Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-28
Twcniy-Fifth Congress
-SJS-
FIRST SESSION.
IN SENATE,
MONDAY, Sept. Is

Mr.. Wright presented memorial
rom merchants Of New York, praying
IN extension OF duty bonds-also me-
norial from merchants of New York,
sufferers by the fire, praying remission
of duties. The former was laid on the
table and ordered to be printed, and the
latter was referred.
Mr.. Wright also presented remon-
STRANGE from the inhabitants Of Madrid,
N. V, against the annexation Of Texas.
Similar circumstances were offered by
Messrs. Mexican, Ruggles g. Walker.
Mr.. Wright offered a resolution reiat-
ing to port of entry at Vicksburg,
Mississippi, which lies one day.
The joint resolution transmitted from
the House. prohibiting the sale Of spi-
rituous liquors in the Capitol and grounds
adjacent. was taken up and agreed to.
TREASURY NOTES.
The bill 10 authorize the issues of
Treasury Notes was taken up for con-
sideration.
MIR. Calhoun said II was clear that the
Government had separated from the
Banks and every consideration was in OPP
position to a reunion. The Government
g. Banks are Sc parated by the operation Of
law, 81 cannot be reunited while that law
remains in force. Suppose that diihcul-
ty overcome, where would you find the
advocate OF reunion. Not among the
opposition, who predicted the evils
which have resulted from the union nor
among those who relied on it. Reason
and experience have decided that il
fha- h., 1,
is indispensable. Not only so but five
want bank notes as gold and silver, we
are bound to create such a bank. Whats
ever we make money will be money
and we are bound TO make it uniform.
There is no other alternative but total
disconnection. or the creation OF a u. S.
Bank. A difficulty exists against this
Last alternative. in the constitutional OBJ
jections OF a large party in this country,
entitled to respect, and another in the
number and power of the rival institu-
lions which have sprung up. There
would be necessity that such bank
should have capital Of eighty or hun
dred millions, with due proportion Of
metallic capital. The collection of this
amount of specie would produce another
just r'SPrTrenreu. ire adj srteu 10 Ine
condition of the Bank in 1916, which
was very different from what its eondi-
ton now is. We were then debtors TO
the Bank. He gave brief history of
the financial difficulties and operations
of that period. A bankrupt law was
then proposed. He was opposed to that
measure then and now as harsh, but a.
bove all as unconstitutional. He who
would try Bank of the u. States now,
would find the recoil overwhelming
He as one Of the States Rights party was
opposed to United States Bank, as I'M
constitutional, inexpedient, and tending
to the concentration of power in the
government. His own course in rela-
ton to the United States Bank he ex>
planned. He had submitted to Bank
under state ofthings which he consid-
cred irreversible, in 1916. There was
but one mode in which the government
could reunite itself with the Banks, bnt
that was eminently ebjectionabIe--he
meant by creating the Pennsylvania
Bank Of the United States the fiscal a
gent of the government. This would
compel resumption Of specie payments
IN less disastrous manner than by the
establishment oil new Bank. But he
would oppose this because he would not
give his sanction to the creation Of an a
gent wholly under the control Of
State and again he would not aid to
give that Bank triumph over the gov>
eminent, much as he believed the gov
eminent in the wrong in the late contest
between them. He objected to res
union which would make the credit Of
the government identical with the credit
Of bank. He illustrated his argument
by reference to cases of suPpositious
character in private life. AS govern
ment operations contract or expand, so
would the bank circulation He traced
the present disastrous condition of the
country back to 1924, when the tariff
system was remodelled. In 1923, the
evil was increased and fixed by new
tariff act. One effect was the expansion
OF bank currency another was the in
crease Of custom house bonds. These |
causes s1eled the expansion Of the cir
euIation CT the United States in 1881,
and 1t was not the fault Of that institu-
hon that its issues were thus expanded.
The recharter Of the Bank of England
IN 1892 had its effect in the course of
things. 1t was at this time that the
president OF the United States, not COM
pretending the real state ofthinps struck
the blow at the United States BANK
blow which completed the catastronbe
II was remarkable that the three great
suspensions Of specie payments, now in
1913, and in England in 1897, resulted
from the conne cfiou of the R,nL, - IL