Newspapers / The Durham Recorder (Durham, … / April 6, 1838, edition 1 / Page 1
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5 ill jrol.XVUI. FRIDAY, AfrRlL C,l:is7r ".. IW. Olff. V DEBATE IX THE SENATE, fprfcb of TIr. Calhoun, HKflTTO MB. OUT, Oa tat SaVTreaswry Bill March 10, 18a. f itte t fulfil a promise I raid tome ijvc tio 10 no1' m7 Wiere tb re ay of lh Senator front Kentucky farthest f.-.ia me (Mr. Cliy ) to my remarki, when first sdjrrssed the Senate on iht eut jeet 80 BD'lef dlCUion. - em paring with cart the reply with i- t . i. ,Ji reiaaras. s an at a ivwm in ocwnnine aleiher it it iht moil remarkable lor in 0 Mtoni or miMtatcmeats. Instrtd of nng not hair ia the Lead of my ar gument. the Seaatnr threatened (to l.i not "fry dignified expression.) Ii ts not even attempted to answer a large, i-J pot the If ait weighty portion; end of that ehiih he hn, there it pet one fair It sttteJ, orfairly answered. I ipeak firra'ly, anil without exaggeration; nor it bt difficult 19 establish, ti the let vtt what 1 inert, if 1 cou! reconcile it to myself to enniame the time of the Senate ju'emMishing a long aericr of neg.tive apportion, ia which they could lake mii litile iotereit, however important they aijr be regarded by the Senator and my vlf. To arotd to idle a consumption of the lime, I propose to prcaent a few in. men of hi misstatements, froin which 'he rrtt may be inferred; and that I may m be impeded of having selected them. ihU tate then in the order ia which ?h itl in h "p'y- The Smite will recollect that whia '& Senator front Virg inia farthest front me (Mr. Hives) introduced hit substitute, i.p aifinopanied it with the remark, that it wis hit firit choice, and the aecond C) net of thwe who are allied with hint ni thii or cation. In noticing thii remark. I luted, that if I might judge from ap ! wtrancr. which could ecatcelv deceive one, the Senator might hive laid, rot on )y i'ie lecond, but under exiiting cireum :ncf, it wai their first choice, and that, !;piring of a bank for the prerent, they would support hie i 'imitate. , Asatimmg iV inference to be correct, I tuted that tiif q irstion wn narrowed down, in f-tel, la the bill nd lubitituie, of hicfi one or other muit be selected. The Sena fir from Kentucky, in hie reply, omitted j:l thcte qaahficatiuns, and represented a 4i making the ibiolutt ancrtion that, in tin nature of .the caie, there wai no ether alternate bat the bill or the tub iti'uie, and then gravely pointed out two othrrt; li do nothing, or adopt a nation il bink, ai if I could pmvibly be igno rant f what wai to obvious. After he !:iJ tfiui replied, not to what I really eaid, Uit his own miiitateincnt of it, ai if to mf cmpniation, be proceeded in the n ot brenh lo confirm the troth of what I di J say by giving hia topport to ths ub itunte, which he called a half-way h ur, aheri he eoold ipeml aome pleaant !iiur. Nothing is more eaay than to win sufh victoriee. lining inferred, ai hae turned ont to I)' fit fact, that there waa no other alter D-.;ir at present, but the bill and lubiti- w-f. I next ibowed the embirraiiment to ! !ich the rcntlemen onooiite to ma , wiulj be involved from having, four j yean. In all such cases I hldittobe utn ago, on the queition of the rewo , not only clearly constitutional for. Con M of Uie depositcs, denounced a league ' gresi to make a gradual repeal, but in wf Mite banks, limilar to that proposed to j duty to do in; otherwise it would be of it rrtlved by the lubstitute. After en- ten impossible to get clear ot in uncon Lin on this point. I remarked that, if i itituttonsl irl short of a revolution. ' Ilia I mi!it be permitted t i state my opinion, j next objection was, that the rewona lie gentlemen had taken a course onfor- j which would make the receipt of bank Unate for i hems elves and the country, notes unconstitutional, would also make unfortunate for them, for let what would ; iht China trade ao, which ho represent ee they would be responsible. If the . cd as absorbing a large portion of the ipe Ml was jot theiri would be the teipon- ; cte of the country. There is no analogy tibiiitv; if the substitute wn carried, on j whatever between the two caaei. . The the responsibility would fall; and very object of ipccie is to carry on trade, if nothing wai done, they would be held ; and it. would be idle to attempt to .regu 'sponsible; and unfonunate for the cnun- j tatt the distribution ind fluctuation which lry. because it had prevented the decision result from its operation. Experience f the queition at the etrk session, I provea that all ittempt n( the kind roust ulncli culd not have (ailed to put an ear-! either prove abortive or nmchievous. In trrmi.iatioii to the present commercial fact, it may be laid down as a law, that "d pecuniary embarrass inent. This the j the more universal ihedemaod foripecie, Mtor, in his reply, met by staling that j and the lesa that demand Uninterrupted, j hail called on him and hii friends to the more steady and,, uniform ill value, fullow mv lead: anil ihna mnanlinir it. liA unit tli mnrt nerffeilv of COUrie. it ful- B tlie pretext of eome ill-natured fTsonal remarki, which 1 ahall notice , ..... ..e e ... ... , wreafif r. I never dreamed of making turd a call; and what I laid cannot be tortured by the force oj construction, to "er a nieaninir bavin the leaat acm- l.i "'nci ot it. After iier making these preliminary re 1 k. I took up the lubstitute, and ' mat iioej that it proposed to nuke a bar S3'a with the banks.- I then stated the P'rtieolarn and the condition! of the pro posed bargain; that its obj-ct was to en a(be the banki to pay their debts, and for l,,s purpose it proposed lo confer impor 'pi privileges; to give them the use of l" public rUnds from the time of depo s,,e io disbursement, and to have their "!c$ recti veil as cash in fhe dues of the government. I thea asked, if we bad a right to make itich a bargain? The Se nator, leaving out all these particulars, rrpreirnied ine at laying that the govern meot hid B9 right to make a bargain with thebink; and thea uoderukei to involve me ia an inconsistency, in aopportlng the bill, because it propose! to bargain with the biaki for the ait of their tadu, ai a place of life-keeping for the public mo. ory, aa if there wai a possible analogy between the two catei. Nohirg it more eaay than to refute the most demoattra lie argoment in thii way. Drap an es sential part of the pre mite i. and the moit irresistible conclusion, of course, f.ili. In Uie tame inrnmary and eay mode of replying to my argument, the Senator perverted my denial that the government had a .eight to receive baiJt notei aa rah, into the anertioo that it had no right to receive aay thing but cash; end then ae cuei me iih ineoovUuncy. beeue I voted at the ettra aeaiion. for the bill an llior'uing the receipt of Treaiury notea in the duet of the government; aa if any one ever doubled that it could rcreive ita own paper, or ircuniiei. in payment of in debti. Such are the miaitaiemrn'i of the Senator liken in t'teir regular order. at ihey aland in hu reply, and they pre- , enl a fair ipecimea of what he f.i.ei : mind. Aa there waa, then, neither pro to eonaider an ananer io my argumeul. location nor pntext, what cotld be the There ii nut one leia unfairly Hated, or motive of the Scoitor in miking the unfairly met, than the iaitancce I have attarkf It could not be to indulge io the ' plenure of pnrionr.1 abuie, the laweit The Senator presented two dittculuei ; and baieit of all our paiaioni. and which in reply to what I laid agaiml receiving ' it io far beneath the dignity of the bink notea by the government, winch de mind a paiatng notice belora I dumm ihia part of the lul jeeu lie objected. brat, that it waa contrary to Uie provf none of the bill itaelf, which aulhoritea the reeeipte of the notea of ipeeie paying bank for a limited time. Toanawertbia objection, it will bo ncceaiary lo advert to the object of the provtaion. Uy the proviiiom of the joint reiolufon of 1816, tnt notes ol specie paying bank are made receivable in the duei of the fo vermuent; aod. of course, oo the resump tion of .specie aymeuts, bank nulee onld again he received by the govern ment ai heretofore, without limitation ai to time, onliss tome provision be adopt ed to prevent it In a word, the govern- i mem, tho'ttfh separated in fart at present i from th bank, is not legally feparated; , and the object wl the provision is to euvct t the eeparation well in law as it ii in j fact. Thti it propose to do by a gradu- I al tepeal or the joint resolution ol 1810. j in order Ui xirevent, is ht iNissihlr, any ; injurious efTeria ! iht communi'V of the bauks. The Senator, in making hi ob jection, overlooks the broad distinction between the doing and undoing of an un constitutional act. There are wmif un conitttutional act! that ire ditSruli. if not impossible to bo undone; euch, fr in tince, ai the admission of Louisiana in to the Union, admitting it lo he uncoiv litotional, which 1 do not. I'hrr are other! which cannot be undone sudden' lr, without wide spread distress and ruin; loch as the protective lantT. which, ac cordingly, the compromise act allowed upwarda of right yean for the gradual repeal. Such also is the case under con- si Juration, vhich, tinder the provision! wcu'.i be effi ctcd in seven of the bll. .... .... . , fills the great purpose of circulation, for which it wai intendeds .There are, how ever, not a few who, taking a different view, have thought it lo lie the duty of the government to prohibit the exporta tion of specie to China, on the very ground which the Senator assumes, and 1 am not certain but that he himself has been in i favor of the measure. But the Senator did not restrict himself lo a reply to my arguments. lie introduc ed personal remarki. which neither lelf respect, nor a regard to the cause I aupport, will permit me to pass without notice, as adverse aa I am to all personal controversies. Not only my education and disposition, but above all my concep tion of the dutioa belonging to the station I occupy, indisposes mo to mch cotfc Uoveniei. Wo art aeat here, not to "ingle, or indulge in penonal abate, hot to deliberate and decide oa the com moa iotereaie tf Uie Suttei cf tlii Union, m far they have been lubjee ted by the Conttittiiioa to our jurisdiction. Thui thinking end feeling, anJ having perfect rnnfiJenct in the rinse I lupport, I addrewed myielf, when I waa laat op. directly and exclusively to the uudmund in. carefully avoiding every remark w Inch had the lean ptraonal or party beariaf. In proof .f thii, ippeal to yoo. Senator!, my w iinritci and judgei oa tliii oceaaion. Cut it leemi that no caution on my part could prevent what I waa io amiona to avoid. The Senator; having no pretext to rive a perianal direc tion to the ducuiiifin, made a premedita- iea auo gramuoui attack en e. I aiv having no pretext, fur there is not a ahadow of foundation for the aiiertion that I culled on him and hie oirtv to follow my lead, at which he leeincj. to lake offence, aa I have already ahown. I made no inch call, or any thing that could be comtrued into it It would have been impertinent, in the relation between myielf and hi party, at any itage of thii question; and abaurd at that late period. .en every Senator had miu'e op hia Senator a character and elation. Nor could it be with the view to iaiiimdation. The Senator knowa me too long and loo well to make inch an attempt. 1 am aent here by conautueute ai reiueetable aa thoie he represent, in order to watch over their peculiar interests, and take cart of iht general concern; and if I were capable of being deterred by any one, or any comequei.ee, to uncharging my duty, from denouncing what I regarded ai dangerous or corrupt, or giving a decided and aealoua aupport to what I thought runt and expedient, I would, in aharue (nd rottfuftinn, return my comntssUm to the patrht.c and gallant state I repreaei,t. to be placed in more resolute aod trust worthy hands. If, then, neither the one nor the other of these be the motive, what, I again repeat, can it be! In caaung my eyea over the nholeiurfaee, I can see but one. which is. that the Senator, despairing of the lafricieuey of hii reply to overthrow m a'cnroetits. had reiortc' lo peronalt lies, in the hope, with their aid. to ctfrct win! hi could noi arrmnplish by main strengih. H wli know ilmt the force of an argument n oi-iral r political ' iubj-cii nVpeiid grestl v o i the character ofbno who advaficid it, nd that to rust itispirion on Ins sinrerit. or motive, or j to ffukf coutivh nre in bis uiiuYrsta'xJwuf, I it tiftcn the m ! efTectul m ule io destroy it furcn Thus viewed, h a 'personalities may he Mim regarded rotictituung a pari of ins reply to oiv argument; and we, accordingly, find the Senator throwing them in froMi, like a skilful gt-nrrM; in order m weaken ay arguments before, h broutt on hia ,main ait irk. I t repell ing, then, rue person.! attacks, I ' de fend ihe ciuse wbirh I adir4ie.. It is against that Ins blow are aine.l, ami h Mriket at it through me, borausi he l-liees his blows w ill be the morn effectual. ; llavinggivrnthis direction to his reply, lie has impoA'-d : uie a double duty to repel his attack: duty to myself and the cause I support. I rh.l not decline its performance; and when H is discharged. I trust I shall have placed mv character as Jar bevnnd the darts! which he has hurled at It, as my argtt menu have "proved to he above his abilities to reply to them. In doing this, I shall bo compelled Id speak of m y 'elf. No one can be more sen sible than I an, how odious it is to speak of one's self. . 1 shall endeavor to confine nyself within the limits of the strictest propriety; but'if any thing should escape me that may wound the most delicate ear, the odiuiu ought in justice to fall not on me. but the Senator who, by his unpro voked and wanton attack, lias imposed on me the painful necessity of speaking of myself. -v v , ; ,. The leading charge of the Senator that on' which all the others depend, and which, being overthrown, they fall to the I ground is. that 1 have gone overt have I ? - . . . . . i ; 1 . ti lelt HIS StUe, SIIU joioru mo oiucr. .-. uy this vague and indefinite expression. I presume he meant to imply that I had either changed my opinion, or abandoned my principle, or deserted my party. If he did not mean one, or all; if I have changed. neither opinions, principles, nor party, then the charge meant nothing deserving uotice. But if he intended to imply, whit 1 have presumed he did, I take issue on the fact I meet and repel the charge. U happened fortunately for roe, fortunately for the cause of truth and justice, that i wis not irje fjrsl tjmjj thjt I had offered my aiimenU ca iht question 1 aow enderewosideraiKHS. There is scarce ly a single point ia the present issnt on men i did not explicitly express mT opinion, four years sgo, ia my plf here, wiiea the removal the tleoositee and tho qnestiona connected wiih it were tinder ditcossion so explicitly at to repel tifeciuaily the charge of any change oa my part, ana la auke it imp.ssiU fur me to pursue any oiler course than 1 have wiUiout involving myself in groei incon sistency. I intend not it leave so impor tant a point to rest oa my bare aaaeituw. What assert stands on record, which I now hold io my possession, and intend, at tie proper time, to introduce and read. But. before 1 do thai, it will be proper I should stato tht question! pow at issue, and my count in relation to them, io that. having a clear and distinct perception of turin, you may. Senators, read.Ir and satisfactorily compare sad determine wLeV ther my course on the present occasion coinrjdei wnb tbt opimoni I then ex pressed. r There art three question, as ii agreed a . . . - by all, involved ia tht preeeot issue. Shall we separata the Government from the banks, oi trull we revive the league of State Banki, or create a national bank! My opinion end course in reference to each art well known. I prefer the separation to either of tht others; and, as between the other two, I regard a national bank as a more efficient and a leu corrupt ing fiscal agent thin a league of Slue Kanki. It is Uso well known that I bive expressed myself on the present occasion hostile to tbt banking iykiem,aa il exit's, and igaintt the constitutional power of making a bank, unless on the assumption that we have the right to receive and treat bank notea ai cash in our fiscal opera tions, which I, for the rlrtt time. Lave denied on the present occasion. Now, I entertained and expressed all these opioions. on a different occasion, four yeinago, except the right of receiving batik notes, in regard lo which I then re served my opinion; and if all this ihould bt fully and dearly eitablithed by the record, from ipeechei delivered and published at the time, the charge of the Senator must, in the opinion of all, how ever prejudiced, link to ihe ground. lam now prepared to introduce, and have the record read. I delivered two ipeechei in Uie session of 1833-'34. one on 'he remo val of the depoiite. end the other on the queition of the renewal of the charter of the late hank. I ask the Secretary to turn to the volume lying before him, and read the three paragraph! marked in my speech on the depositee. 1 will thank him to raise his voice, and read slowly, so that he may . be distincily heard, and I must ak you. Senators, to girt your attentive hearing, for on the coincidence between my opinion! then, and my rourtt now, my vindication against this unprovokid and groundless charge rests. If (said Mr. C) this was a question of bank or no b;n k; if it invohed the ex istenrs of the banking system, it would indeed be a great questionone of the first magnitude; and, with my present iinpr"ioii, long entertained, and daily iiicreing. I would hesitate, long hesitate, before I would be found under the binner of the system. 1 have great doubts (if doubts they may be called; as to tht Miundnesa and tendency of the whole system, in all its modifications. I have great fears that it will be found hostile to liberty and the advance of civilization; fatally hostile w lib rt in our . country, t where U system exists in tta worst and I moat dangerous form.''. Of all institutions allecing the great question of the distribu lion of wealth; a question least explored, and the most important or any in tnt whole range of political economy; the" banking institution has, if not tht greatest, among the greatest, and, I fear, most pernicious, influence on the ' mode of distribution Were the question really before us, I would not shun the responsi bility, great as it might be, of freely and fully offering my sentiments on these deeply important point's; but, as it is, I must content myself with the few remarks which I have thrown out. ,; r : What, then," is tho real question which now agitates the country f It is a struggle between the executive and legis lative departmenta of the government; a struggle, notia relation to the existence or the bank, but which. Congress or tlto President, ahould have the power lo cre ate a bank, and the consequent control over the currency of the country. This is the real question. Let us not deceive ourselves. This league, this association of banks, created by the Executive, bound together by its influem e, united in com mon articlea of association, vivified and sustained by receiving the depositee of the public money, and having their notes converted, by being received every where by the Treasury, into the common cur rency of the country, is, to all intents and purposes, a Bank of the Uniied States, ut Executive, Bank of tbt United States, aa distinguished from that of Con?r?, uowever u niignt tail to perioral sa tisfartoiily the aseful funcuons of the Bank of tht United Suies as inronxxat.- ed by law. it woul i ouiirtt it, fa out strip It, ia all ita dangerous qualities, ia extending t power, the influence, and tht corruption of the Cot ernment. ii waa impossible to conceive any insu lation more admirably calculated lo ad tanct these objects. Not only tht g--. lected banks, but the ah-4 banking io- tuiutione oi uie country, ana with them " the entire money power, for the purpose of ipecuLaioa, peculation, and con option, " would be placed under the control of the Executive. 4 eyitem of menaces and promise! will bt established: of menace to the banka ia possession of the depo sitcs. but which might not be entirely aubsmient te Executive viewif and of promise of future favors to those who may not aa yet enjoy ita favors. Be tween the two, the banka would be left without influence, honor or h- nesty; and a system of speculation and stock-jobbing would commence, nneqaulled ia the uv oali of our country.' " So long as the question ia one be ' Iwecn a Bank of the United States, in corporated by Congress, and that lytlcm of banka which has been created by the will of tht Executive, it ia an ii.sult to the understanding to discourse on the pernicious tendency and uncoaatttuiton ality of the Bank of Uie Unitr-J t-utet. To bring up that questi n fai.Iy and ligi timately, you must go one atep farther you mi:st divorce Uie Government and the banking system. Yc must refuse all connexion with basks. Yon must neither receive nor pay away bank note?; you must go back to the old system of the strong box, and of gold ami siUer. If you have a right to receive bank notes it all to treat th-m at money by receiving them in your dues, or navirnr them a war I to creditors, yr-u have a right to c.tate a , oauii. iiaiever me uovernracnt re , ceivei and treats as m. ney, is m. ncyj ' and, if it bo money, then they have the right, under the constitution, to regulate . it. Nay, they are hound by a higo ob- ligation to adopt ti e most efficient means, according to the naturv f i' nt hieh they j have recognised as money, to give to ir the utmost stability and uniformity of va ! lie. And if it be in the ahaue of h..nfc notes, the most efficient means of gi mg j those qualities is a Bunk of the United Mates, incorporated by.t ongres. Uo less you give the highest practical uni formity to Uie value of bank note id long, as you receive them in your does, and treat them as money, you violate tlar provision of the constitution whicli praw vides that taxation shall be uniform, tliroughout the United States. There it no other alternative. I repeat, you in"fP divorce the liovernmcnt entirely from the banking system, or, if not, you are bound to incorporate a bank as the only sale and efficient means of giving stability and u niformity to the currency. Ami ihould the deposites not be le.torcJ, and the present illegal and unconstitutional eon! nexion between the Executive and thv league of banks continue, 1 shall fel iff ray duty, if no one else moves, to intro lice a measure to prohibit Government from receiving or touching bank notes ia anv shane whatever, as the onlv- mn i left of giving safety and stability to tho currency, ana saving tnt country troo corruption and ruia,' -' Such were my aentimenls, delivered four years since, on the question of the removal of the depositcs, and now stand ing on record; and I now call your atten tion, Senators, while they are fresh ia your minds, and before other extracts are read, to opinions I then entertained and expressed, in order that you may com. pare them with those that I have expres sed, and the course that I have pursued on the present occasion.- In the first place, I then expressed myself explicitly and decidedly against the banking sys tem, and intimated, in language too stron to be mistaken, that, if the question was then bank or no bank, as it now is, as fac as Government -is concerned, I would not be found oa the side of the bank. Now, I ask, I appeal to Uie candor of all, even the moat prejudiced, is there any thing in all this contradictory to my pre sent opinions or course! On Uie contra., ry, having entertained and expressed these opinions, could I, at this time, when' the issue I then supposed is ac tually presented, have gone against the ' separation without gross inconsisten cy f Again,: 1 then declared myself to be utterly opposed to a combination or -" league of atate banks, aa being Uie most inefficient and corrupting fiscal agent Uie Government could select, and more ob jectionable than a Bank of the United States 1 again appeal, is there a anati ment or a word in all this contradictory to what I have said or done on Uie pro. sent occasion? So far oUierwtse, is there not a perfect harmony and coincidence throuijheiuV ?hich, c,orrair3$t'n ffxt eJit tr I j t t , ' A - 1 1 . I. 1 V i, Ti 'A
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 6, 1838, edition 1
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