Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-19
Colagress--sssa 'sess.

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H'vyenty-aoaavt3a CoGa@rcss--ssea Sess.
SPEECH OF MR. WEBSTER, OF MAssAcnusErrs,
In Senate. Dec. 81. l,}6-0n the Specie Crca'ar.
iCoNcLrnEp
The honorable member qnoies one OF the hy-iaws OF
the Bank Of the United States but what mas tndl 20 %
with the subject? Does the honorable member thlhK
tha, the by laws Of the a.e bank MwS TO the pso
pie of The United States, The bank was undcr no i
CATION 10 receive any notes on d'pos''e except us
II might, therefore, make Just such an arrangement WIN
the Treasury rs III. II it 1T to make any 'at
neither the Treasury. The Bank. nor both t"gelh'r'
coud do AMY with he written letter q" an act OF Ion
qrcss nor did either undertake so 10 do.
Bu, sir what have been the :en.man's own OPT.
Mons on this subject herrof,re' Has 80 always been
of opinion that linz Secretary enjoyed this power G" Sc
lection he cs'is il, under The law ul iSlo has
he here tu-e looked upon tie vao1s PROVISIONS Oh a'
law only as many inoveaJ!e and shifting parts, TO Ne
thrown into gear and out of gear 10y the mere tonch nf
the Sccelarvs hand Certainly sir he has not thought
50; certainly he ms looked upon that law as fixed dei-
nile and beyond Executive power, as clearly rs other
laws statute he repealed or notified only by an"-
,her statute. No longer than the 23d day OF last
April The 'nnrah'e n-n5r intr'duceda resolution IN
10 the Senate in ;r following words
Rcsolrrd. That. from ai:d after the - day Of -,
in the year 1896, ro:.mg b gold and silver coin Ought
To be received payment for public lands; and that The
Committee Pubic Lands lie instructed to report bill
accordingly
And nov, SIR esk vhy the h1ncra5e member moved
here for b,i and lass, the whole matter vas. in las
opinion, within The power u! the Secretary OF the irea
sury:
The Senate did MT adopt This resolution. day or
two after its intr"duston. and when LITTLE d.Dcns.
sion had been had upJn it, motion to lay II on the table
prevailed, hardly opposed, think except by the gentle.
mans own Y tr \ ltS wr, Ks after this disposition had
been .nldc Of this r,s,ion the session came I" close,
and, days aer the close OF the SESSION. the Irea
sUry order maLr lis appearance
But this is moi al There is higher authority than
even tina, of the honorable member Looking to Inc ex
pira,iun of the chatter Il" the Bank OF the United States.
the President, in his amanal message in Decrrber last,
said incumbent Congress 10 discontinue hy law.
the receipt u! Ike bills 81 that bank in payment vi the
public rcvcnuc. Nr", The charter was 10 expire
Tn" Sd of March, there nothing 10 make lis bills
ccvab.c after that period, except the law OF 1916. To
strike the provision respecting notes OF the bank out Of
that law, another law indeed necessary according
To my understanding bul do not conceive how it should
BE- thought necessary npon The construction OF e hon
nTablp member Both Houses being "t opinion however
that the thing could not De done without law. an net vas
passed for that purpose, and approved by the Pres
dent. Here then. is the gentleman authority
the authority of the President, and the authority Of both
Houses Ut Congress, for saying that nothing contained
in the law Of lclG be thrust Of it by any other
power than the poHcr Of subsequent statute. ain
therefore OF opinion That the Treasury order OF the lh
Of july is against the plain words and meaning of the
law of lclG az lnsi tic whole practice of the Govern
INCL; under that law against the honorable gentleman
own opinion expressed in his resolution OF the 2d of
April; and not rrcrnc,Ibie with the necessity which
supposed 10 e~s or the passage Of the act Of last
session
On this occasion have heard of no sNcm2 to Justify
the order the ground Ct any other law, or act but
the act Of lSlG Wien the order published. how
ever it accompanied with an exposition, apparently
half official wch o"Hed 10 the land laws as the Sccc-
t7rys source OF power and which took notice at all
of The law OF lS6 The land law referred TO was the
act Of l620: but it tnr!s out upon examination, that
there il nothing al all that law to support the order
give it any countsnauce whatever. 1Ie only clause in
Il which could be supposed have the sgh,es, refer
10 the inject Is the pr"r'sn in the fourth sec
ton That SECTION provides for the sale of such lands
as ha wing been once sold credit should or be-
come forfeited 10 the United States through failure of
payment and lie provso declares that such lands
shall be again SOLD any other terms than those Of cash
payment" These words. s. cash payment" have been
sezsd upon, II they had wrought entire change III
the important provisions Of The law Of sG and already
established exclusive specie payment tor lands. The
idea is futile Tor iclud,iVn In the first place
The whole srcun applies only To forfeited lands but
the truth is, the term leash payment means only pay
down. in cun adistncon 10 credit which had Tor
meIy been allowed; Just the words in The tariff
uct of July, lc32 nean pay inrnt down. instead of pay
mcnt secured by bands, wien II says. that the duties
certain articles shat! b" paid in ''casi AS to the
cond section OF the amG lax Of le20, which was set
forth with great nrnnaity in the exposition 10 which
have referred furnishing authority for the Secretary
order, there is not word it having any such tendon
cy; liable wills" has any application 10 the mat
ter. That section simply declares, that after the LIST day
of July in nt year, every purchaser OF land nj public
sale SHALL on tie day Of purchase make complete pay
WeHI HtTi0F purchaser 1t private sale snail
produce receipt for the amount cf le purchase mOney
any tract before he shall enter The same at the land
office. This all. 1t does not sGy h0c the purchaser
shall make complete payment. in what currency the
purchase money shall be received 1t is quite evident
therefore, that that section lends the order support
whatever.
The defence Of the order, then stands thus The Sc.
oretary POUNDS ii upon the idea that nothing but gold and
silver was ever lawfully receivable, and that the recep,
Of bank bills has been all along induycnce against
law For this vp!nnn he gives no REASONS.
The hon member from No rejects this doctrine; he adj
ms the receipt of bank notes 10 have been lawful until
made unlawful by the order ITSELF and insists that the Sc
ce,ary power Of stopping their further receipt Arises
Vndtr the law Of 1916 and an authority derived from it.
But then, the long and half official exposition which
complained the publication Of the order, has no faith in
the law OF lclo as source OF power, but makes pa
rade OF 10 ally and prrfecy inappiicabc section Out
Of the land law Of -2 Grounds of defence so totally
inconsistent cann" al! be Sound, but they may be- ali
pnsound aud whether they bc so or not is question
which would willingly leave To The dt cision OF any
man Of good sensc and honest Judgment. | take leave
of this part OF the Tor the present NAV pause al
least hope, until those who defend The order sIul b
better agreed on what ground to place il.
MIR. President the subject OF the currency is go i'm
por,ant delicate, aud, in my Judgment surroundea
a, the present n.ouent wh much both of difficulty
and of dangcr, that am DESTROYS, before making the
few observations which intend, the existing condi.
ton of things and its causes to avoid all misapprehen.
SION by general statement Of my opinions respecting
that subject.
an certainly of opinion, then, that gold and silver,
at rates fixed by Congress- constitute the legul standard
of value in this county and that neither Congress
any State has authority establish any other Standard
or to oispuce this. But am also Of opinion, that on
exclusive circulation of gold and silver is thing ubso-
lutey impraclcabe and if practicable, at all 10 be
desired iaasnluch as its effect would be to abolish credit