I; '
J ''' s" .. i '"-""'"" ""' " - ' ;- " " " ' ' ," '' y ''' ' ' "
&W?;S;iiB35) TOffiS. l 'a)e4,SH&T & gT&-u-Pno deo, et pro patriae S8;? rU? g
GREEN SBOHOUGli, N. C, FRIDAY MORNING, APRIL 13, 188.
VOL. II NO 8.
NEW SERIES.
1
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tiriiECll OP lilt CLAV.Op KENTUCKY,
(Conclude!.)
It Wits deemed necessary, no doubt, to
Vi'St in the Secretary of I lie Treasury this
Vast aiKl alarming discretionary power.
A new and immense Covcruiiient bank is
jbout to be . reel. J. How it would work
in all its pails could not be'aulicipaUil with
certainly ; and U h.is thooglil proper, then
lore, lo l.:.sinv a di:,cr,!i-i.i couiiuoiisurute
With its novel. y and eouipk ;iily , and ad
opted to ;.iiy i x.gciicies which inilit arise.
'I'm; lUiu sidion oi' tin.- bill id tbat in
which the power to create a bank is woic
particularly coileiTid. It is short, and I
will read it to ihe Sena- ;
'Si.fi. lii. Aiui bvitiuilrtWCHiirtid, Th it
it shall he lavviul lor the. srcretiry of the
Treasury
i l dfi; in
hi (lan-lcr tin- inoncis in ihe nanu
o.nt.-irj. hereby cou.Miiuted l i lii.
'J i' i.-'jT) ot tin. Ci.ueil S'.ate: o Un; i 1.. ,
nt i'mhuLlpiu i : lo the l-r.;:,ch .Mint
liw rtileans: or .o .ne oiiices of . i I Ue r or
the recei vers g.'TiYi.'l of puolic Rio. a y s, by
this act dneci; ii io bo appointed to be
,theiesailly k';.pi,-ccor4i.i to tne provision
,;f tins ;;ei ; and .ul.'W to itmsfiT mOtlSjS ill
ih A-.-.'..- jivtitwy rousiilutcd
iy ,'.'.; (,-! iV oin) o.-i. r dcpJ3;turt cotoxti
h.ird hi! ihi. siru- a! In u.. fuiiw, and -la.-.
iliu Kin. !s td t'ii' puL!ic moneys, 'and th.
.,i,,icctii. in v of the piiUic service, sln:l.
i-u. in lo hiMi to mpuire. And tor the pur
pose oi p..; uienta on the ps.blic acoy.nt Jt j
,i .il I). ..-.uf il lor the taul Si cretary
rlruir vttoii ! o,' tin: js.kid diVosztoritd, to ;
j;. trim;, uu si cowl net re to tin public
i'lhnsis n tin co.iVviueiice el the pnl.lio
creditors, cr bo.li."
It Will be
.in that it grants a pmver.
i i .1 L- . I . . !
' 1 . ,
transfer oneys' in the ' uauils oKiijTMe
cbpositary coustuuted Uy the act, to any
other depositary co.isiituU d by it, ut hi
tlise.-rtian, and as the safety of the public
pi-rlectty un.l. na-'-ft, 10 ui-; ftcreury 01 tne j win be Hie representative oi a uoa.-.i u
'i'reas-nry , to shift -and -trausler the -public 1 s.M.-:ie in the hands of the receivers g-tf r
tiionev. Iroin !i nos:',arv fo ilepoit.,.rv, a- 1 ;ti or oilier denositaries : and, S. eand!, it
i . - . : t. ,,..i a
IS l.o fj" u . i en ei .o;j
.f -(!... . ... -it-.e.?. Oil V.ljicil
eoutrn-
l- to
:..-l.
t.) j l:
in;;. :
- I !
Ai! :s 1. 11
.i 1. 1.- di.-;ret;on. JJc i.
W .1
, a lie ...i.e ntc - (ai'al more
l.n., i . l i not liae Li en viii
I , m i.i :i:m to r. pim it. l
li.
1'
ft
:i ..nd'ueit in
IlOtlllllg U'.'ltC il !!
t.JC c-
tOi'i.il'y. po .. el' oi
traiisli r, cxl i Ci
rri a-.rv I'; .rtea :it lioui to
.e f'evi "i'niia nt. 1 ii r,y ir; i:t
ii. It i.-. a ioiaih (!id' it et ;.ou
el
It
tt, UmucJ-M'.'..1 .iMi.i:i'Jl..l;i?.....''!V!f"'A.''.
C ;;:i.-!,:is ti dsati.i, and other .Se r tail
s
lv the live, wf;:' !
a -to:., Ii-?f:c a f oil
i i -. UrfmiU iy in.n'i
Ujyrfvt to establish .
1 iie transie
nt larj'e suiii-i,
". v
Ku IO Ti lllll. lie..
, tti. v w. re ( rlitcil
i.' in
nt b i k.-. Willi wlneii tne pun
i
lepoM i i, or lo w titch tt w is
1 i.e i ol . xeb Ui:;. - U. re
tin- m: et the market, ,tnd
. . i .i.-
r;"-ins;irthH ail iilu. uai.JvS.
r e, i v o to era.: :l r i.i
wit::out 1 1. nr.,. as to sii.ii,
, , !,lr; i ; thing to tit
i Lie S. en fiV of die Ti a.-tt-rs
g ii1 ral, ;iu'ni-uid-r b.
iiat a t.ce;.'e is jiUvV'.id in the
li.vilion oi tie r tt s of exchange, whether
of ttremiuin or dioiint, to regulate the I
imo.-icv, ana ro'in iHi iu L e. u.e uoiui iar sp.ncr 10 uic piper ui any pri-tniv vw
u't , w tT U.X 1.V o brat ttr rttjuirt.ipetwa:-"xslrA
; 1 l ii.- 1 r. .ir...r, a now r
'i ; i; t . ;:: ;i e:: c
tie1. . 1 t d.- i'.d W i:
t " OMt t :...:! if l!l ttl II
!..!!!. ef iiie I i:l'c I,-!'
w . i.i .ii . 1, I li'fli r . ;' 1
' J . . . . . .
j :iiii v. r. I. lyio
f , lit CU' V.
j in y' : -
I J"molln
t ..:e i n ...
y- ' e,- ui .. 1. i ' )
"7 ti t! r rb' I"
:.'.' - ii.o'i,
pi ..' , or to..
i,1 til: ei'. I.O.I III
- r . lie- r. c
'-I lt.o. V
- wlitlf--dou';Uc ec!u.ug. s ef .the cmnitrv, ! v'ano.us.p Tts-ef tins lull,.".. s.m-.h. im! lull-,
to exercise favoritism-? ' These former - nr pipr, i-smd tu.rl r the., authority of .tin
''"tTaiT''frrs'"rci1:''1;0T'nt;!:j 'fjriaiWr"rfTrir?rSttH:r . .-.Tliiii.vi axou-uiU4ikM
prej'v.irjtwi y -w-- tfoftk-mtrtst 'j"At44
i-brfrsetl. ' it was tr iierallv in b.tiik ;
. !
iiote.
Illfdia!
in bi'.ti
Th.-
Ti.r ir oivferH of this bill are un-i
. ..'.,, , iw ..! i i-.-n.c!it imrtn-not
"""' - i ' '.
liqte?, but in sp.-rte.
last teir t;r.:jdi in the srctioii'pro-
vid'-s that, for ih' i urnose of pa,. u.&Aio'o
llu; iiul-die viCetiu .1-. at .stiai. I; lanliU liM' i ue
the'Se.eret rv to draw i.pOn any of the said
di p:ixiltf)irx,'i!.i If twy think most condu
cicctothvlic interest, ot to the conve
nience of the pbhjic creditors, or both.
It will he seen tltaKno liuiit whatever is
imposed tijioh the amtfmit or form of the
tlralt, or :is to tin; depositaryxtipoti w:hich it
isdrawn. lle'is uiado tiie exclusive judge
of what i- ,; most conducive to ibtNpublic
nb tests.'' Now, let -us pi use a mouitujJ,
rnd trace the opt ration of tin powers thm
tesicd. , T!itGoV r.iuii irt has a revenue
f from . lv ntv To thirty millions. The
Secu lar ie, i ('raw il any one or more
point?, f. Ie p'i , (.f. .More thari a nioie
U of the r'v -iini' arit.iii'' from customs is
n ! u;dde at t!i - nort of N w ork, toltien.- i he war
v !ir h noiut lie- ttr'i -.t in iv draw all nor- j
t . ..( ;. ,f I.,, i!.,: ,i , I, K-in. i , tli.
J'':.ii!:e interest. A m . has to receive,
'ui i r an nppropri.ttion. law, SI 0,'HIO, and
i;:;-- .V:A!
. . , j- .
nvHient .
en wi:i ui'i ncme it! m: is askru.
( i
to
lb. -
U'l
:ot-
V'wVoik. II u ? Ui drafts from !
Voik.
Mr.
rv will mve li , :n
il,.. ,', r.- .........i 1, ..,. I. -Mil t.i.
ii--' i' 1 niiiiin, . i'i'ii. w'm." ......
i '..".1 : ' ' 1. 1 .: 1 L. L
.Ii
t!l . 1'ti . , 1 : 1 1 j 1 1-. si tl 1 1 i, e a i i( 1 SM IIIU Iu 1 1 ug oil 11 k
t- J baviiug all Miitable emblazonry,
f-1 . sig-c '!.le..niv7ii. ml, the Treasurer, (whose
' iTA Jh U.' ,M .o:e I "nud solid and
hi. -r.ttncl i-nToteiii. i t- Md iuen at the heaHotli Ctioti-rf the bill, in order 10 disguise
-4--:"! ! j'ri-i-nrV". m-.;T-4-.,f -Mr-T rf AVoK 1 4
'.'-: r,-, whijf.. Ihe .'Mi-pc ;.,moii 'of s-cie pav-j
.t.iiUdtwUtlJ' h;iv.v relieved oi
v relieved or
signed by the Comptroller, and tilled up in
(ho usual way of baiiK notes. Here is one
of them, said .Mr. Clay. II.' here held up
to the gaze of the Scnato a Treasury note,
having all the appearance of a b ink note ,
colimd, engraved, executed like any
oilier bank nolc,' foi $oU. This, couJLiti
utd Air. Clay, is a Govei.iin nt pout nott ,
put into circulation, paid out as money,
and prepared and sent forth, gradually to
accustom the people of this country to
Gov en i in nt paper.
1 have supposed SlO.OOO.tobc received
in the mode slated by a person entitled lo
rec'i he it under uuappropriaiion law. Now,
let us suppose what he will do wild n.
Auywl.ero to the South or vcst it win
command a premium of from two mnv
percent. Nowhere in Hie Liuiiu Mai.
wjII if lie under par. Do ou suppos.. ili.u
tile holder of till se iir.ilis WOUiU Oe looi e
iio to convert Hieni in.o r-p. on , lo ie
can'ieu a.ai transported ut his umu.'
you think he ouid not n f' r l.iat hi
mono, shoul ! be in the"rciponsi!u cu-ai -ly
of diw Covertuneiit, raile r than in u
O.vn insi euro keeping f Do ut-t ilmi.i he
i I deny to imiisi if the oppoituu'i. ot le
.ilizinir.,the premium of wtnHi in- may lt
l. if. etlv sunt,? 'I'he Ljreat- t v am ot tin
coii.iiry is a nn ilium ot 'general ucuiatloii.
if (I of tinilorni Value cverywh. re. 'i'ilUt,
i sreciallv, is our want m lh.' sU rn 'nne
i rior Si.it
a hk (liuui ;
'. Now, here is . xa
and, suiiiiOMi.ii tne
tiv suru
tiot r.i-
nieiil bank to be
Il0.it ami t . 1 1 1 1 i 1 1 H y
administer d, it will, during such an ad
ministration, be the best coaveriible pa
per monrr in the world, for two reasons:
The fust i-, that every dollar of paper oui
- i i i . . . . .. I .11 i
7 J
tli iccwvcrs general should clilht 'A'l'.i' tm
p.nnT.rinoney.liixTe's
erimieiit to nav the drafts rsstied iipj.i tin
1 r . .
basis l tiiitt money would remain uunn
paired. The paper, therefore, wyuld be a:
e . - . .t. r i . .m.
i m (.ha ( i nnveiit ol the United Stat''
an
superior liaise of sucil coipoiattous
j 'i'jte bmklftJt capacity be di Kb l
j three faculties: deposiies, (.iviei-i. -Ot in!;
ot' i xrhaiM.e, ai.il .nntii-surv,,t6t s, or t i
1 !, r , iin l circulation, 'jlrrs Uo run:- e'
'bank would combmeUrlan all, except I!:
, it w.ll i:.)t dioOi: private notes, nor
1
reive piivalcrti po.-iu .
In i i me!.! s (oi
l-K. ...vl ln.l ii..li.ixl. iiiiiivitii.iiii; Lit
j 1 1 1 1 I'-.' 1 , i-iimi in... -
' ,.iioyed to in d.e di poMt. s, ..n-i l. i. i;..e- r
' fieates id' their atnouvsl. Tu-uaid aiiirT
t'u.ir in .-.iti..bV.;'tV. a clause ins iv-.'0-ni-
iii
lio'.lti'-id to i .i.) r tli--?ti ii.iwngM i!d.-.
lint ho A Will H be possible to inuillaiii
-iiell 'iill IliCOI.Velilenl ri. r.tri-lie:i, l!i it
i-ountrv wle re i very description ot. pap' '
1 imposing an oldie;. mo. I lo p
I deliver protx-rty is .eiguable,
I e pnty, li oui the roanon icu
IlioiieV nl
law or in
iliilc am.
I 11 -oil tig rhiiriictt r of o::r
ot n::r p i.j.H f
DI ;ill tin: facilities.. un.eii I n . st..tt :
of a bank, thai wioeh err ales a riletila: .e
I- lie l:;o-l lin'Hji tao' to 1 .k" 4,o.n ii I.. '. 'y ..
i..r I. is ta il in which ihoas ,n.!s in i
b,; 1!jUI.
o l :i t . or
iiell
!, v. ho litv-jf oblained a du-
111 ui.
-:o-l.- wittt a
bank.
'A ii . ever a ( Jove ninn-nt .agrees to receive
i.i ;:.n -ii1 ot ih" public dues is a medium
of' ctrcul din -., i'-. u 1
no to iit r w!i ;l lis loi .
:iol. , (Ir ft-salraWMl at
'y, current nionev.
i '-'n , I) , 'i a-'i i
vVahi-:. .o j, I . j ,
'J're isun r, :) tie r d ivi r gem r il at N
ion, or,
to n .-' t!ie langai.ieo
d i-
weri-proWitWv .in,jlei .imjUoI.V. cavei.
the case of Treasury note?, b.tt nh it r,;
. . i ,-.' i . .... p... .i. .
ih. se dr.ilts in due st-axm. ltit it lie re
ivern nn i xnress nroviioii ot law, that ihest
(Halts sno'iiu ne - r. e. i v ,,iiih: i.i . .unrnt Di
! public dues, they would, ii:k;.,-ar.ily, b,
i iii. ...i.i ., -r
'so i-inkv
d. lfom tlicir own intrinsic
The want of the community of .vgehcfai'
circttlatiotf of miifomri value eva ry- w heia
jr thiJUmltd Slates would occasion vast
amounts' -of the species of drafts which 1
have described to remain in circulation.
The Appropriations this year will 'probably
fill not much short of thirty millions.
Thirty millions 'of Treasury drafts on re
ceivers gen ral, of every denomination,,
and to a 1 1 amount, fiiay be issued by lh.
tTi tary bf the treasury. What amount
W'duld reuiain in cirvulatio:) raiiuot b': de
termnred ir'tori, I sniipose not los than
ten or filtfHi iiullious ; ;it tin end of anoth
er venr. some" ten or fifteen million more ;
tht'v would till alMhc channels of circiila-
i'he war bcfWceii the goxeruinent
ami State bank:. coniinurHg,
.d i his mam
m, uli irnvemineiit bank beirig hi ihe
ma r-
ket constantly demanding sp CU: jWr jts
varied and ramified 0k rations, confidence
... . . ' .1 i. i.k.. . 1 1, i in. i in 1 111 . ne uw--ii . .
and a IrafTngo, and when its present
be lost in the noteiM trve local
oatiKs, i:i. n v r . .1""; ' ... V-";i. ZZJnr7.'X-TTrfilSt?X ihff ' Mm - W
to circulate, ;m.l tlic 0.1. is in. ms,
wouirl DC crip ; ' am. .n.. ... . ..e t..-
iii.i'.'fii' the irovernmeiil li.m
.. . . . . .... r, .
1.. ".11 .1... !wi mm 114 it Won il 1 1 1 s-1 ri 1 1 f .
maieiv 101 tut
ly occupy fhc place of the notes f the late
Bank of the Unhid States.
I mn awnre,:Mr. fresuKtil mat Dy the
U.- mirnowi- of - Ac: vast . imic In lie rV w hie M
we are almut consirucung,: 11 't pro.vmcu
'ifiat it phaU lie. -tho dpty of tho Secretary of
that - it 'shall he-the miv oi me .secretary oi
a Governtnciit-lrafts for payments at the
place where payable, 5ic. Now wtiat a tre
mendous power is here vested in the Sc
cret .ry ! He is to prescribe rules and reg
ulatioiia to enforce Uie spWty prescntatwii
of all Government drafts for paymcrit at
the place where payable. The. speedy pie.
seniation ! In the case I have supposed,
a man h is his $10,000 in drafts on the re.
enver general at New York. Th-' Secrc
tarv is empowered to eiiact regulations re
q airing him speedily to present them, and.
if he do not, the Secretary may order them
to be paid at" St. Louis. At New York
ihey inav be worth a premium of fiv'e per
een'i.; oil St. Louis they may be liable to a
,iieoiint of five pi r cent. Now, in Ir. e
bnu nitiK iit, who would ever Uimk Ol S it).
jieii..gihe prop rty oi mom y of a citiz. u
;i, the"i xercise of such ii power by any
er.'tirv of the Treasury ! What -opportu..
uiiv do.
it not afford to reward partisan,
or nil. 1 1 rli an oi po.ieut !
ll will be nnpo-
s nle to iniiiitaiu sue" an ouious ami uw
I s res ri tion for anv length of time.
Why .-ho, i d the debtor (as the Government
wotdd be infill? case of -pugIi drafts as I
:i ve suppos- d) require Ins Creditor (as the
o;.;.-roV the draft woultl be) to apply v. iih
,:i a prescribed lime for Ins pay tin ut ( No,--ar;
th." pystf-m wouitl couirol you: yon
.could nut ' couirol the sysiein. Ilit n
V.rch a iitlieidous "reSUiction couPd be so
.tiutt.'nii d, the drafts would, iicverlheL,
wiulst ih v ware out, be the -time lo.ig or
Ik.h, pcttoru: the otiice of circulation and
...O.ll i .
Lot us trice n little furih r the ojera
noM of this GovrnuiHiU bank, and follow
il out to its find xpl'ion. 1 have suo
,ios"d tin: appropi iation of sonn- tlnrt.
.Millions of dollars cinnally by t'.ie Govt r.i.
i .1 .. .
.n. nt, to be disbursed in the form ot d.ratft-,
Ti V. in1. ' ' 1 1 y - trpwt-1 1 H l.iHiH4w--wujU.
.iii:oui:t,ouie ten or fifteen' uriiio.is would
rein nw, the. first yeajfih circulation ; at the
c:.d e( another y.i'ar a similar amount would
Wttnuc iy lirculatiou ; ami so on, from
j v LifeHu-uatiU. .U.ilw.iyi'J.oC.i."J-i.,jd
-mix- fiv" or six yciM, there wouhl be in
"r .ei ;: io i, to. supply the indisp-eu-jibl,
.. m of couiiiM iCv a.uj of agen r'tl :n l-i-.:
n of imiiut'u vfii.e, not less lb. m soon
Xl t:r elrht I'.ill oi l.--of tlr-ttl- l.-MI'-d by
li.)eruni ni. 'J'le .-e dtal'.s would b.
Iierallv Upon lb ' r. -t .V r gi in i d. at N w
t oin. I cans', oi l!i tt point tiny wohiUI Ie
i n f'-.T d ov, r all otin rs, as they would
e...,,..la.pi-.uiiu:,.u.or. Lie at ;: tr. t:Q-;h
c). v. !;!. ''cxif.-i i.i ih-.-'l -.it-i't it. ? ;
Tiei T.ie h ie si. i n that tnr Seer tari d the
"l'i't'iTsTiTV IS" rtTves'lt-sl Vi i ill ..ui(i.'. . ajit tun li.v..
'() ee ,e. ill IV." ill ili.il point llu V. hole J'e
i li'ie ol I lie I States.
A.: xp' netice hM d, i;u):i-'r d thai
la banking tj" rations a much lary- r ;i-
Mouiit of p p r can Ie- kt pi out in cin u-
.Oio.i tli. in tie :-p' cie w inch il ih nt ccssa
t, to 1 taio III Hie jf.ll- lo lilt i I It v.ll. 'i
j.!'. S'-nied for p . .a- .1. i .e juopoi i n:,-
. !u. u t!
I oe '
r oi
C Saill. t X;- rie..Ct II t.V.e-c 'ir .,,i .
,! r. IV - .1 'ti''; O.il: Ot .p: I'll' to
iia-o. r. ll, therefore, the L.xi.cu-
l-.ovemment hatl sixtv millions ofdo!-
i;i
l:rs u .iuinai.Ui'd ;tt the port of New York
in t!i- hands of llie receivir L'e.nnl, rip
i(sr;,tcd by sixty millions of Uov ruincm
drafts in circulation, it would be know a thai
l went v of that sixty millions wduid 1111
en et ot retail! to meet any amount of ilrails
t !neli,iii ordinnrv t.mics, would be pi : ut. t.
lot pi ne I. In. re uoiiti ib n re-t-iain tor
t.' millions Tii lh' v mils, idh--' and unpro
ductive, and of 'sui'h no practical use could
be made. "VVi.ll ; a' gieat clet.lion' Is at
n md tii- tluliutcof Ne.w York, the resuh
of . which Will seal the late, of air existing
: iliirioi-tr.itio'i. If the applittitio i, of tt ii
unllioiis ol that dormant capital could save,
at iionit; future tlav, a cotxupt Lxeculive
from ovel'tbrow, can tt he doubtctl that tne
leu miliums. would be applied to preserve
it in pow. r ? Again : let Us suppose some
gr at ixigt ncy to arise, a season of war,
t'r atiug severe financial ' pressure and em'
hiirrassmcnt. Would not an it&ue of pa
per, founded upon and, exceeding the spe
cie in the vaults,- in some such proportions
as extierteiicc had -demonstrated" migln be
g.ifelv emitted, be authorized ? i''iiialiy, the
vyliole amount of spt cie uiight be exhaust
ed, and then, as it is easier to engrave anu
issue bank notes than to pttTtorm the un
popular ofiice of imposing taxes and bur-,
dei.s, rhe discovery would lie made that
the (;n (lit t,( the (iovenuncnt was BUfh
Mt nt basis win rcupon to make cuiist..3
of paper money, to be it d i uied when pence
and prosperity" returned. Then we should
have the davs of eontuienul money, and
-of assignats, resto.etl ! Hi'-n we snouio
nave th.it (lovermnent paper .meuiuiu,
which the Senator from South Carolina
(.(r. Calhoun) considers tho most perfect
of nil currency ! - - .
it , . i . .1 1 . n. ;ii ill . ii 1 1 ri u . .1 . ' '
l, lurini til ' prourossoi
hanks vvoti d be air nrosHat.U. MoiKing
well, it may, if hoinstly admmt-tercd,
in 'the tir-t p nod of its existence il will
be titteily , uKis-nble for them to mamlain
the unrrjud comiM tition. Xhojr.-eould nol
maintain it, .even it hc Governn.ieiit ware
actuated bv no -unfriendly feeling towards
thetir. .But when we know tlie spirit whictf
animates the present Executive J.nwards
them, who can ooubt that the f . xam fat!
in , tne imcquai mm;?'- ......
, the uficqnal contest ! iiieir io
fresidenl would even now put into optra
tioa'against ihem, will, in the sequel, be
passed and enforced without difficulty.
Assuming the downfall of the i lodal banks
the inevitable conseipjeiwre of the opera
tion of this great Goveriimeiit bank; as
suming, ns 1 have show n would.be the case,
that the Government would monopolize the
paper issues of the country, and obtain the
possession of a gn at portion of the. specie
of the country,. 'we should then behold a
combined and concentrate moneyed power
etpi d to that of all the existing hanks of
the United States, with that of the late
Unik of the United States superadded.
This tretin minus power would be wielded
by the Secretary of the Treasury, acting
.i ider the immediate commands of the
- ('resident of the United States. Here
would be a perfect union of the sword and
..i.e purse ; lute would be no iihaginnry,
nut an actual, visible, tangible, consolidi
tion of the moneyed power. Who or what
could withstand it ? The States 'thcmclv es
would become suppliants at the feet of the
incentive tor a portion of those paper c
missioris, of the power to issue which, they
.lacf 1jwfT!lTtppedt and which he now ex.
clllsivf'k p'.iSSCL-i d.
MVr-I'fcMde-nt, my observation and ex
i)i fn"ii'-e hive Siitisri-d me that the safetv
ol liberty mi prosfK,rity consi.-ts in the di-
vision of power, whether political or p. :cu -
iiur.. In our ted, ratiyesystcni, our sc
iititv i to be found in thalTiaiijy dislri
.uti.Ki of j : w r wnitdi exists belvVeeu the
I'Vil'T il (overninent and t!ie Slate Government--.
In our monetary system, as it
laid;, tiiiUrd, us excellence, resulted from
th il beautiful .irr ingeiiruit, by winch the
Sutes h t,l their institutions-for local pur
pos s, and the- General Government it
.nstitiitTon for the more general pntposc of
jfcii!est conccniality between all t!i
ol I'irs. admirable' yslem. All w is Homo
geneous. .There w is no separation of the
Kvd.eial i'oVerument from tlic States or
Irom the People. Tht-r.t was no attempt
.o execute oracticaHy ihat absurdity of sus -
f lining, u "t "t1trs3ilt IeopTe,""t Wd"tfi ft
rent c-." t.itles ol unetpiiii value. And
now itdurr :hl v tlnl the Whole -.-le;r,"du-
riug th-' liety yi:.irsof Us t -xi.steuO, nio e,
t.id work ! And on the two uufoi luute
oe.- iMoiss ol its ei ,ie-:ng to exist, liow t)nic:k
IV (lid tile business ;pid 1 1 a ns'ie t ions of the
country run into wild disoider atid utter
i o itusuai ! ; -
ii-thtjrtb., 1 have consuLvcd.. this new.
:a n e " S .i. it i-, .iccuMing to its (r.. nature
e.i eliai ajler, Uiol. w.if-it it must i.n.vitablv
.lUvCoiuu... U ,l.aV,e,imtl,e.,x.m.iNied j t as it is
.. .. ... .-...a .:.,' i .. . . .
liit. Hill ar! 1 1 1 1 1 1 'Hi l -s ,v ! m 1 1 ' i 1 1 iii er.i-i 1 1 it 11 1
I'h'-v hoi i out tl'.e i lea that it is a
- iitpl. contrivance lo cti'h cl, to kc p, ami
u disburse the public icvi nil". In that
vievy of it, f v ry coositb ration of sab ly
1 1 .... .
Hid securm rt . 0111.111 nua ine agcuck 01 te-
spun -1 ! do oi poi aj 0.1 s, r-iiin.-r ih in tlie ,111-
,1.0.1111 nt oi,'.. 41 u a .c.i.ai indivi.lii ils. ll has
ti -r irmm h- iluri.ig rue ctii.riH! of this d.c
bat. , that Ihe amount which h is be n los!
by ihe defalcation of individuals has ex
eecded three or four times lh--itmout:( ol
ill thu has been lost by the lo-il banks,
although the suuis confided to the c:rre ol
individuals have not been probably one -
lentil tirt of the amount lint has been in
the culotlv of the local banks. And we
a1 1 know ih it, during the forty vears yf tin
I'visreoi'-- ol lilt' Iwo tfiissot lile Luiiiil
Si il. . , not one Cent w -is lost of tho public
isjv nue.
I htive ber,n curious, Mr. President, to
krmw ftlicwe ihrsi vdeu of. rece.1vur4.gc11.ur-.
il , Was derived. It h is been supposed to
Irive ffetii borrowed fro.n France. "It re-
quued all the power of iiMai : extr-aof-j
linary ruin that vver lived, Nvpoje n Bo-,
11 .parte, when : he ' was 111 his meridian
gii atness, to ilisplace tho fanners general
and to substitute 111 their place the receiv
ers general. Tlie new system requires, I
think 1 have heard U stated, sojiethnig
like ldVHI0 iMfdayees to havtnt4iX.jeu.'
ed. And, iiotvvttnsianding the inoihsty ot
the infant promises of this new project, 1
have no doubt that ultimately we shall have
to employ a number of persons approxi
mating to that which is retained in Prance.
That w.ll undoubtedly be the case when
ever we shall revive ihe system of inter
nal taxation. In Prance, what reconciled
them to tin system was, that Napoleon first,
ami the iitMiihoiis altervvards, were pleased
with ihe immense patronage which it gave
thrtn. They liked '"to-have 100,000 de?
pendents to add strength to the throne,
which had been recently constructed or .re
use tided. 1 thought, however", that tho
learned chairman of the Committee'' on Fi
nance must have had some oilier besides
the French model for his TccM,vcfs gener
id ; and, accordingly, upon Tdrvt&ng into
Smith's history of his own State, 1 found
i hat, when H was yet a colony, aome ecu-
N w, Arusienl am, the historian says : "A
i.o g the- principal laws enacted at Ibis
session", we may mention lb. of for establish
iwg the rcytuiue, which was. drawn into
precedent. The sums raised by it were.
made"jTayable into, the handi of receivers
gciie.ralt and issued by lhc Governor's war--r
mt. Jiy this means thctJovernor hccitrrc?
for a. a :asott;- mdependeot of- th Peojih r
and hence we Im T ffcqnent Hisfatlces of
:
'l.vA?JdLcti
contracted on the faith of thcGovermnorit."
'i'he then Governor of the colony was u
man of great violence of temper, and ar
bitrary in his conduct. How -the sub
Treasury system of thai dv operated, the
same historian informs us in a subsequent
part of his work. "The revenue," lie
"says, " established the last year, was at this
session continued five years longer than
w as otiginally intended. This was render
ing tiio Governor independent of the Peo
ple. For, at that day, the Assembly had
no treasure, but the amount of all taxes
went, of course, into the hands of the re
ceiver general, who was appointed liy the
Crown. Out of this fund, moieys were
only issuable by the Governor's warrant,
so that every officer in the Government,
from Mr. Blaithw ail, who drew anauallv
five percent, out of the revenue, as audi
tor general, down to the meanest servant
of the public, became dependent, solely,
of the 'Governor. And henco we find the
House, at the close of every session, hum
bly addressing his excellency for the tri
lling wages of, their own clerk." And,
Mr. President, if this measure should un
happily pass, tho day may coma when the
Senate of the United States will have hum
bly to imploro somo future -President of the
United Stales to grant it monev to plv the
wages ol Us own
scrgcanl-at-aruu
and
1 doorkeeper.
ho, Mr. President, are tho most con
spicuous of those who perseveringly press
ed this bill upon Congress and the Amer
ican People ? Its drawer is the distin
guished gentleman in the white house not
iarofi; its endorser is the distinguished
Senator Irom Snitli Carolina, here -present.
W hat thu drawer thinks of the endorser,
his cautious r.serve and still. -d enmity pfe.
vt iit us from knowing. Hut the Oa'nk.H -s
.4h.i.ta4ii4
ignorance with restwet to his opinion of the
drawer. TTeTias tfr'Sxprfesedrtrfon
.t. . il .. e .i.. o , . .
the Hoar of the Senate. Oil an occasion
not very distant, denying to him any of.the
, nobler tpialities of the royal beast of ' th
1 forest, fie attributed to him those which b -
tarffttrmtrtlK
one of Ihe meanest of the quadruped tribe.
.Mr. 1 r ".sideiit. it f duo to tnvse I lo sav
j that I do not altngefTicr share with the Sen
ator from South Carolina in this opinion ol
thu President of the United Slates. I
have always found hurt, in his manners ami
d. portuicnt, civil, courteous, ami g"utle
uunlv ; and he dispenses, in the nobi
ui'iiUMOU which h
i now occupies, oae.wor-atic.it
; -n i.r n -nee ot tne t,ti:el Vliiristia
ol a great' l oph', a gent Tons anil lib.r.l
t hri?pitttl t Iv-tVh -aeapiaintance with, himjoi-
I .r: . il. ui i .,-' ..V,. . . '.11.-..'!.'. iJ -. ' :
I of il
iiii.ii . i u-i u i . :i i y i .ii a lllll ai ll
spred me with a respect for the man, al-
I i-mjli, I regret to be compelled lo say, I
I d t st tin .M141.-tr.1te.
The eioi.u. nt Senator front. South Caro
lina his iiiliinalid that the course of fin
11111 11 in oiiiiiiauo 111,11 iue course o
j b 'u mis a.al tny-" If, in opjiosmg this bill,
. was unpatriotic, and that we ought to have
followed iu his lead.; and, iii a late Jettcr
of his, ht has spoken of his alliance with
us, and 0 his motives for quitting it.
I
eafltrot admit the justice of Ins re pro ich.
Wo unit, d, if, indeed, there w re any al.
j ha-nee m tht carte, resi rain the-euortnous
' expansion of Incentive power; lo arrest
j the' progress of corruption : to rebuke 11-
surpaiton ; and io drive tij
( dais lio.n the eapiial ; lo
CJoihs and Ya'i
i p. I Br 'iVi I'u s
a.i.l ins iiorile from Home, wiio, wh h h
turew Ins sword into iho scale, toaugni in
tlie ransom demanded .from the Mistr, ss of
the world, showed his preference for gold ;
l.that he. was a hard-moueV -chieftain. It
Was by the much more valuable" lhelaToT
jiroTtlut he was . (friveu from, her jatcs.
Aiidjiow oiten luvo-we witnessed tli:.' Sn--
aior fi oui Soutii Carolina, with wnfnl emm
tcnance, and in doleful strains, pouriitg
fourth" toucliing and mournful eloqu, .ice on
th' degeneracy of the tunes, and tin down
ward tendency of the Uepublic I l)iv af
ter day, in the StMi.ite, liavu we seen tin
display a hi lofty aid lmpasaioited io
queuce. Although I shared lirgely with
Hie S uialor in his apprehension for the pu
rity of our institutions, and the perm in. ii
cy of civil liberty, disposed always to look
.it tho brighter side of human aiTair, 1 war
sometimes inclined to hope tht the vivid
imagination of tho Senatorh id depicted
the dangers by which wtiWei-e encompass
ed in 'soinevvh.it stronger colors tlian they
jusiilied. The ardumis contest in which
we were so ioug engaged w as about to tcr
ininate in a, "glorious victory. The very
ooj ct, for winch the, alliance was foruiv'dV
wis iiiiout to lie accomplished. At this
critical moment the Senator left us i he
left us for the very purpose of preventing
t.ie success of the common cause. IU
look up his musket, liiiapsick, arid shot
pouch, and joined',, the other party. II.
went, horse, foot, and dragoon, and he him
self composed the whole corps. He wcul,
is his prt sent, most dtstuigjuishcd ally com
mTmau-vrtTrriiis- cxptmgwg- Wtrttorrrf
solitary and utyne. Ihe earnest instanc
n-cord: d in history, within my recollection,
'of an ally drawing off his forces from "the
comUuiciI army, was that of Achil les at the
siege , of. Troy. He withdrew wifh all his
troops, and remained in the ncighborhootl,
irt Sutlijn.ariiL digtnfied inactivity. But h
did not join-thn Trojin forces ; and .wherrj
drin tlm progrc'a-of-thc siege, -his.aLth-
ful friend fell in Iwttle, hc'aiscd t,u4uvmg-'
jntf..rm,'d.royc tjm,. Trojans jbaclt iiitgjth'-d
'acJt - intojlht-J
by slaying Priam's noblest and dearest on,
the finest Ucro in the immortal Iliad But
Achilles -had been wronged, or imagined
himself wronged, in the person of the fair
and bi nutiful Bnseis. VVe tlid rip wjong
di the distinguished Senntor froirT Soulii
Carolina. On the contrary, we rcspcctetl
him, confided in his great and fecfenow lodg
ed ability, his uncommon geniii!, his ex
tensive experience, his supposed patriot
ism: ultove nil,' we. confided in his stern
and indexible fidelity. Nevertheless, he
le.lt U3, and joined our common oppbnents,
distrusting and distrusted. Ho left us, as
he tells us in his Edgefield letter, beCau so
the victory which our common arms wero
about to achieve, was not to inure lo him
and his party, but exclusively to thVbcn
cfit ol his allies and their cauee. T thought
tint, actuated by patriotism, (that noblest
of human virtues,) we had been contend
ing together for our common country, for
her violated rights, her threatened liber
ties, her prostrate .Constitution. Never
did I suppose that personal or parly
considerations entered into our view.-
Whether, if victory shall ever again her
about to perch upoH the standard of Iho
spoils party, (tho .denomination winch the
Senator from South Carolina lias so of
len given to his present allies,) he will
not feci himself constrained, by the princi
ples ou, which he has acted, to leave them
because it--may not enure to the benefit of
himself and his party, I leave to be adjust
ed between themselves.
The speech of the Senator from South
Carolina was plausible, ingenious, abstract,
metaphysical, and generalizing. It did
not ap'K-ar to mo to bo adapted to the bo
.soms and business of human life. It wis
aerial, and not very high up the air, Mr.
I resident, either, not quite 5s high asi Mr.
balloon. The Senator ttnnpunced that there
I . . . . . - . .
Irom one or the other branch of it. 11c
stated that Ve must take the bill under
consideration, or--the substitute proposed
by i the Senator from Virginia, I do not
ooTK1'nu""iiSaTS
Phere is another course; c.rihraced in nei
ther branch of the Senator's itlternative ;
and l hit course is to do nothing ;Nd ways
tne wisest when you are not certain what
you ouglit io do. I,. t us suppose lhat
neither branch of the alternative is nccep
i il, and that nothing is done. What, then,
ivould be the consequences ? There woultl
restoration of -the law. of llb9, with.
an its cautious provisnvis and securities,
p.oviifod by the wisdom of our anc sto-s,
uucJA-iU:btiMi -.-tf i'iiud -upon bv tho
r.tte. and present Administrations. By that
law, establishing ihe Treasury lparini' iit
he treasure of tne. United Slates is to bo
r. ceivt:d, kepi, ami disbiirs. d, by the trea
surer, under a bond with ample security,
ua iei- a large penalty fi.y:d by law, .-ind not
li lt, as tins bin leaves if, to the "uncertain
discrettou ot a .S-cruury of the, Treasury. -If,
therefore, we are to do irollinig, that
law would be revived ; the TrY-ariv r would
havu the cqstotly, as he ought to hive, of
the public money, and doubllesajio would
make special dcposites of it in'ail insf.ni
e wUh sale aii j soiiJid Slate banks, as in
some cases ihe Secretary of the Treasury
is now obliged to do. Thus, We should 1
h ive in operation til it very special depos
ile .at..ai, so much dt sired by some gen-tie-men,
oy Winch tlio public monev Wo,:ld
remain sepirate and unmixed with t:ia
money ot banks. There is yet another
course, uuembraced by either branch of
the alternative presented by " the Senator
.'rA,W'T."t?'t..n4 '- -.:!!fltal
Ilsh X Bank of the United States, coustitu-
tediccorduig to tlie old and-approved mo
tliO'I ot tortiHiig such an insntutioii, tested
and sanctioned by experience ; a Bank of -"tho
United Slates Which suMTUld blend pub
lic and private 'interests, and bo'' subject to -punlic
and iinvalo coutrol..uni'tcd logeth
or i ii snub m inner as to present safe- and,
.salutary chetk agauist- -all abtise?. i 'Pho
Senator .mistakes fus otv.i abaiidoninentr of
that institution as oiirsPuovyxthiit tho
party in power has barr1cadedts'elf against
tne establishuient of sucih-d bank. It a
dopted, at the last exyejession, the extra
ordiuaiy and unpfocudcutetl resolution,
tnat the iX opjtro? the United Ft'fitcs should
not have sufi a bank, although it nnglit
bo manifest that thete was a clear majori
ty of them . demanding it. But the day
may come, and I trust is rioldistant, when
tlie will of the people must prevail iu tho
councils of their own Government; and
when it does arrive, a bank Will be estab
lished. The Senator from South Carolina, re
minds us that we denounced the pet bank
system; ami so we did, and so 'we do. But
do it thcreforo follow that, had as that
system was, we must be driven into the:
acceptance of a system infinitely worse ?
lie tells us that the bill ipider considers-
on' takra-ttre-tnibtrefuml-trnt'of the-haritlr
of the Execurivc, pnd places them in the
lands of the law. ll do. s no such thing.".
The are now without law, it is true, in
ihe custody qf the Kve(:uliv-e:jwid the bill
proposes by law to cnniirm thrm- in tliaf
custody, and to cotivey new. and enormous
powers of , control to ihe. TTxecutivc over
'herm 'veryvcMtoJarv lo iho pubfic'
'iiiuN providel by the bifl is a ere H tiro of
ihi: Lxeeuiive, dependent upo '. his brrath
"av siiJjvt-to 'ihe -Sirme breath for-reumv
iiti V-iwu-JiawciJui!Wil'iiW I
jt-if-iTy.audyibAliaU;l,,lii4..v.
t th ftav.ftiHiejii and the IVftnl
.-.-Mt..,iS."4i