The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26
] TWENTY-FIFTH CONGRESS,
EXTRA SESSION.
SENATE.

s SATURDAY, Sept. %.
Mr.. CALHOUN presented memorial from citizens
Of Mobile, in favor OF National Bank.
Mr.. SWIFT presented petitions from Vermont re-
monstrating against the annexation Of Texas.
TREASURY scHEhE.
The Senate proceeded to consider the bill imposing
additional duties, repositories in certain cases, on
officers OF the United States
Mr. KING, of Ga, addressed the Senate He de-
cared the experiment of the Deposte Banks to have
totally failed He had predicted this failure, step by
step He characterized this experiment as one Of the
grosses systems Of fraud and delusion that had
been attempted TO be practiced from the
OF the world. He believed that il the President had not
tormented and tantalized these Banks much, they
would have done better but they never could have
constituted an efficient agency He considered that
throughout the whole Of the Message, there was not
single fact in reference TO the Of the present dis
tress was true. The administration seemed think il
impossible that they could be the Of the distress
The Message made up from stump speeches, quack
politicians, and scraps Of foreign writers In reference
to the statement Of the Message. that the expansion
paper issues in Great Britain had proceeded par possu
with the expansion in this country He showed from
documents, that in Great Britain, from the LIST Of Janua
ry, 1884, to the LIST Of January 1887 the increase in
Great Britain had been abont 100000 pounds in the
United States il had been 100 millions the same Pc
Rod He went on to read from evidence given before
the British Parliament extracts to refue the positions
taken by the President in his Message He to the
conclusion from his calculations that instead Of thirty
millions which the Message exhibited debt to
Great Britain, we actually owed Great Britain, at the
time, one hundred and ten millions. It was melancholy
to young and vigorous nation treated as bank
rupt and Yet we are called from tho Contemplation Of
ruined fields and unproductive crops and desired to think
Of the glory OF the Specie Circular Glory had depre
cated much rag-money, and is found to rest on
no solid foundation.
He advcred the policy Of the specie circular, and
the pertinacity with which the measure adhered 10.
against the wish of the people and against the decision
OF Congress, forced upon the country as blessing,
while il beneftted only tho unprincpled specuator.
He maintained that U. S. Bank the least DANCE
rous and most effectual agent He expressed himself
shocked at the remark Of Mr. Calhoun that he would
not do any thing to place the Pennsylvania Bank Of the
U. s in attitude of triumph over the government,
and asked what government The government Of the
Hermitage, the government of the White House.
He shocked to hear such sentiments There had
gray hairs over the head of our young re-
public within the last four years. than should have
grown upon it in century. He disavowed any nton-
ton to deceive the democratic republican party from
that party alone had he right to expect any thing, but
he found it necessary to take his stand against this Exc
cutve usupaton Of the power Of regulating the finances
of the country. The measure submitted proposes
continue the finances in the hands of the Executive
He did not know what course to take. He would move
10 postpone the further consideration OF the
until the regular session of Congress He did not be-
eve that he could bring himself to vote for the
amendment Of the Senator from South Carolina He
denied that there had been depreciation Of the sound
currency Of the country but the contrary that had
appreciated, IN consequence of the dminuton Of the
paper circulation and rcdculed all the clamor and de-
nunclaton which had been raised against paper money
With the deprecated paper Of the banks any could
purchase provisions, clothing, property in lands or
houses lower rate than he could before the suspen
sion OF specie payments. Did he wish to loan out mo
ney good security he could lend this deprecated pa
per at higher interest than he could have obtained for
a specie loan before the suspension He said that no
man ever beset by spirits Of his own creation
Whenever any plan Of his frustrated, he nmedi-
atey thought that all the world had conspred against
him. He concluded BY moving postpone the further
consideration Of the billunt the first Monday in De-
rennber x 81 - s e.,
Mr.. STRANGE made some explanations which he
thought called for by the construction put his Ian
yuage by the Senator from Georgia.
Mr. KING also explained.
Mr.NiLES also made some explanations, in the course