Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-12

an augmentation of capital and with such mod
ifications in other respects, as it may De hopeo
will be satisfactory to the community, LOOKING
IN the GREAT objects for which the Bank is to eX-
ist. viz: the distribution of the revenue, and the
regulation of the currency. The selection must
nacessarilv lie between these modes of proceed
Ing. There is no otnef ALTERNATIVE, DIS ~ appears
to me.
There is one other provision, which may
wisely be incorporated into the measure, whe-
Their its form be the temporary or the more per-
manent one. 1t will be recollected, that, IN the
bill which passed both Houses, in 1882, for con-
tinuing the Bank charter, a section was intro
duced which authorized Congress to restrain
the Bank, after 1886, from issuing notes of less
denomination than twenty dollars This was
intended as the commencement OF measures Tor
extending, in a considerable degree, the specie
circulation the country, by Withdrawing small
notes. The general idea then expressed, being
that if the State Banks would withdraw all notes
less than five dollars, the Bank of the United
States ought to withdraw all less than twenty;
thus giving to our circulation broad ground
work of specie in the first place; then an eXclu-
sive space between five, dollars and twenty, for
the notes local banks; and lastly, common
field for State Banks and the Bank OF the United
States, as to notes and bills ofall denominations
of or above twenty dollars. This object |
think of great Importance and one which ought
to be kept in view in all our legislation.
When we consider the present state OF opn-
ion within the walls of Congress, and with the
Chief Executive Magistrate, it is evident that
whatever measure be proposed, it must be sub
mitted to the people in more direct and en-
phatic manner, than is usual IN ordinary cases.
The intelligence of the country, and the distress
of the country, will, without doubt, sufficiently
attract the attention of the people, to any meas
ure which may be proposed; and their Will must
decide its fate.
wish now, SIR in conclusion, to say two things.
First: to avoid raising hopes which may be
disappointed wish to say that every well IN
formed man in Congress and in the country IS
lust as good a Judge as am of the probable
success or defeat of the measure. | have no
private information respecting mems opinions
or purposes still less any private understanding
with any ofthose public men who have hitherto
supported the removal of the deposltes. And,
secondly, sir, wish to say, that, while the pre-
sent state Of embarrassment and distress shall
continue, an adjournment ofCongress is thing
not to be thought Of Our constituents will
not welcome us; they ought not to welcome us
to our own homes if we should leave our seats
here without having relieved the country We
have the power to relieve them; nobody else can
relieve them; and it is our business, | think, to
remain where we are till we fulfil the just eX-
recitation of the country.
Mr.. FORSYTH said that from the beginning
u
rial or petition had been presented to the Sen
ate which had not asked its prompt and immedi-
ate attention to the wants and dstresses OF the
country. The Senate had been told by the hon
orable Senator who had just taken his seat
(Mr. WEBSTER that the condition OF the coun-
try would not permit of speculation. Such he
(Mr F. would say had been the condition of
the country for the last three months, and yet
the Senate had been three months specializing
on it.
Now it was told that the moment had arrived
when legislative action must take place. Why
then delay another week? Why speculate ano-
Their week on the distresses of the country? A
is to be made, but not at present; it
is to lie On the table for week. and we are to
speculate for that length of time on the suffer
ings of the people. Why not let the Senate have
the proposition at once? Why had gentlemen
DELAYED presenting it for three months? He
(Mr. FL conceived the object oftne proposition
of the honorable Senator to be to put an end to
the distresses of the country by obtaining the re-
charter of the Bank with certain notifications.
That no mistake might be made on that suoJect,
with respect to himself, ne would merely state
to the honorable Senator the terms on which be
is to expect his (Mr F's) aid in rechartering the
Bank. The rate of interest must be reduced to
s per cent; the power of the State Governments
TO tax the Bank funds which are used in each
State must be distinctly recognised in the char
ter of Incorporation; and the question OF the
power of the Government over its action must
be settled-clearly and distinctly understood.
or he would not go for recharter. He was of
opinion that for some years past the power of
the Government over the Bank had not been
sufficient, and that it ought to be increased in
the event of a recharter.
The vexed question as to the character of the
Government directors must be settled, and their
power recognised, or the bill to recharter the
Bank should never receive his vote. The con-
troll of the Government must be made greater,
equal, at least, to that proposed by Mr. Dallas.
Before he took leave of this subject he begged
to express his surprise and regret at the extra
ordinary annunciation of the honorable Sena-
tor from MISUNDERSTANDING the Senate was to
continue in session until the distresses of the
country are relieved; which was only to be done
by the honorable gentleman's plan of recharter"
ing the Bank. He (Mr. F. would ask, were
Senators to sit here to compel the other branch
of the Legislature or the Executive, to accede
to this proposition, which the gentleman, in his
Judgment, thinks the public interests required
Was this the honorable Senator's annunciaton?
Was the Senate to take stand of this sort to
compel coordinate branch of the Government
to submit their consciences to its behests? Now