WRITINGS OF 5AM HOUSTON, 1841
receivable only in gold or silver or paper of unquestionable char- acter - the receiving officer to be held responsible for its value. I would further recommend that all dues and duties, which may hereafter accrue to the government be paid in gold or silver or equivalent currency. The present tariff may require some revis- ion and modification, and, on some articles, a reduction. This, however, will become a matter of consideration for the Congress. I would further recommend the attention of the Honorable Congress, the propriety and absolute necessity of resorting to a new issue of paper - not exceeding in amount three hundred and fifty thousand dollars ; not more than fifty thousand of which to be issued in any one month until the whole shall be put in circulation. The government must be supported, and the people must have a currency. It is designed for this new issue to take the place of the present promissory note system, and be receivable for all the revenues of government equivalent to specie. For the redemption of this new species of paper, I would recom- mend that one million acres of the public domain lying within the territory known as the Cherokee country, be specially set apart and reserved; and these lands, or the proceeds thereof when brought into market, be pledged as a guaranty for that purpose. It is further recommended to the Congress to authorize the nego- tiation of a loan for three hundred thousand dollars to meet the emergencies of the country. The security upon which this loan is intended to be made will be specific portions of the public domain set apart, designated and specially reserved for its final payment; in default of which on the part of the government, said ]ands to become the property of the government bondholders, on such conditions as may be agreed upon by the contracting par- ties; -and the lands thus hypothecated not to be subject to any legislation that might divert their proceeds from the objects avowed. The Executive feels fully satisfied that this system once adopted in good faith and adhered to, will furnish the country with a sufficient currency and maintain its credit unimpaired. The excessive and unnecessary emission of the promissory notes of the government has produced the depreciation of, and destroyed the currency of the country. An amount not exceeding five hun- dred thousand dollars will answer all the conveniences of the government, and in my opinion remain in value equal to gold and silver. Experience has instructed us in the ruinous policy of issuing a greater amount of government liabilities than were
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