The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-23
TWENTY-FIVE CONGRESS,
EXTRA SESSION.
UNITED STATES SENATE.

EXTRA SESSION
UNITED STATES SENATE.
THURSDAY, September 81.
Mr. MKEAN presented memorials from the county
Of Philadelphia. demonstrating against the annexation
of Texas. 41s 8sts
Mr.. MORRIS presented similar petitions from Ohio.
Mr. WRIGHT, from the Committee on Finance.
ported bill making additional appropriations for the
suppression Of Indian hostiltes which read and
ordered 10 second reading.
This bill appropriated 1900, 900 dollan.l
Mr. WRIGHT from the same Committee. made an
unavorsbe report the petitions IN favor OF Bank Of
the United States.
TREASURY System.
The Sensts proceeded to consider the bill imposing
additional duties as repositories on certain public
officers. NJ slS4.sas a
Mr. SMITH, Of Indiana, spoke at some length in
opposition to the amendment OF the Senator from South
Carolina, and also against the BILL He took brief
view of the measures which had been submitted TO Con-
gress, and the reasons which had induced him
ss he had done. He stated that this contest
" between the government and the merchants-it
impossible to oppress the merchants the banks with
expressing the entire people He took great pains
TO show that the argument founded on the idea that the
government has no power regulate the currency
after thought because it had been always commended
by Mr. Ys6 Buren and General Jackson, and their
friends up to this moment, that the government pos
that power and exercises il through its fiscal
agents. For the purpose Of carrying through the D
vorce BILL however, il found convenient to repu-
date that doctrine Whatever Others might find
for this crisis and he knew that sometimes gentlemen
by their metaphysical ingenuity, almost made their
disbelieve what apparent on its face, he
could find other cause in the first place, than the
fusa to recharter the u s. Bank, and the removal Of
the deposites to other banks Such he believed TO be
the opinion OF the people in his state In consequence
Of the removal Of the deposites, the pct banks made
yer-issues which led the oyertrading TO which the
Executive attributes the distress The specie circular
performed its part in the production Of the present
Distress He did not impngn the motives OF those who
proposed and carried through these measures, but he be-
ieyed they were mistaken in their policy He believed
the war against the Bank Of the United States had been
injurious to the country than the Florida war He
complimented the United States Bank on the manner
in which il conducted the fiscal affairs OF the govern
ment beneficial to the government and the country
He dissected the treasury scheme, and said would in
the number Of government dependents TO an army
strong enough subdue Oseola II would take ninety
thousand dollars 70 put the machinery in operaon and
the tendency Of il would be induce the people to cut
loose from the government. The disposition displayed
by the government cut loose from the people, in tho
regulation Of the exchanges would he believed, lead the
people TO separate themselves from the government
BY the bribery Of the gold and silver currency the GO
vernment would surround itself with band of officers,
but it would be separated from the people. He con-
tended that the country not prepared to 90 into
gold and silver currency because there not specie
enough in the country to pay half Of its debts and
If the creditor pushes his debtor the wall the present
distress would be redoubled. He opposed to the
amendment of the from South Carolina, but the
amendment OF the senator from Missouri, he regarded
as monstrous and its effect would be TO ill the pockets
of the government officers with gold, and giving silver
currency to the country. He could not countenance
either Of these projects, well that Of Mr. Ryes,
and he believed the result would be- TO bring the coun
try to say with the President Of the United Statesa
these temporising measures have sgnafiy failed.
X Mr. STRANGE followed. He admitted that the
country was in disturbed condition and this condi-
ton had been referred by some to tamperng with the
currency some has said, tinkering with the cnr
rency He did not admit that any Of the measures Of
the government had produced the evil bur that on the
contrary, their influence had been Of soenng and me-
orating character He did admit, however, that some
Of these measures had in conjunction with other causes
produced harm in the country The course Of measures
pursued by the Bank Of England had injurously affect
ed commercial transactions in this country He went
into history of this cause. t8 Il
He assigned his objections to an u s. Bank as re-
medy because he believed public opinion to be against
H. and also because the Executive stands pledged to
veto any bill looking to that object II is also uncon
stitutona and nexpedien He was opposed to the pro-
ect Of the gentleman from Virginia and predicted that
If it should be carried shout Of triumph would be heard
from the marble palace Of Philadelphia. The local
bank system had been tried in the balance and found
wanting Much of the distress Is attributable to the
failure Of the Opposite Banks 70 meet their solemn
gagements He was astonishcd that any would
assert that there had been no failure OF this scheme. II
had signally failed The objections 70 Bank Of the
United States and the States Bank system were
answerable. The project which requires the present
consideration Of the Senate the only free from
objection II had yet receive the sanction OF the peo-
pie, he admitted but he believed it would receive that
sanction. The Chief Magistrate had given to it his
countenance. II would introduce gold and silverthe
most understandable currency. The Government will
have it under control and have when and where
you please It is more simple than any other scheme,
and such as the wayfaring man, though he runs may
read. He read extracts from letter by Mr. jefferson
sustain his In reference to the danger oil tho
system, from the dishonesty Of officers he said the
terest to be honest The mode in which accounts
examined in settlement with the Government, made
fraud difficult, and the long concealment OF it mpossi-
ble Let is be established that banks neccssa
ry, and you will bring the public mind to conviction
that u. 8. Bank is necessary. The apprehension
that this bill would tend 10 great accumulation OF Ex-
ccutive patronage he regarded absurd He believed
that where the Executive may thus make one friend
there would DO probability that he would lose ten. He
admitted that there was always danger OF strong
Executive but under the guards and checks imposed
by the Constitution, this danger would never become Of
great magnitude. The money would not be within the
reach Of the Executive more than il is now He went
into great length in calculating and dcscantng the bcnc
fits Of the new s, stem.
The Senate adjourned
HOUSE OF REPRESENTATIVES,