Carlisle herald and expositor. (Carlisle, Pa.) 1837-1845, April 24, 1838, Image 4
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,