ea - than - -with;•• allanic...of-.Alie. United
Slet6i -these banks. were notOnly:',encouraged,
but 11'41 014 .to he free' and liberal in lottne
• -'--.-iinOseciiints,:tnadie. on:the_ strenitWof the, pub
to rnerelients and Other-hidividiials
eT.ltc , 7‘ •
cieculskr letter;front the Tr . eaciry.bepart
ittenty gthlressed., to 'lite si
tliit'date.ef, 26th 'September, r8:33;-Ints';ithie
nifictiitt clause which eould not
.2 - , •
••••••;"2Thi'ilePoiltes Of public nnnieY will enable'
%,.yo iit.o,eftbril-)iitereesed".;ficilities.to cornmercei
* -.?•ainTl6eittpitil'-;tiOuP:eeentiirriotiatio,n to, nitliviiiu
:
• 'GO eilun ent;el..ise. from .ftiehttSinels,:,,end.etite,r
,
• it ishut , VCa4l4l4.loo , 4l.lipxstiotoa . ) ; . -0 0 6re t r y d
addilionaticeorninutlation
;:z;,:,?;',,lie.ileposites.,ivill,"enable yelp; ipStitnttetts ; to gtvei
can
- ,be done:wititiutz.loiistica .
.otherclassesofAe.,CAntnitinit4f , :
Having. renal hii le
_',:;:-;;;'-thit--Seetite' to the',:29th.eeCtilkilAt the !iiit3loivi' .
ue,--There
charged" t 'eitfe',lf eepitigt;-:'nfi'....the•;•Ottblit
jrioney, -shalt ',hi •
• thereof..withi, -
.; L7' ..'ileenned
ineanor; „and-A,
e
'.". , pretty,Riece of 4 eonsiiteitey . .i,
ney were pot - el
l eft to ,theit own; .esii:•&for or; the ir
eti : to ; :itc'eointriodideothers,:as,heilig.itifficient
put::, - -they,-.4Yere.adin
directethtpeilbainci•eesed feel li deg 'to con.
- ..2lfiiefee; ail& to. esttend;•theiracCommoclation•to
--, ;;•':.indittidtiiilS, • since' , the 'public rniiney's in.theit
tatdts._woultl enable them to give sue ton
niter
.00
. dny officer' who _shell-An_ any, one Sarni . ,
' 443.w:-.ritulisi
, things, instead of-heing'praised-0,
be adjudged. guiltY of embezzle
ment 'and -of a high misdemeanor,. •endl4•to be
, • • ' . confined;for ought l_knew; in cells as dark and
• *dismal. I -
ta an .s aft' .s which are,t o con
.ptiffenek.
„, think; sir, that • the acts of. Governtnefit rented
_expansion, 3'_et, ,a erta opinionof
• -- — 7,11t4 - the - re - weint - yery - nridne - . - exptmsiowereated;
,'A • contraction,„ however, had•beguni'and. I am
. of-opinion, - that- had it not beep for the specie
-order...of Ju1y,..11336,' and' for” the, manner in
'..."which the edeposite law - was executed, the
• ";hariks-wouldhave gone through the crisis with
_
• lout suspension.. This is my full and firm be
lief.--. • 1 cannot, liotv ever, _discuss these points
They were treated with very great atbil
lity, last year, byti . gentleman.Who then occur
„lied in - ie . -of the :seats of:, Georgia-mi. tlds_flooi.
..:Whoinsoererlie Aid not satisfy,.l
vince.. Stilt - sir, tl ie.:question. is, . w het her theie
• ':' , ... - _tyatten excees,,ini the generatamonnt_efotir cir•
'-uch•exCess.. , •••
• by What standard - is filial°. beludgedr7lftliF
•-•:,": . : question'biri; whether there , he - toortruch papeT
in CircUlation, it may he: answered; by yi,fotilc.
.:-.lothe A ntotiot•of_ com.b . .tlic : bUidts from which
, i 1•.• the pipet...issues; beeausel am unquestionably
. v.": - ''of - Op_ution; - -- -- an opinion:which abthing,
shaltg-- - thafthe,truecriterbm bv.which
to decide the•questicm converti
Taper, currency, -is' the•amotint of that:pa
l.
.I,er ,comparCif - With.lbegold iri•the
''.lbanks - .:banks:' would , net be provett-ab
:' •••sciltitely. mut- certablY; - - Over). - etwe,; by -the
r mere fact . orthesttspension.4.specie
,payments
'.:;because suck an event might be produced- by
•: ..-Hanle, or other sudden cause,- luiving..poWer :Jo
:-.ltsturb the best. regulated system--of paper cir-•
cultition.;..;ll.tt(the immeifiate question now is,
whether; taking the'3vltole circulation. together,
• koth 'metallic and paper_therp - ii!li's anexcess,ex:
• in May, or is an.exceis /ItlW. existing? .• Is
:- , -•one Itundrecl,and thirty millions_an,exceSSiVe.or
undue 'amount of circulation for. .the
United
' . 131.41. ear .Seeing that .one part of this circula
;tion Is coln,and 'the other• part:paper, yesting
intended.Au_bc_convertible:,..is
The Whole Mass more. than may be, frirly judged
• . „necessary. to represent•the property, transac
".• ..ticrts, and the .business Of,,the country? ..or in
order to Sustain such an amOunt of: cirlulation;
faild..to keep:that part of it which is composed
attempt to draw. tO•ouraelVes More than' our just
j - propostion of that .metallic money;
. which, is in
'the.use of idi the commercial. :nations? Allege
• .
questions .
appear tome tii_be•but different.m odes
stating the. same inquiry.:
Up'on -this • subjeCt . tit.e May, perhaps,.., torin
~„•,..:, : signe -general comparing ou'rselves with
.Varithis'llu k iy ngs; dif
ferentliliiees and countries, to modifyr either by
-:. enlarging or diminishing, the demand' or in . o.
• ney_ . or:.curreney in- the, of business
• -still the amount of trade and commerce may
furnish a general. element of comparison
_he.
..twee.4 different states.. or. Alations,_
of.AinericanliMpOrti:.antl::exports in:1836
;jai) thri..:'e hundred; and eighteen millions; that
o f En gl a i l i, - -.....icelcOning , . the. pound -sterling, at
$4:
,pty; again, tv.?,ti.fiiiir huntiredlind. Pigmy, mil.
as ,neafiki i aa. aseertai p • the' guriesicy of
Ragland being ,_ ws statedi . sixty millions
fl.losl .
sterling•i'or.2twei. huer4 eighty eight mil.
ions• of dollars.; f li76:k Oilt.O.result from
_these •proportions the_ctirreiml7!:if the..Unlted
_Rates,. it :will. be found;, be' 'ofillitindredl
order ;to be.eqUal to :4;g
England; according to•the estimates of
;theVreaahr Tit did not, • even, in.that,year,:sit-
ceed•one . vie r • _ • an . eig itrtnt lions..- ' ~.. ,
2' . , , .. Our - poiiitiatim is about . equal to that of Eng
tin.d-an'd Watei.‘ : , The7 l- ,ftmotinf - 9 14 aur nie real I -
.. .?. :, tai,fonnage, perbips, 'one-fifth less:,.. But then_
, • "-ve•:lareTs . .to -- aonsider - : - thnt - ohr - cOuntry - JfvfOitly
,t'-wider and,c,M. facilities: ofin,t mind exchange,
~,:, —IIY -oneanitt itf•billt!: of exchange, great ly;leii.
- _-, Indeed, there - are- - ,l3pnelies,of - our ititetconrsep
,- - ii . ,t, which'Tennittancei caantit: be , itell matte., ex
-'•.• 'eeitt in.'eurreney; .- Take. one example: .the.ag
:••--.rieniturat:pi.oduct4iii.ientucky ai'n h 01.4 to the
::=Sou.tii - l' Bier purchases of commodities made- At
tlie...NOrthi , 'There ean,bktherefOre, - ; very little
. .i" , Of, direcfeichange:be:ttirecfter and ihe plades
..,,.. , ,oLouralukse,•, Bud, stile.‘„,„Th e tiade,:gOes t•oundin
,--.,... f i - ' eirelarthet;Efiao,i''', - „tyltilqthe - i - Banlc- 7- .of-;the
'-':':•.•:;.UnitC&Statei texisted,'.vg'imn,entsEttere made:lp
'-. 2 - : t(vait ipbuntinifiC". North aie East by eitizena
.- :-. o f..N e y . ii lt k . acd•s: of e•th - 6 - Statts ihnllgrly-pitthat
•":7-7-erlynopi. ti60.1-of-,titahange; buthis.the4u.).l•2. ll, of
Ihr,..Ontr „;.'_.,-- •...,--.', ... .--,,•.: , ,,1! ; ' : .. ~.1...;..- . - -. 1 . ..
.*.:-• . ,t , ',-,!•l:he'e-;;•leintaidC4tiottir .titigttient u th:o.: il'etiiiinit
, More Ahirti,all,,tb,e ., ciaii ntry,is ne . 'w;
for'ictirrc. 7 . 9 o.l" - : -.
= ''' ' sir; tdirkisrlhk;',i.44l,llA fli.Pil/t..'nf . prritiOrtY in the
-.... tiggrOg•ate; itapldly''! l .Pr.e., l4 ,, 1 !?g';,: -, ).xpe kaothrO.,
..zyearailliirty:sCven4mpt9ns.ot
__acres, of ;cuu; , 10;$:;;
• hie r r s ejiartitettlitni•44: 3 Yikt e P it, p 9, :yq rc ho ett i
=,. paid - ,forii:ancl• heognie ..titthipt-7tO r PMat 6 : l lidi4 --
' .. dualikwitersltiii; -;to.:.;transfat - Anti, - sale. 'and. all
'
tlleriiiP
o itiani tO.' - w -hiet o7the-• r , riari O, ta i t ' ec.i .is
~sUbjectL•.'.ttvilasathli,-boone^pfoprrfy: ixt. ,e
4v - heienoriiin . ,bought ina.gdia , fgeliimikyl. yiO
Ae.liiind4-,offGhiernment;*it , callerfor halok.
.:..',, ,petiiliffire;,fdinied , the .bssatatof pal t . f r ifisaptioli . i3,
.. ,
_Vd 0610, :11,0. - deinatid , fot earreney.,:tlVlthin
...„;', that:short Ipeiiodons7 7 ,pec s iT,C7liaViCb — ollititAilMi.
''..- GavgP)raOlt,it-tkrrltoryiaw large as Ole:whole -0 ,,
:---,l.E!'is,lttini: 40 il:;. ‘ 7, lllEs•,' . l,alici;'7ta . ten?:,toget. - her;' : .far
111 9":.fille bX : nittUrei .:._,•Prics . igerinjiiciectifilti
;yet the '' rettirnl- slinikii..ltY , ..ftup) )os4 4.)l,;_thrs ',lc
: . haie..been„ koilioe .at - •L`thti:`.4l - 4 - tiuni int,' pricii . a ii
5....A011ar and-:! iiiigr;:eriii.•'ilelia ,- ivi ; suppose" -' the
.. ytklup . .,:te'lp-- inereaied: ' in 444 , c0 iliqn,f , ,,ritio...iti
, ;whigli :#6 littov: the' *:yaht&potoi ;',li,liteitiiieti,
3)3'..sii eY2.1)11'./1 1- se 'Oil :lik: the 1)1' lintin t - io,4i ee ,
and begitunngti of.. . eUltiationt. at, itntne l l s e au - g ...
. r di:ciliation,
,if will"jesaily be -. per eivC4l;:is made';
'-' , •':.eoitilt - 40 6 -s ll ,9itf-: l, 4 ll lLpfilie'4gteg 44,• Oi'
•.„ ptioßertp.in .nonlinal - tirici . 'tiltto - rt;greatW:
.. tent,' in'FejAi iv:+ l 4, 4 , ." 6 .' ' '._' ~..,:::. i''
~' ~j. , •'; ~.
p,ii.titewi;olo.,Airi:; pprife'sq, i"knoS.l"ti9„pisiii.(l
- .by. - zW,Wicii-i e,i! l ;l' klod,o, that fit; r T2o6+4latiiin
IS, at present in e % r:o 14 :' I do notbelieve: itis.SO;
, ll'or 4 , 1 , 1y; t4ere;,' as 1 think, any 4 pie''pl4iiQn „an
--.•- • „ .
the value -money, tin to the moment of the
Stispensioli of - specie payn s rchts ; by the.-
tomparing our currency with-the
,'currency- of
other nations. An American paper doll.tr would
myas
'Vet' dollar in -- Bngland - , -- deducting- - only
•
- :he charge of transporting 41 dollar across.. the
tees)); because it Commanded a silver dollar here.
I;lh:re:May be excess,•however, I admit, where
het:e" is no present depreciation, in the Settle in
Which I now use the term'. . • ' • 7
It is hardly necessary to dwell, Mr. President,
pt.the evila of a Suddenly depreciated. dirOnl;;; 7 •
',,lt arrests busineas;Vlitsan : eild*) - .Wan'd
004 liirdiAt4ll '',.'f1041 ,- 00 - ,-I' . ?ijr - A6 . oerisfow" -- ;.*id
lirqq.);;*,l4,kill6fir'Alie'fieceliiit.);:::otH. foreign,
OaVi'lWe';'..corit.ralhiSliteSS;;diseenritgelenter.:.
• risei ala'Clie it ;the:- ha ti V. it c4 .. ital;- - nlid
ountry, - It
orfaiit•:lOThe.reni, ehribetted . ;;slOliat, , ' .
At niinotiteee•Ar*f..W.WlL:'Otli.C4Otifilii - LWO:tif.e..
to.day;
We; do-tOt••pretiteVetie oWn ..shippitiginteret - by
,• •
I the:
igh also.- • We'qittVe
to sja ,cottteW against :-the t.
se• • unfavorahle circutr
we. are'tO
Siff feir MAC' , bryttineOskittiOStiiiinti:On, -the
',ciaritpeil credit,: who can
tell 'What - May; be the effects-" Money 'abithd-
XiKßligfilidVei -c y4bundinit; - the . rate - of • in
ereat; therefore;•:'hy:'hi'w, 'and capital will be
Seeking iii•ioestineneWherever,it can, ive' to
find: If 'we delta*: our owbcurrency, cotW
Oulsively'.:ctiriaiLcheulation; - and break op cred
it,"lfoiiAtre.the-oornmeree:and navigation of the
United -State's to maintainilhemselves against
forelgoreompetition? •• • - '-•- ' - ----
• BefOra leaving, altogether, this subject of an
,
ekeessive
. .ctrculation, Mr. PreSident, I will say
a feW words upon topic - which,,ioh - ne
pertnit;L l .,Lßl9,mlCk,4o4! tp.ennsider more lengthr . lhtean,.sir, the pEopel:
ritics fora
. paper eireulatinn. have,oceasion
allY:2-fiddresSed-the-Senate-lon-thisbjept-be-
fbre, especially in the, debate on the Specie 'eh--
col:l47'in Becernber, 18.36; but I wish.to recur
to-it againi'-•becaose., I- hold' it to be.of the ut
moSt'impeitatice- to prove, if- it can , be "proven,
io the satisfaction "of the - country, that a cbtiver
iibfe paperCcurrency. .may be so guarded as to
be sechre agaihst probable dangers.'. I say, sir,
a convertible., paper citrreucy,. ler I lay it clown
unquestionable truth," ,that paper &in' bit
cqual,az
nd kept,eqUal to gold and silver,
but such) as is convertible- `into "goltrand silver,
en demand. But; I - have gone furth6r, and still
gO-ftirther than this; and I -Clinichd-thlit—eilii
coilvertibilit ti ough:itele indispensable, is not
a:certain ground - of rellan-e
There - 19a excessive issues of 'paper,.
even Converti-lest. will Of this
there can no-dOubt. - -}There, then, - shall a
regulator •be found? What princiiile of- pre-1
vention-may:We rely_on? - .L • . •
. . •
• Now-_:1-thihk;:sir", it is lop. hanks;
..„
in Judgin g of-their' condition, to'set off all their
aghast .all, AlteitTresources._,
look to - the-quantity of 'apehie in their -vaults;
and; to", the - mites: and- bills ',becoming: paya
14C;f1li' means or aSseiSigtittl; ivith . these, they
all ea to he *ood - to inOt theiercttirning-tu.tes;
aratto answer the claims . of-depositors. Stir:ll%
rs the Iniiik•itt to he regarded-awn - mere bank of
discouht,"all this is very 'Well."' But banks of cir.:
culatioh'exercise another function: . :BY the very
act of-issuing: their own paper; they affect the
aritotint of-currency. In England. the Illank-of
England r and in the United . states, all the banks,
expand: or contract - the - amount of cireulation,
eettryit, : its:they increase or Curtail the general
amount of their own' paper. And this renders
it : necessary that they should' be regulated: and
controlled. J The'queationlS,' Icy...what rule? an d
this atthjee.ting all.ban ks to the rule
which the mO4cliscreet of tlint qlways folldtv
nompelling them to maintain a certain fix,
ed 'propOrtion betYmen specie and circulation
witliutregartling deposits on one hand, or notes
payable on the other: „ ' •
There willlulways ocCiii - occasional flueta
de inand' for specie, bi one
country' on another, will arise . . It is top. much
tlie prae.tiaer when such occurrences take place,
: and specieis laving the country, for banks to
isstte more paper, 'in order to prevent a scarcity
of money:, But,-exactly 'the opposite , course
ishotild be adPpteir, A demand for - specie: to go
alit'pliCaltould• be- regarded as conclusive evt
!dence- "of the -necessity of contracting Circula
tion.
-If, baited, in such cases, if could be cer
tainly:kpown that the deniand would be ot'sbort.
oration', t h u temporary pressure Might be
_re
iieved by an issue of paper_ to fill the place of
departing, specie. Hilt this never can tie kniiwn.
lliere-issafety I._
, - -therefore but in Meeting.
the cash at the moment; mid in Conforining to
the infallible index of the eXClitinges. Circu
lating pa'Per',is thus kept always.nearer to. the
cliaracter;-,htl t o the .eircurnstance 'Of tlnit of
which 'it is designed to be the repreientative
the rimialionnaney, ..This subject might be pur
sued; I thirik, and clearly tillustrutod; bat, •for
the, present, 7 only e'xpress my belief th.,t, with
this experience-before- us,-and-with the-lights
riihibh 'recent discussions, both in Europe and
Anterici hold.out, a national bank might be es
thbllshed,xith More regard to its flinction. of
regulating-currency,, than-to-its-function-of-dis
count, on pyinciples, and subject to regulittions;
such as:should -render_ :itsOperations extremely
tiieful; and [ , should hope , that, - with an example
befin- them - o na - and 7 - aril ne nt adraritage,
:inatitiitions would conform to the same'
rriles arid principles;: and thit, iii this way,, all
the ailyantuges'or convertible
~paper might be
enjoyed, with juattseciiirity against its dangers. ,
- Ishave'detained the Senatetoo long,. sir, with
these SoliservatiOnS npoh the state of the country,
pecuniary 'system and condition.'
Aid' }Viten_ the ' banki have suspended
payments, imi.Versally; -when the infernal ek.
c_hanges-are :alt deranged, and the,husiness .of
the--mountry,,,-matt- s , seri dusly--Interru
tjtjestions:sire.l •• - ' • -
, : , i ,W,betlier the. measure before us is suitable to
~:lirliether:it is just , , eXhierii and
ru l 4l** 7 7 o f'.
tlte-po~itcre-snd claitie of Eon
-
i,YVhti'Stben:, : .sir, :will be.thci,tiractic4l 'opera:
tioti.anif, effect fir,i , ltiS,Mettattre, it' itlthoplcil#-
cinne - a'113q.,, , :: '
Like 'Session; '-, the
bill!prOpnses . 'nothing ;t4e.ft;Oieltitt
iitthe:,:dountryi.:nbtking - „Aq. restbre:.tiehangesi
nothing to big*
specie:ft)4:meilts'..krY.jtheXanki.. *hdlellird-.
fottied;objebt - ,*.t.ltetiolleatiptvAnd i iiishikrsiitiot
'i ) fSonriet,Ofilla,
deed', say,,..thitl.,3fi hen. it:filtall:gixinti:olleration;
.iiii!,.. - ocidon# l /liiil)..ro4.Phi' l 4:filkoo l _.ii#'effeet
on the bY ;. relit - rainitig the iasifi,-itf.4&,l).k
td;be: ttielltlAT:o9r,thrOW :44616 , .:410 _the
infixiiittglik44 ` s wichtS.l.YetirtOt.olks. - . ci,it.fo py .
)
intended;
the
qonlityy.: of
Or is a expected, o the Teifritra q t . thif
ii*ern
vc nttttnt,;tiisrcf.~iill'still=: tic; it eu'rreilq
in'ilieetinittry_folilie'itse'dr the e0P1e,,?,"-.
ct - d -- paPet*iiien4
will tbat4orirenCy , :ethislatTOrirredeemable
nots•L,
11.104. , ..14,11yiye :oirctaittallt4retofoiq,-, - ,The;io
qtiestiosts;Oiuit:bo' 4iii*et7eo;...befOre l .:vcre..'coi
judge apfurately`of . =the` operation of. this bill.
. . . .
' . As to an exclusive thetaltd -ctirrency, Sir; -the
Administration.on i •this.-pOititliS:regolarly•jauus.
"flieed.' - Out .doors,•-and, , ameng__ the people, it
Shows Aself , - '‘all'ci filtianf, all in-gold. ' r There
every-thing,isto be hard money—no paper rags
— no kl o siee - credits,-nei bank monopolies-L
no trust in papier of any kind, But in the Trea
sury'Department; and in the- tiouses'a - Con
gyess,!we see another aspect—a' Mixedappea
ance, partlyzold and partly pape,r;:gold'for.Oo- -
veriunent,.and paper fOrl,kfe,:people. , ,,:the small
voie-WhiChVjs' - 'heard ' Aterei alloiffalie'?alii'o,V4
rieeeSSify Of, Paiier :of- - sb the Sort,Mid.lkitifie.:eXe
teht.'..,:nuctlfe , sl,loiltain, telt mmum 3 , , , „ eman
thelestitiction'liaf all pants. si , . 04, t.,
.p......4.patext,t,-
roi'il'ap:i t ir,,opilligriei.:,oi - faittatiod,:.:;:,,' :.
~.Tc . ri p ,-peoto.,.t.lie:-.46.1.- , :roßrs„-,!!onsv,`paPo
money'„ iii ; all 'the,latillnesS - ,:aini.tktrffr.of lilt' lifillfr.
iily
riafee;, : but•;;tp•itiembers-:Cit.COngreSii: he is
ni.o7.o l h;ei•F et it. leit.', he, shOuld:Jrighten
,Aeir
isutoUtlfelrflilfs;:ife!here:OstraMsi. and
Weir , : fiiiirroariP,lis• gently aisanY.shat ing'"doi;e,
or, a;s ;it ,werei'-lany in glitingale. ~,, -,,
! te,-pfprac”.
tieability.oflati.4eltstre2metallie•eu rre*;.:the 1
fibinrilitkiif ititernPliiigiihyiiiraritlii iiiin - aEiffin -
I f:yil Ike. Jhls;lrit so, : Fri anife at, 'that'ttob ci dy: 4Q!*
44 . 0.e - vtiike.4i 0; 44 p 95, iSy±oy • readriniftig„it't,!..
gunagn ! : 11l that is said in i • ' iv sr is i eiteral
denuneiation: . (if- p'aper„..gencral,snitery,agaifist
the bankS,-and.;deelamation:_against !eXiSting:lri-,
stitutions, ftlll P erieutiOnd fury, aignifYitlg,no:
thiligl - : - .:E - ., - ' l •'': , i ,. ..'-,, - -!'`': .-- •' -- ••.'.•:,,- 'e.„ ;'•-','
__The....mornent, any one • ecinSiderS, iti ; he'seei
how thlicidods any 14;tich-Olenipt Would ib'e::!..'Aii
. excluSive - metallic circulation fox second
doontryion earth,-in the:nineteenth'cen
turyl.._ Sir, you might as well propose ,tolithO•_.
liskcofmnerce altogether: • - -• ,
, ~.„
-••- .
.. . .. ...
'l'he currency of England is'estimated at sixty
millions sterling: and -itis Mr. Mccilleeli'SSMth
cidatiOn, : that if this currency were al r gold,,•al _
lOWing only 'One-quarter Of. one 'per cent. for
Ayeari_of metal's;' the annual _expense; attending
such a currency,
,wiiiild be three millitms vind'a
quarter, a year, or _nearly five_per cent, npon..the_
w hole.. With us, this charge would, be' much greater. - The loss •Of capital would be" - more;
owing to the-higher . rates2of---interest ;_arifr._be-.
sides, all this, is the cost of traniportation,'Whieh,
M . ..a_c_otintrysoleXtensive_ms_ourS,:wpuld..b_e vas,
and not easily calculated. ;
,We should also re
quire, proportionally, more specie than is. requi
site in. England - , -because our. 'system -of 'ex
change, by meaniOrbill's of exchange, is, at
present, and would'be, under •stich a system as
is proposed; miicit less perfeefind - • convenient
than that cif England. Besides"-the English Inc.
tallic clicitlation'is`Mostly gold, gold being.in
England . the, standard_ metal. With us, silver
and gold both are mad standards, at a fixed re
lati oil ; and if -w C'-- sl Vol ild-su cce ed- to- keep_this
relation so true as to preserve- loth of the, - pre - -
Clons-metals-atrumg--tisi-(-which,-indeed,--is-not
very probable,) . our circulation ‘yould„he still
more - c - x - -- ensive.: and-xumbrotis-7fromLthe-qttaii- -
tity of silrer Which it would cOntaiir. - 1 - , The silver
ip the world is estinvated.to be fifty times that of
gold in _ amo tint, . -- and . consequently'_ something
more than three times in Nlt ' lle.. - Ar both ,.....
should
circulate, - t herelbre i requallyi in proportion - to-
Value; the currency, Would be three parts, silver
andione•gold. ~
•' • • - ',. . ,! •
... . ..
Now, sir, the annual expenSe of sum -h_a:circu,
hifion; - Upon the basis - Of Mr. McCulloCh's.esti
mate,_wouldicxeeed.the,whole:anntiat expendL
ture' Made for Mir - army and -navy.- - Consider;
sir,, ihe -amonnt.,,of . actual daily payments.made
in the-country. 'lt i - difficult to estimate`-it, and
quite impossible. to Ascertain it ; with any seen.
racy.. But we can-form some - notion of it, by
the daily annitint of Payments in the. banks in
some of the 'cities. In times of prosperous bu
siness-and commerce, .the daily aniount*Of pay
ments in the banks of New York alone has been
equal to eight millions- . Whether.weicall-this a
tenth, a twentieth, or a fiftieth 'part of •all' the
payments, and receipts :made daily in the coun
try, we see •to what_sa_ aggregate result thi:
whole would rise. 'Anti howis it, possible that
such amount of rereilit and payment could be
performed by an actual passing-of 'gold - and sib
ver-from Hand to hand ? . . ,
'Such notions, sir, liaully require serious refu
ution.
Nesident, an' entire Metallic currency
Would necessarily create banks . immediately.
'Where wetilit the money - be - kept;• - or how - could
it be remitted > - Banks of deposite Must and
would be instantly 'provided forit. Would the
merchants of the cities be seen, in their daily
walks of business, with servants behind them,
with bags of gold and kegs or silver on their
wheelbarrows f .What folly is. E,reat 'enough to
imagine. this ? If there Were - . not now`a bank
note, My' a bank - in the country, and if there
should be an OxclUsive specie currency, to-Mer.
row morning at nine o'clock,.. there 'would be
fifty banks before sunset. • From necessity, there
Would be created atone places of deposite ; and
persons having money id such de'positories would
draw checks for _it, .and - pass. these checks as
Money, and Peril one liandf.they - youjdrpass=to
anether; or the depositary . hlinself-Would issue
certificates of deposite, and these would:pass as
currency:. And all this would de;no more-than
just to carry us back two er...three hundred years,
to the infancy of batiks.. .We-should then have
duht• nothing but -reject the expirienee'of the
most, civilized nations, for some centuries; as
..eitruown_Letcperiepee, and have. •re.-
tuimed to the' rude
,conceptions. of former times.
These Certificates. of deposite would boon be
found to be often issued without any solid capi
tal,
actual depesite.. Abuses arising from
this seltree•Joatild call for legislative interference,
and -Legislature_Would- find-it__necessary_to
restrain . the:issuc,Of.'_papee intended for dircula
tidic li;j'etusasting, that such issue should only be
ma-te - en.the-strength , orecimpetent capital, actu
ally
provided'and assigned, placed _underproper
regulation, and nianaged.by petsous responsible
to the laws. . - And this'would bilng us again ex.
netly to the state of things'in Which . we now are ;
t hitt, is to say, tolheusc of the' paper of
. banka,
established, regulated, 'and' controlled- by law.
In the tneanlyne,r-before this_. process could - be
. carried thrOugh; ; ltalf the community would be
Made 'bankrupt , * the,Tuin of their business,
and by the yiolent and-revelutionary -eh:l'6oB_of
eTWO
property•-wiiieli:thce.ssweeld The
whole clap of debtors, - •all•that live-live - y
thistly than en capital, would he-SoverWticilmed
telthOncliatiegUistng.deatrnetien.
--::-.1juii-eZYZit . )..;„theitilsir; no,meh•thine as,a
"eighOWe: offer '`correricy;-- The' countryTiiitt
net attenipthig•iG
I phi:mid - 40e fejt too
'iniich'tittie::Witli - •anch•ilensett*tno:;prpeate%.
tOinOidgge:ifti*.i)Y9o .. .ii:itetA.d:ritinife#.objeOt
of``,PPartisa a to press incti ; inetnes - .000,n , -the -at;
tOritlen - Pf thit',pcoide;i44iiittScAbe.'war vigohist
41 4 e ' 1 )0 14
sort.;
inip#: ; bel.K'- The `from
9OotliOtiftraig.4timittipt pVerzirr ReCirit.
of the: e . tirr4noy a 'or 'cw,OlatiwhaF . ;
vpotetoOptigAlirit:pAp . Or putl4,:ta,be.Orevertu
pap
Q 1 , Tr.re4otitifiWittinttsco' firAs Wiheitl7
0O;y, hkpif*Llts'tpid',...iltt*.tik.g6ytprpot.:44
01104540-44'0 . 61*044 6 : 54 iti5fi : A . : 69 4tp ,
'oak
40140: kit 4 0.0(00 1 : MIRO and
Mentibihk': 7 , , ,.Cititit'4entteniOn:4lave - takee the
1000ie* the'Mtit44.tiOen'Api
Ittrn WillingAOrdisc o s
It 41:00 0 1 !WivalI .01tbittt0.-nt!i it*fi.
;:iftti.11101(111', stir ip.lq 447,11114
:4'004 ftwtlie:P:F°Y l3 .i.°4-
li r .ir4ll/4':.44o l l; . hityStill - Mt:'! ittv4. P ci P e r.;*'C'
'P1r0. 1 0194 0, 1 4 . P
t)0" tq.to
be . :olvoktid Trosk.titese 41tOffeth is
i
ii kot AO', tont Rd f0n0.1.4 Shim, 44*.rOtofore.'',•itl
•• A'
..nothin k ip do with,them, but, is .to
collect,.and disburse. its revenues by its own
means; and its own officers. - •
The receipt of the. notes of specie-paying
banks i 4 to be partially
_..allived tor some timei
'libut it is to be gradually discdntinued
years hence, we Are to arrive,:rtt. the'patitrity
and the slierfection.:of' Wllenthat
akkAPiciotis' . day;Cenieofgperittnent . te• receive'
and-ttijiar aifd . sif - Vei;.and ,nothing belt
goldand'~ilv_er;, ,;„
~NoW, M(;Prisideiit, let:u4 anticipatethialci - y;
ous epoc t,, •i,s.suppese : le, six. years to Nape
pired:il - Aitti;lo, 4 ;44 l 'liii*inte 4 ;it.
"S'iregie paYnients operation
al the ~pre:Sattlitair., * .What•Mll . thatz'operation
m Vonyenietice,"
regziiding:alL• gales_
th or the keueral iute
ristg of the. lieorile;'_lMW:' Wilt this, sy.steiitv.orti
tiveruld'?, Let 'us See,: '
pxpenditures. Mat •be. esti.
thiFtY
!NW-1114: m ate; , eitlier , % too, high or too
liitemitty fuwatice..%2-
the - 0,14, - 'llife - itirrr . '26f;tbik,ritillijons; .6o1;•
lettect u veiy'y ear , -, ! "•aticl.:it is' all tti)
beia'oiin: qiefhilr fuld;ovei"itollatalfter'tdolL.
pyce'after!gold-piece"i,and -how
many tritcd ter ifs I)lqto.e-into, that.,
The importing inierelitiM - ;• - 'Whoiic shiP. has-.'•ar
iiie-d;;4hd Who liai'ditsli - "diitieito:pay„'goes.lO
the . :lUfnklizr ltrendoneY;• - drid .41e:teller counts•ii
•&to•th&etiatorn-
Ifonse„pays.it,drlAffeolerlia CoUnt - it Over
Is twice.-: - ._. - Sctine ; _diei4';ifferWards, the collector
takes of - . hil - baga and'ehests'earries:it - A6
the _receiver:general's •• office, - ‘. and - 4itere,•: it.. is
counted again,'add iiitO-The bags and
Chestaof that office that ;Ole thirg:thild: - ..pre;
sently a warrinif - coines
faVor Of'some disbursing - Offieer,-and.theboxes
are opened, and, the necessary „Sums counted
Out: - this-is-theAniirthretiiinting • And„:.fifthlY
andi lastly,' the'• disbursing' •oflicev-ptifs• it to
the personsentitlerr.-fo'. - reoeis t e• on - cont mEtS,
or for pensions •s . alaries, or.ofher claims.--Thirty
millions':ol_harCl-methey are thus, to,be bandle.d
:inil told - over'' fire: time's - in the. Course :Or thE
year;_and if be fransfqs from
_place -o
place, theniTOf courae; tg count - ea - 4T) .
much - oftener. `Government officers, therefore,
are to count. over One hundred and fifty
of- dollars A year ;• which, ;allowing...three - hun
dred' working :days,in the, year,•gives fiv.d , hun
dred thonsancl dollars a day, '•
But this
-is-dot all:
Once a quarter, the nat al office.r is.to - count the
collector's' money, and the 'register in the land
office. is to count the".recEi . ver'somoney.' 'Arid
moreover, sir,,everk'nox-Juld then .the. 'Sem;
tary.:of,theareasUry is to avhorize unexpected
and impromptu countings-iii his-discretion ; •and
jicstto satisfy his min mind 1 .7 ,OP •
Sir, 'what „h .money Cottiding,'
changers 'in. 'Solomon's :temple will - be as
. no
thing, Our -sound . will go forth unto-all
lands.- W,Cshall all be . fike-the king in the ditty
of the nursery _ ': • ----• • - - ••••
e re-sat- t I e...king;_a:e.minting_ of is. money;"
-"You will-observe, Sir,-that these _receipts and
payments cannot Be_ made in parcels, without
the actual handl' ngcf each piece of coin. The
marks on kegs of dollars t : and the. labels - on:bags
ofgold, .are not to be trusted. --They are a part
aecreilit;-,alid allcredit,: all. f rust, •all . confiden oe,
is be done away With.: When the..aiirvevor,
for.instance; at the exiitoin.lionse,_ist
the Monty on hand, In possession - of. the collec.
tor; -or receiver-general, he of , course; to
conn't the : money. .No, other examination can
come to any thing.: Ile cam p :4,4h, from eater
appeart nee,,nor from'the - weight, -- wheth - m
the collector ha - s loaned' out' the-money, and
filled the bags and boxes up.with sand and 'lead,
or not. Nor call counterfeit - pieces be-..other
wise: detected than, hir'actual liandling. He
must open, he must examine, he must. eount.
And s 6 at the land offices, the mints, 'and else-f
where. If these officers shall have a taste for
• ,111,r. President, in all soberness, is not this
whole operation preposterous ?
It begins by proposing to keep the public mo
neys. This, itself, in the sense the word is here
used, is a perfect novelty, espedially in the
United-Statcs.---W113.-keep-the_public_moneys...
that is to say, why lioarirthem, why keep them
out-of use? The use - of money is. in the ex.
change. It-is designed to circulate, not to be
hoarded. All That Government should have to
do with it, is to receive it to-day; that it may pay
it away to.inorrow. It should not receive it, be
fore it needs it;. and it - should part . with it as
iinzi - d - as it owes' it. Ifii - keep
tain it, to hold - it back from 'general - nse, - to
hoard it, is a conception' blonging to _barbarous
times and barbaronsGoternments. How would
if strike us, if we should see'other great com
mercial naticnis-acting upon such a system - ? • If
England, with a revenue or.fiftY ster.
ling-_-a-year, - -were-found.to be collecting and dis
bitning- every Aldine -- money;
through all the•xamificcitions of Her wrist expen
diture, should we not think her mad ? But the
.iystem is worse here, because it withdraws just
so much aCtive capital from the_ uses of a coun
try that .reqUires - capital, - Inid is paying interest
for capital wherever it can obtain it. I . •
limit now, sir, allow me to:examine the opera•
Lion of this measure upon the: general-interest
of comnierce ; and upon the general currency of
tlie. country. And in this 'point of view - the first
great inieStion is; WhOt'amptan: rf gold.qnd sit
ver operation.phsTraet - from - the - cireula
:ion ofthe country, andfrom thqustollhe.banksY,
- `in regard to IbiKimprottaiit
withciut the means of forming some judgment.
An official.reporcfrom the. Treasury, Made: to
the..,other
‘ House; ; :shoWa_thht,: for, thelast. tenyears,
years, there.`:bas been, at the eild - or, eacti year,
on an/Average, fifteen Millions and foOr hundred
thotislind :dollars in . the 'Treasury? Arid thi s
stun is •exclusive: of all that, had. b een::colleeted
of the'people; but hanOtiet:reached 'the' Trek:
sury - i. and also ofnit that hait'been-# •- raWn Pont
the Treasury by dishursing-':OlfiCer4fif , Whieh
had nof 'yet lieen individuals.
Adding_these, ms ; together, _sit., sktidlllie - xesulf
thlitoitalOYqr,age for tllo..lss.t;t4O•;i:earlk *ere
have been , :atleast.tWentymnillions:sif; do,lfirt3 iii
the';.Treastiry, - ,1 ito•not mean, Cf:•,Ourse•,•Ahat
this 10,;41 . 2.0 . . whole of •..it; - iinappropridted: -. 7',.1
thas,arnohnt bas in fact:been '~li ;the
rol''.undqr;4PrepriatiOns.,;.:so, - 11..tat
Treasury :ached - kg 114:6 . 66 in Opet'd4Or,lo-liinea .
00;2 - id; the, - . ; ••!.tWe dty
Mil I ioida i,..4o;lia4)cOlistaqtfr J 0,6 44:
.titt• i yeaoo.lie - Wlikite - ,dPMOn't
of silver agcl gold'in , tniff . i,d,eelind,
hi;
eo iwkete •, ," ,Ir , rat l lfM,J t - W
.
ciffil ;,9 0 C111 . 4"
d
oitl6#o4-:ip;;One 1
pe
n•the; , ooitry.• - 1496eev,
retdere& istselesSl6'alrpurpoies:af
404,1; 4 .l .iiillos... t. a; 4 4.fj,t 4 eie-PalltliAllißc't - In' its mt.
btry . . l 4'At., lm cohoeivablo' any
op oh
9 4, r : lfiit,Yoo. 9 o l ;a4. to
seci-the,464ruct u lye effects -,Or.listich p Dlicy 'o'n
the COMMereeanti cuyNtic:y-or. the country,?•
tt , tie',•the 4.o6m:does:Mit:conic into."ope:,
rat on ah_at once , it:stieghis3lfi commit 4 fir
speieltiftm&liiitelY; callii'ubMi the ;slid
tliqt " 009 76 ?tYlitj p."VttNYV. I:600 site 'rrc'9!llliat - th 1 47' 'OO
Y00 . 01(0 •- the eoe~nfry
18.Aggringfitt.thOialiLo f_ptiqtejte#tehOhe'Or;
ctit TliWfirWelofl o
ihfs,
it is. eXpeet&l;
• it hit* litiVatliftie 1 10 - 4 4 0 0 i 104 1• 0 0t 2t )l e Nei*
INS
rah currelid'y of the country needed to be
strengthened, - by the - introduction of:More spe
cie into the circulation. This has been, insisted
on, fur years. Let it be eoneeileit.'t - -•Vlititie".:ad:.
'mittedi it,, and,. - indoed,• - .conteialeil - fortheit'irk
p IlEjetbfrifo;:iiig eiitlei'tvyt•eil,to'jsrove' it
dt-s.trin to. , everyliody,'t hat a ny
idditroii•cit.'iikete; jit . 'OrdCrtia - be.udeful, must
eitheit 7 go•-info, - AC2i;cirehlation - ,:iis a 'art of that
eiretligic9."Oe.o4o(...-Mitatlia into tliebanksijit
malls theirrtille':litetter..tet::ansfai it... and '• tedeem
alien -'p 'this•billja.: - Calculated , ,lo pro.
itiptemeither;pf-thOse.:Chdif, , hut ..4actly , the re ?
Verse:: ~li•witildrawS-. „ speoietfrotit,the.•,eireula,
Wit tut,ffoin the,barika; , and
-in the t'll'eitaury... 'ft weakens=the
g_4llo-taLeireitilitiOn . - -...1,Y-ii - akingiAlteLpiirtion of
specie,:-.-whieh is - part of 'it, so much theleSsi
.we*ens tlie. , :hankSi by reducing` the atimant .of
thin•:which' • supports their' .eiretilitiEn .The
gencral.:-evil. imputed to our currency, for some
yearli, past; is; that paper has formed too great a
pOrtion. of, it,, • The-• ppetation_. of this - Measite
must 1416 - inerease - Muit thave ad
- • ,
ipittect-the-evili : lindhave.. , conettried melisures
'the with drawing
end that
p ley; and-Supported it, as early .s ,1,832.
colleague o - that period, was
plai6e4 t t chief magistra-y Of
Slitssachtiiietts;
lehgth*,•:o . pini the..-ittention;pf.the,l.egislatureof
that--4tate.- - -I,stilk-think-it:l-was-a -- -right, policy.-
Sh*iif,th . c.Siatea . likd
the' 'meliSurei - Orthe ~lilmittistralii!ii;, and; espe,
cially'lltis-prOpoSed .. ineasure;-prOw:this . ..ptilicy,
ill' aback. ; undo 4 oot•e,,all 'that we hate
beenc - laborhig... - ,, , Suelt r iand - so•-ipe:rtinacions . has
been the'deniand.of Government for specie; and
such neW.derriamidoeS:this - .bill, P,i:otnise dre
tite, _that 'the.. Slates hate - found the diseltie - s ChM
pelled •affain to isatie•stnall- hills for- the use of
ilayof:riejoicing, ,
as we
have latelf.seell,- among the; people .of :New
York, whem:the Legislature of ,that-- . State-sus
pended - -the small-bill -restraining, laW; and _fur
nished tire-people :with .soom mediunt for small
hayitieliti;ls•etter than•the•iniserable trash, mit ich
nowannoyi.the cpnitnimity,..' • . • •:- _
Tlio'Veriimpitt;
dentlybreaking.clOwn its own deelareit - ppliey;
it is defeating, openly, and miinifeitly_defeating,
its Own ptofessed objecta... .•
.•
And yet, theory, imagination; preitt timt lions
generalization; thealiplibation of military- move.
r.nents to, ciestions-Of
. commerceind finance,
and- the abstractioni
. p . f etaphysics,Offer us,-In
such a stitt.,CZ'of •• things,- their _panacea. ',And
what is. it? What _is -it? -What. is to cute or
mitigate these evils i smwhat is to ward off future
--„th-e:itioatiagredable-ie
medy imaginable; the kiddest, s,- tenderest, most
soothing, and, solacing application in the whole
woael.....Nmli g';'.s l *, not h
Smart, delightful, perpetiial, and irreconeileable
warfare, between the Government algae United
States and 'the State banks. All
. willbe well;
'we,are-are- lientlie , Geiverninent and the
banks :becomeantagenistiCal! Yes, 'sigt."anta
gonisticahl.l.that is the Word.- What a stroke of
policy, si“r; is this. — lt i as delicateirstratakern
as poor old King Lear!s; and a good deal likeit.
It'proposes that-we tread.' lightly along;
in felt or on velvet, till we get. the batiks within
our - power; - and then;,” killi
Sir, we play talk as Much
.as we4dease about
the restinipticipl - OLspeele payment's, 'hut I tell
you that, With GOvernment thus warring Upon
the banks, if resumption should take place, 'alio
ther spsPintsiOn feat: would:follow: It is ,not
war, sitc.cessful • or. unsifecessfill,- between
errunentand- the . hanks; it is.only'peaCe,_trust,
confiden'oe; that -can : . restore the prosperity .of
the country.. This System of Perpetual annoy
ance to the banks, this hoarding •uppf money
which the • coutntry demands for - its ow - ii neces
sary uses, this bringing of the whole revenue to
act; not in aid and furtherance, - hut in direct
hindrance and eibbarrassment of commerce and
blisitiess,iii_uttexly._irrecourihdtle..2Avith_ahe
public interest:, '.--We shall see no return of•for
me r times till it be, abandoned—altogeth ei aban
doned. :The - passage•of this bill will create new
alarm. hull. new. clistreiis.
Peopleliegin. already to fear their own Go
yernMent—TheyJnixe-amectual_dread-bf-tlienie
who should be their protectors and go nalians:
There arc hundreds of thousands of honest and
induslrious men, sir, at. this very moment, who.
woullf feel relieved in their circumstances, who'
would see a better prospect of an honest !
hood, and feel more sure of the means 'of' 'food
and - clothing
.for their wives and children, if'
they. slfOuld hoer thetthiSpleasUre had received
its-death.,--Let• usr, then; sir, away with
:we net- see the.worlaproSperoui around us? Do
we not-See -other Governnients and other na
tions, enlightened by experience, and rejecting
arrogant innovatiimie and theoretic' dreams, ac
complishing:_the great ends of society ?.. •
-Why, inr,---Why-are.we,-why--er-we-alont
amoog the , greet-eommereiel States?
we'to be kept on. the rack and torture' of these
experiments? We ihave_ _powers, . edeluete,
complete--'powers.-:•-Weneed only to ekercise
them; , we neeiFonly . to perform our constitu
tiorial..d:iity, and: we shall spread:content, cheer
fulness, and joy, over the:whole land. • -
Thisbrings me, Sir, tti the second inquiry.
4sure,-Mr.-Presitten4.a,inst_exercise
of the powers of Congress, and. does it fulfil all
intr .: Andes? -;•• -' • • •
Sir, I: littlie so often- . discussed this point, I
jui: - seVeral years.
psSt; 9,n the constitutional Obligatiop ,of Congress
that;the Senate
must - he already' . tired of the speaker, • if, :not
Weary oftlie - topic; and yet,, after all, this is the
great And paramount iptestioM- - , lJntil this is set
tled, the - agitation can ne %M. be. quieted. If ,we
have.not.we. leave 'the! Whole
subject in, tlie hands 'of-those who liave
no hands;:-.bitt if T• tve: have the,ptuveivive - are
bent,idte eiteiciSe :'an - d.everk,day's -neglect-is
iliity.yrthereforc
that-',We',ltavii - ,the'power,.:and ess its
exercise , the tw, - Fletisee - ef .CoCgre
agaiitassert;that o- the-regiilation'ef_the general
currencY-H•of,ilie:meney Of - the comitty, What;
ever actually constitutes that money-is one of
CO 'solemn duties. ; ' . • • •
yhe Constitutiow.eonfereon: us, sir, the
of eeinage..ThiS must.liave been
cionti - forTttie , 'pnrpoSeofrenablinr. Congress'to
4tabliiit'One uniform baoli.forAhd,whole ni,"Oney
systeinCOnereSs, , therefore - ,.• and
,Congress
alone, ; over foundation,the
groundwork of the currency; --and it wohd be
strange and ',tinontalons,- having this,-if it had
nothing to do Witt. the structure, the edifice:to
he , "raised faundation„ , ,,'Convertihle,pa.
per yaii'alreadYin7eirculation, when the Condi.
ttitionWasfeamed,:and : Mnst4llll/6-beert-expeeted
fq,contiiiue and to increase.' Out,the cuttila;:
deli - . Oper tends•Ati'd space: Coin; .it: ,nay
banish it attegethem at- this, very (riOrnent:it has
hanished it. Ili:therefore; tlwpoWsit: over, the
ebin . does iot:enatde Congress to., protect the'
, and restrain, atiy,;think . ..Which . . win*
superced4:lt, - ..and;:atiolish • 4. 4 . s use,
.thcwhole
power *onica'ung4tory..,:"...3l others May 'drive
out ;the),ebin; - .ajul• - . , ,411;•.thei. - Countirwith paper
whielydoesinet_represenf'Ooini, of What .ttr : :
134t(31(1.1010i that, exclusive licOer over. coins
androoinao Widely ia
CiMititittion?
.-...
Ant
pipee . cireitlitiOli to exPO
thetsar; 0'41; for vary yea.
ikon, 'ty :tit thilr.t from• all connotii on
with I.llo•getickid oii•reitcy t jiligt•t4l44l6l‘TF,.
11 1 01C7,41tigiklitattilai;t4Ar:4L!le4-
ot=.-Prrlig9ting
t)l,o. coin, nrmicling fn paynt6lts,to
Thii.seeyns to, me. to'be .
i!aY'"of regsoiting,
co,lidget ,-. 41/I,...coinate• PoWer . was
.
given to be used Sm. the henefit of the whole . '
ctittritry,..ati4TOtmerely to.humish,p i mediurn for
0)&0011v:0 .
011 iffrevenue:.,..The4 object was to
se's - fiTe; ; , use, of :thc7people, a
01* itiOsaf,:;"c_rculating-niedium. • There can, .'
he up dliubt-.. of this - intent.' - anyf arises,
threatening this Medium'
dr .this'etterency, ".dutris to meet-it, not to • .
retreit , froin it;:te'remedy, Knot to let it alone:.
we'are_,to control and-correct; the mischief, not
to :Su h mit :tti, it...: - .Where'ver. 'piper. is to ,eircul qte,
as subsidiary to Cain, 'or- as performing, in'a
gieater or less degree, - the.functiOn of coin - , its .
regulation hattiOly beliangsto'llie lianas which
hold the pOwer: over the Coinage.
~ This is an • •
adinitted maxim by Wiiten; it has been at'..;
(flitted and:acted. opon,.:_ctUlall-neeessary-obe
mons, by . - our-oWn Government, throughout its , - •
whole,'lnstoyy..., - Why will we now • think our- '
SV.lfies,wiiter - than all-who have gone before us?
This conviction of wrat was the duty of GO.
Verninent led to - the establishment of the bank
in the
.AdMinistration Pf"Hetieral Wa shington:. '
Mr. 'M - adigon;:again, acted upon the same con- -'
viethiti , iloBls,-Land.:•Congress_entirely--agreed..:-'
With him:'.odforater ciczastoaSt - . I have referred
the Senate, More. than, once,' to . the . clear and
emphatic - oplnions.andianguage-of , MrAdeclisoni-,:-
' -- his- -- Met . riages in 1 - 81 - 5 -- ent1 , 1:81 - k7m - d - tfrey'
°tight, ,to . be repeated, again and again, and
presited upon the public 'attention, -.
~ . •
And now let me say, sir, thet no. man in - our •
hiStory lia - s_carriediltialoctrine farther, defend- •-• .
, eillit_witli_more__ability,_orlacteil-MporOt- with-: ,
attire' decision and
,effect, than the honorable
Member from SoutitCarolitta. - Ilis speech upOn
the bank Jill; on the 26th - of February, 1816,. is
'Strong, full, and conclusive. ,He has heretofore '
said that Some part of - what he said on,that oe- .
casion does•not appear in the printed speech.
hut, whatever may have been -left .tint' by acci
dent, that' which is" inthe speed' could not hate-
got iltby accident. - Such-accidents do - not - hap.: ----
pen. - A, closeiwfllconditcted, and,conalusive . ,
constitutional argument is not the restilFh - f - Int .
accident .or of chance: and his argument on that .
oco'sion, - us it seems to me, was '.perfectly con- .
clusive..- . lie founds. the right of regulating the
paper_cprrency..directly - on- the coinage pow.
" The only object," he says, "the power:"
framers,ef the - '
Constitution - could 2 have - iir - viewi - M - givin - riti' - '7'
Congress tbe_power to coin Mohey, regulate the .. ,
v,alite_thereof, and of foreign 'coin, must have ''•
been to - give a 'steadiness surd fixed-value to the --
currency of the United States."' The state - of
thing's, he insisted, existing at the time of the
adoption of. the •Constitution,- afforded an erg,u-
mentAn_Support of-the construction. :Ilicre
then existed, he said,- a depreciated paper cures •
rency,- whiell could only 'be regulated-and made
uniform by giving a Tower,_ for tliatpurpose,-to
.siip :0-eleng.Gpy.ernment,.__',.. !. .-. = „.,...::,
- ~1-le:ri i rticeedea-to say that, by a sort of utTder-
, current, the over of 'Congress to regulate' the- •
monef of - the_ p cour tly on ,
tly had caved in, and-upon
its-rum
its -rnm'had - liprung up those instithtions Which •
now exercised the right_of making money for - ,
'and in the United States: ‘i For gold' ataksilver.„--
(he hisisted)' are,not the - ibillymoneY, hut What
ever is the medium of purchase and sale, in '
which bank paper alone wa e
s,mow .mplii-yed ~ • -
and itad.thereforii, „become the money of the -
conntry." "" The right of making money," he :
added,-.fan httribute•olsOvereiga power,a sacred .
and iniportant right, was exercised -by two-hum -
dyed- and sixty banks, scattered over every Mart._
of the .United-State - s.'-! . - - • . „
•Tertaittly,-sir, nothing'--can be . . clearer than ; '
tble hng_nage.:4,,,Land,..octing vigorously upon _
princiPles thus:plainly laid down, he conducted
the Bank bill through the House Of Represents.- , •
liv.es... On that occasion, he Was the champion (' -
) ,e
of the .power of' Congress over the _currencY; -
and,otheis M ere - willing to follow his lead: _
But the bank hill was not all. The honorable
gentleman went much farther. The bank, it
was hoped and expected,, would 'furnish a good
paper currency to the extent of its own issues;
but there was a vast quantity •of bad met its
cirenlation, and it was. possible that the mere
influence of the-bank, and the ref ;sal to reps . lye
this bad money at the Treasury, might not,,
both,- able. to banish , it
: entirely from the"
country.: The honorable member meant to
make clean work. He meant that neither Go. •
vernment nor people-, should' sutler the evils of
iirecleemable_paper_ _The refore,-116-brought-i
another bill, entitled '€A bill for the more of
fectual collection of the public revenue." By,
the provisions of this bill, .he proposed to lay a
direct stamp tax on the bills of State banks; and
all notes of non:specie paying banks were, by
this stamp, to , be brantledz with the following
words, in. distinct and 'legible charasters, at
length" nor SPRCIE '501i..." For the tax
laid owsitch notes, there was to he no composi. :‘
tion, no commutation; •bqt it was to be specifi. •
rally collected, on every single bill issued, until
those who issued such bills should announce to.
the , Seeretary of The 'Fre:miry, and prove to his
Satisfaction, that, aft(ir a day named 'in the bill, ,
I,theitznotes:— . Ntduld-bO-paid-in-tspecie-cin
mand. • '
And:Oow, how.is it 'posiible o sir, for the-au;
Clair of such a meastire4s this, to standup and
r„ ..n l / 4...„,
declare, that the, power of Congress°ye the
cu irency is limited to the mere 'regulation.°
coin? So much for our authoKity, as it has here. .
lotbre been admitted and acknowledged, under
t ae coinage, power. .
Nor sir , is the other -
source of poi/Jeri' in my
opinion,. at all inoreclue E
. Congress has the :supreme regulation of corn
meree,-. This gives it; necessarily, a, superhf
teitclCnce over all . the interests, agencies,_and
instruments of commerce.. The word& are .ge-
perakand they confer the whole power. When
the, enirligWeiVall - theliiiiiiiliiiLittiiiregi - f - ei. ---
Money is the chief •instrument pit ent of coin.
mercer, there' can, indeed, be no ' commerce:
Without 'it•, - which deserves the name. Congress •
must, therefore, regulare It as-it regulates other
indispensable commercial interests. If no means ' i
• W - ere - toli - e - used -- to - this end but - 9101as are par
tiCularly enumerated, the whole .itliority would
he:migatory, becauseno means a . particularly "
enumerated. ' We.regiilate ships; th ir tonnage;
their measurement; -the shipping a ticlest the .
medicine, chest; and various other things
gi ; be..---
.
lonng to them and all:this We have no
thority but th'e general, power to regulate, corn. ,
merce: none of these, or other means or modes
of; regulation are particularly and exprei4ly
pointed Md. , • .
.
--- .ltttica- ship - icritore - itnportant -- instrumento ---
comMerce 'than litithiey? We . protect a policy
of, insurance; bedause it is- an important' instru.
merit of Ordinary, commercial contract: and our
laws piiniall With death any master of a vessel, or
others, who Shall:commit a fraud on,the parties . .
to this.contraet,by castifg. away . a vesseV For -
all Oil we; liave.‘ no ' eip ess authority. 'We infer •
it from the general power of regulating coin-
merce,„and, t we-exercisolle-power7in - this - caseT. --
ti • cause.wpolicy of insurance is one of the usual
justrumehts• or means . ,of commerce. But liMv
ineonsiderible and unimportant. is a policy of
insurance, as the means or_,lin instrument of
o.4onrietiefi compared With the whole circulating
paPer of a,conttryr ••
•-.. ,.• ; •
.-
Sir.tlie:ficiwer.is. granted to -tisOind granted-
willintit'any-SpeciflOgion of means; and ttesro. --
fore-,We - May . lawfulfy . exereisc. - : all the usual
* means... 11.-need, not. partieularize „Iltesie Means.
ntir - stateYat - present; what they,aris,cirMaY he.
One - ia;:ilo thiubi, . a proper regillation of reoelpts
at` the C.Ustcirit]diou'sea . ,and land 011ict`s.' Bat_
1-47OritSele,.'is,-nOt,Oneugh•:Another is a 'ilia- :
tionaddiankovhich 4 - full,v - hclieVCi
Would: even
nc".4ai*Vcr,..iill deilred:ptirposes, and. rein•Statc
the:'• ,curreney, in nhtefy days. ', These, 'l think. •
are.: he,rrieintste 3 be:hrst tried; anddA notwitli.
atnntlieg :These; it'redqernalile paper should m
w iia n iri t s.,- . 4ilikeyi,.milia-. , :bq - , resorted:- to,-- -we _ . .
have bo,direet.alithority, over State banks; but - : .
we haVe'power over the -currency, and we.must •
'p'rotect-it, using,' of coursei, always, snob Means,