Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-10-13
WAsHINGToN, Oct. 8, 1887.

In the SENATE, Calhoun took the floor,
and occupied himself III desperate assault
upon the banking system, winch he des-
crIbed as a terrible monster, likely in short
time to swallow up the property, the NOR.
ais, the 'nteIlects, and the liberty of the
country, and Of the world. 1.-THE Bank Of
the United States was monster, it was 4
monster with only one head whereas the
Banking system is a terrible hydra, with
eight hundred heads, and those heads con-
s'antly multiplying. If you cut off one,
ten others larger and more blood. thirsty.
sprng up in its place. Calhoun did not use
this figure, but it expresses his idea exact
y.
He gave sketch of the history of thr
banking system, from the estabshm ent ~
the Bank Of Amsterdam TO the present da!
He enlightened the Senate with some a.
Of those profound discoveries, which h"
alone Of all men, has been inspired to make.
Among others, the following:
|. That Bank notes have cons,an'
tendency to degrade the value Of gold and
silver and will at last, destroy that value
altogether
Q. That even ia bank does not pay spe
Gle, the demand for It's notes will always
be greater than the supply; and therefore,
however great the issue, II is impossible
tor the notes ever to sink in value! This,
according 10 Mr. Calhoun, is The reason.
why bank notes have been enabled to cir.
culn,e, after specie payments were stopped.
That It is absolutely impossible for the
banks to resume specie payments; or It
they do resume. it is impossible to sustain
hat resumption. hope the Banks will
have the good sense to give the lie TO this
favorite doctrine Of Calhoun's, by speedily
resumlng. II they consult their own true
interest if they wish to cover themselves
with the strongest and most impregnable
shield against the attacks of their enemies,
hey will resume forthwith.
4. That the necessary tendency of the
banking system is, 10 introduce an exclusive
paper circulation, without any reference
whatever to gold and silver, or any con-
| nectlon with The precious metals, whose
value the banking system will ultimately
destroy.
s. That the Banks, to be sustained, must
be limited in number, and reduced to very
few, and being so reduced they will have
the quantity Of the circulation entirely IN
their power, and increase or diminish the
value Of property at pleasure, and so there
will be an end to the Liberties OF the coun-
try.
6. That the Banking system is fatal to
he moral and intellectual Development Of
the country, 1t will crush all the learned
professions, and absorb all human faculties
into banking speculation !!
7. That the general government, under
the constitution, have no RIG ht TO take any
hing in payment but gold and silver. or 's
own credits, Does the constitution say
any thing about "its own credits"
8. That the only way to take care of the
people, is to take care of the government:
that Congress has no business To take care
| If the people IN any other way!!!
o. That bank credits are the worst pos
,blc kind Of credit IN The world.
TO- That credit aud loan are things
wholly different IN their nature
He attempted 10 answer some OF the
| arguments of the opposition, abuot sepaTa-
| ting the government from the people
better currency for the government than