Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1836-04-05

things continues, or as tgoes on. there will
be no lack of ardor i'll opposing the Land
Bill, or any other proposition for distributing
oseffectually using the public money while
this state of things exists, or as it goes on.
We have certainly arrived at . very cx-
traordinary crisis: a crisis which We must
not trile with. The accumulation ofreve-
nuc must be prevented. Every wise poll
tician will set that down as a cardinal max
i'm. How can it be prevented! Fortifica-
tions will not do it. This ! am perfectly
persuaded of. shall vote for every part
and parcel Of the fertilization bill, reported
by the Military Committee. Andyet am
sure that, if that bill should pass into law
it will not absorb therevenue, or sufficiently
diminish its amount. Internal improve
ments cannot absorb it: these useful chan
nels are blocked up BY vctoes.
How, then, is this revenue to be disposed
of Iput this question seriously to all those
who are inclined to oppose the Land bill
now before the Senate.
Sir, look to the future, and sec what will
be the state Of things next autumn. The
accumulation ofrevenue may then probably
be near fifty millions; an amount equal per.
hdps, to the whole amount Of specie in the
country. What state of things is that
Every dollar in the country the property of
Government.
Again, sir, are gentlemen satisfied with
the present condition of the public money in
regard toits. safety1 Is that condition safe,
commendable, and proper? The member
from South Carolina has brought in bill
TO regulate these depositc banks. ! hope
nc will call it up, that VIC may at least have
Ian opportunity Of showing, for ourselves
what we think the cxigcncy requires
Mr.. Benton said that he rose TO second
the melton made by the honorable Senator
from Massachusetts,. This was q subject
worthy Of the attcntioa both of the Execl-
tive and of Congress. There was vast
expansion ofpaper currency, and gentlemen
would perceive that the United States Bank
was very far from being the regulator of
the currency, for the reason that it had set
'the example of such expansion. This was
'unjustifablc on the part Of that institution,
'and not the less so on the part of these
deposite banks. He utterly condemned the
conduct of both
He was at present amicably disposed, but
.held himself prepared for wa- against all
banks. He should not not now either
defend or cxtenuate their conduct; but he
had hand as ready to strike against them
as it was in the case Of the United States
Bank. He objected to a national paper
currency in toto: and he had series of
measures on the subject carefully prepared,
and which, at proper time, he should pre-.
sent for the consideration of the Senate.
MIR. Clay said that he had attcntively ex.
amined the document to which the attention
Of the Senate had just been called, and was
seriously impressed with the alarming state
of the thirty millions Of the public money
which was reported 10 be in the deposi,e
banks. 1t appeared that the aggregate
amount ofall the. CAPITALS ofthose Institutions
was only forty-two millions ofdollars, whilst
the Public had, or ought to have, in their
vaults thirty millions. In various instances
the amour. of the public dcpos;tc far ex-
ceeded the capital Of the banks. Among
others, the capital Of the Savings Institution
at Louisville was stated TO be $96,460,
whilst the sum of$337, ,377 43 was deposited
to the credit of the Treasury, besides the
sum Of 8 $4,000 90 on account Of private
depositers. Of the two banks in Michigan,
one had capital ofS s2s,69s 60 in public
deposites, and the other capital Of 8 l5O,-
600, and public dcpositcs to the amount of
q S7e4,764 IS. And if VIC look at the
commercial metropolis of the Union, where
near ten millions of public money are dc.
posted with three banks, in every instance,
the amount of the public deposite exceeds
the cc;Sppital Of the bank.
New the security ofthis vast sum Of pub
lie money is an object Of great importance.
Let US sec what it Is. These deposite
banks are under total liabilities 10 the enor-
nous amount of nearly seventy eight mil.
lions Of dollars, for paymeE. of which they
may be called on any one of the 365 days of
the year. And what amount have they to
meet these liabilities, in the event of any
such immediate call! Only about ten
millions Of specie! Only one dollar in abou:
eight! The principal part Ct their other
means consists Of notes discounted and
bills Of exchange negotiated. But if there
come any sudden ,pressure-if that con-
vulsion in the paper system Of which every
considerate man feels a consciousness shall
take place, these means will be found alto
gether unavailable to enable the deposite
sbanks to fulfil their engagements. Suppose
failure in the Southern crop, or great
reduction in the price of Southern staples,
the wants Of commerce would require the
expectation ofspecie to supply the deficiency
The hanks wo,,ld have N furnish tb;s e,,pnf,,