Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-02

They can never furnish currency to the nation As
could you expect the satellites round the
with the planet for their attendant.
The history Of the late u. s. Bank he then consider
ed He showed thar the object of the legislators of that
day was 10 restore a currency the nation Did
exist Yes, from 1921 70 1911 IN 1876 the peo
pie the great point TO which all legislation
verged Now Il is the government. The OF
government then the convenience and prosperity
Of tile people How different now A national bank
deemed the best instrument tile country
a national currency
a select committee, at tie head Of which was Mr.
Calhoun, reported bill incorporate this bank Be
it remembered this committee the national cur
renew MIR. Dallas in his report al the time stated az
incontestabe fact that the state bank system had
utterly failed. lie urged the necessity Of a national
currency. lave by the speech Of the senator from
South Carolina, Mr. Calhoun On the occasion Of pre-
sonng the c.innittees bill | in all the argu
ments contains Mr. President confess you, that
whnever merit my humble labors t.day shall possess.
il derived from this mastery exposition Of the duties
Of Congress upon the national currency.
Mr. Calhoun hete rose and d claimed that speech
He said thatli had been imperecty reported That he
said then he said now ! am legslating upon an
acknowledged policy, that Of connection Of Bank and
State. The banks had now dissolved that connection
and he did not feel himself bound by any previous
course, he lad arrived that point whence he could
take lis departure independently Of circumstances.
Mr.. Webster said he would not press upon the gen
tlenan opinions that he now discaimed but that one
thing certain-he subject Of The duty of Congress
toproyi2e national currency most eloqueny adj
When in the west, took occasion frequently to show
that the administration had but alternative; either
70 go back to the established usages of the past
new policy denying the power Of Congress over the
rency The latter course has been adopted. But the
people has decide upon the wisdom of this policy
They will shortly tell US whether government has only
the power take Of It's coin. My opinion is that
sound currency being the great object OF union the
existence Of the latter will be endangered just in pro.
portion 10 the neglect by Congress to furnish the power
The people will not be long in deciding They will
soon determine whether they 10 be embraced by
the gold and silver of the senator from Missouri
and Rugged to his metallic breast, whether they will
eschew such love making and fly back to the sunny
paths OF past prosperity.
He then the history OF the conduct of the
late administration fixing the yoke of blame upon Gen
Jacksons neck and there clinching it, Every one of
his measures probed to the quick and its tendencies
and operations pointed out.
He pointed the mark the forehead of the separa-
ton bill 1t abandoned constitutional duty, and provi
dcd two currencies, 1t gave the government the first
table and the people the crumbs. Its swelling of
utve patronage too he exposed Nearly nineenths of
the revenues would tie IN OF and two millions
deposited with four or five individuals But the great
objection was, il provided no currency.
He alluded to Mr.. Calhouns government credit cur
rency. Saidthat several pages Of human history must
be from the volume of experience before he could
be convinced Of the soundness Of such circulating
dunn No man had yet drawn from the depths Of hu.
man contemplation any device better than convertible
paper If we departed all from gold and silver sup
ply the place of money. He opposed 10 the whole
iolcy, destructive Of the ends of good government
But he left the whole subject with the people Their
decision he felt confident would be condemnatory. He
convinced that there oulj be settled prosperity
for the country till the Constitution be obeyed and It's
provisions the subject Of the National currency be
fully carried out.