where they live, for some of those thus described, and to emigrate. A suitable country, as is believed, has been procured, but. owing to some cause or other, the districts have not, as yet, been laid off, and properly described. Exchanges, however, to a considerable extent, have been made, and consequent emigrations from various tribes have taken place. A portion of the Cherokees, equal, as is believed, to from one third to one half of the whole, has actually removed to, and settled in, a country well situated to their wants and wishes, West of the Mississippi. There is good reason to believe many more would have removed before this time, except for various causes, which, as yet, the United States have not been able to overcome. The principal one is, the idea of a separate and independent State of their own, where they now live. This is the work, principally, of comparatively a few, who are either white men connected with the nation by marriage; or of those of mixed blood, born in the nation, who are well educated and intelligent, who have acquired considerable property, and, through the annuities paid by the United States, and by other means, are yearly adding to it. This class of people, it is believed, do not altogether equal one hundred in number. A very small portion of full blooded Indians can be named, who are in the like circumstances, or who have much agency in their public affairs. Those who are in public employ, have an influence almost unbounded over the nation. They fill all the offices created by their laws, and have the entire management of the funds derived from every source. The rest of the nation may be divided into two classes. The one owning some small property, and having settlements of their own, upon which they make a sufficiency to support themselves and their families, and but little surplus. Those of the other, comprehending, as is believed, the mass of the population, are as poor and degraded as can well be imagined. They may be said to live without By that treaty, a boundary is established, which allots hope of better circumstances; they have almost no pro-to the Indians a great extent of country within the ac perty, and seem destitute of the means or prospect of acknowledged limits of both North Carolina and Georgia, quiring any. There is very little game in their country. and over which those States had actually legislated; had They are without industry, without information, unlet- previously authorized by law the sales of land therein; tered, and subsisting chiefly upon what they can beg, considerable quantity had in fact been sold to individuals, and upon the birds and fish they can procure. A stranger and the consideration money paid to the State. who travels along a leading road through the nation, or makes but a short stay in it, will form a very erroneous opinion of the true condition of the great mass of the population. He has intercourse only with, those of the first or second class, before mentioned, and forms his Not very long after this treaty, the Cherokees waged a opinions of all, from the condition of those with whom he war against the citizens of those States, which continued associates. It may then be asked, why do these people until some short time prior to the treaty of Holston, conrefuse to emigrate The answer is, those who have included iu the year 1791. fluence over hem, use every means in their power to pre- This was the first treaty made with those Indians under vent them. They misrepresent the country offered, West the authority of the present constitution of the United of the Mississippi. They use persuasion, while it answers States, and by it a new boundary is agreed upon by

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That, although, in the Articles of Confederation, there is a power given to the United States to make treaties with Indians residing out of their limits, yet there is, in the ninth article, an express saving to each State, of all its legislative rights, within its chartered limits.

As to the second point, the political condition of the Indians, as established by treaties between them and the United States. The first and only treaty with the Cherokees, during the Articles of Confederation, was concluded in November, 1785.

Against this treaty both Georgia and North Carolina entered their solemn protests, it being, as they alleged, in violation of their legislative rights.

21ST CONG. 1ST SESS.].

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On Removal of Indians.

On the 7th day of February, 1797, an additional article to this last mentioned treaty, is agreed upon, by which an addition of five hundred dollars is made to the annuity stip ulated in the former treaty.

In June, 1794, another treaty is made between the parties, by which the provisions of the treaty of 1791, are revived, an addition made to their annuity, and provision for running and marking the boundary line.

In October, 1798, an additional treaty 18 concluded, by which former treaties are revived, the boundary of Indian lands curtailed by another cession to the United States, for an additional compensation.

In October, 1804, another treaty is concluded, by which more land is ceded by the Indians, for a consideration agreed upon and specified in the treaty.

In October, 1805, two treaties are made, by which the Indians cede an additional quantity of land.

[SENATE.

which the limits before allotted to the Indians are reduced, as it related to the rights and powers of the United States to a smaller compass. only, then it is true, they are, and ought to be, a commuBy the seventh article, "the United States solemnly nity sovereign, in all respects, those only excepted in guaranty to the Cherokee nation, all their lands hereby which they had by the treaties expressly surrendered ceded." their independence; and still contend that Georgia was a sovereign and independent State, from the 4th day of July, 1776, a period anterior to the Union of the States, under either the Articles of Confederation, or of the present Constitution. That, as a sovereign State, she had a right to govern every human being within her limits, according to her own will, and to dispose of all the vacant lauds, when, to whom, and for what consideration, she pleased. That she is still in the possession of all those rights and powers, excepting only such as she has expressly surrendered. That she never has surrendered to the United States, either by a treaty, or by any other means, the power to dispose of her vacant territory, or to authorize the establishment of a Government within her limits, without her consent. So far from it, that the 9th article of the Confederation forbids any violation of her legislative rights, and expressly provides that no State shall be deprived of territory for the benefit of the United States; and that the 3d section of the 4th article of the Constitution expressly says: No new State shall be formed within the limits of one or more of the old, without their consent. And the 10th amendment of the Constitution declares, that even "private property shall not be taken for public use, without making just compensation." That, if private property cannot be taken without compensation, the conclusion is very strong, that it was not intended to give a power to take the property which belonged to a sovereign State, under any circumstances whatever. That she never did give her consent to this disposition of either her jurisdiction or of her territory; so far from it, she entered her solemn protest against the first treaty formed in the year 1785, as violative of her rights, and that no inference cau be drawn to her disadvantage, from her silence, or from any thing she may have said in relation to any subsequent treaty; because, in each of them, a change was made, by which a portion of her territory and jurisdiction was restored to her, and thus her condition rendered better than it was under the treaty of 1785, against which she had protested.

On the seventh day of January, 1806, another treaty is concluded, in which more land is ceded to the United States; and in September, 1807, an explanation is agreed upon of the boundary line intended in the treaty last mentioned.

On the 22d day of March, 1816, another treaty is concluded, by which the Indiane relinquish their title to lands in South Carolina, for which the United States engage, South Carolina will make payment; and on the same day, another treaty is made, in which the Indians relinquish to the United States their claim to more lands, and agree to allow the use of the water courses in their remaining country, and also to permit roads to be made through the same.

On the 14th of September, 1816, another treaty is made, by which an additional quantity of lands is ceded to the United States."

On the 8th day of July, 1817, another treaty is con cluded, by which an exchange of lands is agreed on. and a plan for dividing the Cherokees settled. One part to remain East of the Mississippi; another to emigrate West of the Mississippi, to a country designated in the treaty; and those who might happen to fall within the territory ceded, to have an election to become citizens of the United States, and each head of an Indian family to have a reservation of six hundred and forty acres of land, to include his improvements.

And on the 27th February, 1819, another treaty is concluded, intended to be in execution of the stipulations, contained in that of 1817, in several particulars, and in which an additional tract of country is ceded to the United States.

These, as the committee believe, are all the treaties between the United States and the Cherokee nation on the East side of the Mississippi, and within the limits of any of the United States.

In several of them there are stipulations for roads, the navigation of rivers, and the establishment of ferries with in the bounds reserved by the Cherokees to themselves, and guarantied to them by the United States.

In virtue of these treaties, the Cherokees contend they have a valid and complete title to the lands of which they are in possession; and that they have a right to establish such government, as, in their own opinion, is best suited to their condition; and that such government is independent of any of the States within the limits of which any portions of their territory may happen to be; and that the United States stand solemnly pledged to protect them in the peaceable enjoyment of it, against all the world."

On the other side, the States may admit, that, if the political condition of the Cherokees was to be considered,

She may further insist, that the second section of the second article of the Constitution, which gives to the President, with the advice and consent of two-thirds of the Senate, power to make treaties, has no application to Indians within the chartered limits of any of the States; nor the eighth section of the first article, which gives Congress power to regulate commerce with the Indian tribes. That if Indians can be treated with, it must be those only who reside out of the limits of the States, and those with whom commerce may be regulated, must be similarly situated; otherwise, that part of the second section of the first article, which forbids the enumeration of Indians residing within the States, and "not taxed," will be without any appropriate meaning. That, although the United States may have contracted obligations with the Cherokee nation, yet they had previously contracted those equally as solemn with each of the States. That in the 4th section of the 4th article of the Constitution, the following pledge is given: "The United States shall solemnly guaranty to every State in this Union a republican form of Government, and shall protect each of them against invasion, and, on application of the Legislature, or of the Executive, (when the Legislature cannot be convened) against domestic violence.”

She may ask, how can Georgia have a "republican form of government," co-extensive with her limits, unless a majority of her citizens are permitted to prescribe rules, to which all must conform ? How will the United States have made good the "guarantee against domestic violence," if they permit a portion of the population

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within her limits to establish a Government, contrary to ber will; with authority to prescribe rules inconsistent with those prescribed by herself? She may add, that it was in the confidence that this "solemn guarantee" would be sacredly kept, that she consented to give up any portion of her sovereignty, and become a member of the Union.

In addition, she may urge, that, in 1802, upwards of twenty-seven years ago, she made a contract with the United States, by which they became bound to purchase any claim which the Cherokee nation, or any other might set up to lands within her limits, as soon as such purchase could be made upon reasonable terms. That, for this stipulation, she paid at the time a valuable consideration in lands which she conveyed. That, after waiting thus long, and seeing for several years past, the prospect of a compliance on the part of the United States decreasing, she had determined to exert her own sovereign powers over her whole territory, in such manner as she believes will be just to her whole population. That the object of this agreement was to obtain a benefit for herself within her reserved limits, and that if she should fail to receive the benefit she expected, she will take care not to suffer her condition to be made worse.

That she is yet sovereign within her own limits, to every extent she was when she became a member of the Union, except so far as she expressly surrendered her sovereignty by the terms of the constitution. That, although she is determined to use her power within her limits, yet she owes it to her own character so to exert it as most to promote the happiness of every rational being who may remain subject to her control, no matter what may be his color, or in what language he may make known his wants.

Alabama and Mississippi may say they were a part of the State of Georgia, up to the time of the compact and cession in 1802, and that they have been erected upon parts of the territory then ceded to the United States; and that, with the exception of the difference, produced by not owning the soil within their limits, they are entitled to the benefit of every argument which Georgia could urge in this controversy.

[21ST CONG. 1ST SESS.

the intrusion of any other people; where, under the protection of the United States, and with their aid, they can pursue their plan of civilization, and, ere long, be in the peaceable enjoyment of a civil government of their own choice, and where Christian and philanthropist can have ample scope for their labors of love and benevolence.

Your Committee are of opinion, that ample means should be placed, by Congress, in the power of the President of the United States, to authorize and enable him to have the country West of the Mississippi, out of the limits of all the States, laid off into as many districts as may be deemed necessary for the residence of the Indians, now within the respective States, with which the United States have treaties; to have those districts accurately described; and, also, to make exchanges and purchases with such tribes, or parts of them, as may choose to remove; to give aid in the removal, and to contribute for a season, to their support, at their new places of residence. For which purpose the Committee ask leave to report a bill.

IN SENATE OF THE UNITED STATES,

MARCH 29, 1830.

Mr. SMITH, of Maryland, made the following report: The Committee on Finance, to which was referred a resolution of the 80th December, 1829, directing the committee to inquire into the expediency of establishing a uniform National Currency for the United States, and to report thereon to the Senate, report:

That nothing short of the imperative order of the Senate could induce the Committee to enter on a subject so surrounded with difficulty. They undertake it with diffidence and a distrust of their capacity to elucidate a subject that has engaged many nations, and the pens of the ablest writers, without, as yet, coming to any definite conclusion. It still remains to be determined, what is the soundest and most uniform currency. One nation assumes one system, another a different plan. In one nation, a plan is devised, and succeeds for a time by prudent and restrictive emissions. Elated with success, larger and more extensive emissions are risked; a rapid nominal rise of all property takes place; the people are not aware that such nominal rise is the effect of depreciation; the bubble bursts, and ruin to the unsuspecting is the consequence. All history shows such a result in several nations, and particularly in that of the United States. The Committee, engaged on a variety of subjects, cannot devote so much time on the resolution as the mover must believe would be necessary to develop fully the question before them, to wit: A sound and uniform National Currency. Presuming, from the tenor of the resolution, that the uniform national currency proposed, must be prepared by the National Government, circulated under its authority, and maintained by its credit, the Committee have complied with the instruction of the Senate, by endeavoring to devise some plan, through which the agency of the Government, in such a measure, could be safe, or useful; but, after giving to it all the consideration they could bestow, their reflections have resulted in a belief that any such measure must resolve itself, at last, into a mere system of paper money, issued by the Government. The resort to the issue of a paper money has been often the desperate expedient of the wants of a nation. It has then found its justification only in the necessity which created it; yet such are its inevitable evils, that every prudent Government has, the moment its pressing exigencies permitted, returned to If, on the contrary, they should consent to exchange the only safe basis of a circulating medium, the precious their present places of residence for a country West of metals, and the private credits attached to the use of the Mississippi, it is in the power of the United States to them. Such were the expedients of the Government of furnish one, suited, as the Committee believe, to their the United States during its two wars; such its immewants and condition; where they can be secured against diate abandonment of them at the return of peace. But,

Should these arguments, or any others in favor of the States, have the effect of proving that the United States have not the power to comply with the stipulations, coutained in their treaties with the Cherokees, on account of prior and superior obligations which they had contracted, it could not, in the opinion of the Committee, take any thing from that character for integrity and good faith to which they are so justly entitled. None could suspect that the obligation was contracted with a design to mislead or to deceive; and while the United States are both able and willing to make a full and adequate compensation for all that may be lost for want of a specific perform ance of their agreement, their faith is preserved as inviolate as it would be if all their stipulations were specifically complied with. Should the Indians continue determined to reside where they now are, and become subject to the laws of the respective States in which they reside, no difficulty can occur, as your Committee see no reason to apprehend that either of the States have it in contemplation to force them to abandon the country in which they dwell; but, if they determine to remain, and continue to insist on a separate and independent government, and refuse obedience to the laws of the States, the consequences which must inevitably ensue, are such as the humane and benevolent cannot reflect upon without feelings of the deepest sorrow and distress.

VOL, VI.-G

21ST CONG. 1ST SESS.]

On the Currency.

[SENATE.

in the present condition of the Treasury of the United | can learn, of a single dollar, and without the expense of States, with a revenue far beyond its wants, with a debt a single dollar to the Government. That a currency, by almost nominal, and hastening to its entire extinguish- which the Government has been thus enabled to collect ment, such a measure is not needed by the interests of and transfer such an amount of revenue to pay its army Government, nor is there the slightest indication of its and navy, and all its expenses, and the national debt, is being demanded by the wants of the country. Of such unsafe and unsound, caunot readily be believed; for there an issue of paper money, the Executive at Washington can be no surer test of its sufficiency, than the simple would be the natural fountain-the agents of the Execu- fact that every dollar, received in the form of a bank tive, the natural channels. The individuals, and corpora- note, in the remotest parts of the interior, is, without tions and States, who borrowed it, must become debtors charge, couverted into a silver dollar. at every one of to the Government; and the inevitable consequence would the vast number of places where the service of the Go be, the creation of a moneyed engine of direct de- verument requires its disbursement. The Secretary of pendence on the officers of Government, at variance with the Treasury, in his report of the 6th of December, 1828, the whole scheme of our institutions. The limit to declares that, during the four years preceding, the rewhich this currency should be issued, the persons to whom ceipts of the Government had amounted to more than it would be lent, the securities taken for its repayment, ninety-seven millions of dollars, and that "all payments the places where it should be redeemed, involve great on account of the public debt, whether for interest or complication and great hazard, regarding it merely in a principal; all on account of pensions; all for the civil financial point of view, while, on more enlarged consi- list; for the army, for the navy; or for whatever purderations of political expediency, the objections to it are, pose wanted, in any part of the Union, have been punein the opinion of the Committee, insuperable and tually met." The same officer states, that "it is the fatal. preservation of a good currency that can alone impart Believing such a scheme to be impracticable, the Com-stability to property, and prevent those fluctuations in its mittee were consoled with the reflection that it is unneces- value, hurtful alike to individuals, and to national wealth. sary, as they are satisfied that the country is in the enjoy. This advantage, the Bank has secured to the community, ment of a uniform National currency. not only sound and by confining within prudent limits its issues. of paper uniform in itself, and perfectly adapted to all the purposes &c. &c. of the Government and the community, but more sound and uniform than that possessed by any other country. The importance of this truth will justify the Committee in stating some details to establish it.

2d. If this currency is thus sound and uniform for the Government, it is not less so to the community.

The basis of all good currency should be the precious metals, gold and silver; and in a mixed currency of paThe currency of the United States, the only legal cur- per circulating with gold or silver, and convertible into rency, is gold and silver; all debts to the Government, it, the great object to be attained is, that the paper and all debts to individuals, being received in that me should always be exchangeable for gold and silver. Such dium, and in no other. As, however, the amount of coin a currency is perfect, uniting the convenience of a requisite for these purposes would be unmanageable and portable material with the safety of a metallic medium. inconvenient, the United States, like other commercial] Now it cannot be doubted, that throughout this whole countries, have adopted the system of making credit sup-country, the circulating bank notes are equal to specie, ply many of the cases of coin; and numerous banking and convertible into specie. There may be, and probacompanies have been established, issuing notes, promising bly are, exceptions; because among banks, as among men, to pay on demand gold and silver. The Government of the United States has established one of a similar character; and for the convenience of the community, the public re venue is collected in gold and silver, the notes of the Bank of the United States, and the notes of such solvent State Banks as the Bank of the United States and its branches will receive as cash.

there are some who make a show of unreal strength. But it is a fact, so familiar to the experience of every citizen in the community, as to be undeniable, that, in all the Atlantic and commercial cities, and generally speaking, throughout the whole country, the notes of the State Banks are equal to gold or silver. The committee do not mean to say that there may not be too many banks, The currency, therefore, of the United States, in its re or that insolvencies do not occasionally occur among lation to the Government of the United States, consists of them; but as every bank which desires to maintain its gold and silver, and of notes equivalent to gold and silver. character, must be ready to make settlements with the And the inquiry which naturally presents itself is, whether Bank of the United States, as the agent of the Govern this mixed mass of currency is sound and uniform for all ment, or be immediately discredited, aud must therefore the practical purposes of the Government and the trade keep its notes equal to gold or silver, there can be little of the Union. That it is so, will appear from the follow-danger to the community, while the issues of the banks ing facts:

1st. The Government receives its revenue from340 Custom Houses,

42 Land Offices,

8004 Post Offices,

132 Receivers of Internal Revenue,

27 Marshals,

83 Clerks of Courts.

are restrained from running to excess. by the salutary control of the Bank of the United States, whose own circulation is extremely moderate, compared with the amount of its capital. Accordingly, the fact is, that the general credit of the banks is good, and that their paper is always convertible into gold or silver, and for all local purposes forms a local currency equivalent to gold and silver. There is, however, superadded to this curThese, with other receiving officers, which need not be rency, a general currency more known, more trusted, and specified, compose an aggregate of more than nine thous- more valuable than the local currency, which is employ and persons, dispersed through the whole of the Union, ed in exchanges between different parts of the counwho collect the public revenue, From these persons, try. These are the notes of the national bank. These the Government has, for the ten years preceding the notes are receivable for the Government, by the 9,000 1st of January, 1830, received 230,068,855,17 dollars. receivers, scattered throughout every part of the coun This sum has been collected in every section of this try. They are in fact, in the course of business, paid in widely extended country. It has been disbursed at other gold or silver, though they are not legally, or necessarily so points, many thousand miles distant from the places paid, by the branches of the bank in every section of the where it was collected; and yet it has been so collected Union. In all commercial places they are received, in all and distributed, without the loss, as far as the Committee transactions, without any reduction in value, and never, un

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