155
WRITINGS OF SAM HOUSTON, 1837
relieve the government from embarrassments, and establish a currency of her own, superior in value, to any which can be introduced of the non-specie paying banks of the United States. The resources of the government, which are pledged for the payment of the interest, and the redemption of our notes and certificates, are ample and unquestionable; and as long as congress may decline issuing an excess of notes, or does not exceed a half million of dollars, and that amount is received at the treasury for all dues to government, at par with gold and silver, we will have a sound currency, and one that will have credit in countries which have commercial intercourse with us. Five hundred thousand dollars will supply all the necessities of exchange among ourselves, and while it is received for revenue, and in payment for public lands, should it not be sufficient for the purposes of exchange, the precious metals will find their way to our country and supply the deficiency, or scarcity of our currency, giving to it additional value. By issuing a greater amount of notes than what would meet the actual necessities of a circulating medium, (while the government is continually receiving it in revenue, and paying it out for demands against it) would cause a depreciation in its value, in the same proportion to the surplus amount that may be issued. As no experiment has yet been tried to ascertain the requisite amount, no possible prejudice can result to the country or to individuals by adhering to the present enactments on the subject until the next session of congress-while by pursuing a contrary course, it may involve our finances in difficulty irremediable. The report of the secretary of the treasury is submitted to congress, and is the result of much application, and atten- tion to the subject of finance, and embraces views, and a system as well adapted to our situation, as any that could be presented at the present time. Intimately connected with the resources of the treasury, is the accountability of the receiving and distributing officers of the government. It must be the case with us, as with all other countries, that defalcations will take place. To guard against this evil, it is proper, that responsibility should be secured in future, and that some mode should be pointed out, which will authorize process to issue against those, who have heretofore been defaulters in any office or department. The first congress which met after the convention, authorized the president to accept the services of twenty thousand men. Ex- ercising his discretion upon this subject, he has not deemed it
=
Powered by FlippingBook