The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-03

consideration Of the bill was postponed I'M 10 NOR
row. and the amendment of Mr. WEBSTER, was or
dered 10 be printed,
The consideration of the bill imposing additional
duties as repositories in certain cases ON public Of
Mr.. WRIGHT then obtained the floor. He said
the object was 10 make the debts of the Government
payable in paper convertible into specie the spot
Practically speaking, there was no such paper He
compmented the Senate ON the time and Character
OF the debate which had occupied the last few DAYS
The bad working of the system of State Banks was
seen BY ALI every one had his plan; and the Presi
separating the banks from the Government.
the Secretary had only rendered obedience
10 the express provisions of law He had
not indeed withdrawn the money as required by
law, but had extended indulgence to them He re-
piled TO arguments Of Senators against the system OF
measures recommended by the Committee on Finance
and indicated these measures lie stated that some Of
the principal bankers in the country acquesced in the
propreiy Of the separation Once separated the credit
OF the banks will be their own and not the result Of any
connection with the Government. He denied that the
withdrawal Of the deposites could effect the ruin of the
banks as some had apprehended The establishment
OF the system would give stability to the currency
Of the treasury and erect standard the part Of the
government, to which the banks must come up
or lose the confidence OF the people the government
erect standard equal to gold and silver the banks must
do the same The Treasury preserve its currency
sound or the whole OF the currency would be deprcca-
ted and disturbed He stated that if the officers OF the
government were paid in deprecated currency he would
have 10 pay an additional price for the commodities he
purchased He said that it was an objection on the
other side the State Banks that il increased the Ex-
ecutive patronage Why then should il be on the
administration reproach that they were about TO
withdraw that patronage Because tho collector at
New York keeps the public money will he be more under
the power of the Executive than he was before The
withdrawal Of the deposes may effect the public
hdence in these institutions for awhile, because Of the
denuncation Of their measures But there could
be better period for the removal than now, when there
is suspension OF specie Payments by the banks. He
regarded the plan Of Mr. Rres to the system
othe last year He could not believe that any one af
ter the experience Of the country, could have the
confidence IN these institutions, which he had before
that experience On his mind the confidence which ex-
listed is displaced by doubts and apprehensons and he
would by means restore the system He would use
the banks with all possible indulgence in the collection
OF the balances and then take away the power of these
banks to charge us with producing these misfortunes,
and take from them the power Of specializing on
money He replied to what had been urged on the
subject Of security and Of the Government being in
effect a bank. He admitted it might be so but it
was the unobjeconable Of banks, because there
the gold and silver behind it, and the issue would
readily find gold and silver.
The bill then informally passed over, and the
Senate proceeded to consider the amendment of the
the day of adjournment This amendment fixes the 18th
instant as the day of adjournment.
Mr.. HUBBARD moving to adjourn on the 9th in
slant, and thinking il probable that might be done,
wished to reject the amendment.
The amendment then agreed TO and,
On motion of Mr.. CALHOUN,
The Senate adjourned