Newspapers / The North-Carolina Star (Raleigh, … / March 7, 1838, edition 1 / Page 1
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WEDNESDAY I THOMAS J. IJEMAT, sDiTOft akh mora i tor. TBBME. r ,nr. iir (" v.""'1'"- 'S l,"e "u I he advertisement l U.rk. ..d Sl.n !ft T ,,L of 3:4 per eei.l. wll frm . Juday reu. 9, lhjo. r.trart frim the Speech of V.r." SMITH, of Indi!i;ii-sl'i lhe 8u'J "a'"ry Virt I it of importance to tins r.- tU,n that the currency and Ciehanes ,.,!,! maintaiueil in i oiirnl, jjihT anl uniform conditiun? ATtti4 a question aont whi theiecan Jc b one otfini.n? .ifpiVSenttd. tn th lar'utS'- on an(itliciw;.itn, i mic !iutor ffin South rtrma. (Mr. Calihi.'nJ a plalfi.nn ujnn wtuclt all can, nav. more, all tnost taflL. There i p.irtv, anr whfre, that ilen'.v- lli UMti(,n. " A "the currrncy and ex c U;i H"--- thff Jife-blood pf the inilut try ami enterprise of 'eM!,t' wje "tliff "t o agWctlTtSfrSt, c"llM?rftat7 At the memorable period after the war, in I8L8, the currency of the country was depreciated and deraoged, ind.un try paralyze," pubfic confidence de stiiiyeif, anil the exchanges were in a intut unvrholesomeonditiort. What, sir, wns thought of 'this matter then? :,WI, . . 11 . 'j 1 -. r' " ; - gres to cancel all. the obligations be- the Senate, far he was compelled; in tween citizen and citizen that now ex- Justice tu its author, to iay that it re it it wilt not be contended, however, Bacts great credit on his head and his that Congress" hat any such power- . heart, and breathes a spirit of pure and then we must, as pruoent statesmen, unsullied patriotism. ' lie liked the legislate lor the. country as it is. H rT!arhon-BhesiUtioii in re-. UioMjSJj,! wuuUL ot hnnirai or professional, the moun'iit t!,rr become vitiated anil unteruun, that industry and that nrterpfo ruustr ,l onrereceive a curTeponding depie. ('inn; the whole system of the body Lolitic is thrown into an nmiatural po rtion; industry no. longer receives its jHWwite reawli- puUixoiifUeJiceja impaired or totally destroyed; and en'crprise becomes paralizcd, or degenerates into inactivity, idleness and dissipation. Sir, said Mr. 8., it is but a waste of time to pursue this argument; he would point Senatorslo the contrast between the prosperity of tliii peopU? under a sound currency, an.l a wholesome state of the en hanges, between the diSVrent Jians -of die na linn, ami ilirif nrrHP'it cc; dilnii. under s lious state ol the currwucv and ox chsnes, as conclusive of th argument on this noint. Thru, sir, U i ot nn portance to the people'and their ind.us trv and enterprise;, that the cuneney and exchanges sliouid be maintained in s sound, healthy, and tiifortn condi tion. I it not, ,!, tquallT import- . i! ministration ot ttws tiocal cuncenis of the Government that such should -be the state of the currency and estfeanges? Can thw be questioned; arethev not so intimately ctniiecte uilli, the revenues of the Government, which are drawn from the pockets of thj people, that they must necessarily corrupt those revenues, or reduce them bv the inabilitr of the Government debtors to contribute tl.eir part. II would inaah'c Secondly, ilas tl-.e Government the poser, anil is it it duty to jtrovide and wiintain such a state f Hie. currency and exchanceSj erther directly or uy in rectinrr ilk (UchI ooeratiolis to that end ? 1U maintaned the amrmalive of this j.roDosition. He had never heard it dou'ited, until h- saw the Mcssufre of tli Pi evident, at ihe-exira sssiun. If te GovernmtHit does t tli t pv;er, whero is it lodged? The peo ple cmut exere. xeet through their Goveinmont. It will not be con tended that it islodo I with lhe States. Tlicy have no power over the currency, -except-wfnr ax theit .banking power msy eflect it. Thev have nu power commending tjit subject to the consid eration ol longre&s as entirely within the constitutional powers uf the Gener al Government; and, on the 8th of Jan., 1816, "Mr. Calhoun, from the Com mittee on the President's Message, which relates to s uniform national cur rency, reported a till to incorporate the subscribers to the Bank of the Uni ted States" as the proper exercise of tlie power, rresment Jackson, in nis last Messase, admits' the poWer and Piesidenf Von Buren,' in his letter to a member of the other branch of Con gresH, also rec0goi7.es itf as both labor throve shat -the'jSttete baukt bad ex erciyed it more DenefiriaHy to the A? meilcaa People thou the Bank ol the United States ilul wtule if was useu as, he fiscal ajrent of the Governnieut.- Why did blfPresideut Jackson and President Van Eurcn labor to show that those duties had been so effective ly performed by the State banks a fis cal agtnts, if in troth thry believed that n power of er -tne euCJect war vest ul in We know that the whole sum he had men- the Ueneral unvtrumentf in the Messase.'denvins the power, which wa sent to the extra session, it - will be recollected, was contained an cru cial recommendation of this Siib-trca sury schemer-ftthen become neces sary, in order to favor that scheme, to pouHitehe-turanaT tlie Ueneral , Government had any power over the , currency w exchange?. The scheme required that those great fundamental and essential, constitutional powers, and corresponding duties, should te surrounded? that the Goyernmint should betlivcrrced from those duties, and be allowed, tera pin-like, to draw lu'fself with3ii11e VitH'its'Vrescribed for her by this bill; reckless of the, ..pelting storms that may prostrate me lairest fie dsof enterprise of those 'Mo may . i 1 - f ' . . 1 . . .. - I. . .U ti . .1 not oe so ioriunaie as xo oc mmeitu ly its provisions. Sir, (saM 'Mr. S.) he would ; rather surrender any of lhe other powers of the Government than the power bier the currency and ei chauees. lie maintained tiiat the Gov ernment had the wower. knit She wont prove "recreantr to lu-r duty not to ex ercise it for the, benefit of a sulTering and denressud neople. lie would hi- nuire-- ' Thirdly. XVir tie hill before the Senate establish such a currency or maintain such a state of the exchanges? He hud already answered this question in part. It would do neither; If withdraws entirely the aid of the Gov eminent, for any such purposes; it leaves the people to regulate this mat ter for themselves as well as they can; it denies the pow ers and corresponding duties of the Government over the matter. It sttys, in effect, the Gov eminent will take care of itself, and the people may take care of themselves, Nuy more, it withdraws from the peo ple, as a general medium of circular tionr a-Ianje-suBMif 4he Coin that would otherwise circulate amongst them, an I renders ?the residue of the currency ind much, the mora villous, as being confined iu a greater "degree to a currency inconvertible ana un sound. If thrt bill did not stand in direct ontiositiuirtU- the restoration of-a ' . . . . ., pay auXcancel the debts that are now owing on private cwiract ; we know those contracts were entered into with refer ence to the state of the currency that existed at the time they were made. It, Uien, you strike from the circula tion all but Ui8 uietallic currency, how do gentlemen suppose these debts are tube paid? Would, not the debt be incivused on the debtor iu proportion to the decrease. of the circulation, and the consequent increase of the value of the resiuuer , itr these debts already contracted caa never be pa'nl with a metallic currency property must tome to thts lutinmer and La sacrificed, and your j'4tls ami prison bounds most be ullcd with the unhappy victims of your policy, while the euterpnsing, Indus trious citixiis ui!l be compelled to stand and look on to see the wealthy miser who has hoarded the - metallic cuurency become the owner of, the ear bin irs of 411 industrious life fur a mere nominal price. . But, sirwliat .will b it effect ipou aitfVeir,"! Ihrf Suit lie was from? Will it not draw all the specio into the Government faults, through the oITices, the land oflices and the pobt ofiitcc? Will it not make money scarcer every daT"? Will k not aadually undermine the metallic basis of the state intittttMiiwr . y i,t,q.o increase iue uuiicuiiy 01 ouiainm estem exphauges ou the jbastr Ibe exchanges are co'.v at fibin, S,ve to, ten per cent, against the West; this sum lhe citizens of the Wcfct haa now to frietidi!oLtliis measure to read itr he cotntneTided it to their attention. The committee mfu-rJU,m?m' Th mini tmol InMiuctivstv thriiik from tbs cotntmt'lalion of en idea so otninou to lbs furitj et Ibe novtrniiwiil ami the tibartiM uf Ibe'prot,.. Ho government of wtiica ihaenm- Uw of jRuMW, u vf LnitMicd with a pat. romge at ouc to prodiglou iu it utUueuce, and m daugeruat in iu character. In lb owx-l deraie duaoctel atrcmiUea, n other Euro. ptan Uavernnieat bea aver ventured upon an aipariiaenteoperiioaa,' If thaw kola pUonag of the Eoglith nwnarthf. w-ra eoncaotratfrd in the bands ol the Amcrtraa Executive, it may be well doubled whether the puhlio liberty would be a much endangered by it a U wmiM by ttiii vaS peoumary uxicbine, which waultl place iu the haada eT every adininittratioti fib bullion of o1ibm a fuud for lewatdinK p tlitkal par- ttxana. Vr ithout aeetinuna that a corrupt e cxplanatnm.' The remark et tha Sen ator alludes t the sectio i 2Iof the bill that had been stricken out on me tin 1 of the Senitnr from South CaVidir na, (Mr. Ca'hounJ in opposition to the strenuous effort and a Vote of the hun ora'de chairmi.n. Te chairman slid: he had just read, are the mint in PU'U- UJipjMa, the branch mint iu New Of. leans, the'funr receivers general, I jca fed at-jliaeM4Minlsxiueaeer- of the United States,' the treasurer of the mint of the U. 3., the treasurers ot the branch mlnti. alt cjlTetftors ef ihk TWtweatyfin e-Uoii n.fehrnifaBtga-Tgutorni. all surveyors of the customs. 'to coin moiiev.....cetu.taifi- th'.-value. thereof and ot loreign coin." k hey luve no power over the commerce of the nation. They have no p-wer to raise a revenue fur the Geueial Gov ernment, by either direct or indirect taxation. They have no power' "to burrow inoney on the credit" of the United States." Ivor have thev any power "to make all law which "shall be necessary and proper far carrying into execuTion the special delegations of power contained in the Contention, in providing fur the general welfare. ui me Ueneral Government has ail these powers. The States retained none ol them. For great, wise, and prudential purposes,'., the power over the army, the navy, to declaic w-ar, and make peace, to levy impost duties, over the currency, so far as relate to coin, and the other enumerated powers. were vesle! expressly in the Generul tivernment;andl the incidental pow ers wimh , were necessary and . prop- (Ut to carry Into execution the delegated jiutvrrt follow as a matter f course, inducing the power ,ad lie conse fluent dty to' so direct its fiscal orx-ra tiongas to regulate and jnaintuih a uni- fiiiin jirneraJ currency, and produce wholesome state jot the exchanges. ne ueneral Goveanment can give "i;iormiry 10 the currary, arm ex changes. ' ' The State could hot, even Hie contitutioual power exiled. HeYMf. S. 1 had seat clie'd the Amert tn State'Tapers in vain to find even an ejtpresaion denyinjt .this power. 1 such an idea had ever been entertained. 'e nati noi ueen able to una any evi- 'UriiMe f it,' oahe co;trryi fee found I'-t power admitted 011 all baud, down t me Alessaee at the- extra session. I Mi early sUU-soien. the man that tounded our Government, admitted the tower aud contended for ill exervue sound and uniform state of the curren- . . a ( a cy.,and.exchang6Ti wouKt-tintt more tavor in his eyes, lie wouui inquire Fourthly. What would be the efiect of t-e bill on the business and general prosperity of the country, and especi ally on the West even supposing 'the OOjeCC Ol lis Blivu.ilica bhmiu bi- trined, in bringing Us back to an exclu sive specie or, metallic currency?- 1 ma is a most iinporiBin hhiij. What will-bo it ' effects, we have a faiilt taste of rts blessings in the opera tion of a portion of its principles, lhe least odious, under the direction f the Secietary of the Treasury. And, ir, what areVthose blessings,' as the case now stantisr lnuuairv paiaiiieu. spicie withdrawn 'p irom r.irc o-anon and converted iuto sn article '-uf mer handise property of every desciifi tion fa linrt money becomint: scarcer every ilayi time becoming harder and hard, r; crecit ttestioyea, anu r.B debtor at the mercy ef his; crditor, trembling in anticipation of hi nnai ruin. Sir thi picture is hot overdrawn. But, sir, wha have we in anticipation when all the revenues aie collected in specie, and we are redaced an ex clusive metallic currency?.. Let gei: tlemen loik to'thect 'that we have, at the highest eslimate-iot over 80,- K)OinX -of specie in the Union and that if require over.OO.QOO.WO -lo transact the business of the pr ople at this day, be'ids3hejsual credit Now, sir. withdraw ''froin circu'ation ? 20.000. 000. . the -i redundancy, over v . , ..... - . he tieci wr metallic". Currency, anu 1 a a . . then let Senators iook at tnecasc in us trae llirht. Would it not at once re - fluce the value of all kinds bf property nd labor in the ; same proportion? Would it not ffVct all kinds of Sndas- Ufr entarf rise aiuiJdLinaiiaer- ofiai provements in the same ratior cup- pay. 1 hey panl it, to uc sure, prompt ly, but thev felt it severely. . it . .r x . - 1 not reduce me price, oi vi-e,er prop ertr and produce to one. hall us pre - ' l V- ...... .. : aent valuer , tit it not paraiyze.ner public and private enterpriser AYil it not increase the difficulties of a who may be in det greatly by making inoney scarcer and -property ef less value? 1 Will It not deprive the1 poor ' . . .ii " l"Lr nan oi crequ ana tne jusi rewuru v his industry, his ouly capital? .' Will i pot make lhe -rich' richer and the ipooi ptHireii? It seemed te him. that such be fasUiied wpon us- . He would leave the Senate to. anticipate the residue that ought to be said on this point, and pro ceed to inquiie-r , , . - ',1 ' Fifthly. Is this not a bill to establish a Government bank, to be controlled by the officers of the Government. and directed, by,, the . wishes of the party that iiify be in, power? ;;Tiis i a ropst impofiant inquiry,,. He was fortunate, however, in haying ben preceded, by the able and distinguished ( Senator from Virginia, (Mr. Hxvts.) in one of the most powerfully argumentative ami J eloquent speeches he had ever heasd. in which that distinguished Senator had done this part or the -subject; great justice; and it would almost seem ijn nccssary for him (Mr. $.) to do inore than to "point the, country to the speech uf. lht Senator, and ask .them to read hisremjirkswhii;b hfhoped eyerv person who felt any interest in politi cal matters would dot yet he ieit dis posed to aod r few -thoughts nd facts on 'he same point. , ,, ; , ' 'Vlr..Presidcnt,""this is not with this A'lministi ation an oriinaead7CTr wo'uU be made uf thi tpecie of Uovermiieul patronage, a very alight acajiaintanee with lbs practice ol all poaMcal partiea, wliatever Way tie their profeastom, Will be aufticieut to aalifv any reflecting wintlibat all tha evil conquence of corrupUoa would low Irota it emrciie. liave But our political eoutect too irequeatlv degen erated Into a aelfivi) acramble for ibo officer of the cotmtryl .Are there not thoee who aiucerc w and honeatly believe that thee orltce are le- jiumaU--otycta of pohncal warfare--an thai-. taiiUul reward of the violoriou party 1 Aad, duupierented. and patriotic fa the great body of every political party i admitted to be, the fact irfiu leas true than ' it ia lariientable, that the mot devoted and aili. o-petti m are Very of. teaiaereaaldierael fortune, who watch the po litical NKlta,nd tnltt at the eleventh, hour ua der the bunnera of the oartv mot likelv to Drove iOSc,eiij4'i'W pewiWtnras of a bad administration the irreiietable and cor rupting influence Which it would exerciee Over the alar iron of the country, eonititutes an oi jeotied morn KUpoaiiig than all other united Mg waller bj what maaaa jm adminiatrsiim, jhifht gt iota power, with uch trotnenuoda engine in their baadi, it would be aloiot uu- posstbl to displace thrtn. without ome mirac- uloue inU-rvontionof l'rovidence. Deeply im proved Vvith" the eenviction that the weak point aklored by aauia a, peculiarly appropriuta to tliia bill, but be trusted to be ab) lo aaUxTy the Senate ihat it coanectai iUcif with iupi.ivi. hiuain a very inrpoflant lusipier, and . oujfhl to form a part of it. The section made it llio du ty of the iSecretary of the Trea-iury, wlien there ahoukl be an amount upon dipoaile to tha cred it of the Tree urw bey uitd the eum of four mil lion of doiliire, to iuvi et uch eurplu iu Iik; of the UuiuxS tf late, or aoiu one ot the 6uio, bearing an intereat, and trauH-rali!a l the pica cure ol Uw holder, by ojlivery or ai.ljuuieut.' ' This provision, wliich ws deemed so necessary a part id' the bill by the honorable thairmnn," auttiurised tlie Secretary of ths Ti vasury to use the whole surplus revi nue over the-4.,000,- 000 of doll. rs in the purchase ei stocks, lr7nlTerab!e at, the pleas sure ot tho holder, by delivery cr -assignment, t!ieJby puuiPg it in lhe power of t'.e Secretary of-the'f n asu ry to throw juto circulation certificates aetm also as collectors, all receiver of public moneys at the several land o'uees, and postntdStere; a?) I yet, lr. Preaidenf, with ttiesj uLJojujn Uift bill, t!ie honuia'jto chainnsii tells us that the number of itScer provided fof wire foar only, that it roiht bj nej. " clerks; and that the annual txpenia of .' the system would be the payment of these four dfneers, and f. oru six to ton? ' clerks. Siirely the honorable chalrmattlvl could not have seen the sections h (Mr. S.) had read, or he must have orneto a very d.Tjrent couclusiea; unleii he means to be understood a saying that four are . all the officer named byjhs bill, and that he did not intend to include the o.Ticcri to watch the special deposile. the army of bRJi cen and clerki that it will, and the In- f stock beet in an interest to the full creased army that it may require to amount of the entire 'surplus4 revenu examine, under t ie provisions of th over that sum. This would amtwer bill, the depositories of the public mo. the same purpose as the 'provision re- n-y spread atl over the Union. II1 cjrrmettdaHiyTwsen ,1 .1 ii -it. , l.s a. I 1. .1 . . 1 .... a ' autnorisinj tnesaie 01 uiuoiexcnaue auojeci; ne n -1 uo u-na 10 govern niitt by the Treasury bank, and was; there- m a Chlculalion; but hs thought h fore, necestary, as it was supposeil by would risk nothing in sayin that nun the chairman, to make the system or dieJs of examining officer alone would bank complete. lie would have occa- h tvj to be appointed annually lo dU aiou to refer lo this section again be- charge the duties required by "this bill; fare h-losed- hi -remarks. This and that it will be- discretionary with: Treasury bank, he Would say, altho' the Secretary of tho Treastfry lo in. it was an untried system in tliia coun- crease it to thousand on - any. Cits of fry, was wtli known in-France. The political emergency. This whole ar Senator from Virginia had fully expo- tny, controlled by a corrupt adinints- se(J its operations there- in coranarisnn iranon snouiu sucn a one ever get in with ftejiical systett, of Great Britain, to power, would become p"ie on tb aiid ihiJ co.itrakt "was any thing but fa- people, traversing cvry part M the nai vocable to the French or sub Treasury tton under the pay ftthe gniremmsliti bank system. He would not, heretore bringing the putronige of . iho -govern. f a Sut foMroaaeot ta iba abeorbina; leodtacy 1-u over that grbuud, but would leave it merit into conuiet -.yith- the frtedoth of p,..., ' --- i in auier nanu. anu tnnuire : cictuvn,, mm- uii urutnucui umia Sixthly. Will tiot the Vll-Yreittly the amount of political as vVeTt si roth increase the number, and add largely er services they render the party; frr to ta value i-ttie-tsaitHie i ins oru uuwrnu wj eenatois, tnai cers ot .the GoveVr,ment? He main- the coinpensatioh,6f ,th armyTlTleft tainted the affirmative of this nroposi- to the Secretary of the, Treasury by the. tlon ia both points uf view. He would, 1UI ' Hilary is, fixed for their servl- in the first plait, show that the nuin: ces; and forth payment of these 'mdef-' bar of the ollicers and agents of the te aud unlimited oms, "a suflitient government would be increased to an suai of ranney be, and the same here alarming extent. He was not a little by appropriated, ta be paid oat of any surprised, oa rei ding the prtntea waney in m x teasury- not1 otiierwt speeth, for Ue wa not 'tn his scat all appt-anrtatad," says Ot last lectio of the time it was heitiy tielivered,'1.f the the bill, nil aaw in this -ninrtuiitecl honorable chltrmahor the1 coirimltree power aver the liberties ofthe etrpl (Mr. Wright J to find tut UeeUratinn as well as their Treasuhy, granted by of that Senator: ,! ' the bill U the- E ie.V,eT a )aev -"The number ol adJitionalbfTieere whom ap- which, in th hand of a corrupt 'ad J poiutmsbta were provided lor weafuur. and he rainislration, may be' wielded to' the) wouiu awuim. iua e ooiubih- nf-ustratuin ol the e act v franelii'se-' I - " - T tablishing a Government bank, to be rounded on the revenues 01 tne nation, and controlled by Government officers; that proposition was formally present ed to Congress by President Jackson, hi hi Message of 1830. He aysf fit i thoughtpre'ieable tn organize auch a bank, bawxl on the public and individual de D0.1MJ. without power to .make kiane er pur- chase property, which aliall Veinit the fond of the Qovernraent, and the expeueo ofiwhicb may be paid, if thought eJvbwuUs, by allowing it offlirer to ell bjlhi of eiehahffe to private indi-V idul, at a moderala preiniurn. Not being a mpuraxa body, havih;na alockaoldrr, debtor, or (icopeTty, and but lew efficvra, it would no1 be uokioim to the cooaUtatioual objection which ere urged agaiuat tlie preeent bank; and bavuig wi mean to'operale en tb fiope, fearsTor in- teroet f large mme of the community, it eoukJ be .bora of lie inloeute which make tbrroforaidWrJ' v-i". ).-. .,'' ' ; Here we have a direct proposition for' a Government bank, made by a man who called thing by their right name. It will be recollected by Sen ator that tht Message was written in the hey-day ot the "great popularity o that very nonulsrnian. . ne naa out recentlv' come victorious from a popu lar election, to the elevated onitewnicn he then filled, ami it ie but reasonable to suppose that any reoramertdation of ni Mould oe accompanied oyuiauvop viidowing influence, hndythat nothin short of th honest convittionsf is pur heart could withstsnd ' ft effects on Contrres. .Tl Dropositioti in -the House of Representatives was referred to the cemmittee f ' way B end .means and mi tlie Senate to the owiitiitte!on finance. jMwM'Duffie e-distlnguish cd refMTssentative - trem" Somn JCarsti" na. wa charrtfrau of the ceitimltteein the House. i Mr. "MDuffte- waiine warm political fr'wnd f the President , T ...... i I . -i i, .nu at mai nine, win mnjuwij m wmshiMeejjlThe mttirtteeLmad a eport against the proposition, to whicl Uia( lhe propoaeel bank would invest that braaru oi me government wuu a weigui 01 otoneyeu influence more. dan jerou ,in it character, and more powerful in iu operation, than lb entire maes of it preaent patronage, ' the eommitto bve folt that they war imperiously called up on, by the bigheat eoUidrationa of public du ty, to iprea the- view they have presented with S ftaokne and freedom demanded by the Ocaeaiofl, It i at the same time due to their own feeling that they thouIJ elate unequivo cijr thtr oTO-ricuan. tkt Uu uggiUon of the Chief Magistrate, which they have tho fieelv examined, proceeded from motive of the moat diaintereated pa'trioliam, and wai excluaively de signed to promote the welfare of the country.: i ni f not in mere ronnit anu neaniee nom- aga aamettBtea oflered up to nlUciel elation, ei ther .from eoutaey or intern, hot a tribute which i .eminently due, aad cheerfully render. e, lo the xale character of the ilixiuguwiieJ inuiviuuiu iu vruuiu u i dhwwcu. , ; Tbe proposition ,'ln tne iSenate fe ceived no cuuiilenauce, the committee refused to adopt it j and, .sir, it may be safely said that there never was a pro position vf a Chief Magistrate that was so universally coudtmned every where. by tlie friends as well as the opponents, of the anniinistration. ' There was but' On.- voice. Even President Jackson himself Beyer afterwards officially no ticed it in terms, though, - as appears from hie Message of 1834r from which J tie (Mr,- . -begged -leave to read an extract, he became satisfied with the report ol the committee against his own position. He says, when recommend ing the SlafeBankr io the specUtfa;. vor oi VOiirresa; g. ,, f'l'be power oi Oi power ol uongreaa to direct in wnat place the Treaaarer ahall keep the money in J the TiaaaoTy, and to impOM restriction, ia re lation to their custody and removal,, ia uuljmi led, and Uercii will rather be courted than discouraged by those public officer and agenta on whom rest tlie responsibility 'for their af ty. : h i dasirabia that as little 5ower a poa ibie anould be Wit to the Preaidenl or 8ecMt ry . of the , Treasury over those institution, which, being thus freed' from Executive influ ence, and without a common head to direct their operations, would have neither the tempta tion nor the ability lo Interfere with th politi cal conflict f the day," : What eein mentary, Mr. President, on th original project, and a no lets severe one against the bill before us. Pre dent .Jackson was willing to ac knowledge, after he had recommended the. Treasury Bank, that an institution like that contained in this bill,- under the power of the President and Cacre tary of the Treasury,; as it ''common head," to direct its operations, would have the temptation and the! ability to interfere with the political conflicts of the country. He therefore repudiated the idea ef such an ' institution, and pressed tha" State Bank system oa the country. It had been truly said by th Senator Irein. . Virginia, M r. Hues,; that it is not the act of incorporation that determines the .vuestien r bank or n bmk, but the powers conferred, and the mode ami manner of the exer ci.e of those powers.: . In nglnd thef have many banks, only one of which i incorporated. The Senator" from yirinis baij saved htm the Iroubte of going speciany into tni, maiter. ;., r Mr. S.) hJ. showed the nam Presi dent Jackson called it; and he thought it Wa no eilch -name. ! He fuUy-eon- curred with the Senator front Virginia on'that'point. "lie vrduld close iis reT marks eh" this part of jlne subject. by reading to the Senate a paragraph from posing it was now in le power of Cen-'he would call the especial action I .. .ts .1 . . .i . a a thouaand JoUar It iniuhl b. 1..-,aarv to em- nd. the corruption ol the pUr foO ..ta.fi ploy from six to twdv auWitiodal cfcrk. under 01 n: lipuubc. It wa powsr bar th various provision of th bill: their combinel Could not consent to confer oil say ad- pay might amount lu (rum U to tan thousand mliiiatratiou. He was speaking if thai doVanu Tho last ar tegular annuel eipeo- principle and not 4n rvlatiao to a car ana e. thr.for. u be comudereJ m Uie Ocular ad.uiu.stration. Mr PresidehC eensUut cliorge upon tha pubuo Treamiry or .... . . A, .. , thesyeUinpropoM.d?' ' i' , i ;t to be piesutned that the olBcerji vile knew that.honorble Senaior too '" additional duties ar -t well to snppose that he would inteo- be thrown by the bill are' terecelv tionally mislead the Senate or the notbtnr tiir the additional services? It ponntry in this maUer'JUs bbtoiiiWctJ V.M.!",lu5J JV-'r onv chalrniau doubllcs suppuied that he pensation by this bilLbutlet ilbeceine was-axcurate in his statement; but most 'ttT' "' " "" "lT ', u assuredly, if he had Vead his own bill, rtet of all ihcat officers. But sgamp he could have s6arcely brought his'11 tiot the Ull uiak the FAeut ala mind torealize the appltcabil"it ol hii '- ohmr valuable than they or: remark to the fiet of the caae4.Thatar. tU& fy my nominally appear' he (Mr. S.; might not reft Inta I ilmU ! 'c4f you auccecdln bnngln lar error on Uie. other aide, he would - u A-metalUc cvKTencyay-ealafy ef ad to the Senate the sections of the b,000, which tae hea.t of a depart- re hich he relied to prove that 'nwn,t now rCreivce, will purchase! af t chairman of the tommlttee .fflt, property or produce as th gS.li' bill on wr avan )im seerned io be unacquainted with, lis , VU ww.i-.the fresiUent, rre.ivss will' provision. vThe5tH section provides nw prcha cwiMtjuentty the wholl as follow! "That the President, shall '"policy uf the bill i not only lapl.yirsJ nominate, and, by aad with tlie-advice " f h go,eniment enters, aud consent of the Senate, appoint four . ' th,NSv officers, to- be deneminated receivers- pl. W increase ilie pet renage seal poww general of public money.' , iTIie 13th executia-e, , that are alrtudy section,, providing for special depositee f tnded to an, alafmiHg point, u For' inb uks, prov"e-lo, "andi'to e. Utawelf, he saw, the ( great tendency ofi. cure the fdfilro.nt f ' this Condition, Jhe governmsnt t Kxctire cctitraU' the Secretary of tha Treasury- is aatho. " proportion ayoe itKtteaeair rired. in his discretion, to furnish the , th! powers and ronaKe of the exec- banks selected as deposit Jjanxs with you ii cra .urce.oi ine sules i exclu rent nflir-e r,f fh o-.,vrKmnt ne to artant ' pic. incidentally bfre he resumed biei such"otlrer guard as be ahall pr.fer. i?Kra would at thi. time pi Is on t. Tksuiss Minn forth ftrnvitl' A lOOUire 'i .. ' - . ,jl ' !t 1 il commission such as shall be agreed up on oeivwen vne ecrt;iary oi ine ipa- ts selected as deposit 4nks with . you increase tne torce.ot the el- . i for keeping of the public moneys Uao, and invite xhurrendeNr ihay usively, and Under the Joint cou- i other power of iht p.vernmena Hf of the bank and some . designated a'.'Md be wdecestt recur, te ithia.W sury ahc( the bank" to be paid Tor keep- .' 111 uic oepoauea. , . a neu. . tvoica- mi 15th- section; by which, ti is pro v idea "Thai the Secretary f the Treasury shall be,' kod ha is heVeby authorised to caus examinations ttt be made of .'i Seventhly Will th publie ''sao . eys be as safe a they have been here- tnfore mivt the fiscal 'vpermtioW-r" bank agency? On th'r poinv, opinion r matt be more or les pecultlven'Way hsrve, hnvisver,' oie etperienctrBti' this subject, and some data to -rvasort from: torty year of the tinve since Wy ' the book, "accounts, !-ind tanney onlhave beenjtoxirtifnent, it Real t.mJ. hand of the-several depositories enn-i, ra4na hay beew errtet n thrnwghr titbted by thii 'o'tatvd for that pur- a.Unitef tie Bankr tid. netwitlt-i . j . . ...: ...... : ;.,..... ,u.. , u.j . pose 10 appoint special agents, a vjc.-i ,tii,niy " -n,av- ih,s- , casitm may require, with such compen-ibef fciveihand disbursed y thatnJ sation as he may think reaeoasbtei tei resit, utuevea not one dollar '.liaU , be fixed and declared -at lhe time of everj becalost ' t j the QoVernmenr... eacIs appoVutmenlj 'which said exami- The Sertaryir tbeTreasue-r, 4 few " nations, in all eastl'where the sm 'on days go,aI'a reportjto'Cnngress; . t . . a "a"!l. t ' t "i e 1 ' hand usually txt4iilUhre foUrOis -f .lawmen e givea.us a list ot rtwivia,.! uaj Meiaeiiurf, exclusive ei une rose Office defaulture. by which irappear : that th sam reported H H4i0f$9l ahd lMs niler,'yti "that required' frequeht layraant btjs leJbiagtsierali,- the mount-4fh "oflicert bond, . shall! not be made less frequently tfaan-onc ie each 'year, nd k sniuchaviore fre. froenfT iv those- and all other1 cases ,h nnntait aneerK of the honnrab ei as the Seerelsrf 0 JlH JisCMtioiLBitJ LLtteqtte&LtMynienl J lfr -- - . '. . . ... ... T . . i .:....! .t.; r.il .. . l. . ...... chairman who reporteo: the mil, (ir. luireci." me tiepoauniiea. aouauiuieu ucpuuiy ui an Miirv. , Wright,; and adding a single word of 'by this act, renin el to ia tU ssst'wa ta tljeir hands. -He was aware that
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 7, 1838, edition 1
1
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