Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-10-21
REMARKS OF MIR. CALHOUN,


On the hll authorizing the issue Of Treasury Notes
i "a Senate Of the United States, Sept. 49, 1887
Mr. PRESIDENT An extraordinary course of
events with which all too familiar to need reci-
M has separated in fact the Government and the
Banks. What relation shall they bear hereafter.
Shat the Banks again be used as the fiscal agents
oil the Government land, above ALL shall their
noes be considered as money, in the receipts and
Expenditures oflhe Government? This is the great
alG lcadu. question; one OF thu first magnitude and
+ AL Of consequences. have gvcnit my most any
pIs and deliberate attention; and have come To the
eoncuSion that we have reached the period when
the interest both of the Government and the Banks
6rbl5 a reunion now propose 10 offer my rea-
spns for the CONCLUSION. shall do il with tina. per-
fct lrankneSs due 90 the subject, 10 the country
and the position occupy. All ask is, that NAV
b. heard with canlur and fairness corresponding
10 the sincerity with which shall deliver my SEN
timents.
Those who support a reunion Of the Danhs and
thc Government have to overcome a preliminary
difficulty. They are now separated, by operation
oilaw and cannot be reunited while the present
state OF things continues, without repeating The law
Ahich has dl> Joined them. | ask, who is wiling TO
propose this repeal? Is there any one, who, during
thc suspension otspccie payments, would advocate
thcr employment as the fiscal agents Of the Govern
mont, who would make them the repositories olthe
public revenue, or who would receive and pay away
their notes in the public dues If there lie none,
then it results that thc separation must continue for
& the present and the reunion must be the work of
tUe, depending On the contingency of the re7ump-
lion Of specie payments.
al But suppose tlis difficulty to be removed, and
tlat the Banks regularly redeem.ng their notes.
from what party in this body can the proposition
ron', or BY which can it be supported, for reu-
ni1a between them and the Government? Who,
after what has happened can advocate a reunion OF
athe Government with the league ofState Banks =
thu th, Opposition, who for years have been de-
,louacing il as the most dangerous instrument of
power ana efficient means Of corruptng and con.
troImr the Government and country? Can they,
aier the exact inlfmcnt of all their predictions Of
disastrous consequences from the connections, now
turn round and support that which they have so
Bong ana 50 ionlly condos nel? We have heard
1nuch from The opposite side of untrled experiments
ion the currency. Nothing can be more delicate
fhan the currency. Nothing can require 10 be more
#Ac.iratcv handled. 1t ought nevert to be tempered
y with nor Touched, until it becomes absolutely ne
8sesSary But funtried experiments urtly deserves
sNcrnsale, what condemnation would repetition Of
u mn experiment that has failed deserve? An experl-
mrnt that has so signallv failed both in the opinion
hi Supportcrs ami opponents. as to call down the
Ssluer dcnuneal0ns of those who tried it. II to
,nakc the experiment was folly, the repetition would
surely be madness.
nd But fthc Opposition cannot support the meas
AR, how can it be expected to receive support
Tom ,he friends Of tie Administration in whose
bands the experiment has so signaly failed, as to
IN all down from them eXccrations deep and loud
M If Mr. President there be any one point fully es-
tabIshed by experience and reason, hold 1t TO be
q 1hc utter ncompetcncy of the State Banks t. fur
4niSl Of themselves. sound and stable CURRENCY
Oh Ina times.
81 first adverse current necessarily throws them INTO
" inter confusion. Nor has any device yet been
found to give them the requisite strength ana stabl-
aitv but great central and controlling Bank instltu-
ated under the control Of the Government 90 lar
Ether. II we must continue our connection with the
Banks il we must receive and pay away their notes
as money. we not only have the right TO regulate
and give uniformity and stability to their value, but
we are bound TO do SO, and to use the most elective
incanS Tor that purpose. The Constitution makes u
our duty to Law and collect the taxes and duties uni
3ormy throughout the Union, to fulfil which we are
bound to give the highest possible equality OF
value throughout the whole country, to whatever
amadium il may be collected in and il that be bank
i notes, to adopt the most effective means OF accom-
8plishing it, which experience has shown to be
Bank of the United States. This has long been
smy opinion. entertained il in eighteen hundred
mud sixteen, and repeated it in my place here on the
depositeq question in eighteen hundred and thirty
y four The only alternative then is, disguise 1t as
YOU may, bctweena disconnection and Bank Of
y The United States. This is certainly the real issue TO
Il which all must come, and ought now to be openly
and fairly met.
Is But there are difficulties in the way oil National
q Bank no less formidable than a reconnectlon with
S the State Banks. Ii rs utterly lmpiacticahle, at
present. to establish one There is reason to believe,
y that majority Of the people of the United States
are deliberately and unalterabIy opposed to IT. AT
all events, there is numerous, powerful and re-
III spectacle partyI refer to the old States Rights
partv-who are, and ever have been, from the begin
ning OF the Government opposed to the Bank and
whose opinions, thus long and firmly entertained,
nught at least to be much respected as to forbid
s the creation of one without an amendment oil the
g Constitution. To this must be added the lnsuper-
able difficulty, that the Executive branch Of the
q Government is openly opposed to It, and pledged
70 Interpose his veto, on constitutional grounds,
should bill pass to incorporate one. For tour
i years, least then, it woull be impractlcable to
charter a Bank. What must be done in the mean
81 time Shall the Treasury be recognized to per-
lorm the functions Which have been recently dis
charged by the Banks, shall the State institutions
Ne again employed until Bank can be created =
In the one case shall have the so mich vIlifed
and denounced Sub-Treasury, as it is called; and in
the other difficulties insurmountabe would grow
up against the establishment ola Bank. Let the
State institutions be once reinstated and reunited
70 the Government as their fscalagents, and they
WI be found the first and most strenuousop?oncnts
NJ a National Bank, by which they would be over
'hadowed and curtaed in their profits 4 hold it
certain that IN prosperous times, when the State
Banks are in foil operation, II is impossible to es-
,ablsh National Bank. It's creation then, should a
FIunion with the State Banks take place, will be
postponed until some disaster similar TO the present
snail again befal the country But it requires little
" NE spirit of prophecy to see that such another