The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05
TWENTY-FIFTH CONGRESS,
EXTRA E.SSIoN.
SENATE.
sUB-TREAsURY SYSTEM.

sUB-TREAsURY SYSTEM.
The Senate resumed the consideration Of the bill inn
posing additional duties, repositories, certain
public officers.
Mr. CALHOUN addressed the Senate. He gave
passing history of the banking system and of banks
He adverted to the fact Of the paper circulation in Eng
land after the introduction Of the system from Holland
having driven the metallic currency out of the kingdom
and debased the coin when Great Britain compel-
ed to stretch her energies and drain her
the utmost encounter the colossal power Of France
the banking system sunk under it, and the banks OF
England suspended specie payments So in this coun
try, yearaer the commencement Of the late war. our
banking system gave way From that time the idea
which had previously possessed the public mind that
bank the representative of specie dispel
ed and the fact settled that they the substitute
for specie. After going through series OF deductions
from the history Of the past he to the conclusion
that the present system could not go Government
become the ally Of the banks to put down the
allic currency; the ally Of the metallic currency
against the banks The question is now, shall Join
the banks, or shall we stand aloof from them! We
are bound to consider il the system favorable
free institutions which places the money power in the
hands of a few mopoposts. He viewed the opera
tons Of the banking system III many points Of view,
and confessed the un6tncss of such system for our
institutions The effect OF the system must be To alb
sorb all the human faculties for The love of gain the
intellect is sharpened only for specuation-any pursuit
literary otherwise every profession, is overshadowed
and ecipsed by that great machine He repealed the
idea which had been thrown out that the measure
would introduce double currency Whatever the
Government take the people are compelled otake and
the Government bound to regulate what they take
That which they make money they constituonally
bound make uniform whether dollar in coin or bale
Of 1t had been said separate from banks, we
separate from the people that arc taking care OF
the Government and not Of the people, The first
he treated sophism and as to the second he
thought the took the best possible care OF
the people, when it took Of itself He maintained
that unless it sustained by the whole weight OF the
government the government paper could not stand any
chance against bank paper He referred to the course
he took during the against the bank paper OF the
administration and the by which that course was
Influenced He then passed TO some remarks on indi
pidual credit He regarded credit the property OF
an individual as much his house, and 1t should
not be nterfered with The time was come to
distinguish between credit and loans, and credit should
always be below loans. Government paper was cheap
TO the government who issue it, and cheap TO the peo-
pie who receive it, There is discount and this I'M
nense profit goes to the benefit OF agriculture and the
other great interests OF the country lie could not be
understood waglng against existing banks, they
had done no wrong but he wished to check the increase
Of the system He stood mp warn the banks as much
as the people He knew tho doubtful issue Of the pre-
sent struggle he had taken his position at great hazard
If the administration should be wise, discreet and
ergetc, they may get through the struggle II they
adopt such measures he could approve, he would
support them; not he would oppose them, reservng
the right to give his own views.
MIR WEBS GER said, in reference to remark Of
Mr. Calhoun that where he looked for argument he had