Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-28

pointed out very lorciby. The amount Of payments
\ IN one Bank in New York for single day was
millions Even in the ratio OF decrease numerically,
| II would be impossible to get through such bust
ness with specie Therefore trade must 60 down.
We must go back to original clements
| As to the argument of Mr.. Calhoun upon the un-
fitness of convertible paper for medium Mr.. Clay
showed its allacy by proving that the expansion and
contraction of bank paper varied with the eyporta-
ton and importation Of the metals and that return
to specie currency would not let US escape from the
expansion and contraction. he proved too, that
an nconycrtlbe paper must depreclae from the very
reason that we could never tell pr;ori how much
10 issue as TO meet the absorbing power of the
venues. lie brought up the fate of Kentucky com
monwcah paper for the instruction of gentlemen
was happy TO see that the opinions had expressed
in some of my late letters on this subject of ncon-
vertbe paper core sponded with those of Mr. Clay.
The Carolina paper praised by Mr. Calhoun, Mr..
Clay showed never was at par. This froc was fair
instance of what we might expect under the new po-
hey of the administration least that part OF them
that went for paper currency. Ii was never worth
more than ST. for | of specie.
Looking at the power of the states to erect banks,
IL was fair subject OF doubt. But they had the pow
and 1t was recognized by the judicial authorities OF
| the country. How were they organized? 1t was
well known that they were IN the possession of AT
least three ourths of the people of the Union. When
you war on the State Banks, you war then on the
people. You have no right to separate banks from
the government. Your legislation should suit the
present emergencies and habits of the nation. Talk
of separation! Why now separate the general gov
eminent from the States? You might as well talk
OF breathing different air. The peoples wants
the same as those Of the government.
| Again, by breaking up a mixed currency, and
changing policy you attack the habits OF the peo
pie. In every age the habits of nation change
ny slowly Try il, and you'll find it the most up hill
| work that any government attempted IN these
enlightened days. The stone will roll back upon you
That the banking institution has been productive of
evil tsere is no doubt; but look at its benefits The
attempt to break up banking and substitute any other
currency than that we have been used to, will end in
revolution, in civil war. 1t takes prophet to fore
| see this.
As to the system Of sub treasures, he only went 10
Kentucky for its fair and certain Trial. They had sub
sisted in that State for forty years. and three differ
treasurers had proved delinquent besides host of
collectors, sheris, &C. The bill itself showed by its
provisions great dstrust in men as keepers of the
| public treasure The system of exchanges, too, I'M
der this BILL would lead favortsm, and then TO in
dividual rum. Frauds of all kinds would 90 unde-
| tected.
He kad heard with surprise, that Mr.. Calhoun had
dread of the Executive. The passage of this
bill would increase his patronage fearully. For
| raj minutes did Mr. Clay ampfy on this head most
| eloquently 1t was burst of indignant eloquence
| have never heard equaled He appealed to Mr. Cal
usurpation in strain that made the blood chill in the
veins. The picture he drew was true to the very let
| ter. One man governs this Unon-is trulsm that
| none can doubt now.
| ment had nothing to do with the exchanges We
| asked no provision for exchanges. All we wanted
was currency He showed up the catch argument
about European bankers doing the Exchange business
| of the old world. There were your Barlngs, your
Rothschds you Holllnguers, your Hopes, &c,
houses that time and millions had built up. War and
| peace were in Their hands. Even Russia was depen-
dent on them for the sinews Of war; Would Mr.. v.
| Buren, have such a system? Give me the good cid
system OF democratic banks 10 do my exchange, not
| your proud and tyrannical European bankers. The
business OF the government IS 10 supply us with
currency for twenty-six independent soveregnties-
| a uniform currency.
| He then reviewed his arguments and thought that
| the people would never be aragooned into support
| of the present scheme in agitation.
He said he had been looked to for some suggestions
in these times of danger and officially. In his posi-
ton, he could do nothing. He would, however, ex-
| press his opinion openly and boldly. He had seen
this nation in many difficulties before, but never had
| he seen such an mpenetrable, Deep and threatening
gloom hanging round the destlnies of this republic
now curtains off the future fromus. He believed there
| was no man capable Of directing the mode OF pene-
ratng this cloud. The nation must be Its own ply
scian its disease is incurnble by any other hands.
can propose nothing, the Senate is constituted.
But he adured Senators If this was the time to make
experimental He asked them, with no i'll feelings,
| if they represented the States that sent them2 The
last expression of the public will says that the Senate
| should stand opposed TO the administration OF the
Executive branch Of the government ltgives at least
thrtyfour opposition, and eighteen friends TO Mr. V.
| Buren,. But do not tell them TO go home l was
| tainted with the change in public sentiment few
years ago. But do not retort. only advert 10 this
fact TO ask gentlemen If THIS is time TO persevere in
new expedients. Why not let this measure come
from theothor House? They fresh from the peo-
pie, and know their sentiments. Let them speak out
what the people want.
But to retsrn. Under deep sense of duty must
say that my opinion is that no remedy is TO be found
for the present disorders but United States Bank.
He then went the objections to such an instu-
tion and showed that the question settled IN 1916
As to Mr.. Van Buren's coming into the Presidency
on the question of the U. s. Bank, Mr.. Clay denied
the position. Ii silly to assert that man i've
feet eight inches high, with sandy hair, head incl
ned to badness down-east look and reddish whis-
kers was the perfection Of the human frame,as 10 say
that Mr.. Van Buren, into Office because he OPP
posed the United States Bank! Laugh. The no
ton took him for better for worse He had better
endorscr than his enmity 10 Mr.. Biddle-General An
drew Jackson. General Jackson was always in ia
vor of National Bank. Why don't DIR. " Is. walk
in his shoes7
Mr. C. considered the question Of sound currency
and the Union identical. If the people wished j., the
President he knew, would accord them their wishes.
He never would consent to divorce from the demo-
crazy. do not despair Mr.. Van Buren, is only sor-
ry he has gone far he has gone. He will yet sign
charter -four rulers do not change the people will
| change them.
| He then noticed the objections adduced by Mr..
Calhoun about the difficulty Of getting specie He
II A. Il. l,.,w s~(