WRITINGS OF SAM HOUSTON, 1843
4-68
dollar. And, in addition to the many other impediments to be encountered, it seemed to be the private interest of many to depreciate their value; and by promoting their individual advantage, to deprive the government of this slender means of existence. By a judicious restraint, however, upon the issues-reducing them much within the amount authorised by law-a currency has been established, notwithstanding the hindrances mentioned and the delinquency of officers entrusted with the collection of the revenue. The wise and economical administration of the finances of the country by the head of the Treasury, [Asa Brigham] has raised its value to a par with gold and silver; and by the con- tinuance of the same course, it cannot be doubted that the same value can be supported. It is certainly a subject for gratulation, that the practicability of reestablishing the soundness of our currency and maintaining our credit, has at length been dem- onstrated. It is necessary and proper that the country should be supplied with a circulating medium. This may be effected by issuing no more exchequers, at any one time, than the government can redeem in gold and silver. It is estimated that but about thirteen thousand dollars of these bills are now in circulation; and there is but little reason to anticipate an emergency, while the govern- ment is administered upon its present economical system, which would require a larger issue than the government will have it in its power to control or redeem. The Executive believes that one of the strongest supports to our currency will be the exclusion by law from circulation within our limits, after some given period, say three months, all foreign bank paper. Within the last few years, the people of this country have sustained frequent and heavy losses by the failure of foreign banks and the depreciation of their paper, as well as from the circulation of spurious notes, purporting to be issued by banks which never had existence. To these may be added the injury sustained by the circulation of counterfeits.-It is impossible for the community generally to judge of the genuine character or real value of this foreign currency; and hence their liability to be che.uted and defrauded by every swindler, whet.her he be the special agent of some broken bank or a dealer in spurious or counterfeit notes. These evils have not been light; and, as it is the right as well as the duty of the government to regulate its currency and protect its citizens from imposition and harm, the
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