1 TV MSS BTIikTifTV- v
SALISBURY, X. C SATURDAY DECEMBER 197.
VOL, VI - jq tO-WHOLv: go.
-
'
" : " . . '"W- . w -
W 1 hHIIVUWi Mi IBUWIkSUIC cuuuvu. i uuusi
VVatchm may hereafter be had Fa
ir ill
Ln, nd Kill? Cents per year
ltrV r-rt,i. new sabscrfbers -
a tip r tin uiiTT wb
class shall
JEWELLERY,
v,tT"S ti, rh..lfuni at one payment,
in;r in" -
. i ,r fi.r nno IMf at 1 WO UO I
are in --. - " , .k-1
L .u oner a the same
. M in advance the snm of
.I. m terms shall continue,
th,'r.L -.11 he ehanred as other aubscri-
nei"cJ ,
do not oav doling Ibe year
charged three Dollars in ,
mfT ? ;ii tw.rM!flive(l for less
.. Ur.
rill NPTiilMi for less than
I . t inn MW 111 FU 1 - - ar ,
40S'crM'"w" '
lone yew-
bat at the op-
net
fc ..onr will vtd '
jTihe Editor, unless all arreargca are pa,
in utters to the Gditor mast be post
T WrJliU nainW b t be l-
led . flUfe Iwo A- hall'
f-xne or A-7;iio,3l
al, per for - afleru?rrf,
9er(iuare for cm fuc:-A Fnr UoA
So .dreriiment win ee u -
an owe ! nnt orders
Adrertisemeoit w i o 7' -";irrlioofl
rectired to tor inero,
H rS'ffi ra months Will
irper gal .15 a
ft 1 tlA.
wTT: nllar ner month for each sona
Xaurtteofohamrmgtbe form erery
aaiter.
.HiFKFTS
SALISBURY,
BeMWtxpsrlb, 18 a 20 eta. ; Brandy , Ap-
aU cis : voiwin pw io. v"
yd. 20 25
H4 Coffee per lb. 16 a 18 cts ; Uastin pr8 ,er
k j Sett: Coiion yarn, from No. 6 to iNo
1 75 a 2 00 cts ; Feathers per lb; 35
! Fionr or bl 6 00; Wheat pr bash . 1 00
15 OiU pr bushel 30 cts; Corn pj bosh 65 cts;
ifoo per io. o a 'jwu vv-i '. v ,
jlute per gal. 62 cts $ JNailaper lb a 1U
. Reef par lb ( a cts ; Dacon per io rzt
li . .1 1 I . 1 1 I c
Butter per id is cis , &ara per id u
Salt per bushsl 1 25 1 50 cts; Steel, Ameri
blister, per lb. 10 cts ; English do. per lb
fe. 121 a 14 eta ; Ram (Jamaica; per gaL;
Yankee do.L ; Wool (clean) per lb 80
Tallow per lb. 10 124 cts; Tow-linen pr yd.
. tar: ... tl CO
lofal do. 1 50 a 1 1 7 els ; ClSiejt do
mI. p 3 a 1 75 cts; iaja sweei;
CHERAW.
Beef in awrket per lb 4 a 6 cts.; Bacon per
i IS 14 eis; Hams do. 00 00 cts ; Beeswax
brl 15 t W eu ; Daging per yaro io a
n . i .a i n ... 1 iST
: title rune per ID a isi i cis ; wunHe pr.
Ui i cls;Coiton per 100 lbs $8i Pl-2 00
il 00; Corn per bushel 7a 000 a cts ; Hour
a;nns per brl fti 7 000, iVoin stores per
1 .110 t 124 ; Iron per 100-lbn $5 64 a 0;
bhttw, per gal 40 50 a cts; Nails cot assort
i ter lb ,3 a 9 00cm ; Wrought do. per lb. 20
a; Pork pei lb 8 9 ; Rice per 100 lbs $4
i m); barr per lb. 10 121-2 a cts ; 5alt pr
V23;Sak perboahal 874 fl cta;Steel A
if.ciO osier pr lb 10 16 cts; Talluw p r lb 10
Hi as; Tea Imperial per lb $1 25 a 1 374 cts;
k. pr lbl a 1 23 cts ; Tobacco manu
etared per lb 10 a 15 cts.
FAYETTE VILLE
Bnady, peach 85 90. Do. A ppl , 80 a 00
he pr lb 13 00 a Q.., Uotton pr Jb 9 a 94 rts
ffprlbl2l 2 a 34 ; RUir bb). $7 a 8 4
Htseed pr bh l 15 n ; Feathers prib 00 a 45
wnproos 55 al 60; Iron prib 54 a 6; Mo
an pr gal 35 40 a 00; Nails cut 7 4 a ;Salt
m aOOQ; Sugar prib 7 a 11 ; Tobacco;
i a 3; Wheat pr bush it 1; Whiskey
1-60 65, Beeswax 23 a 00
r
GOLD AND SILVER
different
bnmnetti with each other, if there haooeo ao comparaUely small was the mere object
to be no private bills in market, and there of keeping the public money, that no pro.
are no bank notes which lave e currency two far that purpose was inserted in tie
... ... - L.i . . . J! .
in both, toe consequence is, triat coin mua , taor was inert? any iaw on me
be remitted. This attended with trouble, subject, so far it I remember, till the jeer
a t' e 'mm ' IAA
ueiay, expense, and naK. h, on we con- ,
trary, there are bank notes current in both Tbt
by tee
TAILOR1K6.
REMOVAL.
INFORM their friends and the public that
TBB SUBSCRIBER COJfTlJTVES
TO KEEP on hand at bia Shop.third door north
of Lem)eyt corner, on Main Street, a good as
aonmeat of artieles m hb line.
c&ocks A hatches
Repaired in th best manner, and warranted for
twelve ami.ih. Old Gold and Silver taken in
exchange for articles purchased, or in payment
for deots due.
DAVID L. POOL.
Salisbury, Nor 18, IS36-U18
JYbrth Caroiin.
STATE LOTTERY
JORTUE BENEFIT OP THE SALIS
BURY ACADEMY.
Class No. 20, for 1837.
To be drawn at FAYETTE VILLE,
North Carolina, on Thursday the 7th of
December, 18S7.
75 JVUMBER
LOTTERY
14 DRAWN BALLOTS,
SCHEME.
Piize
Prize
Prize.
Prize
Prize
Prize
of
of
of
of
of
of
10.000
4000
8000
2500
2000
1500
1000
places, the transmission of t
posu or any other speedy or convenient con
veyance, answers the purpose ; and these
again, in the alternation of demand, are fre
quently returned, aery soon after to the
place whence they were first cent:, whence
the transpot tattoo and retraneportatiou of
the metals ail obviated, and a more con
renient and a more expeditious medium of
payment is substituted.'
Is not this clear proof, that the object in
establishing the bank, in the opinion of the
Secretary, was the creation of a currency
which snoold hare general credit through
out the country, and, by means of such
w m -
L credit ahould become a convHnient and ex
peditious medium of exchange? Currency,
sir, currency and exchange were then, be
yond all doubt, important objects, in the
opinion of the proposer of the measure, to
be accomplished by the institution. The
debates which took place in the House of
Representatives confirm the aame idea &r.
Madison, who objected to the bill on con
stitutional grounds, admitted, nevertheless,
that one of the advantages of a bank cm in
sists m facilitating occasional remittances,
from different places where notes happen to
circulate,' and Mr Ames, who was onp of
the most distinguished friends of the mea
sure, and who represented a commercial
district , -enlarged on tho great benefit of the
proposed institution to commerce. He in
sisted tint the intercourse could oerer be on
a good footing, without an institution whose
l .p r would circulate more extensively than
that of any State bank; and what he saw,in
the future9e have seen in the past,&feel in
into operation, ead its
great and instantaneous ; and
during the whole period of its existence,
there was no complaint of the state of the
currency or the exchanges
And now sir, let me ask what was it that
gave this success to the new restitution ? Its
capital waa small, and the Government had
no participation in its direction; il wae com
mitted entirely to individual management $
control.
Its notes, it is true, were made receivable
in payment to Gurernment: that was one
sdvantsge. It had a solid capita), and its
paper waa at all times convertible into gold
& silver at the will and pleasure of the hoi-
should be restored to th
community, The absence of the precious
metals will it is believed, be a temporm
evil; bet until they can again be rendered
the general medium of exchange, it devolves
on the wisdom of Congress Id provide a sub
stitute, which shall equally engige the con
fidence, and accommodate the wants of the
cnizene throughout the Union If the op-
erotioo of the State Irftrks canooi produ
mis result, the probable operation of a na
I a a
tionai bank will merit consideration; and if
neither of these expedients be deemed
fectual, it may become necessary to ascer
tain) the terms upon which the notes of the
Government (no longer required as an ltv
Btrutuem of crda) shall be issued, upon
motives of general policy, as a common me
dium of circulation.
Here, sir, ta the express recommendation
to Congress to provide a AVtenni Currm
a paper currency, e neiform currency,
for the uses of the community, as a substi
tute for the precious metals, end as a medi
be
of
grouiid of to rN,, Mr. Mad L, t. pro.id. acb . wT
Bi'ijiruiiiui uiai luuuneu men s senii
meniS, i cninmivltlnrku uniinftliA ; . l u
MlhMi nniiMalinflinaa. TIipm ., ....
a cause which carried the credit of the new
born bank, as on the wings of the wind, to
every quarter and every eXtjnity of the
country. There was a charm, which crea
ted trust, and faith, and reliance, not only
in the great marts of commerce, but in evv peti and eading, and I may
ery corner into which money, in any form, ttlM mQgte f tba
could penetrate. 1 nat cause was its nation
ality of character. It bad the broad seal of
tie Union to its character. It waS the in
cut the Union , and if the State.banks can
not produce this result, . national bank
will merit consideration. Can' language be
more explicit I Currency, national enrren
c, currency for exchange, currency which
shall accommodate all the neoDle. is the
add, the sole
recommeoda-
stitutien of the nation, established by that
new Government which the people already
loved ; and it was known to be designed to
revive and foster commerce which had so
long been prostrate and lifeless.
51 r. President, let it be borne in mind
that J am not now urging the constitution-
the present. Other gentlemen, also, con-L. J n ,r . . . m ! . i
-T..L . . l. . PL "T . Hhe United States. Mv sentiments are al-
50
25
3 Prizes of
Amounting in all to $247290
Tickets only 85
Halves 2
Quarters 1
7
A certificate for a package of 25 Whole
Tickets $65 50
i o 82 75
. 16 37
To be had in the greatest variety, of
numbers either by the package, or aingle
ticket of
WHEELER & BURNS,
Salisbury, Nov 18, 1837.
HIRE!
LL be hired at the Court Hoose in Sal
sbury.un munday the 1st day of January
next, for twelve monihs, 18 or 20 negroes be
longing to the Esiate of John P'l dee'd.
DAVID L. POOL.Ex'r.
Nor. 1 8, 1 837 1 1 stdoJan .
TwENTY-piFTH CONGRESS.
FIRST SESSION.
SPEECH
OF MR WEBSTER.
September 28.
Concluded.
In his first speech to Congress, in 1780,
having just then assumed his new om,
MtKjy have lately removed- thair Tailorina 1 General Washington recommeHdrd no pur.
'blishmen. io the houo rerentlv occu- i ticular subjects to the consideration of Cou-
lf Thomas Dickson 5 a Tailor shoo. cross; but in bis speech at the opening of
ooors south of Dr. Mitchell's shop, & ' the second session, he suggested the impor
Pa
y opposite i he Salisbury Hotel.
hmujiat received frcm the Jfortk
iilS
tance of a uniform currency, without
tiitgnistiing coinage from paper; and this bo-
LATEST Sr JttijS 7 !Pii iTVFTt d-v 10 tX answeT assured b,m lhal 11 was a
W mv! : subject which should receive its attention.
VORAT MtP RecollecU sir. at that tune, that there were
NDON I1 TCTttfi 'fil Sl&to banks having notes in circulation.
rnu though they were very "few.
ALL A Wf TF.i OF
1837-8
J
ring lo
l'veii
great
lef re
tn
tZT-r wwjpatcnen. Orders in all
ld,gently attended m
Prod,
The first bank
J eft the United states was established at tn
j thrrd session of the Congress in 1791 The
bili for its creation originated in the Senate;
the debates in which at that time were not
which thev are .l ' made ouolic We have, however, the de-
Stents desired at lov nrices Thw betes. in the House, we have the reports of
coufidence m their h.Li ! the Secretaries, and we have the law itself.
ffoorf Hi. but should thev Lei us endeavor to learu from these sources.
jars willing to take the gaiment frvhat objects this institu'ion was erta
"Nlbey succeed. Cnttm u .ti ted, and whether a national currency was
Fornptiy and in the best mode, j one f 9e objects.
'rora a distance raiikr..lU .1j C-HrlainK. air.it must he admitted that
- '""uiuii, c&Bvuieu. i j-
currenev ws not the only t ject ic incor
porating the bank ol 1791 The Govern
ment Wds new, its fiscal srTirs were not
ice of various kinds will
,a PYment for
w - , ioo 1110
be
FIRST RATE
wan land,
well arrangr d, it was greatly in debt, and
the political state of things at the time ren
dered it highly probable that sudden occa
sions for making loans would arise. That
it might assist the operations of theTrea-
! sury, therefore, and that it m ght make those
loans to Government, if pressing occasions
should arise, were two of the purposes had
hi view is establishing the bank. But it is
tended that some such institution was ne
cessary, in order to enable Oougress to reg
ulate tho commerce of the country, aud,for
that reason, that it would be constitutional,
as being proper means for a lawful end.
When the bill had passed the two Hous
es, the President, as we all know, asked the
opinion of his cabinet upon the constitu
tionality. The Secretary of Stale and the
Attorney General were against it; the Secre
tary of the Tredsury was in favor of it;& a
mong the grounds on winch he placed the
right of Congress to pass the law, was its
adaptation to the exercise of the commer
cial power, conferred by the constitution on
Congress. His language is : The institu
tion of a bank lias, also, a natural relation
to the regulation of trade between the Slates,
lu so far as it is conducive io the creation
of a convenient medium of exchange be
tween them, and to the keeping up a full
circulation, by preventing the frequent dis
placement of the metals is reciprocal remit
tances. Money is the very hiugc on which
commerce turns; and this does not mean
merely gold and silver, many other things
have served the purpose, with different de
giees of utility. Paper has been extensive
ly employed. It cannot, thi refore, be ad
mitted, with the Attorney General, that the
regulation of trade between thu States, a il
concerns tho medium of circulation and
exchange, ought to be considered as con
fined to coin,' And it is,' he adds, 'in lef
ference to these general relations of com
merce, that an establishment which furnish,
es facilities to circulation, and a convenient
medium of exchange and alienation, is t
be regarded as a regulation of trade.'
Nothing can be plainer, sir, than this
language ; aud therefore, nothing is more
certain than those who recommended and
supported the first bank, reg irded it as a fit I
and necessary measure, order to enable'
Congress to exercise its important duty of I
regulating commerce, and to fulfil especial-
ly, that p.rt of the duty which enjoined
upon it the provision of a proper aud
suitable cuirency lor circulation and ex
change. But it is not necessary to rely on these
opinions of individual friends of the mea
sure. Lei the a;t speak for itself. Let us
look into it, and search its reasons on tts
face. What are Ihe grounds and objects of
the law, as set forth in the law it sell? The
preamble teils us. It declares;
-s 'That the establishment of m bank willlbe
very conducive to the successful conduct
ing of the national finances, and will tend
to give facility to the obtaining of loans for
the use of Government in sadden emergen
cies, and will be productive oj considera
ble advantage to trade, and industry in
general:
Trade and industry in general, therefore,
constituted one distinct and definite object
of the incorporation, if the law truly ex
pounds its own purposes. It was not reve
nue alone; it was not the facility of making
loans merely; it was not mere utility to Go
vernment; but, in addition to these, it was
commerce, it was the interest of the neoole.
.... t.t - r
it was
FOR
SUBSr.uiDEo''y-vD.r,o .. ! roualiv clear that there was a third purpose.
firai .... c .1 f. 1 ! . . a .u.t .m... a r... I it was trade Al business in oreneral ohih.
'mm r arm on trt6 Yadkin K ver ' ,rp-w vwiumcico nu .mc mv.j. - -
I To furnish a currency for general circula- among other considerations, formed an
.- - a - I . . f . -m .
Hon, and to aid errhange. was, demonstra- iwpwiani pan oi me oojects or me in
blv a dear dhftncL an! avowed obiecL ! corporauon; and indeed, sir, events proved
m ihe creaion of the fir I bank , 8tly the most important part of
J0O ACRES,
Mll.Mm,n k 1 "T . i
...ai.. v ooi iro Wllft.fr.
w, . ner w a tair proportion of wood On tin 13th of December. 1790. the
secretary ot the I reasery mane a report to
Sttkaii.: . .. .
r." "'goararming condition. The
lends, a good deal of it
llllL '
"ge lassiSftls, wad made to
J0HNI.SHAVRH
U;b, 1837 UH
all What else did the first bank do for
the Government or the country, at all to be
to the House of Representatives, recommeo- pared, in the amount of benefit, to its
dwg a National Bank, lo this report, he ) flusce on the cuirency and the exchang
set forth the advantagee of such an inautn-: es?
It is as
tion; one of these ad van tages, he says, con- ,
sists 'in increasing the quantity of the cir-, that the Government in General Washing-
1 culaiing medium, and quickening the circu- . ton's lime, did feel itself aut horised by the
1st ion.' And be then proceeds to observe : ! Constitution, and bound in duty, to provide
' I l is last may require some illustration, a safe currency of general credit for circu-
When payments are to be made between Ution and for exchange, ft did provide finances, that the benefits of a uniform at-
ready known on that subject; and if they
were not, the subject is not now before us.
But I have adverted to the historv of the
first bank, and examined the grounds on
which, and the purposes for which, it was
established, in order to show the fact, that
Government from the firat, has acknowl
edged the important duly and obligation of
providing for currency and exchange, as
part cf the necessary regulation of com
merce. 1 do not mean al present, to say
that a bank is the only, or the indispensable
means for which this duly can and must be
performed ; although 1 certainly think it
the best, ' Yet 1 will not set limits to the
wisdom and sagacity of gout lemon, in the
invention and adaptation of means. If they
do nut like a bank, let them try whatever
they do like. If they know a better instru
ment or agent, let tbetn use it, B it I
maintain 'that ihe performance of the duty,
by some means, or some instrument, or some
agent, v indispensable ; and that so long as
it shall he neglected, so long the commerce
and busintvss of the country must suffer.
The history ol the fare Bank ol the Uni
ted Slates manifests, as clearly as that of the
first, that the Government, in creating it,
was acting avowedly, in execution of its
duty, in regard to the currency. Fiscal aid,
except so far as the furnishing of a curren
cy waa concerned, was hardly thought of.
Its bills were made receivable tor ie venue,
indeed ; but that provision aa far as it
weul,was obviously a provision for currency.
Currency for the revenue, however, was not
the leading object. The leading object
was currency for the country.
Tie condition of things, at that time
was vtry much like that which now 'exists.
The revenue of the Government was en
tirely adequate to all its wants ; but ills op
erst ions were all obstructed by the derange- j
ment oi the currency, and the people were
as bad off as the Government. The! banks
or most of tbem iwd suspended payments.
Their paper was depreciated in rations de
grees, the exchanges were all disordered,
and the commerce of tbe country thrown
into jcoufusioo Government and people
were all rich; bui wuh all their riches, tbey
had. no money. Both might apply to them
selves what Mr Addison, beings much rea
dier writer than speaker,sa!dof himself, when
he observed, that although be coujd draw
for a thousand pounds, be bad not a guinea
in his pocket.
Mr. Madison, at that time, was President
of die United States. He had been one of
the opposers of the first bank, on constitu
tional grounds, but he bad yielded his own
opinions to the general sentiment of the
country, and to the consideration that the
power had been established and exercised.
He was not a man who carried hie respect
for h imself and his own opinions, so tar as
to overcome his reaped (or all other men's
judgements. Wise men, sir, sre sometimes
wise enough to sut render their own opin
ions, or at least to see that there is a ti me
when questions must be considered as settled-
Mr Madison was one of these. Io
bis annual message m December, 1815; he
says a JL
The derangements of the finances, with
a view to the receipts sod expenditures of a
permanent peace establishment, will neces
sarily enter into toe deliberations of Con
gress during the present session. Jt is true.
that the in proved conditnn of the public
revenue will not only afford the means of
maintaining the faith of the Government
with its creditors inviolate, end of prosecu
ting successfully the measures of tbe most
liberal policy, nut will also justify by an im
mediate alleviation of the burdens imposed
by the necessities of the war It is, bow-
I to every modification of tbe
single obj
Hon.
Contrast now, air, this language, and
these sentiments, with those of the Mes
sage before us Did Mr. Madison confine
his recqmmendatioo to such measurer of
relief as might be useful to Government
merely! Did he look exclusively to ihe
Treasury? Did he content himself with
suggesting a proper medium for the receipt
of revenue, or a proper deposits for its
safe-keeping f Far otherwise His view
was genera), statesmanlike, and fitted to
the exigency of the times. The existing
evil was one which afflicted the whole
country ; and the remedy proposed by him
was as it should have been, commensurate
with the whole evil. And, sir, whaf a
shock it would have produced at that time,
if Mr. Madison, seeing the prostrate state
of commerce and business all around him,
had recommended to Congress to do noth
ing in the world hut to take care that the
taxes were collected, and those in the
employment of the Government wejl
paid.
Well, sir, what was done with the mes
sage ? Why, sir, the House of Represen
tatives resolved -that so much of the Pre
sident's Message aa related to s uniform
national currency should be referred to a
select committee,' Such a committee was
raised, aud the honorable member from S
Carolina was placed at its head, as he well
deserved to be, from his standing in the
Bouse, and his well-known opinions on
this.- subject. The honorable member was
thus at the head of a committee, appoint
ed, not on the subject of a revenue curren-
cy, or a currency tor uovernment, not a
un i fori national CURRENCY ; and, to ef
fect the great object of this appointment, he
brought in a hill for the establishment of a
Bank of the U. States.
Aa had been the case formerly, so on
this occasion, the Secietary of the .Treas
ury made a report on the subject And
now hear, air, what he says of the. duty of
Congress to provide a national currency,
aud of the objects which he proposes, by
the establishment of a national bank.
The constitutional and legal founda
tion of the monetary system of the United
Stales is thus distinctly seen ; and the
power of the Federal Government to in
stitute and regulate it, whether the circu
lating medium consist of coin or ol bills
of credit, must, in its general policy, as
well as in ihe terms of its investment, be
deemed an exclusive power. It is trne,
that a sygtem depending upon the agency
of the precious metals will be affected by
the various circumstances which diminish
their quantity or deteriorate their quality.
Tire coin of a State sometimes vanishes
under the influence of political alarms,
sometimes in consequence of the explo
sion of mercantile speculations, and some
times by tbe drain of an unfavorable course
of trade. But, whenever the emergency
occurs that demands a change of system,
tteeema necessarily lo follow that the au
thority which waa alone competent to es
tablish the national coin is alone compe
tent to create a national substitute II ha
happened, however, that the coin of the
United States has ceased to be the circu
lating medium of exchange, snd that oo
substitute has hitherto been provided by
the national authority. During the last
year, the principal banks established poo lb
and west of New England resolved that
they would no longer issue coin in pay-
insmuuoua cannot, at lhra t.ni
urcximiy employed to TwrntaO
form national currency. The failui
c auempi io associate tbem, with that
view, ha. already been staled. Another
attwnpt, by their ngency m circulating
1 reiaury note, to overcome tne innuaoib-
ties of the exchange, feasor! biaiMH
1 tiaily successful. And a plan reeentrr
proposed, with the deStfn to curtail the is-
sues of bank notes, to fix tbe public con.
hdence in the administration of the affair
of ihe banks, and to give in each bank a,
egnimate .bare in the drenl alien, is nit
likely to receive the general sanction of-
ihe banks. The imuv that the charter
restrictions of some of the banks, the rou-
tnal relation and dependence of the banks
of the same State, and eveo of the benke
of the diflerooi States, and the duty which
ihe directors of each bank conceive they
owe to their immediate cosstitncnla, open
points of security or emolument, interpose
an insuperable obstacle to any voluntary
arrangement, upon national considerations
alone, for the esiabliahsaent of a national
medium through the aujeney of the StenV
banks. '
41 The establishment of s national bank
is regarded as the best, and perhaps the on
ly adequate, resource to relieve thecou ntrr
and the Government from the present env"
bar rasa men is. Authorised to issue notes,
which will be received in all pavmente to
the United States, the circulate of -it is
sue will be oc-extetisive with the Union)
snd there will exist s constant demands
bearing a jost proportion to the annual a
mount of the duties and taxes to be col
lected, independent of tho general etredla
tioe for commercial and social purpose.
A national bank will, therefore, possess
the mt mis and the opportunity of sup- ly
ing a circulating medium of equal use end
vaLe in every Stale, and in every district
of every State
The power of th- Government to tup .
ply and nniutam a paper medium of ex
changi will uoi be quenuoned ; but for the
introduction of that medium, there must be
an adequate motive.'
Upon the -w h le.tne state of the nation
al currency, and other impwani consid
erations connected wilh ihe operations of t
the Treasury, render n a duty respectfully
to propose
'That a national bank be established.'
This language, it most be admitted, is
explicit enough, both in regard to the pow-
ei and the duty ; and the whole report
bear very little resemblance, most cer
tainly, to the official paper from the
Treasury Department, now before us.
When the bill was called op, the honor
able member from S. Carolina explained
its objects in sn able. speech. He showed
the absolute necessity of a national curren
cy ; the power of Congress over such
currency, whether meulic or paper ; snd
the propriety aud expedieocy of establish
ing a bank, as the best meana of exerctaing
these powers snd fulfilling these duties. I
agreed then, and I agree now, to the gen
eral sentiments expressed io that speech,
heartily and entirety. I would refer to it
on this occasion, both as an able argument
and a high authority ; and beg to adopt it,
as setting forth, in n strongs light, the sen
timents which I am now endeavoring to
enforce.
Mr. Calhoun here rose to make an
explanation. He aaid that he never saw
the reporter's notes of his speech oaj that
occaaioo, and therefore, what he did sny,
may not bae been what he would havn
said. There were points of omission
in that speech which occupied a wiumn
and a half oi the National I teliigeuccr.
Mr C. said, that he took care, i.eu9 as
now, to fortify himself, and leave a road
open to oppose, al ariycnrning lime, a na
tional bank. He .then aaid that he was op
posed to a bank, but that he submitted to
the necessity of the case There was
then a connexion between the Gov rement
and the banka ; snd if ibt Government bed
a right to regulate the currency, there waa
no means of doing it but by a national
bank. He had, both then, and since then
contended that Government bad no right to
have any connexion with a y banks In
his opinion, the United State Bank (which
he then advocated, and ssaieteJ to ctab
hsb) was not established sccordjng to the
Constitution. Congress had no right to ear
tabiish such e bank. He acted eon trary to
his own impressions of right. Many peo
ple may do things which they do not be
lieve to be lawful , from necessity. He act
ed from necessity.
Mr. Webster, resuming bis remarks,
said, he thought ihe gentleman had astd,
formerly, that in consequence of the de
cision of the question, he felt thencefor
ward preluded from opposing the banks as
being unconstitutional.
JMr. Caluoun again explained. He
r r. lkouffht the connexion between
1
I
ment of their notes, or of the drafts of I Government aod banks was now - nroaen,
thfiir customer for monev received noon I nrf that net him at liberty , so that now
deoosites. In this set the Government of ! he could oppose what be had then, and
the United Slates had no participation ;
and yet the immediate effect of tbe net
was to su persede tbe only legal currency
of tbe nation. By this act, although no
State can constitutionally emit bills of cre
dit, corporations erected by 0m several
States have been enabled to circulate a pa
per medium, subject to many of the practi
cal inconveniences of die prohibited bills of
credit.
" Of the services rendered to, the Gov
eminent by some of the State beaks, do-
since, earnestly advocated
It is not mv desire, sir, to hold tne gen
tleman to a report of his speech, which he
mav choose, even now to disclaim. I
have never beard of bis declaiming it be
fore ; snd even now sir, I do a
stand him so being deairou of
or denying any thing contained io the
ted report of his speech, resjeetr g
importance of n uniform national curr-y.
That topic makes up tne sum anctur
of his whole speech. It wa tne topic
inn Occasion ; it
ton
ring the lain war, and ol the liberality by tbe occasion ; it was we
which some of them are actuated in their j lbs which hi.
intetcoorse witb the Treury, tm SZsfu
quires en exicitackuowletlgennvnt. is aa ;otmwf wb-tb-
a fad, however, ineoatestaniy proven, ibu .
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