Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-15
Twenty-third Congrcss.--Ist scss.
EXTRACTS


From the Speech of MR BENroN. of af;.,o,y;
ion VT evs'er motion 0r leave 10 bring in bill 10 pro.
long tue charter Of the Bank of the U. States.
senator from S. Carolina (hfr Cahoun) had res w.
deoate to the elevation that ed to the Senate h
mean 10 descend from that elevation not of sentiment,
ougnt anu style, to which he had no pre- nson I'm, In;
'ne mode oil conducting the debate descending to no
sonA' or partisan object but keeping solely in view tho
si.hn~ ,so.s u ao county, and the means OF
years since he had began oppose the renewal Of tho
quarter oil '' bank, but he had until the presen, mo
Kind oS occasion Tor showing the people tho
~ currency winch they were entitled TO possess md
pro1Sbiy would possess, the dissolution of hs Bant
ne oni'ea states This was view of the subject which
many Wished 10 see and which he felt bound to give and
winch he should proceed to present with ain ,Is h;,
anu Psispicui'y oil which he was master
that the p'see he was one Of those who believed
e government oil the United States was in,enJ., In
De nard money government; tina, II was H.. ;,,;
STATE, ,ha. , OF the Constitution of the United
oaes 'nat the federal currency should rons;s, f Iii
ana sverj and that there is no power in Concre. Is
s". VI 70 au'noze any company OF individuals TO issue
'"y SPECIES o. federal paperieurrency whatsoever.
Every clause IN the Constitution, said Mr. n which
osars upon the subject OF money-eyrrv .ariv s,,,
winch inerpres the meaning of these clauses
every historic recollection which refers 10 them 90
hand in hand, in giving to that instrument, ,h ~
wmch inns proposition ascrbes to it, The powcr nr.n,.
G 10 com money is an authority to stamp metal
c money! ara Is not an authority for emitting sins of -.
per containing promises pay money The an,o,t;,.
s.anea 70 congress to regulate the value of coin 10 an
OF .y oregulate Tue value Of the metallic money not
~ P'Per, me prohioion upon The States agains, n,,t
ing any ming but gold and silver legal tender is mo-
RAJ pronioion founded in virtue and honesty and ia ,
State UPON .ne Federal Government upon the
Sa'e Governments; and that without a written proh;h
uon Tor the difference in the nature of the two Gov
mems Is such, that the States may do al ,hnos which
mey arc not forbid 10 do and the FedcrL Car,n,
can DO nothing which il is not authorized bv The (ans
non 10 ao The power TO punish the crime of couo er,e
co 70 me current coin of The u s. and to The Sc
eues oi me u 81 and cannot be extended TO the oI.nc.
oil forging paper money but by that unius,iabe ~
@ winch iounds an implication upon an mpca
wor, ""u one implied power upon another. The
currency not in the Constitution; nor anv word
which can be made TO circulation Of ham, n,,.
lou ana siVer Is the only Thing for monev
and ev I;s,SS anu me only money, OF the Constitution
III eIy historic recollection, as well evety phrase in
e constitution and every early statute on the subject NJ
nocy confirms That idea. People were sick of paper mo-
oy doou' me tine That this Constitution was formed The
Congress OF the confederation in the time of the Ro
,on nan Issued currency Of paper money II had rn,
Sred Gsrees o. mat currency The wreck of two hun
oreu millions oil paper dollars lay upon the land The I
ers OF The Constitution worked ia the midst of that wrscL
49,, SOW ."e havoc which paper money had mad, upon
FL ues OF individuals and the morals of the public
"o'e.hea 10 nave no federal paper money
ihcy created hard money government: inv ;r,1,i i,
new government 10 recognise nothing for money but
go; a,u 'Ver ana every word admitted into the Cons
tina, sacred intention. -" ''''s"sAes
H. In the next place, Mr. b. believed that the quantity
OF specie derivable from foreign commerce aJ,J f., a.,
l"anMy OF gold dcrivabe from our own mines wera cI
~ sufficient, II not expelled from the country b, nm
laws 10 uraish The people with an abundant y,
gold and silver coin, Tor their common curremc ho
having recourse to circulation of small bank notes.
proposition Tree from dispute contestaloD ,b,t ,Ie
now SCI upon gold by the laws OF the United States was
IL % erroneous; mat these laws had expelled gold
rom cTcuiaeon; and that it the bounden dnty If
Congress TO restore that coin 10 circua,ion hv
u 10 It's just value In this he had the pleasure 10 co.'s
cur heartily Nth the Senator from Sail, " ron
Caihoun) ~ ''"' O"'oi"a' (Nr.
mai gold was underyalued by the laws of The u S,,,cs
which 30, h hon circulation was fact Mr.. Il. said
when every body did not know which few in 49,,
au an opportunity OF Knowing hu, which was
10 DC known' TO enable the friends gold 10 90 to IVORY a,
he fsht place TO effect the recovery of that
winch their fathers once possessed-whic tbs sh;,
VI european Kings now posSess,-wIcb The cizens NJ
Inc ~. 1rpuumes 10 e South all posscss-wlch even
we ee negroes OF San Domingo possess, which The
yeomahry oil This America have been deprived Of for
a l" ehty years. and will be deprived of forever unIes
10 its' root. "fr'J VIC remedy
nave already Shown, said Mr. b. that the plan for ,,
support OF public credit, which General Hamilton
forward IN I79l was plan for the establi.,nen Of f.
paper system III, America We had A. H., w. s''o
go'a currency which circulating freely and r,lIu IL,
ever ,e country Gold is the antagonist Of paper and
proper NIX Keep P dowS ire . With. inst and
man WIN carry hive, ten, twenty dollar uote in b
looms and a ca" ge guIntas eagles, half eagls oub
Tire new Bank OF the u. s., which Bank formed h
ing feature III The plan for the support of public credit had
aTeauy derived one undue advantage over onlJ In 49,;
put Oh level with il in point OF lie al tender 10 Io
government and universal reccivabI,i,v in all nar,.
10 ,ha' government: they were now to deriys a,nb
anu a SIN greater undue advantage over eoiJ IN 80
law LOT Inc establishment Of the National Min a.. ~;
,I "."cn also formed feature OF the plan for
he support OF public credit. II Ia IN ina, H., ,, ~.
we uace The origin OF the erroneous y,Iuatio, ~ 80
"hich nos Oinshed that metal from the cour,.u Hs,
secretary Hamilton, IN his proposition for the
u % recommended that the relative value of golJ N
siVer, should be fixed fifteen fer one. and H.,
nenu'uon became the law OF the land and has ,emont
30 ever since At the same time the relative v'i y,
hese metals IN Spain and Portugal tl,,onoIo,, H.
vast uoinnions IN the world whence our n,;,; :,
suPP"es OF gold were derived, was at die r,,e ii
'o' o"t mus making our standard six per cent b.Io H.,
s'ano"iu OF tie Countries which chiefly Produced COLL ~
was also below the English standard and Tho Fr,o,
s,duudfn ahn below the standard which prevailed m -
o'd'es oe'ofe Tie adoption of this Consttudon and i
was actually prevailing IN tie States at The time that MI;
"e" proportion Of fifteen 10 one Was established.
lie proportion Of 10 10 l was cs,sbG.heJ H., ~,
section oil The act OF April, 1892 enacted thai everv
PUupus "eIsh OF pure silver should be equal ia v.o H.
al paymeh!s' With one pound OF pure gold; and 50 in nr
po,o LOT Tess Quantities Of the respective metals Hi.
ac' was iie DEATH warrant the gold currenrv r. ~
Unfinished circulation Of that coin coon began - h. ' VI
VaOIe' Dut II was not Immediately exingush.d ssycr
circumstances delayed, but could not pfevent ,I,,
uophe l. The Bank OF the United States then ;ssned %,
o'e esS denomination than ten dollars and buf f. -
s,, mere were but three other banks in The United
o'aes' ana 'hey issued but few small notes: 40 that s al
no,e currency dd not directly into cou1ct co.,
eo'o; ~ Ihe trade 10 the lower Mis.is,poi cor,i -
oiIhg up from Natchez and New Orleans ior o,,n 49, "
sSfge supply OF doublooDs, and long supplied ooli 49,
&c ~ ,Ie new STATES IN The West Thus the ab.enc,
OF small mole currency, anil the constant arrivals -, 80
blooms from the lower Mississippi deferred The fI ~ M
gnu CuFehcyi and not until the I.pse of near 40,
" years al er the adoption OF the ettoneous stsni :
d. s 'e circulation Of that metal, both foreign an,