Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-28

nous degree. The various remedies
would be Intellectual to produce
relief, and only effectual to increase the
evil. He touched on the corrupt prac-
tices and corrupting influences, connect,
ed with Legislation on the subject OF
banks. He then commented on the
course Of General Jackson. who had pro
duced the intimate connection between
the Government and the Banks in 1884,
which had ever since existed, and which
would for long time commlngle ma
tioual politics and the Banks. II then
there could be no reunion with the !
Banks, no U. S. Bank, nothing remains
but TO re-organise the Treasury 10 meet
the new condition OF things. He had
not looked into the present bill blu. he
would object 10 any measure which I'M
necessarily swells the patronage Of the
government. The resumption Of specie
payments, however, under the existing
law would renew the connection with
the Banks. He would at proper time
submit an amendment providing that af-
ter the LIST of January next three-fourths
of the debts Of the u. States may BE- paid
in the notes OF specie paying banks, and
gradually TO reduce the proportion each
year until the total separation shall be
effected. He objected to the issue of
Treasury notes bearing interest. because
it looks like debt; but If issued without
interest, these notes will form a new
currency. He believed that if total
separation with the banks should take
place, this should enter into our perma-
nent policy, credit being indispensable,
as our business concerns have become
too extensive for gold and silver to salts
fly. He laid it down as principle that
convertible paper is unsuitable for cur
rency. Promissory notes are convenient
between Individuals but the measures
OF safety between individuals is very
different from the measures of safety in
currency. This position he enforced
and illustrated at some length, giving
the conclusions to which he had arrived,
that government currency was the best
which could be resorted to-. LII refer
ence to revenue, the patient lies danger
ously ill. afflicted with u burning thirst !;
but fortunately young aud vigorous,
having more to fear from the doctors
than the discase-the disease is debt,
and we must find means to discharge it.
He looked to the capacity of the cotton
and rice growing States to recuperate
their energies as abundant. But they
required the aid of the government. We
have reached new era, The DAYS Of
surplus revenue are gone. He prided
himself and the small party to which he
helnH% seIISIng the first blow az the root
OF the evil. He still rallied under the
States Rights banner Of 1898. Tattered
and torn as it was, it should never be
: lowered with his consent. He concluded
with moving his amendment, although
not at this time in order. After the a
mendment was read, Mr.. c. Withdrew
it, aud it was laid on the table and or
dered TO be printed.
Mr.. Webster asked 10 what Bill this
amendment was offered.
Mr.. Benton said to the divorce bill
the bill that separates the Government
and the Banks.
MIR. Benton moved the bills which he
offered three years ago. as amendments
and moved the printing, which was a.
greed TO.
The bill was then reported TO the Sen
ate. The amendments filling the blanks
were agreed TO, and the question being
on the engrossment of the bill
Mr. Benton made some remarks in
which he gave his views of the influence
and increase of Banks. He stated that
the Government would be able to turn
these notes into hard money, before they
entinto circulation, so that they could
not be regarded as paper currency. There
was four times as much specie in the
country as there was in 1916. and not
one 1.-THE OF the distress which then ex.
listed. He wished to vindcate the bill
from the character ola paper money bill
He was opposed TO the issue Of Treasu-
ry notes in time of peace, and he would
not have voted for it but tina: it partook
OF the character Of loan, and could be
reimbursed out Of the means of the Trea-
sury in short time.
Mr.. Niles asked for the yeas and NAYS
on the engrossment ofthe Bill, and they
were ordered accordingly.
Dir. Walker moved to strike out all |
OF the bill which relates to interest on |
the Treasury Notes. Ii they were to
bear interest, thew would be immediate |
ly substituted for the Cotton Of the South |
as a medium of remittance to foreign
countries.
Mr.. Wright hoped the motion would
not prevail. He disclaimed any design !
to compel the public creditor to lake the |
Treasury Notes as an equivalent for gold |
and silver. He believed that the coun. |
try would not now bear an emission Of
ten millions without interest, without
depressing the notes i'm the rnark OF