The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-10-03

the notes of the banks are as valuable as specie
. In the market, paper dollar will buy as much
as n silver doar it will 90 us far in the payment
OF debts; burt while will answer exclusively Tor
the payment of government Dues It VIII answer
all the purposes of bank notes, and one purpose
more and by reason Of that one purpose more,
il will command premium. How can the
hanks resume in face OF this premium upon god!
Should they open their vaults their notes will
be instantly presented. They cannot resume
If the government set an example OF distrust, II
the government refuse to NEEDLE with bank
notes; can it he expected that the people will not
take the hint, and follow the example? But one
ofthe propositions submitted by the Senator from
Missouri, goes further yet; for, as the gentleman
explained it, it actually imposes penalty upon
RESUMPTION; it being intended so to fill the blanks
in it, that from the moment specie payments are
resumed, from that moment hank notes are to he
prescribed by the government IL is saying to
The banks, he honest, and we will cut your
throats!
But upon general, and abstract views, he was
opposed to the proposition OF ihc gentleman rom
Missouri. 1t was contrary TO the principles OF
republican government. 1t established one cur
rency for The government, and another Tor the
people. This was not an dd cdptandum argu-
mcn He was incapable of that. lie urged
it sincerely. In his opinion it was sound. what
would he the effect of such measure? 1t would
enhance salaries; it would give premium TO eve
ry government officer and contractor; aud that
premium paid by direct levyS'on the people,
who would be compelled to buy specie at loss,
in order to pay their dues to the government. 1t
tended to produce Il separation between tho gov
crnment and the people; Il dangerous, ant-re-
publican separation, to which he would never
consent. He went for soH lastly Of interest Ito
boTro " a foreign expresson,) between the peo-
pie and the government; and let the gentleman
from Missouri beware lest the divorse which he
talked about, should turn out TO he diverse be-
tween the government and the people.
He wished 10 speak of the President with
proper respect for the man, and Il proper defer
ence for the magistrates; but there were doctrines
in the message to which he could by no means
agree The President argues that if nothing but
specie he receivable by the government, by in,
creasing the amount of gold in circulation, it will
strengthen the banks Not at all. 1t will notin-
crease the amount of gold in circulation. BY
raising specie to a premium, it will destroy its
capacity to circulate, and turn it into mere ar
tcle of merchandise. 1t will incapacitate the
banks from resuming specie payments; it will
saddle the country with deprecated currency.
There is another view to which the President
gives the sanction Of his authority, which he
could in no wise admit. The President says,
that the general government has nothing to do
with the currency, and has no power over 1t, eX-
cent SO far us it consists of coin. His own notion
was this 1t was the original intention of the
trainers Of the constitution, that the whole power
over the currency should he vested in the gen
eral government; but this intention of theirs had
been practically defeated by means which they
did not foresee. They supposed and intended
that the whole currency Of the country should
consist of gold and silver, they had no more idea
of tho banking system which has lawfully and
usefuly grown up, under the authority Of the
States, than they had of steamboats, or of rail
roads. But this banking system had grown uT
lawfully, and to the benefit of community; an(
one of the practical results of it has been, tina
tIin upp has, lapr ivoIo IF bf
exclusive control over the currency intended to
be conferred upon it; and that control, to grea
extent, had been transferred to the States.
On motion of Mr. Rives, the bill was read
first time, and ordered to a second reading.
The HOUSE were employed all day upon the
Deposite Repeal Bill. Bell of Tennessee made
long and able speech, in which he proved by
figures, that with some reasonable retrenchment!
Of unnecessary appropriations, there was o.
ought to be, an ample balance in the treasury, tt
meet all demands upon it, including the 18th in
slalnent 10 the States.
WASHINGTON, Sept. 90.
In the SENATE today, Wright, from the com
niittee on finance, to whom referred me
moral from the merchants of New York, pray
ing for remission of duties paid or secured, up
on goods destroyed in the great ffe,-reporte
bill TO that effect. Read and ordered to sec
ond reading
The Sub Treasury Bill was then taken upan
Calhoun moved, as an additional section, his c
mendment, proposed on Monday. This amend
ment, with some trifling notifications, was az
cepted by fright. Niles thereupon took til
floor and set in tor regular speech. Thoug
he has hardly spoken for ten minutes, he has a
ready produced striking effect. He has clea
cd the galleres,-cleared the foor,-and drive
half the Senators from their seats. He bids fai
within halt an hour SO, to drive every bod
from the Senate chamber, except two or thre
unlurky reporters, and halfa dozen loco tocos.
In the HOUSE, Cambreleng reported the b
from the Senate "to authorize the issue Of Trea
,Iry Notes, with two amendments. These
lnendments do not affect any important provi
ions of the bill.
He also reported two Bills from the Senate; or
to postpone the Merchants Bonds, and the 9TH
to adjust the claims upon the late Deposite Bank
with out amendment.
These bills were referred to the committee.
Btdde Of Pennsylvania, propounded am inqu
~ to the Chairman of The Judiciary, Ihoma
whether that committee would report a bankru
law for the banks, as recommended in the Pre-
ideuts message, and that too in the face of Il