Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-10-07

causes which have produced the present embar-
rassrnent and distress that surround US; it was
unfD.tunntc tam2esing with the currency and the
public dcposites BY the Executive Of the United
States. Our troubles have coma sooner, hut
come lighter than they would have done had the
'REe1sury order never existed.
New for tho remedy. Tho bill reported from
the Committee on Finance, imposing additional
duties pubic officers, he understood 1t, IN
tents To CIT LOOSE tho Government from oil banks
AMI to authorize tho Treasury Department to
keep AMI di.burse, ~ well collect, the whole
rcyonue of tho Goyornment, dispensing with
banks a. fiscal agents altogether. This policy,
he thought, might well be questioned; il would
strike a portion Of the American People like a
shock Of electricity, On account Of the increased
patronage and po .sf Il mast confer on tho ExecI
tive arm of tho Government. lie would not de-
elIre in advance that he would not go for u, but
he woIld be slow in yelling it bis support; and
he hoped that better remedy could be found
lie had or been an advocate for using litter
Of State or local banks fiscal agents Of the Gov
crnment; they contain within themselves antago-
mist principles. zach possessing separate Vows,
AMI looking to the interest Of their own sOckhold-
ers; they cannot will not act together in trans
uniting disbursing the public money Of the Uni
ted States; and 50 long they are used as dcPos-
itorics Of the public money, cmbarrassments and
occasional losses mly be expected.
Mr.. r. said that he was opposed to taking any
oDursc hero that would have tendency to Grip
pie or 10 break DOWN the State banks; the People
were encouraged to establish State banks, TO keep
down a Bank Of the United States; they had yes
ted their capital to a very large amount in these
institutions: many Of these banks were perfectly
solvent and safe none more Sd than the banks OF
tho State from which he came. Tho banks OF In
diana were waiting to sec what Congress, the
executive, and other banks could would do, in
tending, mt an carly day, to resume specie pay
nsent, and honestly redeem all their paper, and
he could give vote to discourage or PrOcrasti-
nate so desirable an object. IL was tue that the
hanks had not acted we'll in suspending specie
payment and embarrassing the Government, but
VIC should deal mcrcifu!ly with them; single
breath from the Executive, saying to tho State
banks VIC will no longer receive your paper in
payment Of duties and sales Of the public lands,
will strike fifty per cent Oft tho value Of all the
property Of constituents vested in these banks,
indecJ, Of all the property, Of every description;
and he was not prepared to sanction such course.
In the language Of tho West, give us land Office
money; Whatever will buy land, is as good gold
lis mt par in all nsoncyod transactions in the
Western States. No matter however old or rag
god paper may be, il it contains words, letters,
and figures enough to be receivable for public
iass, il is good gold, and it matters not what
kind oil money il may he: If not received in the
land Office, il is Of uncertain and changeablc val
ue II finds its way into tho hands Of the poorer
on and shaved by the rich, in whose hands the
bciler currency was always found. This would
be the effect ON the Western people, If VIC refuse
10 receive the paper Of their banks in payment for
tho public lands and nc Icft it for Senators repre-
scnting tho interests Of banks cast Of the noun
tai to say what would be its effect the inter-
csts Of their constituents, should the General Gov
crnmont refuse 10 receive their bank paper in
payment for revenue above all things, Congress
should establish and maintain uniform currency.
Have gentlemen forgotten how fOrciblv the honor
able Senator from South Carolina Mr.. Calhoun)
described tho influence Of this Government on
currency the o,hcrday. when he said, If the Uni
ted States would but endorse the note Of the beg
gar, IL will pass at part and will that Senator now
say tn very largo proportion OF the People OF
this country, VIC cannot receive the paper OF your
banks tor public dues, when by that single acthe
will bankrupt thousands who have strong claims
both on the justice and tho clemcncy Of this Gov
Crnmcnt2
Mr.. r. said he would not detain the Senate by
attempt to show what effect tho measures
before il would have ON our commerce or cxchan-
gcs; he left that to ADLER hands. He pretended
only to tako a plain common sense view Of the
mischioyO;1s tendency on the interest Of his i'm
mediate constituents, and to enter his protest in
thoir behalf against the ruiuous consequences that
must follow the passage Of the bill with the a
amendments Of the bill as proposed. He said the
course that he had marked out for himself to pur
sue, cOMpcileu MIN 10 vote against inc "TicnuIncnt
proposed to this bill by the honorable Senators
from South Carolina and Missouri. Their a
mcndments, il adopted, looked to- refusal on tho
part Ut this Government at an early day to re-
cciviny or using, in the ordinary transactions Of
this Government, the paper Of all banks, and
turn to metallic currency. This, said ne, looks
well paper, but it was impossible, in his opin-
son, to reduce it to practice. There surely was
not meta! enough to answer Onc-half the business
transactions OF this great and growing country.
II was on MIXED currency, partly paper issued
on a mctailic basis, that our country reached the
summit Of its prosperity, and who could ask more
than to be placed whcrc VIC were in 1891?
He would vote for the proposition offered by
tho Senator from Virginia when it came up. II
looked moro like preserving the property Of the
people vested in the State banks. Let US col
Icct from the late repositories the public money
now in their vaults; but, in doing 80, let give
time tor them to pay without crushing these in
situations. This would enable the banks to in
dulgc their creditors, and go far to relieve the
embarrassment under which country was sui.
fcring. lie cared not what those in high places
thought he considered il the duty Of this Govern
mcnt to relieve tho People, when that could be
done with an eye to public justice. Congress now