The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-17

"
self upon that plan provision oil the constitution, which
authorizes Congress 10 borrow money upon the faith
Of the United States and thus aud provide for
the exigencies Of the Treasury, rather than adopt the
measure proposed by the Committee Of Ways and
Means which II not Of douLtuLeuality is 10 every way
exceptonable 10 policy. But Mr. Speaker, fear that
this Treasury currency, Is relied upon give e aud
ylgor the new scheme, for the fret time recon-
mendcd OF separating the gOuerRmcat from the banks
whilst the people are iefl 10 struggle with all the evils
Of a paper currency II SIR for one shall hesitate
OF the administration party, before can take 10
my embrace, bantng, which fear is the mere pre-
Of bank and paPer currency, far more form-
dahe and dangerous, than any be fond ~ the hiso
~ Of this country, Sir am opposed that Indirect
ambiguous, and eqniNocal system Of legislation, which
eharacteTlzes the measure under consideration as cal
culated TO destroy thai check upon conduct here,
which will ever result from an effective and practical
responsibility to our constituents aud hence, IN my
poor judgment, we should always provide by an actual
appropriation for every loan which authorize, and
which Is not done III the bill upon yonI table, know,
sir that these times. such sentiments likely TO
be regarded old fashioned or radical but the time
viii come, must come, when they will be appreciated
That system Of indirect legislation, which seeks TO
avoid just and full responsibility to the people may be
submitted to for time but viii in the end receive its
merlted condemnation, by an abused and indignant
community of intelligent l!eemen
am not, hope, sir, mistaken misunderstood upon
this subject | am willing TO extend to the Treasury
immediate and ample relief by any means compatible
with the Constitution, and my convictions Of public
duty nor will be drawn from this determination by
any doubt which may be entertained as TO the real
Namount necessary, nor By the asperes of party in
tolerance, the prominent bane of our deliberations and
councils here. Yes, sir, willing, aud stand ready
to any IN the bounds of reason which the Sc
cetary OF the Treasury consider necessary 10 meet
the most liberal wants of the Government and if he
asks more than is necessary, leave HIM to his just
responsibility 10 the country,
Sir, am opposed to this sure, OF hnan-
cal relief but one for the emission of ten millions of
paper currency, obnoxious conceive be, all
the objections Of executive bank based upon the
means OF immediate converbllity but upon the pghed
faith Of the nation, which maintain be pledged only
for loan In my humble judgment sir, this project is
fraugh with mischief and look to it with the deepest
dstrust and alarm. Admonished am by short
experience IN the practical administration Of this Co
yernment that It's tendency is to enlarge It's powers by
gradual and impercepble upon the rights OF
the States and of the people, look the future with all
the orebodngs of fully impressed with the solemn
conviction that if not resisted and successfully resisted
at the threshold, il will end in consolidation, and con-
solidation IN the overthrow Of institutions and the
downfall of our liberties
Sir it has been well remarked, in the progress of this
debate, that money Is power; than which none is
mercenary in It's infections, or more difficult to resist
1t itself with every class and every interest
and addresses itself to every passion OF human nature,
and constitutes in the hands Of ambition the poen,
engine for mischief and oppression Pardon me, then,
sir IN view of the extraordinary powers already vested
in the Executive, if pause when asked TO 90 another
STEP that branch Of the federal Government with
power to convert the public faith into banking capt.
tai, for the emission OF nconvertble paper medium,
subject to other law than The uncontrolled will OF
one man
In conclusion, Mr. Speaker. beg leave to repeat my
most perfect willingness and anxiety to repensh by
any lawful means, the national Treasury prefer first
to apply the already on hand, contemplated in
the amendment offered by the honorable gentleman from
Kentucky (Mr. underwood) II that proposition shall
fall then shall prefer direct loan, to be redeemed by
the bank debt, when shall be received by the Govern
men, and would set it apart by law for that specific
purpose II that proposition be also negatived, and the
House determined to authorize the proposed emission
of Treasury notes. then | shall be in favor of these
bearing interest under the hope that their cueu-
iaton currency, may in that way be prevented and
the Government compelled TO them into money.
II these several propositions be rejected, shall find
myself placed in a situation of extreme socitude,
Ious TO extend relief to the Treasury by and every
mode, sanctioned by the Constitution and the long
blshed usage of the Government, but compelled to
withhold relief. only because unrelenting majority in
this House Will have other OF relief, than
one which am constrained to regard dangerous to
the stability OF free institutions and subversve of
the liberty and prosperity Of the people.
Mr. Speaker, / will not detain the House longer by
the expression OF any apprehensions of my own to
the objects OF this measure the danger OF its rpen
ing into permanent system. feel sensibly as any
man do, the magnitude of the consequences, which
such system cannot fail to produce. hope, sir most
deyoutly. that my fears may never be realized but
should be untalthtu TO constituents and my country
If did not declare, fearessy that look to the present
measure laying the foundation of system, which, if
ever established must end 10 revolution despotism.
will not detaln the House either, sir, by nquring
into the causes Of pecuniary embarrassment, am
content to leave that to others, who deem fit subject
tor present discussion. | Will act the humber part in
this emergency, of one who might chance TO the
Treasury fire, would not stop inquire the cause
or manner OF the conlagratIon, but aid the immediate
cxtlnguishment of the flame will saw however, that
great as the real distress may be- satisfied 1t has
been greatly magnlcd am nevertheless. ready and
willing to afford any relief within the power of Congress
to all classes and to every interest coun-
try am one Of those sir who look more to the ener-
ges of the people, and of the country, for
permanent and substantial relief, than any measure
which devise.
Excuse me, SIR for this day declaring in my place. that
my sympahies do not incline much to minister to
the Unsuitable appetltes of federal Office holders,
the ameoraton OF the condition OF the great body of
the people, upon whose honest contributions we all de-
pend And let me now say to my political associates,
that party considerations shall mist my humble
aid IN the cooperation OF measure, which looks only
to the advancement of the few to the injury and OPP
preston of the many There are, sir, fit and
proper, In my Jud gment, for the exercise of party pre-
ference and party feelings, but these occasions al
ways secondary. and ought to be made subordinate 10
the higher considerations Of the country and the fur
heranco Of sound political principles, witch constitute
the only hgament which ought to connect and us
in our party associations.
Mr., Speaker, am deeply impressed with feelings of
gratitude to the House for It's kind indulgence and stl
more for the patient attention with which my very de-
story remarks upon this occasion have been heard
And whilst for tins manifestation of the kindness of
the House, return the humble tribute of my most pro-
found acknowledgement. am not vain enough to take
a compliment to myself what | has been
alone due to the importance and magnitude of the sub
ect under consideration.