Newspapers / The North-Carolina Star (Raleigh, … / April 4, 1838, edition 1 / Page 2
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1-Sr- i i- - 'A if : s it" t ' alt'eruilive, and that eoerae is to, do notbiug; alway.lhe wisest when yu are arrt taiivvhat-you ought to d. Jt m ppe that neiJiM' branch of ttt aliefnaiivr U "aceepu-d. and that nMbinj'n dune, AVU, then, would be the consequence? n There Would be restoration f the law of Ifb?. all its cautious pro tsion and ectm. tie. provioVd by tit wisdom of our ancestor. which has been o trampled p-Mi by the late aml-pT?enT'Admin.. i.tratt.ms. Br that law, establishing tlie Treasury Depart m nt. (lie trees tire f the United Slate i t be re teived.kept. and disbare!; by the Treaurer, onder a bond with ample security, under a larae pi-naltt fitel by lw, an.l not left, a tli Will leaves j it. ta the qncertain discretion of a Secretary of the Treattxjrlf, there - fore, we were to do iiothirtgrrthat law would lie rwived; the Treasurer would have the custody, as he ought to have, of the public fcrorcy. ami doubtless he would make special de poaitc of it in all instances with life and sound Stale bank, a in fomt (iiM the Serretaryof tlie Trea ury is now obliged tn do. Thus, we should have in operatim that very special deposite , system, ai much desired by 0!ie geoilemcn, by which v -the public money would remain ep rte and unmixed with the money of bink. I hereis yet another course, mi-mVare I be cither branch nl me altern ir jarioaa to the moral i , and lodestry of ilie country. He like mem very wen, bat he nevertheless beUeve thaMhej Ury a tax of twenty-five million an nually on the induatry of the country! Let ua examine, Mr. President, how thi eaormoaa and iniquitou asses ineiit ia made, according to the argu ment af the Senator frm Bath Caro lina, lie atatea that there ia a mart of debt dae from the community to the banks, amounting to 2473,000.000, the interest upon which, constituting about that aom of g23 ,000,000. forma the exceptionable lax. New, tin aum 4a stwt paid by (! .whole community, but only bv th"e inditiduala who ob tain diaciMiiita from the banka. They b-irrnw money at aix per cent, inter et. and invet it h profitable adven ture, or Htherwue employ it. I hey would not borrow it il they did not aup)ie they could nuke proSt by at aodlhe nroba!ility it tliat they do make profit by it. Inateaifi therefore, Of there bein ' any lo. it the, opera tmni. Ui-re it au actual cain- io me ctoinmoiiity. by the exre&'of profit made beyond ii per cent, intereat, ah'Kh they par. What are banks? They are mere organized agenciet forthe loan of money and the transaction of mon etary buainea; regulated agencies act ing under the preu iption of law, and aubject to a responsibility, moral and leoaL far tranacendinz that under front "S-Httl tabli!. a Uanlf of the United Statea, lunitituted according to the old and approved method of forming auch an institution, teated and sanctioned by a .1 a rwoeriencet a mnK oi me viiueu which any private canitaliiit operates, "preVtrted br-the-nator- A-numbec .of pcxsuiii.I!.utcl.oo?in-Jo, Carolina; a'nd lbat-r-to lend out the money, pnvatelf. a- sociaie logeiHerjonog imim icjum-i capitala into a couunon fctock, which ia controlleHaiid managed by the corrioi ate envernment of a bank. If no afociation whatever had been formed. -t.;,K .iw.nl.l LUiid i.uh'ic and 'e lare portion oi tin capital, a large i.lrr'rs-.i-'-iiJr tii ! nortion. therefore, of that very debt pri.BvQ Intel ct aii'i .-.-j-v.i - public and private control, united to gether in such inann r as to present aafe and aalutary checks against all abases. The Senator mistakes his own abandonment of that institution as oors. I know that the pirty in power ha barricaded itself against the establishment of such a bank. It aJopteJ.at the lat extra session the extraordinary and unprecedented res olution, that the People of the United PUtes should not have such a bank, although it might be inanifat that there wae a clear ' majority of tlfcm demanding it.-- But 4he--day may voine, and I trust i not distant, when the wll of the Per-ple must prevail in the' council of their . own Govern mentjtnd when it does arrive a bank will be eatabliahed. , v- ' The Senator from South Carolina reminds us that, we denounced the pet bank system; and so we did, and to we do. But does rt therefore Wlow that, bad as that system was we must be driven into the acceptance of a system infinitely worse? He tells us that the bill Under consideration takes the public funds out of the hand of the Executive, and places them the hand of the law. It does nsuch thing. Tliiy are now witliout.U it I true, in the custody of the Execu live; and the bill proposes by law to conRrrn them in that custody, and to convey new and enormou powers of ctntroVto the Executive over them. Every custodary of the public funds provided by the bill is a creature of Ike Executive, dependent opon hi breath.'and subject to the same breath for removal, whenever the Executive, front caprice, from tyranny, or from parry-motivca,' -h.alUhooae to order it. What safety is there for the pub II. monev. if there were- a hundred iubordinato Executive -officers charg--j ,".iU iia cre. whilst the doctrine oflhTaWmitrriM m acftfvpoTrer, promulgated by the i..t A.titi iutntiou. and persisted in . by ihie. rtmaina anrevoked lud an- Wklt.t the Senator from South Car at una profeues to be tlie frkad of State banks, he has attacked the whole Unking system of the United States. He it their friend t he only hjkt Jtar are all wnconatitational! Why? Be " ...M ilia eowia?' ioer it pos4eted b the General Government, and that fining power. U jargAKf. was Inlcitd. England, the rate of exchange sroalJ be constantly tgaiast vs.. An exam ination, however, into the, .actual etate of exvhahge tetweew-the-tw toan tries, for a long aeriea af years, ev'm ceathatithaa generallf been : in our favor. An the JireCt trade between England and this country, I hate no fUiubtibere tt l largeannaaHalance againat as bat that balance n adjust ed and liquidated by balance in riur tavor in other branches of our. foreign trade, which bsve finally concentra ted in pngland, al the great, ceutre of the cwmmercial world. , y W Of all the interest! and brancltet of industry in thit country, none has pro fi!ed more- by the se and employ? ment of crHt and capital deriveT from banks and other sources, than the planting interest It. habitually employs credit in all countries where planting and agriculture prvaila. The States of Alabama, Mississippi, Ar kansas, and Louisiana, have almost sprung into existence, at it were, by . . . i magic, or, at least, nave, oecn vauiy improved and extended, under- the in fluence of the efed't system. S.ondt, slaves, utensils, beasts of burden, and other supplies, have beea constantly bought, and still continue to be pur chased, upon credit; and bank agen cy is atl-esst ntial to give the most bi-nefHal operation. to these credits. But the argument of the Senator from South Carolina, which I am combat in;, would not be correct, if it were true that we tiavetnflatet price! on this side of the Atlantic, wi hout a corresponding inflation of prieeon the other side; because the planter gener- I 1 1 i. i i aiiy selling ai nome, aui uuyiuz ai home, the proceeds ol hi sale, wnal ever they may beconstitute the means by which he effects his purchases, and .consequently, neutralize each other. In what di we oi the vvest receive tng deposit! with tanka? The dejw its is made, and a credit it entered foi or That exact the se.nqles noC teao rccled? Tliey jn hepuuttc councils, should" er U oT 7 J.rRTO.tWK); woirld attH exist n thai silt a no atfriNVAtia llianfl. ills Sn ator from South Carolina might as well payment for the immense quantity of o . - II.- . .i .i i.. " r -.. collect the a-rzreate amount of all tUe-Uive aioc anu otner prouuee omur in murtssies b'iiid. and notes, which have been executed in the United States for loans, and assserf that tlie interest paid opon the total sum con stituted a tax levied upon the com munity. In the liquidation of the debt-due to the banka from the community, and from, the banks to the community, there would not be as much difficulty as lbeSrualMt.seema.-itt apprehend. From the mass of debt due jo the banks are to be deducted, first, the amount of subscriptions which con stitute their capital; secondly, the a mount of denoaitea to the credit of individuals in their Custody;tind third lr. the amount of Iheir notes in cir culuion. How easily will these mutual debts neutmUx., cU - other! I'he same person, in numberless in itane. will cambine in himself the relations both of creditor and debtor, The only general operation of bank beyond their discounts ana tieposues, which pervades the whole communityr .1 ' r r I- I.. ta mat vi iui'iiiiii)iig a circuiaiiuu m redeemable paper, beyond the amount of anfcie to redeem It ill tneir vaults. I . . ...... :. i . And can it" b dobted that tins au ditional aupply of money furnishes a powerful Stimulus to inousirj mm prod uctiuri. -fully compensating any casual inconveniences', which' some times, though rarely, occur? Banks educe the Rte of interest, and re- nress inordinate usury.- i ne mum- . . . - ry influence of banking operations i demonstrated in countries and sec tions of country where they prevan, when contrasted with those in which they are not founth In the former, all it bustle, activity, general prosper ity The country is beautified and adorned by the hoWe works of inter-- oatiuuirovemcnt; the cities are fitled with splendid e'd1n1ceau'lIie-1ifVc'f covered with the rich productions f lustry, which we annually sell to the South and Southwest, but that paper medium now so much decried and - de nounced? "The Senator from South Carolina is very fond of the State banks; but he thinks there it no legi timate currency except that of the Constitution. lie contends that the power which' the Government pos ses to impost taxes restricts it in their payment, to the receipt of the preci ous metals. ' But "tlie ; Constitution does not say so. The power is given in broad and unrestricted .terms; and the Govrnment is left at liberty to col lect the taxes in whatever, medium or com modi t, from the exigencies 'of the case, it can collect: tlw. doubtless, much the rnot convenient to collect them in rr.oeey, because that represents, or can command, every thing, the want of which ia implied by the power of. taxation. But suppose there was no money in the country, none whatever, to be extorted by the tax-gatherer from an impoverished people? Is the power of Government to cease, and the people to be thrown back into a state of nature? The Senator asks if -taxes could- be levied and collected in tobacco, in cotton, and other commodities?. Undoubtedly they could, if the'-jleiSBity existed for such an inconfnleiA imposition. Such a case of neceaWyiJIid exist in the colony orVirginiaand other col onies', piior to "tlie Revolution and 1axes were accordingly levied in to bacco Or other commodities, as Wolf scalna. even at this day, compose a part of the revenue of more than one Slate . . ... ' The argument, then of the Senator gainst the right of the Government to receive bank notes ia payment of pub lic aet-peae44Kevai with the existence-of-lhe Govtrnmeni-doea not seem to me-to b sound. It is not ac- r r..,i.. rt;lti,i.w In curate, lor another reaacn. mnx ed to supply t cureneyof the" out metals; bat me aiateoanas y the preciout metal and withdraw them frftna circulation, and therefore, re in (conflict with'the coining power. That power according to my view of it; it nothing but a uaM authorit to stamp certaifljtiecet of the precioasme taUin&xe l proportiont pf allay and para nuaaUf"-'""1 b7 10 theic exact value, may b knowir.--When that office: it performed, the troWit funrtut officio; ,Hhe mpney Mtset ttt ofrthemint, anVeomes he leef.1 JiTu ' U aequireit. Theyay da with t J . . .l..T ! intn ih ocean. as may pieat -. "v bury it in the- arni. mU ibis ; a "'AVbenUUa'snee-teft the ali T ' the mint.-' the 1a-entker has -noning . ta de with it, bat to protect it ef gajnal , -those wha attempt Jo dehas" ror. cwia . . letfeit. and. subsequentlyi IV - lawfutxnoney lathe sens m which the Senator eeppotea-baukt' fo conflict " Litk lhe eoiaing power; fortri pm . ' Vineref, tl especially 4sar, mmert aeith China, conflict! witli it touch ...... , - , . . -. s . . I. . . . i :..! . rV !Lr.f- i-sih morel tinconatitu d Has been instated e i po, w ki i nut uin in, iiian our own or ol lorein lhe latter.all is slucsiahness, slothful ness, and inactivity. Eugland, ia miHlera times, illustrates the great ad vantages of banks, of credit, and of stimulated industry. - Contrast; her with Spa ti. destitute vf all those ad vantages. lu ancient times, Athens would present an image of full and ketive employment ol all the energies of wiaa carried to the highest point of civilization, whiUt tier neighbor, Sparta, with her iron money, a (Turds another of the boasted benefit of me tallic circulation The Senator ' from South Carolina would do the banks no harm; but they are deemed by him highly in jurious to the planting interest? Ac cordius tohiiu. they inflate prices, and the poor planter sells hi productions for hard money, aud has to purchase bis supplies at the swoln prices pro duced by a, paper medium. Now, oiuat dissent altogether from the Sen ator's statement of the case. England, the principal customer of lhe planter. U QMa wuch, " iwe-mre, a paper country than ourt. And vims japer money Drieea of the country are nee iralied bv the nantr-moneT prices ol thenihef-coflnjiry. If the .Irgutnent were true: that a paper-money coun try ' trades disadvaiitageously with a Jiard-inoney cauotryweought to eontlnue--toeinphyi?e paper medium ta oantvi-balanco:, the papet meiliinn ol.Kngtaaav Any . v"- ... . no'r'ailll ll1llliUt . f t(lrefll m i uietallic cdrrencyr we aheuid .- - .. 1 T.I. ilieffwaiiiy . j iCJlat thrfait nuftiui nthat; view, pf the tntteT (notes when convertible at the will of the holder into specie, are eo much counted or told specie, like the specie which is counted and put in marked keg, denoting the quantity of their contents, lhe henator tells us that it has IjO-tt onlj ithin a few djts that he hi& discovered that it is illegal to receive bank notes iu payment ol pub lic due. Doesbe tluuk that tUeuage of the Government antler att its Ad ministrations, and with every party iu power, which haa prevailed for nigh fifty years, ought to H st-t aside by a novel theory ol hWtt dreamed into existence, een if it possess the, merit of ingenuity? Ine bill unner conm- eratiwn, which lis neen euiogtieu uy the Senator at , jM-rtect in it Mructure and details, cantaina a provision that bank flutes shall be received in dimin ished pronations, durmg a term ol six rara. lie himself introduced tint Hiepticai jrnripic. i inc of the bill that i empliathfally hi. How,' then, can h ctm tend that it is unconstitutional to receive bank notes in payment of phldic dees?,T appeaii - - , r . l ir -l't. - w . .. irn ninieii . otiiium. c cw to f'urtber' contend,: Ua genend il- posites .cannot be tnadewith bankta and be thua confounded whh the gener al mast if 4he Jundi on whicjtljey4 transact busines. , The argument auppoaea that the .money collected uir taxe ma f be "preserved in.identitjr; bat that iaimpossibk, wea, p dd. IayJov ooltector, gitet the small ehanee whieli lie Ua, received frpm lMj!lx-jiayee to another tax-payer to ...Ki. td ui ffecf hia Mrment?Maf lie ot change gold Tor -ailfeVor.iaVe' its amount'to the Government. r rntit ,is.. sunooaed to be. the equivalent of the amount denosited, ready and furthcoming to the Govern ment , whenever tf . is wanted. for the nortmse of disbursement. . It it imma terial t1he Government whether it re ceive! bsck again the fde-titteai-nHmev put in, or avoaey of quafvalue. All that it want i-what in it put in the btnk, r in equivalent; and that, in ordinary times, with such prudent banks as alone-ought to be selected, it is sure nf getting. Again j the Trea tury ha frequently -ke remitt ances to fiign routv- 1 to meet tlir etpenditures necessarf there for our Naval Squadrons, f sd other purposes. They are' Tpsde t '.. bankers, to the Barings or "tne R.dli achildi. in the form of biltt of ex- chan.e nurcliased in the marl.et by the aeenU of the Government here, with money drawn out of lhe Treas ery. Here it one conversimi of the money received from the tax gtthercr into the Treasury. The bill are trans mitted to the banker, honored, paid, and the amount credited by them to the United States. Are the bankers bound to retain the proceeds of the bills in identity Are they bound to do more, ih n credit tlie Govern ment for 'an cnual amount, for which they stand rentKinnible whenever it is wanted.' If t!iey should happen fto oe any portion of thoee-erypr.us reed of bills remitted to them in their banking operations, would it be drawing money from the- Treasury, contrary to the provisions oCJUP Constitution? The Senator from Smith Carolina eontemls that there is no constitutional power to con tract Willi the twent-fi setcelrd banks, as proponed in the substitute! yet tbe-oVpnBile let m isoo, which ouiainco toe iieanj pprw bation of that Senator, contained a 'milr provision; and the very bill onrier "considera tion, so warmly supported by him, provides, under certain contingencies, for contracts to be made with State banks, to receive rtcposite of the public money upon compensation. He objects to the substitute, that it converts twenty-five State banks into a system of fed eral institutions, but the employment of State institutions by the federal authority no more make them federal, than the tmpto)rneit of federal institutions by the States converts them into State itiatitotiona. This mutual aid, and this reciprocal employment of the several institutions of the general and particu lar Governments, is one of tlie rewihs and beauties ot our admirable though complex system of Government. The General Gov ernment has the use of the capital, court houses, prisons, and penitentiaries, in the several States Do tliev, therefore, cease to appertain to lhe S lutes It is to be borne tn mind that, slilimirli the State bank may oa MMananr swa or "C leucrm uunnj. their legal responsibility to the seveial States remains unimpaired. They continue to be accountable to them, and their exister.ee can only be terminated or piolonpred by the Slate authority. And being governed, as tbey are, by corporate authority emanating from, and amenable to,' Slate jurisdiction, and not under the control of the Ksrctitive of the United Slates, constitutes at once a greater security for the publie money, and more safety tit the public liberty. It has been Srinied that a separation of the Government from the banks will .diminish the Executive power. It must he admitted that the custody of the public money in various banks subtest to the con trol or State authority, ftirnishea some check upon the possible abuse of the Kieculivc Government. But tbe argument maintains that the Executive ha leaat power when it has most complete posKcaMoa of the public Treasury! The Senator from South Carolina contends that the separation in question be ing once effected, the relation of the federal Government and the Stale b.ks will be an tairnniuical. 1 believe so. Mr. President- That is the vefy thing f a Uh to prevent. want them to Fire in peace, harmony, ant! friendship. If they are antagonists, how is it possible that the Slate banks csn manual. their existence omniis lhe tfemeodoua iurlu ence of this Government? ' ('specially, if this Uuvemmcnt should be backed by such a vast Treasurv bank as I verily believe (his bill is intended to "create I Aiid "what becomes o the" arpinteiit'lrlred 1y the "Senator from Smith Carolina, and tlie abulition. geaohitious offered by lilm at an early period of tlie ses ion. asserline that the General Government is bound to protect me uouicsuc uisiiiuuyus of the several States' The subsIiluTiTBivtrl think, what the welfare of the country requires It may serve the purpose ol a good half way house. Its aocommoila'ton .ap pear fair, and. with the feelings of wearied traveller, one may be tcinpte to stun awhile and re I re sh himself there; . I shall vote for it as an amend ment to the bill, because I believe the least of two evils, il it should, in deed, inflict uny evil; or rather, be Cause 1 feel umclt in the position ot patient to whom the physician present in one haul a cup ol arsenic, ami in the other a cup of ptison: I rrji-ct tle first, because of the instant death with which it is charged t i take the latter", a beinz, at the most, harmless, and are as trml at Treasury notes, if not anotHder. uea'g npjne nenor TnTd fft better, liter answer an tne purr.jii.v r r- "m- f the Slate Government ard the peo-, now to ihj-ir i ecue. rit.u rail anon all buI7 P-fBi; H A-er ariv.aas'i eavaati l a.4 Iff-, nw" " v j " . . . j. - , .... . , m i. i-.i .i,- f .r.-i.e. iW iiuracter, of the rorii... ,m-cie ceuia nave "comnu.meu . .. T r-. ..-.Uf ueriod of supension.1 hey could be nse up ptriots and statesmen, break diabursed bv lhe Government. A'id the vile chain of party, throw the frar. finallvTtlif measure wouid be tempts n""! w w,u .m,n. prf,,rt iiiian t, f. i ..tisl icton '"at we' have mlde Wi . ,K. tm and onlveffif acinus ami miij,i acnii-r yturrc-llTKr . ' . TI I t..Ru ullit, MAS 111), , rim...'. " rmaiieUt remedy, IsoUrmuiy neneve, if t - .-. L ... h fnndin Bank of lhe Cni ed countiy. . Statrs, pmpcily organized and consti tuted. v e are toii mat sucn oann is fraught with indencribab'e danger and that the Government mUt, in the equel, eet posein of the bank, or the bank of the Government. I op- (ORlUloa nose to these imaginary Fractiral experience of fotlv J oppose to them the lasue of the terrors the year, me morabte contest, commenced late President ofihe United against lhe late Bank of the I'n.ted State. Toe administration of that bank had been without serious fault. It had given no just .oflVm e to the n.ivrrtvncnt. towards which it had faithfully performed every Cnancial dutv. Undent able and enlightened president, it had fulfilled every anti cipvtion which had been firmed by thoiH; who created it; ('resident Jack son pronounced the edict that it inu-t fall, and it did fall, against the wish es of an immense majority of the (Vn ple td the United States; ogainnt the convictions of its utility rn'erlained by a large majority of the plate and to the prejudice of the nest inter ests uf the whole country If an in nocent, nnnffentling, and highly bene ficial intfitutinn could be thus easily destroyed by the power of one man, where would be the difficulty of crush ing it, if it had given any ical cause r j st aniinadyr rsion ?. t Fj nat ly t I ppose ta these imaginary terrors the xample ileducible Jrom fcnlisli his tory. I here a bank has existed since le year 11)94, ami neither ha the bank got possession of, the Govern ment, nor the Uovernment ol live bank. 'Flier have existed in harmony ogether, both conducing to the pros perity of that great country; and they nave so exuteo, ana so cumiinuiei, because each ha avoided cherishing towards the " other that wanton' and4 unnecessary spirit of hostility which was nnloi Innately engendered intiie bosom ofthe late President 6'ftlie nited States. Ilpjiiarlis of Mr.CfiJIionwr-Y iJie ef futrut J Mtt IVrlghft Hit mt" ' umrntUU v Ik mtia .! Culhfcri f- Mr. C ALHOUN said, a late as it i, (lOo ti-Ki at nigntjanii utiguetl t . i .i... c . . . r1 anil.eiausir", aa ,io- s.-na;e must be alteOiilinr ten hours he was cuntn.t. . j,r The rTeti to ruruue nimaeii on ineir patience. MateO "e question m oft rte engromei t t id the b.l! anil, as he could not mst. Uly vote for it in the shape it had as- timed, he was constrained to asit his reasfrfrTbnt he would !' it iq tba" -' It-we-t worlds possible, lie said he ? wa most anxious to vote for the mea- aure. He had taken the deepest ia- " terest in it. and felt most solicitous fr . it success; and, if he ihought that t'.ta bill, a amended, advanced tUe greit"1" came. f.r which he had been so earnest - ly contending, oiic inch, he would give i. it his veto. But such was not his im- presiiioii. On tho contrary , he belietv,' ed that.it was an entire surrender ot the -us. - 4 le-w4d g-t-iurtherrit was a retrograde movetnetif, a ml would : . eave the cause ii a worse condition I am admonished.sir.hy my exhaust. 4 strength, and by, I fear, your mure exhausted patience, to hasten to a cluao.o Mr President, f;rea, novel. anu untried measure is persevenngly urged upon the acceptance tf Coti- gfiess. I hat it is pregnant with tre mendous consequences, lor good or evil, is undeniable, and adiniited by all. We firmly believe thit it will b" fatal to the best interest oi this connr try, and ultimately subversive of its liberties. iml7Vrto-tae7leeo great ly disappointed in Qtheri; measures f equal promise, can only hope, in the doubtful and uncertain future, that its operation may prove tlie sulu'arj. since it was first proposed at (he rxtta session, the whole i'cople have not had an opportunity of passiii!; in judg ment upon it at their-eloctio is. Aa far as they have," they have exrrrss ed their unqualified dis;ipprob.ttioiK From Maine to "the State d Missis- aippt, Us condemnation has been loud ly inundercd forth. -In every mrer veiii g election, the Ailtuiiiiiitratii'n has been defeated, or its former major ities neutralized. Maine h ix t-p iken; New York, Pennsylvania, M. i jl. nd, Ohio, Rhode Island Mis!isii,i, und Michigan, all ttiese States, in tones anil terms not to" be misunderstood , have d e nuu n c ed " fhe rheaiC re. " "The Keystone State (God hie W ) has twice proclaimed her njeitiuu uf i ; onceil at the polls, ami mice ihrough her Legislature. Friend and foes i.f the Administration have united in con demning it. "And, at lhe monieiit when I am aildressing you, a laige uvfeting of lhe late suppoi tera wi tin AHminutration, headevl by the diatin- guished gentlemen who preideu . in theclcctoriarctdiege whiih j:e the vote of that patriotic S a'e t Pueauletit Van uuren, tre asembTed in l'lnl.ultl phia',' to protest solemnly eguiiit the passage uf thi bill. Is it right that, under suck circumstance, it should be forced upon a reluctant but fiee and thill It ilvm it was. J So , far from a divorce ;. from the bank and a return to the con- stitufional currency, the bill, as it stood, would virtually ristore the dr. poiiite bank system again, with aom ' teatuies more objeciionauie than it f M iiu'i ly )i'6se'ed'''"wtiic':1iev) OuU new prorecd to shot. - . t On the motion of the Senator front Georgia, ("Mr. CuthberlJ the 23d see ttmrrwhlch provides for the collectioa of lhe dues of the Government i'i nr : tie, wiis strm k. out, withnhe Sid tifa" few on tliis side, atuflhe entire iipnrsj. tion to the divorce on the other. Thit section provided for lhe repeal of tin i'lint resolution of 181G, widch adir; . e . . -i. i-ivs tlie receipt oi nana iiotea ns cam i'i l!ie dues of the public. The effect ol this will he, idiouM the bill paisn TisirrceiirTilipiaiThe GnvrTirtrifPt will eollerjL.it revenue, and maker's diahurxemrn's exclusively in bahf n.itrs'f.' aa it did before th siiaprniiea took place in May lat. Things wilt aland precisely a it did tit. n, with it right i bat a single exception, that the pahlii drpnitc will be made with ihe tifjirerl , of the Government, i listed - of U , binks, under the provNion uf the if posi:"t: act of 1850. Thu far i rev tiiin. All agree that sorh wohld tt the fact; and such the effect of rt passage of this hill as it stande. "Sv he intended to flniw conclusively, tilt the difTtfrence between depiijng the ptibt.c money with tV public ofh en, or with the banks 'thrs.relvrnw vis merely nominal, as far aa lhe opera''' : and profits of the banks were concern ed; that they would tint makf ne rrtiL less 'pridir, or isue a ir'.nRlij rloliar 'eiT' if the depositee be ket bthe oflheri of the Guverxititent instead uf tln selves; and, of course, that the svs'fis would be' "equally sul ject io et pannions ai'tl contraction end ' qually i x-nscd to tatastiopl.e,Hf the j-reetit, in -the. one as- tl-i- ollier mode of keeping." He UC"f bank profits and bmk issTgenrrallr, as tli nved Ironi the ilepoMle td pubht iiione the aggregate pn fits and i kucs of all batiks, without rcfcr net to" Tite7ifirrn0utf6ii (if lhe b ofits uinter et' tilic w t he other -mode -of - krt pttig public money. He would ho i word, that the bi I would no more di vorce tl e Government fionv the bnt. in reUtinn to he drpoil,i', thaa il would us it now stood,' a1 rcrehinr, their notes. ant gi ing thoin credit's'! circujatii-n a cash, in its lue and i'm bnrscinent; and that It aouhl us thent as eflvcTu;.1iy i i rc?pect to l a they were before 'lhe siigpcnsio" M .May.' A I thou slk the KSKert'wn fnty1 exttfme stirpiise al first it H'trtM he very Vany to nmke pla n every w4 he had Said. . C 'Tie profit widch the banks -derive from lhe public deposit c, ' when it r, own notes were ciillertfd iiiid de)iil' eif, as would be the rase, if H- form. anw I'"" . lepend upon the t i Mttlicalrix natu ra. It would have been a great. im provement, in my opiniun, if the mode of bringing about the resumption of specie payments, contained in (lie sub stitute, were reversed: that iff to sav, i fjjnsteaiT bf fixing on the lt uf Julf for resumption, it had provided that the itotesHlf a rertain number of safe, sound, and anqueiTToluBTe hanks to be selected, should be forthwith re ceived, by the General Government, in paymenfof all public dues; and that if the selected banks did uot resume, Iby a future designated day, their ffdte ahould cease to Jte taken. . Several im mediate effects would folloWi tsf. The rGovernment would withdraw from the market as a competitor with the "banks for specie, end thef wouljba left biv- j Hi-Hi iH-ii n H'reiicmen iiiemscur,. dawt( fioin circuUiion (or ihetiurr.M tl but UN or de.lrt.yi df jnI I"'" ilrawal make.a va- uum ui that est'B' in the circulation, ivfitch La l hear ed ui) bv new d'acouot. and of ci'ff ; intelligenti'copUf- Is this Spnatfl. puii&lilnttd ns il flow jinki il in il r.rrkent form, urtse should cive its sanction to the mean-t Hkj withdraw mz oT t!ieir note ure? I say it in no. dtsleapectful orciei ul.ilioti. M t.irtheir ro'tsre 'n :., i.... .. i-i i. .1 . ,.,..!.,iJ kiO- lauuu i. Bcuaeifuui , jtc ciiiii.cm, , uriiiiBiiia lrt mr i. "mii-i accorcing to tne latest expremnm oi the popular will, and in virtue ot man rfestations of npiniou de'itjerutely ex- pressed by State Ijegisluturo, .to vote of ihirtv-five araint the bill: and I am ready to enter, with any pentr nu rtaseil uuMness and (.ri'ni friendly to the AdniiuUtratiun, into ! this was cqtuifly true whether lhe nf letatl to prove the assertion. . vvjuYwithdrawri were.nrpowtetl in rw the Senate, then, brimr enim itself banks, as under- the denosite acl the odium of parsing 1luoughhidnll? j or hi lhe h nds if the lecivcr geirn I implore it to forbear, forbear, foi". and other Executive vfTn erx. a Prf' bear! I anneal the instructed ?eii- sed bv thta b.tL 1 he pronniep n. ators. Is this Govei nirent , made forj degree, on tltt fact whrre us, or for the People and tha 2' State t notes .fi e depocited bbf on whose ,5e"U we are? Are we not I mount - vyiili(lrw anl the ln!lt bound so to admiuisterit as to ad- rime they xvrre arpt out of circula" vauce their welfare, promnle the.r- pros- The larger the amoujit withdraw perity. and give.. general sativfcfioii?the loiigtrr kept out, lhe greater U'f Will' that sacred trust, be fulfilled-if slffewi-ainf fiiiifitsy. of lhe-tirbk--''"v,i the known fentiroenta id" Targe and;', eattlhe issifi- eXd Ui "'g respeciao.s communities are oeawiMrn 'jpytoiiir Mie vcannrorriwjv;y " - - - - . . - . . . t T
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 4, 1838, edition 1
2
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