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for ihe Government, tor the people, for u* all; bui
now, by your own act, you depreciate it, ami after making 11 (he worse currency, you leave ii to the people, and take the gold and silver to yourselves! Tue result is, that you give to tl*e servants ol the country, a kind ol money worth more, than tue peo ple's currency. You isolate tUe Government, so mat it become* lu luuger a part ol^ the people. You re verse lUe relatiou wuich has always cx?*ed between i he in. Tue Government becomes the master, bud the people become the servants. By this means the salary of every otficer is raised several per cent, ac cording specie is more valuible than paper; anil this diifcrence, too, created by your own act! Dir. it is a distinction wUich will not be tolerated: ana those who undertake to make it, will find in the end, that they have presumed too far on the want ol in telligence, and on the subierviency of the people of this country. But, the project does not stop here. It does not merely give to the people a depreciated currency, but, by and bv, they will be deprived of any curren cy which will be adequate to carry on the business of the great and diversified interests of this commu nity. Under this system, the specie ol the country will be drawn from circulation, and froin the vaults of the banks, where it is the bisis ol circulation and of confidence, and deposited iu these Hub-1i ea sury vaults, till the country is left without a sulli cient circulating medium lo transact its ordinary business. The farmer, the merchant, the manufac turer, and the mechanic, will be unable lo command the means lo pursue their ordinary avocations. No matter what their property may be. They may bo rich in houses and faints, in goods and merchandise, in manufactures and machinery,in materials, in tools, and implements of trade, nay, they may possess the best of bonds and mortgages, and every species ol stock which lias heretofore been deemed equivalent to money, and still they will be unable to carry on their ordinary business for want ol a circulating medium by which to transact it. Credit is the poor roan's capital, as well as the auxiliary of the rich. Deprive him of this, and his habits of industry, his character for probity, his good name and reputation avail biin nothing. He has no means by which he can rise above the ordinary occupation ol a day la borer. With a growing family, and the increased expense of living, he is doomed to abject poverty, without the slightest hope of ever gajning that standing and that condition in society which a " well regulated credit system" always holds out to the en terprising, the honest, ihe industrious portion ol the community. Sir, this Sub-Treasury scheme strikes at the very root of our prosperity. It not only separates the Government of the people from the people them selves, but, in its practical operation ii|H>n the credit and currency of the country, it reduces the price ol labor?it depresses every species of property, lb? farmer who has given &5,0U0 for his farm, and paid $4,()00, will have it sold from under him to pav the $1,000 which remains due on it. The day laborer will be compelled lo receive shillings where he for merly received dollars. Such will be the practical effect of this scheme if carried out to its legitimate consequences. Why then adopt it, when it must re sult in disasters which no imagination can paint 1 It will carry home to the business and bosoms of the community " a spectacle of horror which cannot be overdrawn." Let no one be deluded with the vain hope of better times under such a system. '1 he scenes of trial through which the country has pass ed, are mere holydays compared with what will fol low its adoption. The great distress has hitherto been confined to our commercial cities and manu facturing towns. Those scenes will be renewed. That hope which has hitherto sustained them will become extinct. That little confidence which re mained will be taken from them. By the action of the Government the banks will be compelled in self defence to call on their debtors. They will be un able to give farther indulgence. Business must, of necessity, be brought to a stand, and one universal bankruptcy ensue. The distress which has hereto fore prevailed in the large towns will extend lo the country. The farmer will find no market for his wool, his grain, and other products, or il he does, it will be at a price which will not ]>ay the civst and la bor of production. The merchant will be compel led lo suspend business, the manufacturer toclosehia establishment, the mechanic to dismiss his hands, and the laborer to go without employment. I warn the country, and the farming interest in particular, against these Utopian schemes, which will sap the very foundations of their prosperity and of their hopes. By this scheme the confidence of the Go vernment is not only withdrawn from our banking institutions which furnish a currency for the people, but by receiving nothing but gold and silver in the payment of public dues, the very basis of the curren cy which remains is withdrawn also. Thus the peo ple are left to return, comparatively, to a stale of bar ter, whilst their servants are enjoying a currency vastly increased in value by the very depreciation and deprivation of the other. It is a scheme to make the rich richer and' the poor poorer. But, sir, why this warfare against the banking in stitution* of tne country 7 For disguise it as you may, it is no more nor less lhan a war upon the whole banking system. Gentlemen may not be willing to avow this; they may not intend it. I feel ?well assured that the President does not so intend if. But, I will venture lo say, that if a scheme was de vised for the express purpose of subverting the en tire banking system of the country, it could not be more skillfully planned than the one which is now under consideration. It meets the cordial approba tion of those who have all along been in favor of abolishing all banks?and for ihe very reason that it is so well calculated lo accomplish that object. I shall endeavor, at the proper time, aild before I con clude my remarks, to show how this is to effected. Sir, I am aware of the prejudices which honestly exist with a portion of the community against any thing like "associated wealth." I arn aware how easily those prejudices may be wrought on by dema gogues and designing politicians. But, those who are sent here to legislate for the great interests of the country, should be extremely careful how they minister to such prejudices. Whilst it is admitted that the banking system has its ovih, its superior benefits nevertheless recommend it to the candid consideration of every statesman and patriot. It should be his object to correct the evils and retain the benefits. " Preserve and regulate, but not de stroy," should be his motto. It has existed and been recognized from the earliest foundation of the go vernment down to the present time. It has been identified with the interests of the government.? These institutions, in some shape or other, have been employed by the government during that whole period. It is through their agency and instrumen tality that these much abused and despised mer chants have been enabled to pay into your coffers the vast amount of revenue which has sustained you in peace and in war. Yes, these very merchants who have been represented as men not to be relied ou in limes of peril?whose patriotism is in their ledger, and whose field of glory is their counting room?men who are the most forward in the pursuit of gain when all is peace and quiet, but who shrink from responsibility when dnngcr presses. Sir, I have for a long tune looked with horror upon the ruthless warfare that has been carried on against the mercantile interest. 1 have seen with alarm Ihe attempts which have b -en made to set tip other por tions of the community against them. I have heard them branded as swindlers for collecting their ho-^ nest dues at home, and as traitors for paying their honest debts abroad. Sir, the interests of all classes in this country are reciprocal. Neither the farmer, the manufacturer, the mechanic, nor ihe merchant can get on advantageously the one without the other. But, it is to the merchant more especially, that Ihe government must look for the immediate menus of support. It is ihe merchant that stands between the government and Ihe consumer. It is Ihe merchant that shoulders Ihe responsibility and pays into the Treasury Ihe enormous amount of revenue which keeps-Jhe whole machinery of government in mo tion. It is Ihe merchant Hint maintains the credit of ihe country abroad, by the scrupulous fidelity with which he endeavors to meet all his engage ments. In short, the character of nn American merchant is a passport through any country in ihe world. And still tnis class of citizens that com mand universal respect abroad, cannot bo relied on in limes of peril at home! Sir, in what period of our history have Ihe merchants been obnoxious i > this change ! None were more patriotic during ilie revolutionary war?none contributed their means more largely or more freely. And who, let ine ask, occupied a prouder position during the late war 1 When the credit of the government was at its low est ebb, who furnished ill" means to carry on the war 1 The merchants. When the governm"ht want ed money and could not command it on its mvn're sponsibifity, who stepped in to it* assistance and provided a credit on which it could b* raised 1 The merchants. Yes, sir, when your troops were famishing for want of supplies, and disheartened for want of pay, when you could not rai>-c a dollar on your own credit, it was the merchants, through these much traduced and vilified brinks, thai took vour depreciated pi|?er which had no currency wiili the people, and gave their own in exchange in which the country had confidence. Sir, I ain tired of these incessant efforts to excite one portion of the commu nity against Ihe oilier. There is no class to whose patriotism you may not appeal when the country re ?uire?s their services. The agricultural interest, rom the very nature of their employment, w ill al ways stand pre-eminent. But, It is to the merchants, mure than any other class, that you are to Look lor the ready means to aul you in time of war. Sir, they have always responded to your cull. They were nerer found wan'ing in the most perilous periods of your history. Whatever of glory, or of honor, or of prosperity this nation enjoys, it is imle^ (I(j jn no small degree lo the patriotism of the '"erch.Mils. They have contributed their full share towards es tablishing your uatioual character at home and abroad. Tney will continue to sustain it, until their brokcu and subdued spirits shall think it no longer worth preserving. ' Sir, the great desideratum in this as well as in j every new country Is c*mu. to carry on its busi- j new. This cannot be found to the extent that it is I desired. In our own country we have all the sub- j stauiiai elements of prosperity,?with an ex'ent of ' territory surpassing the proudest kingdoms of Eu i rope, with every variety of noil and climate; with j popular ins:i:u;ions, anil a free Government, and combining ull the advantages which make up the sum of a people's happiness and a nation's greatness; we lack but the capital necessary to bring all these elements into life and b ing. Tins can only be i>b taiued by well regulated b inks and by fiaper credit? credit is the only substitute for capital in a new country. Old countries, where capital has been ac cumulating for ages, may more easily dispense with it; bat a new one, like our own. cannot do without j it. Look to western New York for its magic influ ence. S.-e it in a few years converted from a wil derness to fruitful fields. Look to the western States, now exhibiting the proud evidences of rapid and progressive improvement, where but a few years siuce there was no trace of civilization. By its means the whole country is more than half a century in advance of what it would have been without it. This system of credit has heretofore b *en appreciat ed by our own people, and I trust it will continue to b:' appreciated by them, notwithstanding the efforts th.it ure making to undervalue it, and eventually to prostrate it. It has been, perhaps, still more appre ciated abroad than by us. It has become the aumi ration of all Europe. For a time the infant strides of our young and growing republic astonished the world. The old Governments of Europe saw us springing at one bound. frotn childho ?1 to the manhood of our existence. They saw that credit was the nurture of our inlant growth, as well as the sup|>ort of 111 iturer years. To this cause, some of the ablest writers of , Great Britain attribute our unparalleled improve- ! raent in all that renders a people prosperous, and a nation powerful. 1 cannot forbear, on this occasion, to quote the language Of one of them: u Every body knows that the S:atcsofthe Union embrace a territory, liuxsl of it of the highest ferti lity, equal to the 'surface of all Europe, including Russia, on this side of the Ural mountains, about eighteen times the whole area of France, and thirty times that of thi Iiritish Islands. In this immense J territory there is a population of about twelve mil- j lions ol men, almost all active, industrious, and ener getic, doubling every thirty years, and capable, if sustained at the same rate of increase, of producing, in two centuries, two hundred millions of human beings, in comfort alid happiness. What then is wanting to sustain the fortunes of a state in stteh unparalleled circumstances of abundance 1 Nothing j but capital. This, however, is indispensable; nn3 ? it is obviously impossible, even with the most indus trious, saving, and active population in the world that the existing w ealth can bt' proportioned either j to the boundless extent of waste land capable of cul- i tivation, or the constantly increasing wants of a growing and indefatigable people. It is in such a state that the utility of banks and paper credit most strongly felt, and that a paper circulation based on sound principles, becomes an indispensable element in the progress of social improvement. "Banks are the great instrument by which integri ty and talent supply the want of capital: bv which prudence and industry, setting out on the basis of paper credit, attain at length to the solid advantages of substantial capital. Such a system quadruples at once the active capital of the country, by producin? a paper capital biscd on credit, which, as long as that credit remains unshaken, answers all the pur poses of encouraging industry just as well as the metallic treasures of Mexico and Peru. It prevents a large portion of the national wealth from b ung absorbed in the unprofitable and unproductive form of a metallic currency, and provides for the neces sary circulation at a filth part of its cost. Old states in which capital is redundant,,and all home em ployment nearly filled up. may dispense with a pa per currency, just as the finished scholar may dis card the rudiments, or the accomplished equestrian forget th^lessons of the manege; but till that last stage has arrived, it is the greatest act of national insanity to destroy or restrain, except within those limits which the public safety requires, ihe inv;ilu,'i hie ally of n paper circulation. It has quadrupled in the last half century the wealth of Scotland and multiplied ten fold that of America. But for the powerful impulse given bv the advances of binkers and the large capital which they put in motion the industry of the United States instead of having ion" ago crossed the Alleghany Mountains, and given birth to four millions of men in the valley of the Mississippi, would have b en still slowly advancing along the shores of the Atlantic, and not yet have pierced the profound solitudes of the Ohio or Mis souri." ?????? " And ii is apparent that such establishments, if rightly understood, are eminently favorable to the progress of freedom, and the real interests of the working classes. Capital?30lid wealth?is ever essentially aristocratic. It never1 can bs very ge nerally or w idely diffused, at least in large masses; and, therefore, bjnks which lend a helping hand to enterprise and activity in the earlier and more eventful periods of fheir career, and enable them to maintain the struggle with older establishments, having the advantage of long-tried connections and realized wealth, are eminently favorable to the po pular classes and the best support to the cause of liberty.. Without b inks, a commercial state must ever speedily fall, and ever has fallen, under the do minion of a few overgrown mcrcanti e establish ments; industry and activity can never maintain their ground in the competition from want of capi tal. The banker with his notes has done as much for the cause of freedom, as either the printer with his printing-press, or the schoolmaster with his grammar." To this authority permit me to add that of the philosophic and liberal democratic French travel ler, Mu. Chbvai.ikr: "Credit is the primary element of life in the U States; thev literally live on it. Without credit those populous towns which arise on all sides, as ii" by enchantment?those rich s'ates which fringe the margin of the Atlantic, which stretch to the west of lip Alleghany, nnd extend nlojj? the course of the Ohio and Ihe Mississippi, v.-ould have been still savage fe*e*ts and bottomless morasses. *, * The banks have acted ns the lever which has enabled the Americans to establish among them selves to their own great profi', the ag riculture and indnstry-of Europe, and which has covered iheir territories with cities, canals, rail roads, manufactories and fertile fields; in a word, every thing which constitutes civilization. With out the bifiks the cultivator would have b >en desti tute of capital for his most necessary advance; he would have had 110 instruments for the clearing of his farm ; and if the sy stem has led in innnv cases to absurd and gambling speculations, it is the'same sys em which has enabled the farmer to purchase land for two dollars ihe acre, which he afterwards sold tor ten or a hundred. The mechanics, who are now so loud in their condemnation of the b inking -ysiem, forget, that it is to it that they owe ihe in dustrial activity whHi has enabled them to earn from five to eight shillings a-day of wages. They forget that it is it which has furnished ihern wilh the means, of which so many have availed them selves, of rising to opulence and comfort; for, in America, every enterprising man who. can give the guarantee of a tolerable character, is sure of ob taining credit, and thus has the means of making his fortune." Such are the views of enlightened foreigners in regard to the banking institutions of our country. 1 know the system may be abused. No one is more desirous or more anxious to correct ihose r,buses than myself. No one would go farther lo throw around it additional guards and additional restraints. N > one is more solicitous to enlarge the specie bisis and thereby render more stable our paper circula tion. Hut, it is this indiscriminate assault upon ihe whole bulking system'of the country to which I ob ject. Ii is this attempt to excite the prejudices and passions o| the people in regard to ihem lo which I am oppose,!. I is this spectre of an exclusive me tallic currency which Mill flits across the vision of certain gantHnen, against which 1 protest. For dis guise It ns you may, "u> this complexion we mu*t come at last." if the schemes which arc now on foot can b' earned out. But thev cannot be carried out There is a physical impossibility to their success in a country like ours. Still I ani unwilling that ihe country should pass through such an ordeal. I ,iin unwilling that the present generation shall !>?? killed r'"' 'he sake of making a doub.fill experimenl lor th$ benefit of posterity. Sir, I was surprised to hear the Senator from .N r"i < irolim, (Mr. Strange',1) condemn our whole hjnkjru; system as an uiter absurdity, and which he predicted would be-looked upon, by thoM who come arter us, with as much a*tonphmeut u we look upon the South St'ii bubble. In ibisertliKbtcned#k*'. at (hi* liiU- period of our history, after what we have se*n of the ertecUt of the credit system upon the country, with the evidence of our ouu ?ense?, and the lesti mony of all Europe in favor of it, i confess my amazement at hearing ?uch sentiment* uttered on this tiour. 1 have no', language, consistent with tlie high respect which 1 eutetUiiu for th<u honorable Senator, (Mr. Strange,) to expre my aMouishment, and 1, therol'ore, can ouly buy, " 'Tis Strange, 'iia pacing Strange !" The tendency of this scheme is to bring the coun try, virtually, to an exclusive metallic currency. Whatever gentlemen may say on this subject, this wild and visionary theory is gaining ground with a certain portion of our population. It is propagated by reason of the countenance which it is supposed to receive from men in high places. Meetings have been held in New York and elsewhere, at which an exclusive metallic currency has been resolved on as the only tt ue policy. All jiaper money of every de scription has lieeii repudiated, as coutrary to the genius of our Government and the spirit of our insti tutions. In the same resolutions, men in elevated stations have been applauded by some for m tiniain iug the same doctrines. The proceedings of such meetings have been responded to in terms of appro bation, thereby tacitly acquiescing in all the princi ples set forth in them, and thus giving currency to them with the people. It is the belief that such prin ciples are recognized by those to whose approval they are submitted, that excites the alarm and appre-> (tension which pervades the rational end thinking portion of the community, It is this, too, which gives countenance to the idea, that the Sub-Treasury schcme is intended to bring about an exclusive me tallic currency. The suggestion of the Secretary of the Treasury may also go Tar to confirm it He says: " The people of the whole United States do not, in a sound slate of business and prices, need over one hundred and ten millions of an active circulating medium for all their currency. This would be a larger proportion of currency to our present popula tion than the average has been from the adoption of the Constitution ; and, if an exclusive metallic cur. rency could be deemed desirable, would require only about thirty millions more than the specie which is supposed now to exist in the country. It is true, the Secretary does not recommend this, but, under the present state of things, thinks " some paper will,proDibly, always be found convenient for commercial operations." Still it will be perceived, that if by this scheme, or any other, banks can be dispensed with, then, in the opinion of the Secret!rv, we should, with thirty millions more of specie be able to transact the thousands of millions ol business of this rapidly increasing and enterprising country. Those who make such estimates, seem to overlook the fact, that the notes of banks and s|>ecie together, form but a small part ol our actual circulation ; for, in one sense, domestic exchange is a portion of the circulation, and a very large portion, too?very far exceeding the aggregate of bank notes and specie. This kind of circulation is essentially promoted by buik facilities and batik credits. So that by dis pensing with banks, although you should have the hundred and ten millions of specie, you would cur tail, to a most destructive extent, the domestic ex change, which, after all, forms the principal circu lation. But, whether an exclusive metallic currency be intended or not, this scheme will, if adopted, vir tually accomplish that object. 1 will take the city of New York for example. My remarks will aj ply, in the ratio of business, with equal force t> every other portion ol the Union. New York col lects I.bout two-fifths of the whole revenues of tins government accruing from customs. They have amounted in some years from fifteen to eighteen millions of dollars. But, let us assume the year 1H3-1, which the Secretary takes as the criterion for future years. In that year the receipts at New York for customs amounted to same twelve mil lions of dollars. Now, I ask how is it possible for the merchants of that city to pay that amount in spe cie 1 In what way can they command it 1 Even if they could procure it, it would be by withdrawing it from circulation from other parti, of the country, or by taking it from the banks where it is the basis of circulation, as well as the basis of confidence to depositors. If this amount of specie was to be dis bursed immediately after its receipt that would, in a measure, obviate the difficulty so far as New York is concerned. But, it is not so disbursed. We all know, as a general rule, that of the appropriations for the year, there remains sometimes one-half of the amount iu the shape of " unex|?endcd balances" at the close of the year. Of course there must re main a large amount of the money, which is re ceived into this Sub-Treasury, unexpended. This amount, therefore, is taken out of circulation or from the bulks, and does not again go into circula tion, nor into the b anks. The receipts are much greater and more rapid than the disbursements. So that there must remain a large sum on hand which cannot be disbursed. Let no one then ba delided with the idea that this is to be a constant rouud of receipt and disbursement. It is no such thing. I have examined the statements of the amount Sand ing to the credit of the government in the de^xsite bunks in HIJ-t. I find the permanent average ba lances to be ab >ut five millions of dollajs, when at the same time there was not half that amount cf spe cie in the vaults of a'l the banks in the city. Here then we see five millions of dollars, in the shipe of permanent average balances, beyond all dislnrse ments, " salted down" in this Sub-Treasury fault, of no more use to the government, nor to the" p?ople, than if it was cast "into the battom of the deep, where fathom line has never reached the ground." Sir, it is impossible that this system can ba carried into effect in the city of New York. The merchants cannot command the specie; and if they coald, it would be drawing it frotTi distant parts of the coun try, and the vaults of the banks, by w hich the whole course of business would b ' disturbed and detanged from New York to the remotest points of the Union. I have said that about five millions of dollars would remain as a permanent average balance in dqiosite beyond the disbursements of the government. Of the amount of twelve millions collected at New York, according to the ab >ve estimate, ab;?ut seven million's would be disbursed. But, even this dis bursement i s not made where the money is collected. In 1834, in the whole state of New York, only $1,650, 000 was disbursed within its limits. We here have the astounding fact, that while'the city of New York pays $ 12,000,000, and 87,000,000 of -that sum is disbursed, only $1,(150,000 is paid out within the state. I am not complaining that a larger sum is not expended there?for those expenditures must be made where the interests of the country require them?but, 1 am complaining of the proposer! sys tem by which you require this enormous amount to be paid in spccie, when so small a portion of it is paid out where it is collected. But, it is better that it be disbursed elsewhere than not disbursed at all. And we have already seen that j.bjui Jji5,Qllb,000 must remain in permanent deposile, beyond the amount di.bur.sed, and thus be buried, like the ta lent of the unprofitable servant, where it is of no use to the government nor to the people, but of detri ment to l>j'h. But once adopt this burial system, and where will you find the resurrcctionary power that can c*ill back to life the hourly increasing de posites jn this fiscal charnel-house. It is said, however, bv gentlemen, that this money belongs to the Government, and that the people ha\e no right to the use of it. Is this not an additional evidence, of the attempt to separate the Government from the people 1 Is this not the money of the peo ple 1 IIow does it become the money of the Go vernment, as contra-distinguished from the people? The Government or the officers of Government, are the agents and servants of the people. They are mere trustees to execute certain powers committed to them?this money is .collected from the people by direction of the people themselves, not for the pur pose of being hoarded up, but to be used for their b mefit in the disbursements of the Government, and to promote the great interests of the country. To hoard, it is contrary to the spirit of our institutions, and more especially when its custody and control arc given to executive officers, where it may be used for sinisier purposes by unworthy incumbents. Such a ; principle has never attained before in this country; I the surplus revenue collected from the people, beyond the wants of the Government, has always been placed in a situation to be used for the benefit of the people. This has been done by depositing it with the banks, which have undertaken, in consideration of it. to perform certain duties to the Government, in the way of collections, transportations, and disburse ments, without, charge. This fund thus deposited, li-yond the regular disbursements of the Govern ment, became, through the banks, n useful agent in the regular commercial business of the country. It is collected from the merchants, end it is perfectly proper that they should, in this indirect way, have the use of it in their regular business transactions.? By this means the whole community feels the bene fits : for whatever aids the merchants in their opera tions, must of necessity aid in the regular course of b isinpss, every other "class in society. The mer chants are the m^re factors or distributors for the other classes. They arc the ag*nt?, and any benefits ex.ended to th'e.n. are for the advantage* of their principals. Sir, this idea of locking up this money is a new one. It has not prevailed heretofore?its Adoption now, however, i no m >re strnnpe thrn the proposed system which is under di cu -iou. , It naturally results from li, and tli# cm- cannot bo earned out without the other, nwkient Jackson and ail the Iriends of his administration, opposed the Hub Treasury scheme in 1*34; and in lH3t}, 1 resident Jack ton, in hi* Message, expressed his opinion as to the use ot the public money, in which all his friends acquiesced. He said, lo retain it in the Treasury unemployed in any way, is impracticable. Jt it, br$ides, against Ike litmus of our fret libJUulutHS lo lock up in r nut It Ike treasure of Ike tuition, 'l'o take from the people the right of bearing anus, and put their weapons of de fence in the hands of a standing ariny, would be scarcely more dangerous to their liberties than to |KTini! the Government to accumulate immense amounts ot treasure beyond the supplies necessary to its legitimate wants. Such a treasure would doub less be employed at some time, as it has been in other countries, when opportunity tempted ambi tion." Has any thing occurred since 1836, which has altered the nature of our free institutions, so that it is now in accordance with their geniiul to lock up the treasure of the nation, which was so contrary lo it then 1 Sir, I feel humbled to hear such principles avowed. I feel mortified lo see soine of iny political iriends taking a position directly the reverse of the one we have all along occupied in relation to this whole subject. If we were not committed on the record we might more easily change our ground? or ii it was a mere matter of expediency we might tack about without such an accumulation of obliquy and reproach as must now rest. ujhjii us. We have heretofore treated these questions as mutters of prin ciple. We put ourselves on the record in soine shape or other against the very doctrines for which we are now contending. And from President Jack son down to the humblest member of the party we are committed, in the most explicit manner against the whole scheme and all its consequences, which we are now called upon to support. No party, I will venture to say, ever placed itself in so unenviable a light. How can we exjieel to be sustained bv the people when our solemnly expressed and established principles one day are repudiated the next 1 How can we expect the people to embrace one net of prin ciples one day, and the reverse of them the next. Sir, it cannot be. You must appeal to their reason. You must satisfy their judgment, and adhere to your principles when once established. The great body of the people are honest. They ask nothing, they want nothing but wholesome laws, and a faithful administration of them. But, they will not be con tent with such fickleness of purpose as requires them to maintain opposite doctrines at every altern ate elect ion. Sir, I need not describe the effect of this measure on the whole country. If the brinks in New York are embarrassed in their operations by it, every branch ol business must be embarrassed. Those portions of the country where there is the least cap ital, but which have substituted credit in its place, will feci it the most sensibly. To western New York, and to the western States it will be like a mil dew. What would have been the situation of those regions but for the free use of credit 1 What will be their situation when credit shall be withdrawn lrom them. Let western .gentlemen look to it. Those Stales are to come in for the full share of suffering in the course of this new experiment. 1 he money collected for public lands is to be paid in specie. But very little of it is disbursed there. 1 here will, therefore, be a constant drain upon the western States for their specie in the disbursements oi the Government, thereby deranging all the regu lar business operations of the country, and keeping j the public mind in constant agitation and tHarm. II j the money was disbursed at the places respectively ' in the same proportion as it is received the evil | would not be so great. It would still be deranging I the natural tlow of specie by arbitrary regulations, I and taking it from the banks where it is the basis of circulation. The effect of all this upon the general crcdit of the country cannot be fully appreciated. Our currency lias generally been of about the same character ana value with that of England. We should endeavor to'keep it of the same value. England is the great money market, and the great money regulator of the world. Our institutions assimulate more to this, than to the other portions of Europe. We are in- j timately connected with England in our commercial \ relations, and our intercourse with her is more fre quent and more easy than that between many por tions of our own country. Her currencj', there fore, has an important bearing upon ours. The jrices of property depend much upon this. It would >e the height of folly for as to adopt any measures which should curtail or sink our currency below hers. It would bring on a ruinous depression of I prices, and effect the interests of every owner of j property throughout the country. You might as I well attempt to establish a metallic currency in one i of the States of this Union, whilst all the. others maintained a paper circulation, as to do anv thing which shall materially change ours from what is the general currency of England. I know, sir, that appeals are made to the prejudices of the people against paper-money. But, see what it has done for hJigland ?It has enabled her to fight the bittles of the world?for a quarter of a century she relied on an irredeemable, inconvertible paper currency, and \ successfully resisted the conqueror of Europe, It | has given her a moral influence which is felt through- I out all nations. It has secured to her own people ' more practical liberty than is enjoyed in any other j country except our own. In lime > ^ar the bank- j ing institutions of England, like our own, are identi fied with the interests of the country Ours arc dependent on the people, and so is the Government. In such a time, we are all embarked in the same b >!tom, and it is idle to say that (here is anv diversi ty of interests between the Government, the banks, i or the people. In the experience of this country i during the lale war our banks fought our bittles, as lynch as the Bank of England fought the battles of Europe. Sir, I cannot but look at the effects of this system U|kjii the city of New York,as ofthe most fatal tenden cy. It must tend to curtuil the operations of the banks, and add to the general stagnation of business. Already are more than filly thousand of her popula tion out of employment, with kall the horrors of an approaching winter before them. Unlesssomcthing is done to revive the business of that city, that num ber will be doubled, and no one can foresee the eon sequences of such a, state of things. Nothing is now wanting but the favorable action of the Go vernment, to change the whole face of things. But I the evils to that devoted city do not end there; they j necessarily extend to the country. If you cripple j the operation of the banks there, and thereby cramp ! the business of the city, the same effects must be felt by the banks and business of the country. For you cannot strike a blow at New York withont its being felt in a greater or less degree in every State in the Union. N'ew York is the great commercial emporium?strike the heart, its pulsations are felt to the remotest extremities, and whenever it ceases to beat the whole limbs of this great body politic will become cold and lifeless. These effects will be fell by the local banks of the several stales the stock of many of which belongs to the slates themselvi j. If gentlemen then have no regard for individual stockholders they-ought to look to the interests of their respective states where the stock of the banks is thus held. This remark would apply to Pennsylvania, North Carolina, Ala buna, Mississippi, Louisiana, Tennessee, Kentucky, Indiana, Illinois and Missouri, (Mr. Benton signi fied dissent.) The Senator from Missouri, said Mr. T., shakes his head. lie may have a system of banking there different from allg the rest of the world, namely, that of issuing only one dollar of pa per for one of specie in the vaults of the bank. If this be so, I would not willingly deprive him of the benefits of his system! But whilst I will not object to such a Procrustean bed in Missouri, I will not consent that it shall be transferred lo New York and that the honorable Senator shall stretch our man jijxin it and lop him off at b ?th ends in order to lit hnn to his standard. ?sir, another serious objection to this measure is that it will postpone perhaps indefinitely the resump tion of specie payments by the banks. There is no portion ol the community more anxious for such re sumption than the bank's themselves. They have ! done every thing in their power to'enable the:n to do it at the earliest possible day. They have determin ed that as the stoppage was no fault of theirs, so nei ther shall i lie omission to resume be charged to their account. All that is required to enable thein to re- , sume by next spring, is the confidence and co-opera tion of the Government. Our foreign deb is esti mated by sums at ab >ut twelve millions of dollars at this time. This will be liquidated by the coming crop, and then there will be nothing in ihe way of i.ie icv.imntion by the banks, but the want of confi <in 1, Part 'he Government and the people. c co-operation of the Government this confidence cannot n- anticipated. If you make your collections in gold and silver, it seems to me impossi ble t hut they can resume. I have hcre'ofore shown vour current receipts into the Sub-Treasury in New 'oe in ordinary years about twelve millions ol dollars, and that about five millions, after all the di burscments of the Government, will remain as an averngc balance in deposite. L'*t it b-> remember ed, too, that at pbout Ihe time proposed for them to resume there will be due on tnc merchant*' b inds soine five millions more, and which under this "ex periment ' is also to be paid in specie! Now, sir, let me ask, ho'v is it possible under the present *fato of | things that the ba^k? can resume, when by the Ixst returns the aggregate amount of specie iu their vaults i* lew than #l,*)0,ut)0?and iu addition to ihe accruing revenue, there is to be five million* provid ed for the merchants' b -mis. If this scheme shall be adopted they cannot resume. Let it, therefore, h ? distinctly understood ihat it is the fault of the-Go vernment and nut theirs if they do not resume by the time I have indicated. They cannot command nor retain the confidence of the community, as lung as the Government not only withholds from them the legitimaie means which it possesses in the restoration of confidence, but withdraws from them their specie which is the very foundation of confidence when once restored. But, even if the banks should resume, they will be comfielled under this system U> stop again. The drain of specie from them to meet the exactions of the Government would render it impossible for them to continue. They must cither suspend all business or the)' must suspend specie payments. Either event would be equally disastrous. In either case it would be death to the whole bisiucss of the country. If ,y should suspend specie payments again after having resumed, the legislature would by appealed to to grant uo farther indulgence, btit forthwith to forfeit their charters, and put their concerns into the hands of receivers If iflc prejudice* of the com mumly could b" sufficiently wrought on, such would be the consequence. At.y one wfio foresaw the ef fect of such a course last spring, if the legislature had not interfered, can judge of the disastrous re sults of such a proceeding now. And that such would bi? the inevitable result, if this measure of se parating the Government from the banks and the people be persisted in, no one can doubt. I will not say th.it gentlemen w ho advocate this scheme desitrn to accomplish that ob|ect, but I do say, that if a scheme was devised for that express purpose, it could not be more adroitly planned. If the Hanks do not res-nine?and it is certain they cannot and will not?it this system is carricd into ef fect, what will be the consequence 1 It is alarming to contemplate! 1 he worst passions of ignorant men, of men waked up to a blind fury by false views and false representations will b" leilose, and they would b? call-id upon to d??troy the "little mon sters" which would he made In appear to their mad dened zeal as the nuisances of tne community!? The banks throughout the country, though sound and solid institutions, will be obliged to fnll under the violence of the tempest which will be made to rage against thcin. This will be the inevitable ef fects of such measures as are now proposed. If it should so happen that the State Legislatures do not come to their aid, exhibiting more wisdom towards them than Congress seems disposed to exhibit, the results I have pointed out will inevitably happen, and they will have to wind uptheiraffairs! Again' let me ask what would be the effects of this unhap py-result ? The effects are U?o alarming?too dis tressing to make it creditable that there exists the man willing to inflict so much suffering upon his countrymen! The people of the State of New York, for example, are iridtbcd to the banks more than 60 millions of dollars?there are abundant means to pay, but in the hands of receivers all would be sold, and the property would be sacrificed the receiver would buy the whole as no one would have the means to buy. Can it be believed that gen tlemen wish to see a scene such as this ? My State (said Mr. T.) is so deeply concerned in the effects which will flow from this measure of the Govern ment, that I can see already as plain as the Sun at noon day, that it would even be better for the coun try that a tornado or an earthquake should spread its desolation around, than that we should have this scheme inflicted upon us! Why bring forward such a system as this, when by the testimony of the President himself and of the Secretary of the Treasury, the State Bank system worked so well 1 Such a crisis as the present may never again occur; it is an exception to a general rule, and who will not acknowledge that a worse guide for legislation than exceptions to general prin ciples could not be procured ? Again, what is there m this new system, better than in the State Bank system ? What improvement has it met with, since the day when it was held in the utmost abhorrence; when it was denounced by the party, and when it would only command 33 votes ill the other Iloiwe 1 How is it now suddenly discovered to ba so much better than a system which by the declaration of the l**st authority answered all our anticipations?? VV hen this very same scheme was brougnt forward in 1835, we all of us believed that the public money would net be safe in the custody of officers of the "o vernmcnt, what reason is there now to change our minds, and to think that it will be safe there ? But the President says we can construct a vault as firm as strong, and as solid, as the vault of a buik. Yes' certainly, (said Mr. T.,) we have no deficiency of mechanical means to make such a one, but who are to b? its guardians'? And though the vault may be secure, can we be certain thai the irtiardinns will be as solid and secure, and as well to be trusted as the vault? What security, sir, can we have for indi viduals? Whereas, when the money is deposited in banks all the credit, and capital, and resources of those b inks are pledged for the safety of the deposites and are a certain guarantee of its safety! Such is the security afforded by the Banking systems; but by the Sub-1 reasury system, we have nothing but the naked, bare security of individuals! And who wl,el!' sir' w',al sorl ?' an individual this may be 1 >V hat honest inan will be eager to throw himself into a situation of such danger, such temptation, and such immense responsibility ? Who that hasa proper ap preciation for his family and children would be wtl ? to assume duties of such a dangerous charac ter ! If the vault were plundered, lie, let him be ever so innocent, will be immediately pronounced guilty; thenceforth he is a ruined man, his family ruined, his name a mark for disgrace, and himseff an object for the finger of scorn to be pointed at! No prudent man who has a proper regard for his cha racter and reputation, would be found ready to ac cept such an invidious and dangerous post. But, the President informs us that, on an average there will not be ab.ive S30,<XX) as the sum to be placed in the custody of each officer. This is a most fallacious idea. " It is true, if you take all the officers and then strike an average, it might b" that no more than that sum would fall tothe share of each to take care of, but there must be large amounts con cent rated at a few particular points, and it is not in the nature of things possible to spread out the whole revenue in such equal portions throughout this ex tensive Union. Or if the average was to be forcibly maintained by removing the excess above the #30,(XX), from one officer to other officers in other place*' who can tell, the disturbing 'effects which would follow from such transfers ? I ain surprised, there lore, that any one for one moment could linger upon this idea, as affording an argument for the safety of the public money under this system. We are told again, that we have other pleclges for the safety of the funds, in the sureties which each officer \\ill be required to give to the government, for the funds committed to his care. I look upon the sureties to be given, as affording no security what ever. Men will not be found ready to sacrifice their property, and ab indon it all to the government in payment for what they have neithereaten nor drank ? and when they put their property out of the reach of go\( rntnent, they will only be praised for their care and prudence, by the people of their neighborhood. \\ hat security then, is afforded on this ground ? Not an atom! > Gentlemen are very anxious, apparently, for this di vorce, a.s they are pleased to term it. 1 would re mind them, however, that whilst they are talking of a divorce, they are getting up an incestuous union, between members of the same family?a mar nagc which is unlawful; and which I would say comes within the Levitical degre-s, and therefore ought lo be forbidden. I his union, which is now proposed, is a most un safe and dangerous one. It reminds me of an anec dote of a captain of a packet w ith whom I was ac quainted, who informed me that he always found it indispensably necessary for the safety of the ship's stores, to have his cook and his steward of different families, and if possible of different colors, and if he could get up a fight between them, it was all the bitter; for j| they were connected together in aeotn nion b ind of interest or affection, the stores were apt lo be wasted. So.hero, I think our stores, the stores of the Shi;- of S'ate will not be safe, if a union Jakes place b-t ween the government ; nd the public I rca.sury, which ought to be separated in different sets (if hands, and those, too, antagonist hands. Die officers lo b* employed under this system so far from being antagonist to the Government, are of ficers appointed by the Government, entirely depend ant on it, and who may b- removed by its fi;it at any moment from their offices. There is positive danger in the scheme. All the depositee of the public mo ney, all the Treasury, together with the other Kxecu live powers, will now be united in the same family, and in the same hands. I see no security but abso lute insecurity, absolute danger in the proposed sys tem. But let us consider the chances of security which the system offers for the safety of the public moneys. The Senator from N. C'arolia, tell* us the public funds will hardly fail to be safe, for ifthcoffi cer should appropriate them t.> his own use, he may be hung up by the neck, until, lo use the forcible re petitions of that gentleman, ha is dead, dead, dead! >V hat security is there here, sir, when the money is already gonel Will the dead h >dy answer anv of the purposes ot security? Or does the gentleman really imagine that the penal,y of death itself will pre*en! the mlbMltyoi defalcation 1 Does sal the experience of^jjjfjcouniries show that the severest | penalties do no* operate as preventive* of crime of | Hiiy kind T We have only to look to our own coun ! try for illustratum* of the insufficiency and inveu j rity of the proposed system. What, for example, is thought to d<* the b-M system for the collection of the tolls on the New York canals] Ii is the system 0f dcjuisit with the banks. The money is rapidly > ; brought into the banks, and the least possible me;ms ! are left in the power of the collectors. The ijreat mass of the funds collected are therefore always 011 dejKKsit in the b inks, which credit the Government with the amount. It is owing to this system of re moving res|HiiiMbilily for such large sains of money from individuals, and redwing it upon bunks, that from the very first period of the formation of the canals down to the present moment the state has not lost one single dollar of the canal funds, though mil lions and millions have been collected. If the sys tem were proposed in the state legislature to take the pcrs4Hi;il responsibility of the officers employed in the collection, together with security, such as is pro posed to be done by the present scheme, it would not be able to command a single vote! How then can it be here maintained bv gentlemen that such an ob jectionable plan, rejected altogether bv prudent and experienced legislators, is the best plan, and ought to be adopted? There is a law now on the Statute Book that certain disbursing officers shall deposit whatever public funds cotne into their hands, iu the bink nearest to them until required lobe paid out. Whence comes the necessity of such a law I why does the law exist, if penalties and securities make the money as safe its when deposited in the b inks? The ti uih of my position is illustrated by the finan cial history of the Government. In IrtrfO, Mr.Craw lord, then Secretary of the Treasury, reported that the amount of revenue from customs, from the com mencement of the Government to the end of the year 1819, exceeded $*351,000,000. He also states that the amount of revenue lost by the insolvency of those who became bound for the payment of duties, together with the amount at that time doub:ful, was not quite equal to forty-five hundredths of one per cent, upon the aggregate revenue which had accru ed since the organization of the present Govern ment! Yes, sir, the whole loss to the Government upoo merchants' bonds and their sureties in the col lection of more than $351,000,000, was less than one half of one per cent.! and this enormous amount was principally collected through the agency of the banks. Yet it is these merchants and these banks that have been so much disparaged in our public discussions, as well as in the public prints Mr. Crawford also states in the same report, that the amount of loss from the collectors of revenue from imports and tonnage, from the collectors of the in ternal revenue and direct tax, and receivers of pub lic moneys, nearly eifiuiIs that which the Govern ment sustained on the collection of more than $351. I 000,000 from the merchants! He also estimates thai the losses, iy the misapplication of thr public mown by officers of Government employed in disbursing it, ?really exceed those which hare been incurred in thr collection! Sir, these statements present a most a)> palling foretaste of what we are to expect" under this Sub-Treasury scheme. If collectors and re ceivers, and disbursing officers, have swindled the Government of such enormous amounts, whilst the money was merely passing through their hands, what are wre to expect when they become the perma nent depositories 1 Ever>' fact goes against the system as proposed by this bill, and at the same time every fact goes in fa vor of the system which it is now suddenly proposed to cast aside! Can it be possible that gentlemen wish to expose the Treasury as it will be exposed by this scheme 1 I do not wish to disparage our public officers or those who may be employed under this system. But, I look at human nature as it is. 1 look at the temptations to which they are exposed. The confidence of individuals in their ow n integrity may be unbounded, and they will never suspect it till put to the test of such temptations as will be pre sented under this system. I mean no unnecessary or improper disparagement when I say, I have no faith in the safety of the public money if this scheme goes into operation. There is danger in every stage of it. And no opportunity will pass unimproved where the temptation is sufficiently presented. There is no safety in it. " You may as well spread out the unsunn'd heaps Of miser's treasure by an out-law's den, And tell me it Is safe, as bid me hope Danger will wink on opportunity." So far from there being no danger in the plan, there is no safety in it. But in the other, there is the absence of danger. It has been argued that the public money by beiritr placed in deposite with the banks goes to assist them, and the gentleman who has advanced this idea thinks ihnl it ouffht not to he so. But I affirm on the contrary, that it is right and proper that the public money should answer so useful a purpose? should go to promote and assist the objects of the commerce of the countty. The people are entitled to this benefit. But if vou take away all the specie from the vaults of the banks, you take away the e means; they will not be able to do any thing; and not only will they lose the advantage of operating with the amount deposited, but you take away confi dence from them, and they can do nothing. It is objected against the system of depositing the public funds with the banks, that they operate injuri ously as a means of stimulating to speculation and overtrading. There is, however, a bill before yon which will effectually prevent overtrading. I mean the warehousing system bill, by which merchants will pay the duties in cash, not on long credits, but on receiving their goods from the-public ware houses. The danger of overaction, in reference to importations, will be by this system removed, as the merchants will have to pay the duties, not, as under the existing system, after the goods have been thrown into market and disposed of, but at the pe riod of bringing them into the market, so that they will not import fresh quantities of goods before the duties are paid on former importations. Why do gentlemen wish, after the experience of a' good system, to adopt a new experiment 1 for let it bs remembered, the Banking deposit system, has worked well, and the present crisis is truly an ex ception to a general rule. You might as well say when a steamboat had burst its boiler, that we ought in consequence to abandon the use of steam, and in place of it try the experiment of balloons. The con sequences would ba we should come down again to our mother earth with broken bones or with a bro ken neck. Such indeed will be the result of the adoption of this scheme. There is no other mode to enable the banks to re sume specie payments than the mode proposed by the Senator trom Va.(Mr. Rives.) This amendment will create confidence, and when confidence is revived thev will bs able to resume ? That time is not l'ar distant if the confidence of Go vernment was not withdrawn from them, but if the measure of this bill is carried into effect it will I) ' impossible for them to resume. With respect to the subject of Executive patron age, it is not my intention to detain the Senate with any remarks upon this part of the Scheme. What the Senator from Virginia has said upon it islorei l-le and conclusive on this point. Let us however, bear in mind that we are not now legislating either for t lie present or for the past, but lor the nit lire. I apprehend no danger from the present Executive. In him I hnvcpeifect confidence. I have known him from early manhoodwalkingwithin the bounds and limits of the Constitution ; but the day may ar rive when the chair of the Chief Magistrate may !?? tilled by an individual ready to abuse his trust, and then our action will have iurnisncd him with the means and the power. Mr. President, this is a most important crisis in the affairs of the country. I wish other gentlemen could appreciate it as I do. We might then avert the evils which arc impending over us. Sir, we are asked to adopt a system, which I fear will prove most disastrous in its results if carried into execu tion but which 1 apprehend it will be physieallv impossible to execute. I will not attempt to dcscrilv ! the consequences of such a state of things I h<>pe i my anticipations may not bv- realized; but I look i forward to the consummation of this measure wuh the most painful forebodings. And I shall be hap pily disappointed if it does not involve the people ! the country, and its institutions in one great ana common calamity. Rcypliun (.'olloTt.?A specimen of cotton from the Egyptian seed, brought to Georgia last spring by Col. W. C. Dawson, raised by Major W. P Dear ; mond, of this city, has been handed to us for our | inspection. The staple is pronounced by competent | judges to be very fine, ami valuable on account of 1 its length. Should this cotton not degenerate In b 'coining acclimated, it will be a most valuable acquisition. Egyptian cotton commands in the Liverpool market a price midway between Sea Island and Upland.? Aupustu Courier. .Mnmmntith Pumpkin.?We saw on Friday, at the store of Mr Philip Wilcox, a pumpkin raised in his garden this season which weighs 13- I | pounds, and measures in circumference t> feet inches! It is of handsome size and color, anil ot a liind said to be good for pies. Mr. W, MVS H gr< * I from the blossom iu ten weeks.?Springfield, Mai-' i Republican.