Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-11-11


be misunderstood; and we are now to what
Congress, and, what is much more important, how
the country will settle it. /.
Mr.. President, if, in May last, when specie
payment was suspen ded, the president Of one Of
the banks had called his council and directors to-
gether, informed them that their affairs were i
threatened with danger, that they could not col
lee, their debts in specie, and might not be able
10 pay their debts in specie, and recommended
such measures as he thought their interests re-
quired his policy. in all this, would have been
no more exclusively confined the interest Of his
corporation than the policy of the Message is
fined 10 the interest of this great corporation of
Government. Both in practice, therefore and on
principle, III reality and avowedly, the Admins |
tration abandons the currency to its fate. 1t
surrenders all care over it, declines all concern
about it, and denies that it has any duty connected
with it.
Sir, the question then comes to be this: Shall
one OF the great powers Of the constitution. pow
err essential to it, any just plan theory of gov
ernmeni, power absolutely necessary and indis-
pensable TO the proper regulation Of the country,
be now surrendered and abandoned forever? TO
this point we have come, sir, after pursuing the
experiment Of the late Administration for five
years. And from this point am persuaded, the
country will move, and move steadily, in one di-
rection another. We shall either go to the
gentleman from Missouri, and suffer him to en-
brace US in his gold and silver arms, and hug us
to his hard money breast; or we shall return TO
the long tried, well approved, and Constitutional
practice Of the Government.
As TO the employment Of State Banks, for the
purpose Of maintaining the currency, and carry
ing on the operations Of exchange, l certainly
never had any confidence in that system, and have
none'now.
| l think the State Banks can never furnish
medium for circulation, which shall have unIver-
sal credit. and be Of equal value every where.
think they have no powers or faculties, which
can enable them to restrain excessive issues of
paper.
/ think their respective spheres Of action are so
limited, and their currencies SO local, that they
can never accomplish what is desired IN relation
TO exchanges.
Still, l prefer the employment Of State banks
to the project before us-because it is less OF
"a P-ojcct---bccause it is less dangerous; and,
chiefly because it does not surrender, effectual-
~, and in terms, great power Of the Constitu-
ton.
In every respect, this project is Objectionable
1t is but another s.experiment;'' and those who
4 ahee...seA zcuiousfy, worc tho authors q
the last, and were equally full OF confidence and
assurance in regard to that.
@ We esff f e tSS th IL sS 9sEfhssh
Are they not the well known voices which We
heard so often when the late experiment was
begun? We know of but one accession. The
voice OF the honorable member from South Caro-
lima is heard, it is true, now mingiing with the
$ general strain; and that is all. Where, then, il
5 more than there for it in the last?
q This scheme too, is against all our usages ant
e all our habits 1t locks UP the revenue, undo
bolts and bars, from the time of collection TO thu
time of disbursement. Our practice has heeI
; otherwise, and it has been a useful practice. II
; 1888, the Secretary Of the Treasury adnonishe
! the deposte banks, since they had obtained tn
!, custody of the public funds, to accommodate tn
Public, to loan freely, especially to importing met
chants. And now, a system is proposed to us, &C
Z A. III: IL, l.
e way Of loan accommodation to the public,
l. made a criminal offence, and to be prosecute
t by indictment! Admirable, admirable, consist
g ency!
% But the great objection to the measure, tina
,. which much diminishes the importance Of a
II other objections, is its abandonment of the dut
T. of Government. The character Of this projec
IS is, sevcrence of the Government from the Pee
n pie This, like the mark Of Cain, is branded o
q, its forehead. Government separates itself, nc
from the banks merely, but from the communit,
1t withdraws its care, it denies its protection, 1t RI
E. nounces its own high duties
le am against the project, therefore, in principl
Fl and in detail; l am now for no new experiment:
he but am for sound currency for the countr,
Mt And mean by this, a convertible currency, $
" this respect, from the gentleman from South Ca
DINA. Mere Government paper, not otherwis
u than being received for taxes, has no pretence
a be called a currency After all that can be sal
IN about it, and such paper is mere paper none,
~ 1t is nothing but bills of credit. Sir, we wal
us specie and want paper, Of universal credi
to and which is convertible into specie at the will
it. the holder. That system of currency, the exp
renee of the world, and own experience
DIS have both fully approved.
ID maintain, sir, that the People Of this countI
mt are entitled, at the hand Of this Government,
a sound, safe and uniform currency If the
at agree with me, they will say so. They will sa
mt at is our right have enjoyed i forty year
ID it is practicable. it is the duty Of the COVER
Ne ment to furnish it, ought to have it, we ca
n have it, and We will have it,"
nd The language Of the Administration, on Il
ais other hand is, GOOD masters. you are mistake
an You have no such right. You are entitled to
ice such thing from us. The constitution has be,
to misunderstood We have suddenly found out
m meaning. A new light has flashed upon US.
is no business of ours to furnish a national c,
rency. You cannot have it, and you will not G
IN it,"
,g Mr. President, have thus stated what thi
ar to be the real question now before the countl
IA trust myself, cheerfuliy, to the result I ,
ON willing to abide the test Of time, and the VI
hin ;,10v,ens Of the PeOnle for seu