The Madisonian. [volume], September 19, 1837, Image 3

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bers of the republican party, who are alone
identified with the glory and responsibility for
the Bafety of Mr. Van Buren's administration
These have become the antagonist powers
thatoccupy the public mind, while their com
mon enemy, delighted with the varied phases
of men and measures which this contest ia
likely to develop*, stand aloof and upon their
broad protests that they are not in any wise
^sponsible for the consequences (whatever
?se may be) of the success of either aide.
.iere and there some more excitable or am
litious partisans of the opposition?some wea
rvand restless spirit, whose xeal has beou dis
tinguished above that of some others in days
past, by the ferocity and insatiability of his
abuse of General Jackson, or of General Jack
sou's administration and its supporters, may
be observed deserting the federal ranks?
to join what may appear to be the side pre
ferred by the national administration, in this
family quarrel. But the conflict itself, not
being one of abstract principle, and only
one of expediency, the motive of the de
serter, may be, perhaps, as visible in the
workings of his long nursed hatred towards
some leading personage, an apprehended rival
in the opposite division of the democratic
ranks, as in any of his loud professions of pa
triotism, or seeming desire for the general
welfare. Such acquisitions, to whatever sub
division of the republican party they may be
tfrarf<J,vfumish no persuasive proofs to the mind
of the impartial observer, ibat the counter di
vision is any less republican or less patriotic.
But as we remarked in the outset, these di
visions of the republican party upon merely
collateral and comparatively immaterial points,
if permitted to grow and strengthen, will en
danger the supremacy of the party, and ought
to be more studiously prevented from extend
ing themselves. It is to this oreat issuk
that all eyes should be turned ; and to this
one issue, aJl the efforts of the friends of the
national administration, steadily and unitedly
combined, should be directed. This oreat
issue is not, whether one local bank, or many,
or none, or treasury agents, can be most judi
ciously employed in the receipts and disburse
ments of the public money. But it is whether
the country shall again have a National Bank,
or remain independent of such an institution.
The issue is, Bank or no Bank, upon a na
tional scale. And this issue, and this only,
is the great test question of support, or of
opposition to the national administration.
This is the issue sought by the opposi
tion party to be made with President Jack
son's administration?upon this issue that ad
ministration was sustained?upon it Mr. Van
Buren was elected to the Presidency, and
this is the issue again sought by the opposi
tion, and again tendered by the administration,
for the arbitration of the people.
Under this state of the case, is it wise or
politic, is it just to the great cause of the gen
eral welfare, that those who are the common
friends of that cause should be diverted from
their contest with their common enemy, to
destroy each other in the nursing and pur
suit of differences upon |>oints not at all affect
ing any abstract principle T Will men, from
the opposition, who join either flank of the
democratic party, as they shall divide upon
these minor points, continue to act with either
flank, on the great issue to which we have ad
verted, after such minor differences shall have
been adjusted by either compromise or con
quest ? Will these new allies of either sub
division come out of their minor contests any
less reasonably disposed to a National Dank
than when they inltsted in them ?
No ;?let no man bo so credulous as to be
lieve it of them. If, for instance, Mr. Cal
houn should fail of getting a sub-treasury
system established, and a divorce of the Go
vernment from the local banks?points to
which he is now represented as being wedded
?will he thereafter remain on the battle field
as a compatriot with the republican friends of
the administration against a national bank?
Or will he turn upon his heel and return to
his first love, and contribute his whole strength
anew to the overthrow of the administration ?
Who docs not perceive both the danger and
folly of such a temporary alliance, to subserve
an unimportant issue, with the known ene
mies of the republican parly upon the great
issue which is yet to be fought over ?
We admonish the true friends of the great
republican cause throughout the country, to
weigh well the tendency of attaching so
much importance to the new project of dis
carding altogether the credit which the notes
of local Banks may be made to merit in the
transaction of government business, as to pre
fer to place the administration of Mr Van
Bi rex in a state of dependence upon the tein
|K?rary and conditional alliances of opposition
men, such an we have named, to an abandon
ment of that project. We have heretofore de
monstrated in our columns, by an appeal to
(ien Jackson's own official language?to his
message* to Congress?to the official reports
of Mr Tankv, while Sec retary of the Trea
*urv?to the reports of his successor in of
fice, \|r Woodbirv?to the speeches of
th? irconfidential and most accredited advisers
the speeches of Senators Wright and
Iai.i?aih<k, ?>t Mr. Senator Rives, to the
addresses of Mr Van Buren's political friends
in the state id New York?to the speeches of
Mr Speaker Pol* and of Mr. Patton, of
\ irfiiua?to Mr. Van Buren's own doctrines,
il?o urged upon the Legislature of New York
??hile (toternor ot ihat great state, as well as
In appeals to other sources of high authority
m poiitM-al matters ; by appeals to all these,
?e say, we have heretofore' demonstrated,
hat the presmt project of disp< naiug with all
N*e ot bank notes in the fiscal operations of
die federal government, is a new project,
in unlit, with the administration, and one
>?t did not constitute any part of the policy
or m? asures of President Jac kson's adiniius
tration. In the support of that administration,
republicans throughout the country were
taught to believe, that the use of local banks,
through a gradual reform of their currency,
and with proper restrictions, could enable the
people to dispense entirely with an institution
upou a national scale, from which influences
dangerous to the liberties of the people would
be forever inseparable. They were taught by
this same administration to believe, that the
very weaknesses of the local banks made
them preferable to the mighty powers of a
National Hank, und yet would nut impair their
efficiency in supplying a sound currency to
the nation under the fostering influences of
the federal government. They were not led
to suspect that these same weaknesses would,
at the first favorable opportunity, be taken ad*
vantage of by the very mouths that were com
mending these institutions to the people, and
be made by them, in turn, the victims of some
new experiment, to answer any purpose of
Executive power or party policy. And we
are even still confident in the opinion, that
Mr. Van Buren himself means not to be un
derstood as attaching such an importance to
the policy of dispensing entirely with both the
agency of local banks, and the use of their
notes, in the management of the Government's
relations with its creditors and debtors, as to
urge its adoption at a sacrifice of the unity and
ascendancy of the recu hi.ic an party. In
his message he frankly disclaims every thing
like a wedded obstinacy to it. With the spi
rit of forbearance and of compromise that be
comes a sagacious and patriotic statesman, he
acknowledges the great respect that is due to
the diversity of opinions that prevail in com
munity on this subject; and in a like spirit of
fraukness he avows his own willingness to
accede to whatever decision the wisdom of
Congress?the constitutional umpire in all
such matters?shall direct, if free from en
croachment upon the high and sacred princi
ples of constitutional duty, imposed upon him
self by his office. Listen to him in his
Message : .
" With those views, I leave to Congress the measures
necessary to regulate, in the present emergency, the
ssfe-keeping and transfer of the public moneys, hi the
performance of constitutional duty, I have stated to
them, without reserve, the result of my own reflections.
The subject is of great importance ; and one on which
wn can scarcely expect to be as united in sentiment as
we are in interest. It deserves a full and free discus
sion, and cannot fail to be benefitted by a dispassionate
comparison of opinions. Well aware, myself of the
duty of reciprocal concession among the co-ordinate
? branches of the government, I can prortiise ? reasonable
spirit of co-operation, so far as it can be indulged in
without the surrender of constitutional objections, which
I believe to be well fonnded. Any system that may be
adopted should be subjected to the fullest legal provi
sion, so as to leave nothing to the executive but what
is necessary to the discharge of the duties imposed on
hiin ; and whatever plan may be ultimately established
my oicn part shall he so discharged as to giee to it a fair
trial, and the best prospect of success.'''
The issue, therefore, upon which Mr. Van
Bur ex plants himself, and invites his friends
to stand, is not to be found in these proposi
tions relative to the mode of collccting, keep
ing and transferring of the public money. But
it is to be found in the great question of Bank
or No Bank. Upon this he neither tenders,
or invites compromise. He does not regard
it as a subject admitting of compromise. It is
not a question of expediency, but one of
principle ; and principle, with an honest
mind admits of no compromise. On this point,
let us once more advert to his Message, which
says?
" We have seen for nearly half a century, that those
who advocate a National Bank, by whatever motive
they may be influenced, constitute a portion of our com
munity too numerous to allow us to hope for an early
abandonment of their favorite plan. On the other hand,
they must indeed form an erroneous estimate of the in
telligence and temper of the American people, who sup
pose that they have continued, on slight or insufficient
grounds, their persevering opposition to such an institu
tion ; or that they can be induced by pecuniary pres
sure, or hy any other combination of circumstances, to
surrender principles they have so long and so inflexibly
maintained.
" My own views of the subject are unchanged. They
have been repeatedly snd unreservedly announced to my
fellow citizens, who with full knowledge of them, con
ferred upon me the two highest offices of the Govern
ment. On the last of these occasions, I felt it duo to
the people to apprize them distinctly, that, in the event
of election, I would not be able to co-operate in the re
establishment of a National Bank To these sentiments,
I have now only to add the expression of an increased
conviction, that the re-establishment of such a bank, in
any form, whilst it would not accomplish the beneticial
purpose promised by its advocates, would impair the
rightful supremacy of I he popular will; injure the cha
racter and diminish the influence of our political system,
and bring once more into existence a concentrated mo
neyed power, hostile to the spirit, and threatening the
permanency of our republican institutions."
Thus has Mr. Van Bur en advised his
friends what constitutes the great issue.?
lie admonishes the people, that they need
not hope to see the opposition abandon " thr.ir
favorite plan" of a National Bank. Why
then allow the friends of the administration
to fritter away their ascendency and strength
upon this great issue, by divisions among
themselves upon false and unnatural issues,
and by new, alliances of antagonist spirits
with fragments of their party under cover of
differences and dissensions growing out of
our obstinate perseverence in new experi
ments, and as if such new experiments were
essential to cither the glory or salvation of
the republican administration of Mr. Van
Buren? We leave this question here, in
sober earnest, to those who can stay the
fatal error upon which the leading friends of
Mr. Van Buren are precipitating our com
mon party. We speak in no spirit but that
of genuine regard for his welfare and renown,
and for the success of the great principles for
which he was elected. But we must forbear
to say more until another day, when we will
endeavor to fortify our position by an expres
sion of our views in fuller detail.
* THE THEATRE. **
1 his fashionable resort was opened last week for the
Extra Session, where we had the pleasure of seeing a
brilliant audience of strangers and citizens,.and witness
ing the performance of a Tragedy, written and perform
ed by natives of our own country.
' Hianca Visconti, the new Tragedy, by Mr. Willis,
wss (lerforined by Miss Clifton, [for whom it was
written,] with great success, and deserved applause,
doing equal credit to the actress and the author.
Miss Clifton's Benefit took place last evening
Soma, w? perceive, M repeating the imputations that
hare been east upou the S3 friend* of the administra
tion, who voted for the Editor of the Msdieonian for
Public Printer. We have adverted to the charge
of '? bargain and corruption" in reaped to our own con
duct, aa unworthy of notice. But we feel bound to
eay, in regard to the gallant band who atood by ua
through that long and aevere contest, that they were
actuated only by the moat lofty patriotism, and the moat
conscientious devotion to principle. They hsd no
affinity aa a party, to the opposition, and bad no art,
part or lot in any intrigue, management, or bargain
whatever Many of them acted independently, and with
out any previoua consultation or conceit, not knowing
even an individual who went with them in the ballot.?
Had any one of them auspected that there was sny
" hsrgsin snd corruption," they would have abandoned
and denounced ua on the spot, aa we should hsve de
served to hsve been ; and those with whom we have
since become rcqusinted, have so expressed themselves
With them the contest waa between the Globo andour
aelf, and, aa under no circumstances they would have
voted for the Intelligencer, so, under no circumstances,
should the Intclligencer have derived any benefit from
their Vote.
In 1833, was not the majority in fsvorof the sdininis
trstion far grester thsn it is now 1 And yet, the House
clected the Intelligencer Pnnter ; and who then dared
to charge corruption on the aupportera of the adminia
tration ! Who shall dare to make such s charge now,
when a friend of the administration is elected !
THE COALITION.
A correspondent says, aa we predicted?
"The Treasury-scheme men will he joined by the
Nationsl Bank men, combined. The Stale Bank aystein
ia to be prostrated by thein?the coinplainta of the peo
ple will be loud and constant, against the requisitions
0f gjx'cie?the States, in the midst of these requisitions,
being flooded with irredeemable psper?ss soon ss the
complaints of the people have waxed loud and strong
enough, a United Slates Bank will be sanctioned on the
pleas of that arch enchanter, impaioui ntcentiy. I do
not doubt the honesty of the Treasury-scheme, but such,
I fear, is to be the end of this beginning of serious trou
bles in the ranks of the republican party."
The senior editor of the Richmond Whig, one of the
atrongest oppoaition papers, liss come out hi support of
the proposition to divorce the government from the
banks?the nullitiers have also embraced it with great
warmth. We can honestly give these politicians credit
for consistency, a merit which csnnot certainly be allow
ed to thoae friends of the administration who have gone
over to opposition doctrines. We have repeatedly and
abundantly shown, that the " divorce" acheine waa the
darling project of the opposition in 1834, and we only
wonder now, that the " whigs" do not unite with those
who have gone to them, in solid phalanx.
But as we have before atated, we fear that, the effect
of the scheme will be to enforce a metallic currency,
sufficiently exclusive, to exclude the State Banks from
a practicable existence. Let the whole besring of this
question be distinctly understood ; let the true tssue,
namely, Banks or no Banks, be clearly presented, and
then let u's see if the " whigs" snd nullifiers will support
the "revolutionary and disorganizing" propoaition.
That thia is the true issue, is not only to be inferred
from an impartial examination of the caae, but, 11 is dis
tinctly aeuwed by many of the supporters of the Sub
Treasury scheme These avowals, and their authors,
will soon receive publicity, if those who entertsin such"
doctrines shall dare to proclaim them on the floor of
Congresa.
MAINE ELECTION/
It appcara from our alips of last evening, that all the
towns in the State have been heard from but eight, and
according to the returns we have, they stand thus :
For Edward Kent, [Opp.] 34,008
For Gorham Parks, [Adm ] 32,971
Majority for Kent, 1,037
The eight towns to be heard from gave last year for
Dunlap, 446?Kent, 169.
.Thus while our defeat in Rhode Ialsnd is fresh in our
minds, comes this astounding news from Maine, one of
the strong holds hitherto, of the present snd lsto admi
nistrations. If the administration is to be ssved, one
would think that its attention had better be turned to the
" divorce" of " loco focoism" from all connection with
it, rather than the "divorce of Bank and State."
RELIGION AND MORALS.
On Sunday Mr. Slicer, the chaplain, preach
cd at the capiiol. In the course of his sermon,
speaking of the power of the gospel, he al
luded to the striking illustration, furnished by
the Choctaw Indians. In quietness and sub
mission they left the land of their fathers
graves, and proceeded to the place of their
destination, because the gospel had taught
them to suppress the feeling of revenge and
to submit to the will of providence. On the
other hand the Seminoles, to whom the gospel
had not been carried by the preachers of the
gospel, were inflamed with a spirit of revenge,
and after a war, costing 11 millions, last year,
were still unsubdued.
In the afternoon Mr. Richards, who has
been 15 years a missionary in the Sandwich
Islands, preached in Mr. McLane s church,
and described the wonderful effects, produced
by the gospel in those islands,?human sacri
fices, infanticide, idolatry abolished,?intem
perance nearly extinct,?the sabbath rever
enced,?and almost all able to read, llis
own congregation, to which he had preached
for 10 years, was much larger, than the one
he was addressing in this city. The Is
landers were becoming a civilized, virtuous,
christian people.
On Friday the 15th inst. the select com
mittee on the rides and orders, reported the
following rules to the House of Representa
tives, which passed without debate or divi
sion.
" That no spirituous liquors shall be offered
for sale, or exhibited within the Capitol, *r on
the public grounds adjacent thereto
CORRESPONDENCE.
New York, Sept. IB, 1837.
Dear Sir:?
The Loco-foco's held their State Convention at Uti
ca a day or two since, and astounding to declare, there
were in all fourteen members present, regulsr, hono
rary, self-constituted, and official?all told. If this is
not a most egregious failuro of the " Equal Rights par
ty, then am I unable to determine.
The I/KO-foco members of the Young Men'a Gene
ral Committee, h?ve autlioriscd a call of all those who
approve of the President's Message, without distinction
of party, to meet st Tsmmany Hall on Thursday even
ing to echo the Sub-Treasury cry. Thia to bo sure
was done in direct opposition to the usages of the party,
which only ssnctions calls through the Old Men a Com
mittee and then only to those who are attached to tho
party, but the Junior Cicero's are wiser than the found
ers of the party, and we shall seea coining conglomera
tion of incongruous political materials?here a-flour
rioter?there a supporter of Fsnny Wright?yonder a
disciple of Job Haskell, snd by his side in blest com
munion the reverend sschcms of the Junior Commit
tee.
Tho Old Men's Committee have nullified the acts of
the rebelling juveniles, but the radicals are loo happy at
the prospect of ? row to recede, so the meeting will be
held by the same partica who have from the day* of
f anny Wright, the high prieateaa of the urdur, down to
the present ume regularly endeavored to make event*
march backward, but whose success haa been ao amaz
ingly disproportionate to their constancy and eiertiona.
How unlucky, that old fashioned Democrats will obsti
nately persist in urging on the country in its prosperous
career, when so many patriots and philanthropista of tbe
Jack < udc school, are laboring ui season, and out of
season, to return to a natural state of aociety,
I lie Maine election ia another evidence that the
madness which verges on revolutionary measures at
this fearful crisis, will be disastrous to the best interests
of the Democratic party. How provoking to aee our
large majorities destroyed aud our candidates defeated
to please the ultra* Kent, the Whig candidate for Go
vernor, ia undoubtedly olocted. In 278 towns hia ma
jority is 2035, and the remaining 84 are small town*
and cannot, I presume, change the vote in favor of
Parke. When will our rulers learn wiadom t
TWENTY-FIFTH CONURKMH,
EXTKA SESSION.
UNITED STATES SENATE.
Saturday, September 16.
Mr. LINN presented a memorial from citizens of
Missouri, praying for the establishment of a National
Bank. Referred to the Committee on Finance.
A message from the House of Representatives trans
mitting a new joint rule, which was laid on the tattle.
The Senate resinned the consideration of the Bill to
authorize issues of Treasuty notes.
Mr. CALHOUN, said he had felt great difficulty in
bringing bis mind to vote for any of theae measures,
until the great question of the separation of the govern
ment aha the banks. In either caae, this bill was
objectionable. Hia opinion was made up, that there
must be a separation or a United States Bank He
wished to move an amendment by a test question. But
he wished to postpone the bill till Monday. He thought
it the duty of every one to come forward boldly and ex
plicitly, and lie would be prejwred by Monday with his
plan.
Mr WRIGHT, was not willing to prevent the Sena
tor from bringing forward his measure, and discussing
it. But it was right to say that the Treasury could not
satisfy the public creditor 20 or even 15 davs longer
without some aid. He was therefore opposed to jiost
jiouement.
Mr. CALHOUN, said his request was not under
stood. If the question was argued now, he should vote
against the bill, however willing aud anxious he was to
relieve the government. The country seems to be for
gotten, in the desire to relieve the government.
Mr. BENTON, said a few words, the teudency of
which was not heard.
Mr WRIGHT, expressed a hope that the wish of the
Senator from South Carolina would lie. acceded to.
Mr. KING, of Alabama, opposed the motion to post
pone.
Mr. CALHOUN, said if it was the wish of the gen
tleman gradually to restore the connection between the
government and the banks, a provisional loan was the
proper mode. His request was reasonable, and it was
the duty of every Senator to act boldly.
Mr. NILES, expressed a hope that the time asked
should lie given to the Senator from South Carolina.
Mr. WRIGHT said, he did not desire to restore the
connection, to which the Senator from South Carolina
alluded.
The question was then taken on the motion to post
pone, and carried in the affirmative. Yeas 28, Nays 18
On motion of Mr. TALLMADGE,
The Senate adjourned.
Monday, Sept. 18.
Mr. RIVES gave notice that he should to-morrow ask
leave to introduce a bill to deaignate the. funds in which
the revenue shall be received.
Mr. WRIGHT presented a memorial from merchants
of New York, praying an extension of duty bonds?also,
a memorial from merchanta of New York, sufferers by
the fire* praying a remission of duties. The prayer was
laid on the table and ordered to be printed, and the Ict
, tor was referred.
Mr. WRIGHT also preaented a remonstrance from
the inhabitants of Madrid, (N. Y.) against the annexa
tion of Texas. Similar remonstrances were offered by
Mr. M'Kean and Mr. Ruggles.
Mr. WALKER offered a resolution relating to a port
of entry at Vicksburg, Mississippi, which lies one day.
The joint rcsolation transmitted from the House, pro
hibiting the sale of spirituous liquors in the Capitol and
grounds adjacent, was taken up and agreed to.
Trkabuby Notes.
The bill to authorize the issues of Treasury notes was
taken up for consideration.
Mr CALHOUN said it was clcar that the govern
ment had separated, and every consideration was in op
position to a reunion. The government and banks are
separated by the operation of law, and cannot be re
united while that law remains in force. Suppose that
difficulty overcome, where would you find tbe advocate
of reunion! not among the opposition who predicted
the evils which have resulted from the union ; nor
among thoie who relied on it. Reason and experience
haa decided that if there must be such union, a U. S.
Bank is iadis|>ensibln. Not only so, but if we treat
bank notes as gold and silver, we are bound to create
auch a bant. \V hatever we make money, will be mo
ney, and w? are bound to make it uniform. There is no
other alternative, but total disconnection, or the creation
of a U. S. Bank. A difficulty exists against this last al
ternative, it; the constitutional objections of a large party
in thia country, entitled to respect, aud another in the
number anil power of the rival institutions which have
sprung up. There would be a necessity that such a
bank should have a capital of eighty or a hundred mil
lions, w ith a due proportion of metallic capital. The
collection of this amount of spccie would prodticc an
other revuision equal to that which we have just expe
rienced. He adverted to the condition of the Bank in
?1816, which was very different from what its condition
now is, we were then debtors to the bank. He gave a
brief history of the financial difficulties and operations
of that penod. A bankrupt law was then proposed. He
was opposed to that measure then and now as harsh, but
above all, as unconstitutional. He who would try a
Bank of the U. S. now, would find the recoil overwhelm
ing. He, as one of the States Rights party, was op
posed to a U. S. Bank as unconstitutional, inexpedient,
and tending to the concentration of power in the govern
ment. His own course, in relation to the U. S. Bank
he explained. He had submitted to a B-itik under a
state of things which he considered irreversible in 1816.
There was but one mode in which the government could
reunite itself with the banks, but that was eminently ob
jectionable?he meant by calling the Pennsylvania Bank
of tho U. S. the fiscal agent of the government, this
would compel a resumption of specie payments in a less
disastrous manner than by the establishment of a new
bank. But he would oppose this because he would not
Sive his sanction to the creation of an agent wholly un
er the control of the state; and again he would not aid to
give that bank a triumph over tlto government, much as
he believed the government in the wrong in the late
contest between them. He objected to a re-uuion which
would make the credit of the government identical with
- the credit of a bank. He illustrated his argument by a
reference to cases of a suppositious character in private
life. As government operations contract or expand,
so would the bank circulation. He traced the present
disastrous condition of the country back to 1824, when
the Tariff system was re-modelled In 1828, the evil was
increased and fixed by a new Tariff act. One effect was
the expansion of bank currency ; another was the increase
of Custom House bonds. These causes swelled the ex
pansion of the circulation of the Bank of the United
States in 1831, aud it was not the fault of that institution,
that its issues were thus expanded. The re-charter of
the Hank of England in 1832, had its effect on the course
o( things. It was at this time that the President of the
I . S. not comprehending the leal state of things, struck
his blow at the U. S. Bank, a blow which completed the
catastrophe. It was remarkable that the three great
suspensions of spccie payments here, in 1813, and in i
England in 1797, resulted from the connection of the
Banks and the Government. He wished to know on
what principle we could lend tho credit of the Govern
ment to a body of stockholders, in preference to any
other of the citizens of the U. Slates. The effect was
to give a preference to one body to the injury of all the
rest of the community. The increase of Banks was I
enormous, and is still increasing in an enormous degree, j
7 lie various remedies proposed would be ineffectual to
producc relief, and only effectual to increase the evil.? J
Ho touched ori the corrupt practices and corrupting in- I
lluences connected with legislation on the subject of
banks. He then commented on the course of General
Jackson; who had prodOccd the intimate connection
between the government knd the banks in 1834, which
had ever since existed, and which would for a long'time
commingle the national politics and the bauks. If then
there could be no reunion with the banks, no IJ. States
Bank, nothing remains but to reorganize the Treasnrv to
meet the new condition of things. He had not looked
into the present bill; but he would object to any mea
sure which unnecessarily swells the patronage of the go
vernment The resumption of specie payments, how
ever, under the existing law, would renew t&e connec
lion with th? bank* Ha would at ? proper Uiim aub- I
?" *n amendment providing that after the 1st day of
January neat, threa-lourtha of tha debt, to the United
Stat*. may be paid ui lti? notes of specie paying bauka,
?lid gradually to reduce the proportion oicb yeir until
the total separation shall be effected He objected to
the issue of Treaaury noiea bearing interest, because it
looks like debt; but if iaaued without intereal, these
notes will forui a new currency. He believed that if ?
total separation with the banka should take place, this
should enter into our permanent policy, credit being in
dispensable, aa our business concerns have heroine too j
extensive for gold and ailver to aatiafy. He laid it down
as a principle that convertible paper la unsuitable for
currency. Proiniaaory no tea are convenient between
individuals ; but the measure of aafety between indivi
duals is very different from ihe measure of aafety in cur
rency. 1 liia position he enforced and illuatrated at
aome length, giving the conclusion, to which he had ar
rived, that a government currency waa the beat which
could be reaorted to. In reference to revenue, the pa
tient Ilea dangerously ill, afflicted with a burning thirst ;
but fortunately young and vigorous, having more to fear
from the doctors than the diseaae ; the disease is debt,
and we muat find ineana to diacharge it. He looked to
the capacity of the cotton and rice growing atatea to
recompense their energiea aa abundant, But they re
quired the aid of the government. We have reached a
new era. The daya of surplus revenue are gone. He
prided hunaelf and the amall party to which he belonged
for the course they had pursued 111 strikiug the first blow
at the root of the evil He atill rallied under the States
Rights banner of 1798. Tattered and torn aa it was,
it should never be lowered with hia consent. He con
cluded with moving his amendment, although not at
this time in order. After the amendment was read, Mr
C. withdrew it, and it was laid on the table arid ordered
to be printed.
Mr. WEBSTER asked to what bill this amendment
waa offered.
Mr. BENTON aaid to the divorce bill?the bill which
acparatea the government and the banks
Mr. BENTON moved the bills which he offered
three years ago, as amendments, and moved the print
ing, which was agreed to.
The bill was then re|>orted to the Senate. The
amendments filling the blanks were agreed to, and the
queation being on the engrossment of the bill,
Mr. BENTON mado some remarks, in which he gave
his view of the influence and increase of banka. He
stated that the government would be able to turn these
notes into hard money, before they went into circula
tion, ao that they could not be regarded as paper cur
rency. There waa four times as much specie in the
country as there waa in 1816, and not one-tenth of the
distress which then existed. He wished to vindicate the
bill from the character of a paper money bill He was
oppoaed to the issue of 'I reisury notes in a time of
peace, anil he would not liave voted for it but that it
partook of the character of a loan, and could bo reim
bursed put of the means of the Treasury in a short time.
! Mr. IS ILES asked for the yeas and nayson the engrosa
I ment ot the bill, and they were ordered accordingly.
Mr. WALKER moved to atrike out all of the bill j
which relates to Treasury notes. If they were to baar '
interest, they would be immediately substituted for the
cotton of the South as a medium of remittances to for
eign countries.
Mr. W RIGHT hoped the motion would not prevail.
He disclaimed any design to compel the public creditor
to take the treasury notes as an equivalent for gold and ]
silver. He believed that the country would not now
bear an emiaaion of ten millions without intcreat, with
out depressing the notes iu the market. He hoped the
bill would be permitted to pass in its present shape, to 1
undergo a trial for a few months, when Congress would ]
again be in aession, and could remedy any inconven- |
ieuca.
Mr. KING, of Georgia, referred to the fact that our
protected Treasury drafta were equal to specie for gome
purposes, but not for currency. So in reference to the
Treaaury notes, every man will ask himself if they are
worth specie. He did not fear that our paper kites >
would fly any more to Europe. He opposed the idea
that by the exportation of these notea, the interests of the
cotton planter would be injured. He hoped the amend
ment would not prevail.
Mr. WALKER said the crop of cotton waa now
about to be picked out and aent to Europe, and to
put afloat at this moment any paper issues, which could
lie substituted for cotton, would be to shut out the sta
ple of the south as an export. He modified his motion
ao as to reduce the interest to three per centum.
Mr. WEBSTER said as the notea were redeemable
a year hence, the addition of the interest would have j
little or no influence.
Mr. WALKER said interest waa added to the bonda
issued by the Bank of the U. States, to give them cur
rency in Europe.
Mr. CALHOUN expressed a wish that a discretion
should be left to the Secretary to make the notea bear
interest or not.
Mr. KING, of Georgia, doubted the practicability of
getting these notes into circulation.
Mr. BENTON asked for the yeas and nay a on the
amendment, and they were ordered.
'1 he question was then taken and the amendment
was negatived. Yeas 5, nays 40.
The question was then taken on the engrossment of
the bill, and decided in the affirmative. Yeas 43,
nays 5.
The Senate then proceeded to consider the bill to,
extend the time for the payment of duty bonds. -
Mr. WEBSTER rose to propose an amendment to
this bill. He did not think the time named (six
months) would be sufficient. He moved to strike out
" six" and insert " nine."
Mr. WRIGHT said he had hastily consulted the
members of the Committee. The memorial received
to-day from New York pressed for an extension of
twelve months. In consequence of the impoitationa
being semi-annual, to fix 6 or 12 months would inter
fere with the period when a great number of cash duties
will accrue. To adopt nine months would be to take
a middle period of more convenience. Ho therefore
would agree to the amendment.
Mr. SEVIER moved for the yeas and nays, which
were ordered.
The question was then taken on the amendment,
which waa decided in the affirmative.. Yeas 44,
nays 1.
The bill as reported to the Senate, and the amend- |
ment concurred in, the bill was ordered to be en
grossed.
Tho Senate proceeded to consider the hill to adjust
the remaining claims on the Dcposite Banks.
Mr. WALKER moved to amend the bill by striking
out " two," " five," and " eight," aa the periods for the
payment of the instalments, and inserting "four," "six"
and "nine" months.
Mr. WRIGHT was willing to take three, six, and ;
nine months as the periods, and asked that the question ;
be first taken on striking out " two" and inserting
" four."
After a few words from Mr. GRUNDY, Mr. Wright
withdrew his opposition, and the amendment was agreed
to.
The hill was reforrcd to the Senate, and the amend
ment l?emg agreed to, the bill was ordered to be en
grossed.
The Senate proceeded to consider the bill to author
ize merchandize to be deposited in the public atores.
I No amendment being offered, the bill was reported to
I the Senate.
Mr. BUCHANAN asked the yeas and nays which
were ordered. i
Mr. CLAY* asked if the bill was not intended to re
peal all ciedits on importa. And if ao, if there ahould
not be a repealing clause.
Mr. WRIGHT aaid there was a repealing clause
Mr. CLAY moved to strike out the exception in fa
vor of fruits.
Mr. WRIGHT said he would not resiat a motion to ;
strike out, the same remark having been made by a
j practical merchant in the other House.
Mr. CALHOUN moved to postpone tho bill.
Mr. WRIGHT left it to the Senato to determine.? j
| He was ready to act at that time.
| Mr BUCHANAN aaid he ahould vote against post- j
[ pone ment
j Mr. KING, of Ala. moved a postponement till Mon
| day next.
Mr. CALHOUN asaented to tho modification, and
the motion waa agreed to.
The Senate adjourned.
HOUSE OF REPRESENTATIVES.
Monday, Sept, 18.
After the presentation of petitions,
Mr. CAMBRELENG, from the Committee on Fi
nance, reported, without amendment, the Senate bill
for adjusting the claims of the United States upon the
late defiosite banka , also, a bill for the de|maite of mer
chandize in the public stores; a'ao, a bill to revoke the
charters of the district banks in certain cases; also,
upon leavtB, a bill appropriating a further sum for the
suppression of Indian hostilities in Florida?all which
were twice read and committed.
The following resolution, offered on Fridsy last, by
Mr. ADAMS, was considered and agreed to.
Rrtohrd, That the Clerk of this House do procure
and cause to be printed for the use of the rncmbera of
thia House, copies of all the acts of the several State
I<egi*laturcs of this Union, enacted aince the 10th day
of May last, authorizing or relating to the auspension of J
?pecie payment* bv lb# bauk*, or any of them chartered
by (he said Suto Legislature* respectively
The following resolution, offered on Friday laat, by
Mr LOOM IS, ?u considered and agreed to :
Ketulvcd, That the Secretary of the Treaaury pre
pare and report to Una llouae, aa soon aa may be con
venient, ? statement showing what methods have been
adopted for the safe-keeping of the public funds, since
the firat organization of the Government under the
Constitution ; the length of time that each method haa
been in uae, designating the aeveral changes, and when 4
made, and what losses under each method have been
austained by the Treasury, lu consequence of defalca
tion of agents or officers so entrusted with the funds for
safe-keeping.
The following resolution, offered on Friday laat, by
Mr SNYDER, waa considered and agreed to :
Rttulted, Thai the Secretary of the Treasury if form
this House at what tune the Bank of the State of Mis
souri was madu a deposite bank, and what amount of its
own notes said bank had in circulation, and what
amount of apecie it had in ita vaults when it was se
lected. Also, what amount of money la now in the
hands of the receiver* of public tnoneya in Illinois, and
where the aaine ia now ordered to be deposited.
Mr JAMES GARLAND offered the following bill
as a substitute for the project proposed from the Com
mittee of Finance, which was ordered to be printed for
the information of the House.
B< 11 marled, <fc That the Secretary of the Treaau
ry be, and hereby ia, required to adopt auch measure#
as he may deem necessary, to effect the collection of
the public revenue of the United Siatea, whether aris
ing from duties, taxes, debts, or sales ot land, in the
manner and on llie principles herein provided ; that is,
that no such duties, taxes, debts, or sums of money
payable for lands, shall lie collected or received other
wise than in the legal currency of the United States*
or in notes of banks which are payable and paul on de
mand in the said legal currency of the United States,
under the following restrictions and conditions in regard
to such notes, to wit: from and after the passage of this
act, the notes of no bank which shall issue or circulate
bills or notes of a less denomination than five dollars shall ,
be received on account of the public duet ; and from and
after the day of the notes of po bank which
shall I84UC or circulate bills or notes of a lrts denomi
nation than ten dollars, shall be so receivable ; and from
and after the day of the like prohibition
shall be extended to the notes of all banks issuing or
circulating bill* or no?,es of a less denomination than
twenty dollars.
Sec. 2. And be it further enacted, That no notes
shall be received by the collectors or receivers of the
public money, which the banks in which they are to
be deposited, under the supervision and control of the
Treasury Department, shall not agree to pass to the cre
dit of the United States at cash : I'roruicd, That if any
deposite bank shall refuse to receive and pass to the
credit of the United States, as cash, any notes receiva
ble under the provisions of this act, which said bank in
the ordinary course of business receives on general de
posite, the Secretary of the Treasury i? hereby author
ized to withdraw the public depositee from said bank ,
nor shall the notes of any bank be received by the State
governments in which it ia issued in payment of Us
revenue. .
Sec. 3 And be U further enacted, That it ahall be the
duty of the Secretarv of the Treasury to select such
State Banks as depositories of the public inor.ey, a*
from their location, shall be moit convenient for the
fiscal operations of the government, and the commercial
intercourse of the countryr not exceeding in
number. . .. . ? ,
Sec. 4. And be it further enacteiU, That it shall be
the duty of the Secretary of the Treasury, in all cases,
to require of the banks to be retained, or hereafter se
lected as depositories of the public money, ample and
approved collateral security, for the aafe keeping and
faithful re-payment of all such sums Af the public money
as are or shall be deposited with t'leiu, which security
ahall be annually renewed
Sec. 5. And be it further enarted, That the Secre
tary may in his disc ret ion, whenever the circulation of
any deposite bank shall exceed three times the amount
of its actual specie capital, discontinue such bank as a
depository of the public money, and the receipt of its
notes in payment of tho public revenue.
Sec. 6. And be it further enacted, That if any of the
hanks which have suspended specie payments, the notes
of which, previous to said suspension, were received in
payment of the public revenue, shall bona fide resume
specie payments one month previous to the ?? day ot
, then, and in that case, it shall be the duty of tho
collectors and receivers of tho public money to receive
the notes of auch bank or banks in payment of the pub
lic revenue, under the restrictions herein before pre
scribed. But the bills or notes of ary bank failing to
redeem ita notes in specie as aforesaid, within the time
limited, shall not be thereafter received in payment ot
the public dues as aforesaid.
Sec. 7. And be U further enacted, That it shall be
lawful for the Secretary of the Treasury, if he shall
deem it expedient, to continue as depositories of the
public money any bank which has suspended specie
payments as aforesaid, under such limitations and con
ditions as he may prescribe.
The House went into Committee of the W hole, livtr.
Haynea in tho Chair,] upon the Senate bill for the post
ponement of the 4th instalment directed by the 13th
section of the deposite act, to be made with the States.
Mr. DAWSON, of Ga , moved its postponement for
the present, until further information could be procured.
Mr CAMBRELENG earnestly opposed the post
ponement, and went into a statement of the condition
of the Treaaury, as it will he on the 1st of Oc
tober, to show that the wholo amount of available
and unavailable funds in the Treaaury, at that tune, will
be less than two millions; under these circumstance*
the Government could not make a deposite of nine mil
lions with the Siatea. Mr. C. produced a written atate
m'ent of the condition of the Treasury in support of hi*
^Mr. DAWSON, in his reply, contended that the funds
deemed unavailable by the Government would be avail
able to the States, and very acceptable to them, and
therefore the instalment ought not to be withheld.
Georgia, he said, would gladly take, for her share of tho
depositcs. the notes of the pet banks in that atate.
Mr. CAMBRELENG said, he would willingly do
any thing to carry this loan into effect, except to create
a loan for the purpose of depositing its amount with tho
States. There was no other way than by a loan on thia
81 Mr. BELL asked, whether the new estimate of tho
moneys in the Treasury, either on the 1st of October or
at the end of the year, was founded in any error of the
estimates presented in the report of the Secretary of the
Treasury. If that report waa correct, he would demon
strate lo all the friends of the deposite law, that the loan
would be carried into effect with perfect convenience
to the State*; and that there was more money in tho
deposite banks than was due to the States.
Mr. CAMBRELENG replied, that the Secretapr of
the Treasury had arrived at the result, that ten millions
in Treasury notes would be required, while the Com
mittee first came to the conclusion that it would be
twelve millions, but had now agreed with the s<*rctary
in his estimate. There was now no diacrepency between
their view* and those of the Secretary. A part of the
funds which the gentleman from Tennessee supposed to
be in the deposite banks, consisted of four and a ha 1
millions of protested drafts, drawn on the third instal
ment of the deposites. .
Mr BELL said, wc should probably tfain time
deferring the consideration of the bill until the estimate,
now presented, should be printed.
Mr. RHET1' made come comments upon the state
ment* of the Secretary, which he ?aid were obacure to
'"'Mr. SERGEANT *aid. he wa* opposed to the bill,
for reasons which he would give hereafter.
Mr THOMPSON, of S C., said, he would a* soon
vote for a 'tariff at once as for increased ?l,ProPn"t,?""'
by which a high tariff would be apeedilv foHowed l
urged the propriety of paying thu money to the State*
if they were w illing to receive paper of their re*|>ec
banks" "Ch Carolina, he said!Xild willingly recetr.
her portion in the notes of her banks, ^'ch sh? k"?
lie good ; and he aim, declared bun-Ho b nnwill ng
to trust this administration with the colli c
millions from the deposite banks, well
verity with which the power
After some remarks from Mr HAMER,
M, CAMBRFXENO
sources were adenuate to our expenditure*, and that the
sources w r S. nole, required to be issued
was ? subject which would come up more properly when
the bill for U* "?>"> of Treaaory note* wa* considered^
Mr DAWSON made some further remark* ; and, on
motion of Mr Bell, the Committee roae.
Mr CAMBRELENG presented a financial atate
ment. which was ordered to be printed.
The House then adjourned.
Mr. Hale, a *on of Mrs. Sarah J. Hale,
editor of tho lily's Book, ia appointed phi
lologist to the Exploring Expedition. I his
young gentleman is a recent graduate of Har
vard, and if philology is essential in ??eh an
enterprise, will we dare say, do honor to h?*
appointment.