The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-23

Withdrawn from circulation 10 the great in,,v :, A.
Banks and the people Considering the interest,". ~ ~
Executive and the people 10 be idenii6ed and hs r.
scnye as The trustee Of the people it his duty 10
look TO the interests Of all alike Out OF The ,ss,y.
millions collected in New York, only 1000 900 were
expended there and In the West where the dsbarse
nents are smaller, the exports OF the specie would be
more general he gave q sketch Of the advantages
which the United States and Great Britain had derived
IRON the paper system
lie went describe the effects al this Sub T,e.s,
system on The State Of New York, aud said he would
prefer W see tornado sweep through the whole State
Or an earthquake sake il its centre than that this
desolatng measure should be adopted He believed
Una. pnueI me new system the respectable portion Of
society who fill the Offices OF collectors, &c will
not act they viii refuse 10 take the responsibility and
the duties must be deyolyed on lower order Of men
IL was allacious idea, thrown by the Executive
thst there would not be than 80 900 dollars left in
the hands Of any officer Sureiies TO avoid being re-
ceiyed would put their property beyond the reach of
the Government He considered il as an advantage
thai the interest Of banks antagonist 10 those OF he
Government but when the public money shall be in
the hands Of officers dependent on Executive will CALI
ed INTO being, and liable to be removed by the same
will there can be no check The revenue win be all
IN the hands Of the family OF ISL millions collected in
New York. from the commencement Of the Government
up 10 1920 the whole loss upon which only
44lOOths Of one per cent Adopt this system, and you
may as well pour out the contents of msers hoard
that among officers. danger win wink in opportu-
nifty" The debt 70 Europe i now reduced TO about
twelve millions dollars, and the resumption Of specie
payments cannot take place until that debt be paid. Ia
conclusion, he said he looked the approaching crisis
with feelings Of the deepest anxiety; and would feel
happy if the forebodIngs, which forced themselves upon
him, should he disspp ointed,
Mr. STRANGE made an explanation by way OF cor
rectng some errors 10 reference to what had fallen
from him, by the Senator from New York He said his
~ IL. A A.
on il by the Senator from New York produced no effect,
Mr.. CALHOUN, said there were but two plans sub.
mitted the by the committee Finance, aud the
other by the senator from Virginia He placed these
plans contrast show that the latter too obec.
ionable to be taken. He laid il down that no bank
could resume specie payments during the year 1888,
without great sacrifice and he looked on the amend.
ment Of the senator from Virginia, invitation
the PENNSYLVANIA Bank Of the United States resume
specie payments, which she might do through her great
money connections TO the injury Of other banks He
regarded the argument 10 the two currencies
applicable to the case, and said he had great doubts
whether there could be constitutonaly. any other
rency than gold and silver He considered the evils
which would result from continuance OF the union be-
tween bank and state, far greater than any which
could result from separation.
Mr.. RIVES made also an explanation aud moved to
amend the amendment of the Senator from South Car
DINA by striking out all the original bill after the
ing words and inserting the bill which he (Mr r had
introduced.
The amendment was not in order at this time.
Mi. CALHOUN and Mr.. RIVES repeated these
plantations many timeE
Mr. BENTON said he looked on the amendment
one Of the great measures Of reform. He said that the
issue had been changed Until lately, labor
ing to redeem the States from paper system. Now
the State Banks endesvorng to fasten paper
rency on the federal government. We (said he) are
flying from their embrace, but they are pursuing us
He would consider the adoption Of this amendment
being the greatest favor that could be conferred on
every solvent bank in the Union, and he supposed no
one wanted to cherish insolvent banks.
The Senate then add ....... .r"