The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-14

al
mar-that Treasury drafts worth as much all to
about per cent specle-slocks rising aud trade an
Pdreniy reyIving There also, Mr. Speaker every
reason for the public then suppose, ouly that tn,
bll would pass, but that the duty bonds would he ex.
tended and further time given to The Deposit Banks IN
pay the balances due from them as provided BY the b
your table Now, Sir, is little singular that on
the receipt OF this news, and when would seem that
better times were dawnng upon the country, when bu-
shess appeared 10 be re,iyng and when this and other
measures recommended by the Executive which il
might be supposed would pass this House appeared 10
have the effect TO alay excitement and restore cou6
dence, saw is singular sir, at such a moment that
most vigorous effort Is suddenly made to defeat this
bill and prevent the OF Treasury notes which on
all hands, so lar as have understood has been viewed
as measure so well calculated for the relief of III.
country We have heard much, sir, on the subject of
the Government taking Of itself without any care
for the people, The measures recommended by the
administration have been denounced on this floor A.
having single eye to that object, and il has been made
matters OF complaint here that measures Of relief for
the J'eopie were proposed. This, however has been
looked upon measure calculated TO relieve the no
pie we'll as the Government as a measure that wo,ld
throw into circulation ten millions Of dollars when
would be equal 10 so much addition TO the specie cst
tai OF the country-fumshng great facilities either AZ
mlttances or domestic exchanges, particularly all
classes of the commercial community. And vet ST.
The moment there Is prospect that this wll
be adopted aud carried toe administration mca.
and unless have entirely misunderstood the scope and
tenor of this debate their hostility the measure if It
did not originate on reception Of the from New
York above alluded TO. IL did at least then assume
more vigorous, obstinate aud powerful shape so much
as TO Impress upon my mind most strongly the he.
let that there some connexon between the cause
and effect
Did gentlemen Of the opposition suppose that if tins
bill passed it would Immediately give relief restore con
fdence and rebound to the credit Of the administration
hat tt,ut Ia tha aGl
have doabt and had hoped thai this consideration
might not be entirely overlooked by the opponents Of
this bl--or if noted by them that it would not add
zeal TO their opposition hope it has not
Mr.. Speaker have listened to the debates ON
this BILL and given them all due attention and the
various objections which have been raised in the
progress OF This discussion against issue of trea-
sury notes, have received from me attentive consi.
Iteration.
was in favor of the project from the first if the
state OF the treasury was such 10 warrant it, and
have heard nothing yet which to my mind is a sulf.
| cient objection against IT, Let us look for a moment
TO the ground which we occupy in relation to this
matter and the point al which we have arrived in
this discussion
Is it not, sir, conceded point that the treasury is
nearly quite exhausted-lhat in short time il
will BE- necessary to raise money either by loan or
otherwise, unless the unavailable funds now in hand
can BE- realisedl shall no, here go into review
the financial condition of the country the stale
OF the treasury, exhibited BY the Secretarys Re
port, orhc various explanations of that report which
have been made on this floor. | assume the posi-
ton that there is no money in the treasury or that
such will be the case very shortly-and that money
is needed TO carry on the operations of the Govern
men Weare told so by the Secretary ofthe Trra
sury and BY the Chairman of the Committee Of
| Ways and Means. The whole of this debate has
proceeded upon that supposiiion, and with the cx
ception of the honorable gentleman from Tennessee
! (Mr Belly and perhaps one or two Others such has
been allowed to be the true state of the Treasury by
all who have addressed the House on this sublec, -
There can be no question that such is, the fact and
the point that is now presented is simply, In what
manner shall We replenish the Treasury; ! say
merely Treasury, and not an exhausted or bank
rup treasury; for, sir, we have ample resources as
| soon as they can be realized without resoting 10
taxes or duties. II is only necessary to resort TO
some temporary expedent to enable the Government,
to go and to furnish the Treasury with the necc,-
sary means, until the debts due to the Government
| and the ample, but at present unavailable means
| which We have can be realised without unnecessary
| distress or pressure upon the people.
| BY the strong vote in this House last evening on
the subject of sellingihe United States Bank Bonds
it was unequivocally determined that we would not
adopt that measure. We must then call upon The
deposite banks for the immediate payment of all BIZ
| lances due from them and also upon the merchants
for the instant payment of the duty bonds or resort
must be had to the issue of treasury notes Govern
ment stocks for short time until those claims can
be realised. Can gentlemen devise any other
1 course ...@...
You have now, sir, upon your table a bill poS,pon-
ing the payment of duty bonds nine months and an.
other allowing time 10 the deposite banks to pay the
balances due from them, neither of which are vet
acted upon in this House, but both of which 50 Tar
as any opinion has been ELECTED, with univer-
| sal favor In fact, sir doubt whether there is a
member on this floor who is not prepared to support
both OF those measures-and gentlemen opposed t.
the administration and to this bill are supposed to b,
particularly favorable TO those. Can gentlemeI Of
the opposition then fail 10 the effect that the de-
d m usf hay
they sincere in desiring delay upon the duty bonds
and the allowance of further time to the depy>i,c
banks, and yet oppose this measure, which if defeat
Cd must necessarily result in the defeat of both those
blllS Are they willing TO assume the responsibility
OF denying any extension TO the banks or on the
duty bonds which must be the inevitable consequence
OF refusing to pass this bill. apprehend, sir that
| gentlemen have not duly weighed these considcra
tons, and yet il would impossible that they ran
have overlooked the fact that by exacting immediate
payments Of the duty bonds and bank balances not
only the security or safety of the debts might be
dangered but that increased pressure and distress
must be felt through all the ramifcations of SUc.
ety-and yet, sir, how can that result be avoided if
this bill is deteatedl
But, sir, another and more mighty objection is no.
urged to this bill After it had been debated nearly two
days, 1t suddenly discovered be an enemy in d.
gnse, scheme fraught with all of mischief to the
country and danger TO institutions In short,
'ne'penf step forards Treasury Bank. entering
wedge towards permanent national paper currency
The changes have been rung upon these words all
forms and shapes until the weary OF the rcpct.
ton, and like the old u s. Bank, which the gentleman
from Massachusetts insisted had become kind of
| stalking horse in this House So this idea of
Treasury Bank" Government paper currency has
become kind of stalking horse to this bill, which
led in upon this floor by every speaker Of the Oppose
ton, to ghten members out OF their votes IN favor Of
this measure. Now, sir. ! am as much opposed 10 a
Treasury Bank any Of the gentlemen who oppose
this bll-and would go as far in opposing any measure
which would be incipen step towards such nstI
tuition, towards the establishment, Of irredccnabr
Government paper currency. the most patriotic Of