VJ
IiALEIGH, IT. C. "WEDNESDAY, OOTOBEH 25, 1C 37
VOL SXVI1I. HO
TnOJI AS J. LEW AT,
,DITOB A!fD FROPBtBTOH.
. TERMS. , .
-rlWftWy""'- UmH.i trBt aMHawOoa
Lilt Ml ."i."-. '
.4M,j iutr ilu:3iWe-inuuiUol.ili icarY
ro .". i "
i-np"" ,'roe- ..
KTKS UK. AIJVF.ItriSINC.. .
far 'rrl 'I"" ("" exceeding 16 tinri ll.it
tit '"'' i,'1't,n, one ikillai'i cicti lub
..Mriii imerliim, twentr-fiv. ci-iiti.
C7
l,i... .,tv..ti.i.nm.it. nt f!ljB.. anil SiticrifT.
1! be ckre''d 23 ier cent. Iiiirliri'i .nil te-
iliKlion of 3.11 tier cent will be mnile from III.
repiNr prkei litr silveruoi-i l) the jcur.
le'.leri to tlif KJilor mutt tie ol-piil.
Jll EM .4 KKS OF MB. CLAY,
the Stunts uf the United Statei en the
SUB-TltE.iSUItr BILL, tn the 25M
September, 1637. ,
'(Concluded.) '
But there ore nunc more specific
objection to this projec,! of Sub-Treasuries,
which deserve-to be-noticed.
The firt 4 it insecurity. Thc-Sub.-
Trras
urcr and Ins bauincn cowlitute
ly guaranty fr the safety of lie
the ou
Jncugc sum of public money wliich
1109 through his hands. Is this to be
s$4pared with that which if possessed
thrnugfi the agency oT.tba banks? Ths
lUctorrwhtt is to bs -Jthcr ittb-trcasil
rerj pay the money t the bank, and
tho bank to the disbursing officer!
Here are- t -tree checks; y ou propose la
tJsto y4 w. fc4BH"Mi4HatMMt 1
par.Uutjf.jill...lheJa
chinery of president, c'i rector a, cash
ier, tellers and clerks, ail of whom are
Kj.BU.ny .sentinels.- Atthe- very- m..
ment when theSecietary of the Treas
ury tells us hw well his sub-treasury
system works, he has communicated to
Congress a-'circular, signed by him
e1fexliibiting his distrust in it; for
he directs in that circular that the pub
lic moneys, when they amount to a
large sum", shall be specially deposited
with those very banks which he would
repudiate. In (he State of Kentucky,
(oilier gentlemen can speak of their
respective States. alihough it has ti
nted but about forty-five years, three
Treasurers, selected by the Legisla
ture for their established characters of
honor and probij y. proved fi ithless.
And the history of the delinquency of
one is the history of all. It commeuc
edju hu man weak ness, yielding toai
nest solicitations for temporary loans,
with the most positive assurances of a
punctual return. In no instance was
there originally anv intention to de
fraud the public. We should not ex
pose poor weak human nature to such
temptations. How easy will it be,, as
lias been done, to indemnity the sure
ties out of the public money, and
squander the residue?
2. Then there is the liability of fa-
yoritisin, In the receipts, a political
f rtii r4r4
ted in the navment of duties", 4n the
disbursement, imhe purchase of bills,
in drafts upon convenient and favora
ble "cc, and in n thousand ways.
t S. The fearful increase of Executive
patronage. IIundied-nd thousands
ol new officer are to be created; fur
this bill is a mere commencement of
r"JJ'Tsyslem, and all are to be placed
J!er the direct toutrol of the Presi
l't. ' " r ;
The Senator from South Carlina
tyi rrraitiourijihinkrFiwritt LYMm
ttve's now weak, and that no danger
ii to be apprehended from its patron
age. I wish to God I could see the
bjet4 tli Bi4ight that he does-
I wish I tould teel Tree 1 10m that alarm
at Executive encroachments bv which
he and I were o recently animated.
.When And, how.iet iueask, has Jhat
jxtweerJaUfly o 4vfTlHutl-;fcirnidaiij
ule, suddenly become so , weak anu
harmless? Where is that rorps of one
hundred thousand ollice-lioUiers and
dependents, whose organised strength,
directed by the wilt of a single man,
was lut' ly held-up in such ivid, colors
and powerful language byv a irport
made b'y 4he Senator himself? When
were they disbanded ? What has be
come of proscription? It victim may
be exhausted, bur the apiiit and the
power w';icli sacrificed them' remain
unsubdued. What of, thedismissing
power? What of the veto? Of that
FacTiceDfHhhtrfding-bilhi,-:Contrarjr
to the consutution, anu mre repre
hensible than the abuses of the veto?
Ot.Treasury orders, put in force and
tnaiutained'in defiance nnd contempt
of the Irfgistative authority? : And, al
though last, not least, of that exoung
ii;sr uower which degraded the Senate,
and placed U at the feet of the execu
tive? 'Which of all these enormous powers
and pretensions ha th present Chief
Magistrate disavowed? So, fur from
disclaiming any one of them, has he
f-noi announced his intention to follow
111 the very footsteps of his predecess
or? And has he not done it? Was it
against the person of Andrew Jackson
that the Senator- from South Carolina
so fbly co-operated with ?, No, sir,
no, air, no. It was against his usisrpa
Jl as we believed them against
In arbitrary administration, above all,'
against thV tremendous and frightful
augmentatjmi of the power of the exec
tiy branch of the government, that
w patripticallr bt vainly contended.
The person of the Chief Magistrate is
chag.il, but there atands the Execu-
Me J"wer, perpetuated , in all its vast
magnitude, undiminished," re,-asscrtcd,
and overshadowing all the other depart
ments of the Government. Every tro
phy which the late President won from
llKmiTweif6iaTes ITieTTxIFculTve'
mansion. Every power, which he tore
from bleeding institution, is now in
thf'Kxecutive armoryrreadr, as time
and occasion may prompt the existing
incumbent, whoever he may be, tocbe
thundered against the libertieOf the
people.
Whatever may have been the motives
or the course, of others, I owe it to my
self and to truth to gay, that, in dep
recating the election of Gen. Andrew
.'acksun to the like of Chief Magis
trate, it was not from any private con
siderations, but because I considered
it would be a great calamity to my
country and thatf in whatever opposi
tion 1 made to the measures of his ad-
ministration, which more than realized
j;,, - ,M b J ens(, of u; d
Am, f -j now d , ,
ty Ami 1 110 now declare my
and unshaken coimction that, until the
Executive power, as enlarged, extend
ed, and consolidated by him, is reduc
ed - w ithiaits- liue conatitntiunal lim
its, there is no permanent security for
the liberties and happiness of this peo
ple
4r Lasitf pass- ihis bittTand " frttifclj
ever dTvorce itsfriends mn nrofess to
W4t8ttn7-ihaerHntt8 wnnnrTrf rhcthe intcrcstrTrfheTVe1ranJttie poor
purse and the sword, so justly dreaded
by our British and revolutionary an
ccstors, becomes5 absolute ti complete.'
And who can doubt it who knows that
over the Secretary of the Treasury at
Washington, and every Sub-Treasurer,
the President claims the pnwe-r-t
exercise uncontrolled sway? To exact
implicit obedience (0 his will?
The Message states that, in the pro
cess both ot collection and disburse
ment of the public revenue, (he oHiccra
who l. perform it ac under the Execu
tive command: and it argues that,
therefore, the custody also of the Trea
sury might as well be-confided to the
Executive rare. I think the safer con
clusion U directly opposite. The pos
session of so much .power over the na
tional treasure is just cause of regret,
and furnishes a strong reason for di
minishing it,4f possible, but -none-iW
its increase, none for giving the whole
power over the purse to the Chief Ma
gistrate. !
Hitherto I have considered this
scheme of Sjub-Treasunes as if it was
oolxjsjvat its friends represent it a
system Solely for the purpose of col
lectirig, keeping, anil disbursing the
public money, in specie exclusively,
without any hank agency whatever.
But it is manifest that it is destined to
become, if it be not designed to be, a
ertimcnt banks, of wliich the principal
will be at Washington, and-every Sub
Treasurer will be a branch. The Sec
retary is authorised to draw on the
several sub-treasurers in payment for
all the disbursements of Government.
No law restricts him as to the amount
or form of his drafts or checks. He
may throw them Into amounts suited to
the purposes of circulation, and give
ihem all the appearance and lacilities
of bank notes. ()f a'l the branches of
this system , that' of New York wilt be
the most immirtant, since about one
half ot the duties is collected there.
Drafts on New York are at" par, or
enm m and prenti-om f rom- e vcr j point
ol the Uuion. It is the great money
centre ot the country. Issued in con
venient sums, they , will circulate
thWug hou t the whofe Union a s bank
JttWsjUtiU a! .luniia .caui fiden ce
posed in them, will be preferred to the i
specie which heir holders have a right
todenund. They will supply a gene- as would limit its profits, exclude for
ral currency, fill many of the channeis j cign influence in the government of it,
of circulation, be 0 substitute fir notes and give publicity to Us transactions,
of the Bank"wf the United States, and i the only safj and certain remedy
hupplanV to a R't extent,, the use of,
bank noU-a. The necessities of the i
people will constrain them to ue j currency", and a point or union, a sen
thein. In this way, they will remain ; tinel. a regulator of the issues of the
a long time in circulation; and in a few! local banks; and that would be uppli
ycars we shall see an immense portion rd by such an institution. ' .
of the whole specie of the country con- I am not goingnow to discuss, as on
cenlratcd in" the hand of the branch .orisinal question, the constitutional
1aTitehat4s,-he-b-treau
York, and renresented by au equal a-
mount of Goveinment Daner dispersed
throughout t he country. 1 he resnun-
sibilitj of the Sub Treasurer will be j
consequently greatly increased, and
the government will remain uoum) to :
guaranty thc'i redemption of a?l the
d rafts, checks', or Votes'' what ever may I
be. their denomination emitted upon
the faith of the money in his custody,
and, of course, will be subject t the
hazard of the, loss ot the amount of spe
cie in the hands of the sub-treasurer.'
If, in the commencement of this sys
tem, the holders of this Government
paper shall be required to present it for
payment in coin, within a specified
time, it will be found inconvenient or
impracticable to enforce the restric
ting, and it will be ultimately abatir
doned. ,
Is the Senate prepared to consent to
place not only alHheipecie that may
be collected for theTR'v-eljiie of . the
country, at the will of the President;
or, w hich is the same thing. In the cus
tody of person sctinz in obedience to
hi will, but to put him at the head of
the mot powerful and . influential sys
tein of Government Banks that ever
existed?-1.: ; ..,"..
It i said, in the Messagethat Gov
ernment is not bound to sonnlv the
country with the excliauges which are Ti
neceiary to the transaction vl its bu
siness. - But wasihat the language held
during the progress of 1h cmtest with
the late Baulmf-the United States?
Was not the expectation held out to
the people that they would be supplied
with a better currency, and with belter
regulated .change? And did rrot
both the late President and the Secre
tary ol the Treasury dwell, with par
ticular satisfaction, in several messa
ges and reports, upon the improvement
of the currency, the greater amount in
exchange, and. the reduction of the
rates, under the operation of the State
bank system, than existed under the
Bank ol the United Siates? Instead
of fulfilling the promisca then, held out,
f wa sthe govefwn enjUio ww raps.iUullljupiiL
its dignity tells the people that thev
expect too much of it; that it is not its
business to furnish exchanges; and that
they may look to Europe for theman.
ner in which, through the agency ol
private 'banker the cumjnetce am
sines of its countries are supplied
with exchange. We ' are advised to
give up our American mode of trans-
nlfltu 8iho.lhwqgyMw ibsIhi tn
liim 01 uauKin corporations, in which
are happily blended, and to establish
bankers similar to the Hopes, the Uir
ingsy flic i' RofliscTiil'din'ii'e Ifotingtiers,'
of Europe; houses which require year
or ag:-s to form and to put m success
ful op ration, and -whose vyt over
grown capitals, possessed by the rich
exclusively of the pnor, control the
destiny of nations and determine the
fate ot empires!
Having, I think, "Mr. IVesidcnt,
shown that the pioject of the adminis
tration is neither desirable, nor practi
cable, nor within the constitutiona
power of the General Government, nor
just; and that it is contrary to the hab
its of the people of the United States,
and in dangerous to their liberties, I
might Itere close myTemarksj but-1
conceive it to be the duty ot a patriotic
opposition not to confine itself merely
1 urging objections. agamstmeasurea
to promote tne general prosperity,
brought forward by those in power. It
Tia s further and higher duties to per-
form. There may be circumstances
in which the opposition is "bound for-
mally to prevent such measures as, in
its judgment, are demanded by the ex
igency nf the times; but if it has ,jut.
reasoii to believe that they would be
unacceptable to those who oh no ran
adopt them, and give them eiTcct, the
opposition will discharge it duty by
sii safesti iig whatlt "Belie ves "ought to" be
done tor llie public go I. '
I inowairj Uiat I have friends whose
partiality has induced them to hope
that I would be able to bring forward
some healing measure for the disorders
which unhappily prevail, that might
prove acceptable.- I wish to God that
I could realize this hope; but I cannot.
The disease is of such an alarming
character as to require more skill than
I possess; and I regret to be compelled
to fear that there is no effectual reme
dy but that which I in the hands of the
suflfering patient himself. -,
Still, under a deep sense of the ob
ligation to which I have referred, I de
clare that, after themusttleHberateiiml
anxious consideration of tvhii h I am
capable, I can conceive of no adeq jate
remedy which does hot comprehend a
National Bank a an essential parti -1 1
: . . , : f-.'-'"i ""VV .
i appears- to .4e-4t-a rsatwnai- atiif
with, such modifi. ations as experience
has pointed out, and particularly such
that can be adpted.i-Xhe reat waot
ot the country 1 a general and uniform
tional JJank. Inhuman allairs there
are some questionsj and I think tlii is
fltn m
that ought to oe nem as lennina-
ted. From several decision or Con
Ercss affirminz the power, the concur
rence ot every other department of the
government, the approbation of the
people, the concurrence of both the
great parties into which the country
has been divided, and forty years of
..... . .
prosperous experience wmi sucn 1
bank, appear to me to settle the con
troversy. if any controversy is ever to
be settled. Twenty-two years ago Mr.
Madison, whose opposition to the first
Bank of the United S'aie is wen
known, in a messaze to Congress Said:
(5 'Waiving the question of the tcoa-
ttitutional auinority 01 tne legislature
to establish ail incorporated bank, as
being precluded, in my , judgment, by
repeated recognitions, under 'varied
circumstances, of the validity of such
an institution, in acts of the legislative,
executive, and judicial branches of the
government, accompanied ty, indica
tions, in different modes, o a corres
pondence Of the general will of the na
tion; ths proposed bank does noLap-
pear to be calculated to answer the pur-
pose of reviving tlie public credit, of
providing a national medium of circa- :
lacuuaunz me inuiapensauie aniicina - -
tions of, revenue, and by affording 4oni an perfection, a to contend that it,
me jiuuni. mui, uuKiHunni,- j
'1 vail the considers tions upon which i
he then relied, in treating it as a set-on public nftair.- It is somewhat un-j
tied question, are now to be added4wolgrateful to the People to suppose that!
distinct and distant aubseqnent. ex-
iiressions of the deliberate opjnion of a
iepublican Congress, two solemn de
cisions of the Supreme Court of the V
nited Stales, twenty years of success
ful experience, and disastrous conse-
quencet tuickiy following me uiscon
tinuance of the bank.
I have b?en present, as a member of
Congress, on the occasion of the ter
mination f the charter of both the
Bank of the United State; took part
in the discussion to which they gave
rise, a n d ji id a n op p or t u 1 1 i t y o f e xte n -
sivcly knowing the opinion of mem
ber and I declare my deliberate con
viction that, upon neither was there
one third of The member in cither
House wlin entertained the opinion that
CongrcsdidTi6t '"poSsesTtlie'cWStilu-"
tional power to charter a bank.
But it is contended that, however
indispensable a Bink of the United
States -fMif- be to the rsoratitm-f!
pro-speritv ot the country, tlu l'rei-1
deTilTaotnnToVii'raTnst it opposes an in-1
operable obstacle to the rstablishment
of sdch' an institution. ItwWt Indeed
be unfortunate irthe only .measure
which can biing relief to the people
should be prcventr.l by the Magistrate,
whose elevated station should render
htm th cm ostTrnxioasTnan in- th e na
tion to redress existing grievances.
The opinion of the President which
is relied upon is that contained in hi
celebrated letter to the Won. S. Will
iam, and that which is expressed in
the M essage before u I inustay,
witTr"aTl proper deference, that no man,
prior to or after his election to the
Chief Magistracy, has a right tossy, in
advance, that he would not approve of
a particular bill, if it w ere passed by
Congress. An annunciation of such a
purpose is premature, and contrary to
the spirit, if not the express provision
of the coastitution. According ta that
instrument, the participation of the
President in the Legislative power .
his right to pas upon a bill is subse
quent, and not previous Ui the delibe
rations ol Congress. 1 he constitution
al provision is that, when a. bill shall
have passed both Housesrit- shall be
presented to the President lor bis ap
proval or rejection. His right to pjss
upon- it , results from the presentation
of the bill, and is not acquired unt'd it
is presented. hat would be thought
oTTTne JuQgambriieroi'e a caruse" is
brought belore the court, should an-
n:unce his intentioiv to decide in fa
vor of a named party? . Or of the Sen
ate, which share the appointing power,
if it should, betore a nomination of a
particular individual is made for an
office, pas a resolution that it would
not approve the nomination of that in
dividual? S V ,';'.' ;7;':Wf' .
It is clear tlrat-thePresident places
his repugnance to ft JJank of the IJ ni
ten states mainij ujionine grounjiyiai
the popular will .has .been twice ol-
emnly and unequivocally expressed'
against it. In this 1 think the President
s mistaken. 1 he two occasions to
whichhe ian mfert tood toTeferrare
the election of Gen. Andrew Jackson
in 1 832, and in hs own elect on in
1 836., Now, as to the first ,there was
tr before iHook-olacej any neouivt-
Xflrss4on-oi toe opKMi 01 44i late
President 1 against a "National JJank.
There was, in fact, a contrary express
ion. In the veto message, fresuieni
Jackson admitted the public convent-
ence of a bank; stated that he did .not
find in the renewed charter such mndi-
ficationi as could seCurV hi approba-
(ion, and added that, if he had been
applied to, he could have furnished
the model of a bank that would -an
swer the purposes of such an institu
tion. In supproting his re-election,
therefore, the People did not intend,
by the exercise of their suffrage, to de
prive themselves of a National Bank,
On the contlnry, it is within my 00
knowledge, that many, voted for hi in
who believed in the necessity of a bank
quite as much as I do. .- And I am per
fectly persuaded that thousands and
tens of thousand sustained his re
election under the full expectation that
a National Bank -would be established
during his second term'' -fJ-''X'!' t'J
Nor, sir, can. I think that t the elec
tion ot the present - Chief Magistrate
ought to be taken as evidence that the
People are against a bank. The most
that fairly can be asserted is, that he
was elected, the expression of his opin
ion in the letter to Mr. William not-
withstanding.' The question of the e-
lection or a Chief Magistrate is a com
plex question,' and one of compensa
tions and comparison. - All, his opinions,-all
his qualifications are taken
into consideration, and compared, with
those of '.his competitors. AndV.no
ff 'ng mora is decided by the People
than that the person elected is prefer
red amongst the several candidates.
They take him as a man takes his wife,
for better for worse', with all the kood
andJ&adopiiuoJisdliUesJwiiicb-
lie 'possesses. , You might a well ar' -
gue that the election of a particular
person to the office of Chief Magis-trste
peirance exhibit tlie itandarU ol nu-
sanctions anu . approve cverjr opinio
whieh he mav Ivave nobliciv exnresed
the particular tipimon or Mr. Van iiu- An auxiliary resolution might te a- .
ren, in regard to a Bank of the United, dopted with salutary effect, similar to :
States, constituted any, much less the that which was adopted in 1816, offer
chief recommendation of him to their' ing to the State bankC motive to
suB'rage. . It would be more honora- resume specie payments', that their pa-
ble to him and to them to suppose that per should be received for the publie .
it proceeded fromhiseminent abilities, (lues; or, as their number ha sine v
and his distinguished services at home that period greatly increased, to make
and abroad if we are to look beyond the motive more operative, the offer -them
and beyond him, many believe' might be confined to one or two banks
that the most inlluentjal cause of hi' in rach State known to be trost-wor
election was the endorsement of that,
illustrious prcilccessor, in whose fooU
stcpAlc..s;titidS4Ii;uedMo follow.
No, sir, no; the simple and naked
question of a bank or n bank of the
United .State was not submitted to
the People, and ''twice solmnly and
umqttivocalhinl decided 82int by
them. I firmly believe that if such a
nuestion were now submitted to them,
the response of a vast majority would be
in the affirmative. 1 hope, however,
that-m bantwili beestabliii'ieti-tn'-pro-po-cdujiless
thcrie skU4-a lar and
undisputed majority of the People and
ol the fttites in favor of such an institu-
i,onr . Jf there be. one wanted, and.a,n
uot-OjUi viKnt maHifesta twn be indef
the popular wr'tU that it is des'ired, k
bank will be established. The Pre-
dent'a opposition to it is founded prin
cipally Upon the presumed opposition
ol the renple. Jet them demonstrate
that he is mistaken, b.J he a'iII not
separate himself from them.i He i too
goou a iiemocrat, ami the tenor onus
whole life shows that, whatever other
divorce he mar . recommend, the last
that he would desire would be one be
tween him and the People. Should
this hot prove to be the rase, and if a
? . ' .1 ,1 . 1 T . .1
majority snouiu not exist ftunieienuy
large to pass a bank charter in spite of
the veto, the -ultimntpTemedrill re-
mum to the reople to change their
rulers, if their ruler will not change
their-npinions.
But, durinit tlii debate, it has been
contended that the establishment or a
new Bank of the United States would
aggravate existing distressr; and that
the specie necessary to put it in opera
tion could not be obtained without pre
judice Jo the local banks.- p"""p'
What is the relief for which a'l
hearts are now so anxiously throbbing?
It is to put the banks again in motion;
to restore exchanges, and revive the
drooping business. .of the country.-
And what - are Ihe obstuck'sr .1 hey
are, first, the foreign debt, anil,
ccondly,-a wrantof confidencerlf
the banks were to reopen their ya-tlts,
it is apprehended that the specie would
immediately be exported to Europe to
discharge the foreign debt. Now, if
Bank of the United Stales were esfab.
lished, with a suitable capital, the
stock of that. Bank Itself would form
one of the best subjects of remittance;
anu an amount 01 it equal 10 unairc
mains of the foreign debt would proba
bly hi remitted,' retaining at home or
dra wing from abroad the equivalent in
specie. "' ',' . - ' ' .
- A great, if not the greatest existing
ferri;; hr-lhe"Want of ' ennfldencfrnot
merely in the Government, but in dis
tant banks, and between I the Eahks
themselves. There is no tie or con-
nexioffbindingr'theintngtherrsiid
they -are-ofte uspUhu4f CMhtlMjrrjfnWittti'wate eonnextim
to this want of conlimience among
the bank themselves, is to be ascribed
that extraordinary derangement in the
exchange of the country., How other-
'wise can we account for the fact that
the paper of the banks of Mississippi
cannot now be exchanged against the
paper of the banks of Louisiana, with
out a discount in the former, of 10 or
15 per cent.; not that3 ol the banks of
Nashville, without a discount ot 8 or
. r : . . I . r . I .
iu per retiu. azainsi. no paper -01 me
banks of the adioinins State of Ken
tucky? It is manifest that, whatever
may be the medium of circulation,
whellieritbenconve
convertible paper and specie, suppos
ing confidence to exist, the rates of
exchange in both cases ought to be
nearly the "same." Bt, in times like
these, no bank will allow its funds to
accumulate, -by the operations of ex-
change, ai point wnere no present use
can be made of them.
Now, if a Bank of the United Slates
... II' I .l !
were established, with a proper capi-
tal, anu it were made the sole uepon-
tory 'of the public money and its
notes were receivable in all Govern-
ment dues, it might commence opera-
tions forthwith, with a smalt amount of
specie, perhaps not more tlh two mil-
lions. That sum would nrobably be
drawn from the community, where it is
now hoarded and dormant; or if it
were taken even from the local banks,
they would be mere than compensated
in the security .which they would en
joy by tho remittance of tha stoek of
the new bank to Europe, as a substi
tute for their specie. . v''.:'
Such a new bsnk, once commencing
business, would form a rallying point;
confidence would-revive,exchanges bediscreditiheir paper to. distj-ost them
Agaiu regulated, and the business nd
'prosperity of the countrj b speetlil
restored. And it is by no mean rer-
augmentation ot the bankinr cinital of
the country, for it i highly probable"
iiiai tne aggregate araouni 01 uusounu
bank, which can never resume snecia
payments, would be quite equat to '
that of the new bank. -
thy. Let them and 1 Bank of the U. s
nited - .States - commence specie pay
ments, and all the. other sound banks '
would be , constrained.' bV the united
force of public opinion and the taw, to
follow the example. ' , ' - '
ir, m contrasting the two periods or .
ISlTsnd ,1837, some advantage for '
the resumption of Specie payments
isteil at the former eaoch, lUiera which
msunguisn tne present greatly prepon' -derate.
At the first there were none
except thcxiracrrot'"tr plihlirrtebt
Bd a imilr-nuinber of nksr-r1 But-
then an exhausting war had wasted
our mean. Now we have infinitely
sreatejr weaUlujautJ-csourccs are yas! -
4y mwe developed and increased, our
population nearly doubled our knowl
edge of the iliseaae .much better, and,
what is of the utuiost importance, a
remedy if applied now, would be ad
ministered ui a much earlier stage of
the' disorder, r; - . -. -':-; A
A general currency of sound and u
niform value is necessary to the well- -being
of all parts of th Confederacy,. .
but it is . iniUspeasuble , t th interior- -States.
Tbjf seaboard States hare
each of them batiks, hnc papsr free- '
ly circulates within their respcctii e -limits,
and serves all the purpose of
their business and commerce at their ;
ca pi tal s, and thr otghtre ttheirwhol en
extent. Tha variations, in tho value
of this paper, in passing through those -States,
from me f om mertial melropo-f -lis
to another, are not ordinarily very
great. ;; But how are we of the Isteri- :
or to come tu the Atlantic cities to
purchase our supplies of foreign and
t
domestic commodities, without a gen
erai mciiiumr 4 he paper ot our own - ;
banks will not be reeeiyed but at a r-
inous discount. ' We want a general ',
currency, which will serve st home
and enable us to eairyon oorsccu. -
turned trade with our brethren of the - -
AUanticJSUtes., And suchji curren- -
cy" we "have CnTkHi' , "
I do not arrogate la myself a nirht
to Speak Tr and "in" behalf of all the
Western states; but as a Senator from ' "
one of them, I am entitled to be heard.
This Union was formed to secure rer ,
tain gansraf, but highly important, b- -jects,
of which the common defence,, .
commerce, and a uniform currency,
were lending ones. ; , To the interior
States none is of more importance than
that ol currency. Nowhere is the at-
tachment to . the Uflion jnore ardent ..
than n those States; but, if this Go-...
eminent should neglect to perform its
duty, this vjle of the Union will be-,
come impaired, and it very existenc.
iff process of time may become endan-; '
gered. I do believs that between a'
sound generat currency, and the pre-,
servation of the Union itself, in full
If, Mr. President, the remedies
which I have Suggested lere success-,
ful.'at a former period of our history, "
there is every resson to hope that they '
tmiuiu nguiu prove euicacMius; DUt lei
mi 8upr,,H .1,,Rt they should not; and
that some unknown cause, which could
not then, should now, thwart their op- '
eration, we should have, in any event,'
the consolation of know
that
woes-
'.
had endeavored to profit by
the!
I . r 1
sons of experience, and if they failed
we should stand acquitted in the judg-, '
ment of the People.- Tliey are haerti-, .
'y tired of visionary schemes snd wild.'
experiments" They wislf U ge( out "ofT
the woods, int which they have been,
conducted, back to the plain, beaten,'"
wide road, which they had before trod- '
den. , -C; V'' ". "V ..-'
,pf)Iow; and when, without such mra.'
sure a I have suggested, are tha -
.state ii.inK , 10 resume specie pay
ments? They never can resume with
"out conrert; and concert springs from
i CI . J '
.confidence; & confidence from knowl-
I
euge. nut what knowledge can eight,
hundred banks, scattered over eur vast
.territory, have ot the actual condition,
j of each other? It is in vain tliatv
(ttatcinent of it he. periodically' pub A
'linhed, ' It ;depends, at last, mainly,
upon the solvency of the debtor to. -
1 the bank; and how, whenever their
names sre not known, can that be as-,
certaincd? , - ,
i Instead of comin to the aid of IhesV
prostrate , institutions, j and assisting'
them by a mild and parental exercise
of your power; in a mode sanctioned i
nd approved by experienee, you,pro-v (
pose to abandon them And the country'
a ,ucir liiir. iu, uiuuiisw -vine, in
..J