The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-30

sup-rREAsuKy SYSTEM
The Senate proceeded to consider inc oln ns ao
additional duties as repositories, IN certain 's'e'
public officers - - 6.vor of the
~ .a.ad.,sd his as one Of those periodical re-
on' - ..h;ch commercial nations and communities
49,. I,ahe Reasoning from the lessons Oh MS
tov The present year, will be year ioI OUT
accounts with Europe; the next year, thefe WIZ 90
scarcity OF imported goods inc 'nlla year
he mi. business done, moaey will be plentiful and
syery thing will be prosperous, and the fifth year. The
ara az extrayaeance and imprudent speculation VIII TO-
turn. He thought the mode now suggested, ihe true
mode He believed there was no chance OF any renew
Al Of United States Bank. The Pennsylvania Bank
.. loo powerful an obstacle in the way, and would ef-
fectualy prevent any other Bank OF the United States
10 he established Indeed if this bank should receive
no check from the State Legislature, would become
itself the Bank OF the United States, he was opposed
to an alliance Of the money power with political power
and il ever any OF the friends who sat near him, Turn
mo to Mr.. Clay and Mr. WEBsrER,) should 60 into
the White House, where they wore well worthy TO be
whenever the people could be brought to agree with
their potics and under their administration there should
be United States Bank, gratitude would bring about
this dangerous alliance.
Mr.. b then proceeded to reply to the constitutional
ARGUMENT Of the Senator from Massachusetts, which he
regarded as being rapid stride towards consolda-
ton or centralsm than any other distinguished man
had ever taken He also replied to some constitutional
remarks on the subject Of the United States Bank made
by the Senator from Kentucky, He objected TO any
decisions Of courts being received settling questions
Il was slayish doctrine which regarded Judicial de-
csou as placing question beyond the reach Of discus
sion He thought it probable that he should be de-
nounced as loco foco for this speech but he was con-
cious that he should not deserve the denunciaton.
He stated IN reference TO the condition othe deposte
banks that during last winter it found that TO re-
i-re them to have in their possession one dollar in
ecs for every FIVE would them one for seven
woud not and even dollar in specie for every ten
dollars Of their paper would not be sufficient AZ the
time Of the suspension, he calculated that they might
have had one dollar for every FIVE and half IN en-
culation But from all facts in his possession ne
thought there was not dollar in specie for every
eight in paper in some of the States Of the sea-
board, including the District of Columbia. II cali
ed on by the Secretary Of the Treasury to pay their
dues to the Government, in what condition would
it have been found Money being the sinews OF war,
it was unwise the part Of Government to leave
themselves in the power Of these institutions war
should come out OF the dispute concerning the North
eastern boundary. which ominous question, we
ought 70 be prepared He considered the experiment
Of the State Banks perfect failure and he should
never be disposed to try it again When war threa-
tens will not help the nation out Of its difficulties to
saw that the Banks would stand up WELL and pay their
debts in full The moneyself would be necessary to
enable the government to carry on It's operations with
that yigor which would success The bill
which had been passed in this body giving time to these
banks to pay up their dues with for the relief
ofhe people. Yet gentlemen say nothing has been done
for the people Because had not created u Bank
we are told that every thing has been left undone.
In reference to the State Banks he stated that after
the explosions which had taken place. the state legs
latures did their duty, the whole banking system would
be purified. He gave his reasons against the different
projects which had been offered and advertng to one
which appeared in Southern paper Of great respecta
bty, which recommended that the gold and silver of
the government should be lodged in certain banks
special deposite. This he conended would be privi
lege conferred these particular banks, which would
be Of nestimabe value to them, placing them in stu
alton far above all other institutions Of the kind
He concluded with passing euogy on the President
for the attitude Of fmness which he had assumed be-
fore the country ustying the confidence Of his friends
and obtaining the respect Of his political enemies
Mr.. PRESTON said that when the friends Of the
Bank had sgnfed their intention not to the sub
ect Of bank this time he thought that should have
heard no more about it. But it not so. Bank or
Bank the beginning and ending of all the speech
es OF the gentlemen on the other side. Is the Bank
dead! Why stuff the skin of the monster; or rather
why take the skin Of the dead monster and stretch it
over their drum to beat upon it call to crusade
against all banking institutional He had always been
taught to believe that the banks were the children OF
commerce, and haHdmaids to liberty But it appeared
that this was all mistake. Gentlemen on the other
side seemed to handle the currency with the same ease
that with which gambler shuffies cards to suit his
own purposes But what became Of the people the
while! He remarked the manner in which the
administration had changed its policy, and its friends
their Arguments He went on to dissect the argu-
ments and predictions Of the Senator from Penn
syyania He justified the banks for the suspension Of
specie payments stating that in the south the people
and required them to do If the banks had not
stopped, the merchants and people Of Charleston and
Columbia would have broke, and all the country would
have been swept by black desolaton.
At O'Clock the Senator from South Carolina gave
way, and,
On motion Of Mr.. BUCHANAN,