Litchfield enquirer., 1837-10-12
WAsHmcrON, Oct. 2d-2, P. M.

WAsRrcroN, Oct. 2d-2, P. M.
 NT,uaerois petitions and resolutions were received from different States, praying J0r a National Bank, and against the annexation Oi Texas. Mir. Sergeant Of Pennsylvania, fol. lowed in continuation of his speech upon the resolution relative to a National Bank. MT. s. animadverted upon the Circular of the Treasurer in relation to the payment of mem- bers in Congress. The effect ot this, MT 5. said, was to give the members not $SS per day, but $6,6O or $61 50 instead of Sj5 per week.
 Mr. s. condemned this kind of payment, when other public creditors were paid in Q different kind of money. One class of cred itors we paid in specie, and another class with bills upon non-specie paying banks.- So long as this was done, the creditors rcceiv- ing their pay in specie would not be anxious to hasten the day of specie payments-be- cause their salaries were increased clght or ten per cent during suspension. The oth- cers of Government received specie and the people rags-the one sold their specie for rags and paid the rags to the people.
 He spoke at some length ot the DivoFce system, and condemned its injustice and inc quality in strong terms 1t was not di- yorce of the Government from the Banks,
 
 People. The proposition of the Secretary of the Treasury to the Banks, to take all Treas ury notes of the Government and pay out specie for them when demanded, showed the dishonesty of the act and the hypocrisy as we'll as practical impossibility and want of utility of the proposition.
 He condemned the disposition of the ma- jority to act upon the resolution at the pres ent session of Congress. The act was not intended for good, but for evil. It was done only to strengthen and enforce the opposition of the President of the United States and the Secretary of the Treasury, and to compel one part of the House to act upon measure which it was not necessary to act upon, and which they did not wish to act upon.
 In Sen0te-TUEsDAY, Oct. 3d.
 Sub Treasury System.-The Senate resum- ed the consideration of the Bill imposing ad- ditional duties as Repositories of the public money on certain officers.
 MT. Calhoun addressed the Senate. He gave passing history of the banking sys- tenn, and of banks. He adverted to the fact ofthe paper circulation in England, after the introduction of the system from Holland, having driven the metallic currency out of the kingdom and debased the coin. When Ct. Britain was compelled to stretch her en- ergies and drain her resources to the utmost to encounter the colossal power of France, the banking system sunk under it, and the Bank of England suspended specie pay- ments So in this country, one year after the commencement of the late bank, our banking system gave way. From that time the idea which had previously possessed the public mind that bank notes are the represen- tatives of specie, was dispelled; and the fact xayoc hlicho1 fhof <havy fhn hof;k ;k,,<e for specie. After going through a series of deductions from the history of the past, he came to the conclusion that the present sys- tenn could not go on. Government must be- come the ally of the banks 10 put down the metallic currency against the banks. The question is now, shall we join the banks or stand aloof from them? We are bound to consider If the system is favorable to our free institutions. Can that system be favor able to our institutions which places the mo- neypower in the hands of few monopolies! He viewed the operations of the banking sys- tenn in many points ofview, and inferred the unfitness ofsuch system for our institutions. The effects of the system must be to absorb all the human faculties ill the love uf guiu.- The intellect is sharpened only for specula- tion; every pursuit, literary or otherwise, every profession, is overshadowed and eclip- sed by this great machine. He repelled the idea which had been thrown out that this new measure would introduce double currency. Whatever the Government take, the people are compelled to take and the Government are bound to regulate what they take. That which they make money, they are constitu- tlonally bound to make uniform-whether a dollar in coin, or a bale of cotton. It had been said if we separate from banks we sep- arate from the people; that we are taking care of the Government and not the people. The first he treated as mere sophism and as to the second. he thought that the govern ment took the best possible care of the peo- ples when it took care of itself. He main- tains that unless it was sustained by the whole weight of the government, the government paper could not stand any chance against bank paper. He referred to the course he took during the war against the bank project of the administration, and the reasons by which that course was influenced. He then passed some remarks on individual credit.- He regarded credit as the property of an in- dividual, as much as his horse, and it should not be interfered with. The time was come to distinguish between credit and loans, and credit should always be below loans. Gov ernment paper was always cheap to Govern ment who issued il. and cheap to the people who receive it. There is no discount, and thls immense project goes to the benefit of agriculture and the other gren: interests of the country. He could not be understood as Waging war against existing banks they had done no wrong, that he wished to check the increase of the system. He knew the doubt ful issue of the present struggle he had talk. Gn his OOSltiOn at 0rnof hor ALo