The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-07


fore aial even nov. sf danoi dh,dersnnd bin ps
being detisoas Of relrsctrs 81 denying any thug co-
tanned ii. thc praed report Of MS speech, respecting te
importance OF uniform National currency. That topic
makes ip the sum aud substance OF his whole speech
Il Was the topic Of the occasion il the express
purpose for which his committee bad been rased and
Tor the accomplishment Of which the whole proceeding
was poue into II was all currency currency, cunen-
ev and whether the gentleman thinks the law
sulional or unconstitutional, he cannot deny that his
own object and the object Of Congress, was 10 furnish
circulating medium for the country And here again,
80 unmporant relatively, was tho mere custody de-
poste of the public moneys In the bank that the BILL as
originally introduced contained provision Tor that OBJ
ject section Afterwards introduced, IN Commit
tee Of the Whole, my notion providing Tor the do
poste of the public moneys with the banks unless the
Secretary OF the Treasury should at any tne otherwise
order and direct reservation OF power the Seereta
nv, which, as think, and always have thought, was
greatly abused by the removal Of tho deposites, in
1888
y reference to the debates sir il will be found that
other friends Of the measure followed up the general
IDEAS OF tho honorable gentleman from South Carolina
and supported the bank necessary agent or nstru
men for establishing National currency for the
uses OF commerce aud exchange.
The operation Of the joint resolution Of April, 1916,
aided no Doubt proper degree, by the institution Of
the bank and The currency which u furnished accom-
plshcd the great end Of the resumption OF specie pay
mens andfo long period, we had no further trouble
with the currency.
And now proceed TO say sir, that the late President
Of the United States has acknowledged this duty often
and as fully and clearly, any Of his predecessors His
various admissions, or recogntons. Of this Obligation
are too recent and too fresh in every ones recollection,
require justify particular citation All the evils
we now feel indeed have encountered in the search
after batter currency u has been IN the asowed at
tempt discharge the duty Of Government connected
with the circulation that the late administration has led
E~.k hos tnatf
late President ever brought against the bank was that
had not maintained sound and uniform currency
Most persons probably, will think the charge quite I'M
founded; yet this the charge. Its dericction OF
duty its want Of ability to perform what had been
pccted from tits failure, in some way, TO maintain
good currency, was the originally professed Of dis
satisfaction And when the blu for rechartering tho
bank negatved it not on the ground that Go
had nothing do with the National currency,
but that better provision for it might be made than we
had by the bank The duty not to be be dlsclaed,
or thrown of, neglected; agents only were to
be employed that it might be better performed The
State Banks would do better than the National Bank
had done the President was confident OF this, and
therefore he rejected the National Bank agent and
adopted the State Banks And what he so constantly
promised would happen, he rcsolutey maintained,
afterwards had happened. Down TO his last message,
down the last hour Of his administration, he insisted
upon that the State Banks had fulfilled all his expec
tations and all their own duties and had enabled the
Government TO accomplish the very best manner the
great and important objects Of currency and exchange
We have the same head Of the Treasury sir, who has
repeated and echoed all these statements whether Of
prophecy ful6lment in successive reports some OF
them not less freely and ntellgby written than that
now before us and have heads Of other departments
who concurred, presume, from time to tine, IN the
original statements and in the faithful echoes Of them,
from the Treasury All these functionaries have been
laborng with the utmost zeal as they professed to per-
f,r IF
country with good currency, with better currency,
with the best currency and they have dragged Con-
gess, dragged the country, and dragged themselves,
into difficulty perpexity and distress, this long and
hot pursuit. And now, behold, they draw up all at
once, and declare that the object Of all this toll and
do - -
But, as the last Message Of the late President
loud and in praises Of the State Banks for the
good services which they rendered currency and ex
change, SO, no doubt would the first message Of The
present President have commended with equal earnest
ness, the with which Government had been able,
by Of the State Banks discharge this important
part Of its duties if the Of May last had not left
that subject no longer topic of fecitaton by the
suspension OF specie payments, all was changed and the
Constitution was changed also Government was now
to give up and abandon for ever that very thing which
had been ,he proessed object Of its most assdous care
and most earnest pursuit. for eight long and arduous
years
Mr.. President, when heard Of the suspension Of the
banks was by the side Of the Ohio on journey, in
the Of which had occasion frequently express
my opinion on this new state Of things and those
who may have heard me or noticed my remarks, will
bear witness that constantly expressed the onthat
had commenced; that question Of principle,
and question Of the highest Importance had arisen or
would Immediately arise; that hereafter the dispute
would not be so much about means as ends that the
extent Of the constitutional obligations oil the Govern
m woud he ted in short that the question
whether il the duty Of Congress to concern itself
with the National currency, must inevitably, become the
4eaatig topic of the times So thought whenever
had the pleasure Of addressing my fellow citizens and
SO feel and think now. l said often on these occa-
sions and say now, that it is question which the
people, by the regular exercise Of their elective fran
chisc, must decide. The subject is one Of so much
permanent Importance, and public men have become so
committed on the side the other, that the de-
cison must as think, be made by the country. We
see an entirely new state Of things. We behold new
and untricd principles Of administration advanced and
adopted We witness avowed and bold rejection of
the policy hitherto always prevailing The Govern
ment has come not to pause, but to revusion II not
only stops, but it starts back it abandons the
which i has been pursuing for near fifty years, and it
reproaches itself with having been acting, all that time,
beyond the limits OF its constitutional power.
IL was my second proposition sir, that the message,
the bill and the amendment taken together deny, in
substance that this Government has any power duty
connected with the currency the exchanges, beyond
the mere regulation Of the COINS
And, sir, is this not truel We are to Judge Of the
message by what it proposes Congress is called to-
gether in great commercial crisis. The whole bnsi-
is arrested by sudden disorder Of the currency.
And what is proposed Any thing to restore this
rency! Any thing with direct view of producing the
resumption of payment by the banks Is single mea-
sure offered or suggested the main purpose OF which
is general relief to the country! Not one. No, sir,
not The administration confines its measures to
the Government itself 1t proposes loan, by the means
of Treasury notes, to make good the deficiency in the
revenue; and it proposes secure vaults and strong
boxes, for the sae-keepng Of the public moneys aud
here its paternal ends Does the message propose
to grappe in any way, with the main evil Of the times
Seeing that that evil is affecting the currency, does
r.. atof AZ. MI