The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-30
ExrRAcrs from Mr.. CALHouS's Speech on the bill
20 reeharier che Bank Of the United States, March,

. f.s Z !. ( Il
Any sudden and grea. change from our present to
sounder condition, would agitae and convulse
society TO its centre Whatever may be the different
theoretical opinions Of the members Of the Senate
the extent to which the reformation Of the currency
should be carried. epen those oho think may be car
ried practically and safely the entire exclusion Of pa
per- agree that the restoration ought not to be
red further than cautious and experience shall
prove that it be done consistently with the prosperity
Of the country, in the existing fiscal and commercial
condition OF the world to 90 beyond the point which
experience shall show il is proper 10 60, would be to
sacrifice the public interest merely to avorte concep
ton. ts
But there is in my opinion strong, il not an nsu-
perable objection, against resortng to this measure
sung from the fact that exclusive receipt of specie
in the Treasury, would to give it efficacy and to pre-
vent extensive speculation and fraud require entire
disconnecton the part Of the government with the
banking systen in all its FORMS and to the strong
box, the Of preserving and guarding its funds
a means If practicable ut all in the present state Of
things, liable to the objection Of being far less safe,
nOmieal and Efficient than the present.
To SUPPRESS THEM (the banks,) AT ONCE, WOULD I
GREATER G HANGE IN THE RELATIVE CONDITION OF THE
VARIOUS CLASSES OF THE COMMUNITY, THAN WOULD
THE CONQUEST or THE COUNTRY BY A SAVAGE ENEMY.
II experience shall prove that the power Of banking
indispensable, az believe Il to be- in the actual condi
ton Of the currency Of this country and Of the world
generally, &c
Nor can we disagree that the object Of the power,
Chat over the conn., to 10 these States safe,
uniform and stable currency. The nature Of the power,
the terms used TO convey it. the history Of the times,
the necessity ,oh ths creation Of eoeztsnsips gover
mcnf, of haping common and uniform circulating
dunn, &c., all proclaim this to be the object
ExrRAcTs from Mr.. BENroN's speech on the same
subject. fn
"Mr B. deprecated the spirit which seemed to
have broken out against State Banks IL pds a spirit
,ohieh augnred badly for The rights Of the SHADES.
Those banks created BY the States and the works
Of the States ought to be respected the stock in those
banks held by Asrsea sit;<ens, and ought no,
be injuriousy assaied. ".
This spirit Of hostility to the State Banks was Of
recent origin, and seemed to keep pace with the spirit
Of attack upon the political rights Of the States When
the FIRST Federal bank created in the year l79l
not made, by its charter, place of deposit
for the public moneys. Mr. Jefferson preferred the
State Banks at that time, and declared himself in his
cabinet opinion Of President Washington Mr.. Gala
tin deposited part Of the public money in the State
Banks during the whole Of the long period that he
at the head Of the Treasury At the dissolution Of the
first Bank of the United States he turned over all the
public moneys which he held deposte to these banks
The resolution of 1885, admitted the notes Of all
specie paying State Banks to receivabiy in payment
of Federal dues. 1t a resolution Of cardinal i'm
porance for the regulation of local paper currency
The effect IL had had in rcciifying and purifying a
disordered currency had been much overlooked Its
proessed object to regulate the paper currency Of
the State Banks, and regulate by the power Of the
Federal Government, through the agency of the Irca-
sury Department. The mode Of accomplishing that
object obvious and simple in its suggestion,
il was certain and EFFIcAcroUs IN ITS OPERATION"
Extracts from President Jackson's Message, 1886.
!" To retain it in the Treasury unemployed in any
way, impraccable u.s. besides, againstf genus
Of our institutions TO lock up in paais the treasure
Of the nation To take from the people the right Of
bearing arms, and put their weapons Of defence in the
hands Of Standing army, would be scarcely more dam
gerous to their liberties than to permit the government
to accumulate immense amounts Of treasure beyond the
supplies necessary to its legitimate wants. Such a
treasure would doubtless be employed at some time,
1t has been in other countries when opportunity tempted
ambition"
The following is from the same Message relative to
the Deposte Banks:
Z" The whole amount Of public money transferred by
the Bank Of the United States in 1882, Sl6000-
0OO The amount transferred and actually paid by the
deposte banks in the year ending the LIST Of October
last, was $50, 3l9 s99 the amount transferred and
paid between that period and the 9th Of November,
$500 OO5 and the amount OF transfer warrants out
standing that day, Sl4, 45O, 900; making ag
gregate Of $50, l6s,s94. These enormous sums Of
money first mentioned have been transferred with the
greatest promptude and regularity; and the rates at
which the exchanges have been negotiated previously
the passage Of the deposte act were generally below
those charged by the Bank Of the United States. In
dependenty Of these services which are far greater
than those rendered by the United States Bank and its
twenty-five branches, number Of tho deposte banks
have, with commendable zeal to aid in the improve
ment of the currency, imported from abroad at their
own expense, large sums Of the precious metals for
coinage and circulation"
II is beloved that the law Of the last session, regn-
lang the deposite banks operates GENEROUSLY and
Justly upon them in many respects and it is hoped that
Congress- proper representations, will adopt the
dfcations which are necessary to prevent this
quence."
THE VOICE OF THE PEOPLE
MEETING AT rAMxANy HALL, Ny.
meeting was held at this old temple of
Democracy on Tuesday evening, and is de-
scrlbed by our correspondents as having been