The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-01-02
From the Weekly Herald, of Dec 81

We have received accouhts, by the Express Mail
from Washington to the 10Th, Mobile to the 23d, and
New Orleans to the 22d December.
very important debate in relation to the cur
rency, tookplace in the House Of Representatives,
Thursday, which is annexed.
The weather has been exceedingly cold in Mobile,
and ice profssely made The new board ofcirectors
for the ate Bank of Mobile is elected and all the
panic subsded
HousE OF REPHEsEsrATIvEs, Thursday, Dec: 10Th
Slate Banks.-The House took up Tor c6osidera
ton the memorial yesterday presented by MIR. Gal
brah from certain citizens of Pennsylvania, praying
Congress to procure an amendment to the Constiu-
ton, b,swhich The States shall be prerented from in
cooperating 8dnking companies and also praying
the intGposton ofCongress to prohibit the crtula-
ton of the United States Bank notes OF date prior TO
theexpiraiion of its charter
The question being on the motion OF Mr.. Galbrnith
TO refer he subject 10 Select Committee, Mr. q. rose
and spoke At some length in support of the motion
The constitution prohibited the States from issuing
bills of credit; but the States had exercised the pow
er indirectly through banking interpretations. The
evils oSthe currency thus formed were becoming great
er every day. and the memoriasts represent il an
Infringement upon their rights and liberties and sub
version of helrue spiv and meaning OF the Constr
tutons
Mr. Lincoln moved 10 refer the memorial so far as
Seated tshe State Banks to the select committed
10 which was referred the Presidents recommends
ton of change of che Constitution IN relation TO the
President and Vice President of the United States
The committee was pigeon hole for useless papers
he rdculed the idea Of takingup matter serious
~ affecting the rights.of the States upon the repre-
Sensation Of twtnty cSthriy individuals. The States
had exercised without dispute the power OF charter
Ping banks for than forty years, and the govern
ment had no power restrict them in The exercise Of
the night The suggestion had never been made be-
fore. To expect the States voluntarily to restrict
themselves from creating banks in future, or to abol
sh the corporations which they have already created
hDxvo he the mos a m 10 world.
Mr. Harper, of Pa. said the memorial was signed by
only twenty-egh individuals, not three Of whom pro-
badly understood any thing about bankingsand the
only purposein view IL elicit something from this
House which might be considered as countcnancing
| the views of n certdin party IN Pennsylvania. He
admitted the evils Of the present currency.-They
were increasing, and would become worse and worse
| ill some remedy could be found.
| But the evil was brought upon entirely by the
present administration, which, by destroying the u.
s. Bank, had derangcd The most beautiful system of
| currency that established in any country. by
destroying that Bank all check and restrantf been
removed from the State Banks, in consequence OF
which the country had been flooded with local bank
paper, and prop ry exposed TO rrnous nuctua'ions.
Mr.. ID. L. Pearce was opposed TO raising 2 select
committee this memorial. He moved tnat me
memorial be referred to the Committee op Ways and
Means. -
Mr.. vanderpoel was surprised at the opposition
made to the reference of this memorial presented
no new subjects Of complaint, and proposed no new
remedies The condition of the currency sub
iect of general complaint, and il universally adj
United that the extensive and unrestralned issues OF
paper by the local banks brought tram Of evils upon
The country. The memorialsts suggested as a RENE
DIV for this state of things strict construction of and
adherence TO the provisions Of the Constitution which
prohibits the States from issuing bills of credit,
from making any thing but gold and silver a legal
currency. There was certainly nothing unreasona-
BILE in this suggestion.
Mr. Everett was decidedly in favor Of the reference
Of the subject 10 select committee. He said the
friends Of the administration had talked long enough
about their plans for currency, and il was time for
them TO show their hands, He called upon them to
say, in a report, what scheme was-whether they
were for making upon the State Banks,-wheti-
er they were for establishing specie currency, and
how.
The motion Of Mr.. Pearce was lost and the memo
rial referred to a Select COMMITTEE.
Tar CLuas.-The "I nionv dimes tomorrow nj the