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WRITINGS OF SAM HOUSTON, 1842
It is recommended to the Honorable Congress that a law be passed prohibiting the circulation within the limits of the Re- public of the notes of all foreign banks, and that all individual and corporation notes, intended for circulation as currency in the Republic, be suppressed; and that engraved Exchequer bills, of denominations ranging from twelve and a half cents to one dollar, and from one dollar to one hundred dollars, be issued and made receivable for all dues to the government, except those aris- ing from imports and tonnage; and that these latter be receivable in nothing but gold and silver. That the Exchequers can be sus- tained in credit by a course of this kind there can be no doubt. Up to this time none of them have been husbanded, but for the purpose of paying duties. The demand will be greatly increased, and as soon as the taxes are collectable they will become an object of procurement. If prudence is observed in their issue, the whole amount now authorised would not be sufficient to pay the direct taxes, and that deficit must be made up in gold and silver. It is impossible, under these circumstances that the money should not be at par, from the time that taxes are collectable, as the demand would be greater than the amount in circulation to meet it. Ac- cording to the amount of circulating medium in the United States -estimating our population at one hundred thousand souls-our circulation ought to be six hundred thousand dollars, or six dollars for each individual. Supposing this data to be correct, a circulating medium of one third of that sum would, from the force of circumstances, sustain itself at par, controlled by the absolute wants of the country. I view the subject of the finances of the nation as of vital importance to its existence; and that they can be sustained in a sound and healthy condition the Executive entertains not a doubt. To enforce the collection of the revenue is also of the highest importance. The enactment of laws without their enforcement is of no avail to the country. If resistance is made to the consti- tuted authorities, of what avail are enactments on paper without the means or the power to punish? It is the duty of Congress to enact such laws, as will enable the Executive to command the power commensurate to their execution. Resistance to the con- stituted authorities and to the laws of the land, is one of the most flagrant offences that can be committed against society; and is entitled to no milder appellation than that of sedition or rebellion. The constitution has declared these offences, but has not ~rescribed a remedy for the punishment of offenders. That
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