Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-20

From Washington.
On Monday Mr. Calhoun presented his plan for
regulating the finances of the government II is
somewhat silar in ts principles TO the settlement of
the Tariff questlon-beginnng from the first of Janu-
airy next 10 receive the notes of all specie paying
banks for the revenue, and gradually diminishing
their receipts till they reach specie alone presents
no point Of relief to the mercantile interestts only
effect bsing 10 offer an nducement to the hanks
sumo specie payments. This amendment was offer
ed to that providing for an issue of Treasury notes.
We still believe that the plan of the government will
succeed-piS: further credit the suspended bonds
An issue of Treasury notes-and reunion OF the
government and the dcposite banks. In the absence
of our own correspondence, we annex the following
from the Commercial"
Treasury NoTEs BILL-MR. CALHouNs OPINIONS
The bill providing for the issue OF Treasury notes
then taken up, and in the midst of the most pro.
found silence and fixed attention OF the senate and
the immense crowd,
Mr.. Calhoun rose and made an elaborate expos-
ton of his views. He said the question is, Snail
the government use the banks as fiscal agents as
repositories of the public funds-and shall II receive
their specie" He had come to the conclu-
sion that the interest of the banks and government
forbid reunion. He asked that he might be judged
with candor Those in favor of Ieanion will find
the preliminary difficulty that the banks are now Sc
parated from the government; and until the law
which separated them is annullcd, none, he imagined
would wish the restoration of the union. The oppo
sltIon will be in favor of 1t; they were always
against it, nsher will those IN The ranks oil the adj
mlnisraon, for they have denounced them. 1t was
not safe 10 trust the country unrlcd expedent
but what must we call the trial Of experiment that
has already failed Worse than folly, madness It
self? Ii the union IS TO be restored, national bank
is indispensable. II we 10 receive notes IN the
public transactions, we are bound to have national
hal hate frnnr az
10 make as solid and uniform possible He referred
to his opinions 1884, when he said that If the 60
vernment was to do without bank, it must dissolve
its connection with all.
He now declared there must be national bank TO
restore the connection. He thought, however, public
opinion is against such an institulon-ateast the SEN
timents of a large and powerful party are The FIX
ecutive is pledged 1gainsi 1t could not be estab-
lished without political revolution. Another crisis
must come-anothcr prostraton OF commercial credit
He thought there were inseparable q etions 10 a ma
tiona bank What We have gone through, would be
nothing 10 what would follow upon the adjustment
of such an institution tie III strated ms position
at some lengthy He though tae crisis ofl6l6 essen
TALLY different from he pre- I. The government
was then the debtor now the creditor. He was
then in favor OF nata anl. Another measure
was proposed, namely .iNl NV; sucn as is
now offered by the Execuu rely opposed
to abankrupt law, as harsh, and uncon-
situtlonal. The states alone lie power TO pass
such measure. He who would try bank on the
present state of things will find the recoi everwhelm
ing. Ii would compel specie payments but not as a
reformer; only as a destroyer.
He was opposed 10 a national bank, on grounds OF
expedency, of constitutional construction ard be-
cause it would enlarge executive power. He referred
to the proposal TO unite the government with the Penn
syvania Bank OF the United States its fs cal agent
He thouphtit might be done; but he never could con-
sent to give such preference TO any sate-to give so
much power to any set of stockholdersto give such
a triumph to an individual over the government as
this would be.
He spoke of the expansion OF the banks, and
thought il arose from their connection with The GO
vernment. The simple fact that the notes should be
received in payment OF the public dues, gave an I'M
mense impulse To the circulation Of the notes OF the
deposite banks. They are treated by the government
as money; while the notes OF ether institutions were
regarded mere written agreements between man
and man, He attributed 10 this connection all the
financial commissions that have occurred In this coun
try and TO the same cause in England, the CONNER
cia commissions that had taken place there. He be-
eved the connection of little value to the banks
in most parts of the country he knew II was SO re-
garded in South Carolina; and the advantage as
enjoyed by other places is an advantage unequal and
contrary TO the genius of our institutions lie allud
ed 10 the corruption attendant on the connection. Ii
was manifest in the degraded state OF public morals.
He spoke OF the remedy. III mast not be treasury
bank nor possess the capacity of becoming treasury
bank He referred TO his amendment. He said the OBJ
ect of it was 10 produce gradual reform. After the
first of January next three fourths OF the public dues
may be pad IN The notes OF specie ing banks; a
ter The first OF January 1882 one-haf; and after tile
lst Of January, 1910 one-fourth and after that the
whole revenue Of the government shall be collected
Ia the constitutional currency-gold and slver--or
such notes and such bills paper issued under the
government as the laws shall authorize to be issued.
Tke question on this amendment would test the de-
termination of the Administrations II could DC car-
rigd II the administration chOsef they opposed IT,
be knew his course. He did not wish II TO pass i
they cid not support it--for he was unwilling 10
trustit TO hands that would not be disposed cary
/, into execution. Dir Calhoun then offered bis
amendment, Of which the substance Is gwen above
but AT the suggestion of several senators he Withdrew
IT, and said he would annex II To the bill imposing dli-
ties on certain public officers repositories 1.-THE d.
vorce bill as Benton called it, The amendment was
ordered TO be printed. Mr. Benton said he would
when that bill came up, offer an amendment 10 ac-
complsh the same object in different way.
Mr.. Benton then entered into an elaborate defence
OF the general provisions of the measure.
Mr.. Walker opposed the clause that proposes that
the notes shall bear interest and moved to strike il
out. The discussion is now going on.
The House has been engaged the whole morning
so far, in receiving petitions and memorials, and re-
solutions. The committee of Ways and Means have
reported bills in relation 10 the warehouse system
and the banks of he District of Columbia, similar tc
those reported TO tho Senate.
MIsERv HAVING TOO MUCH MoSEy-MoaE
LrBEts.-Every body has read Sam Wellers admra-
BILE account Of the shoemaker in prson-put in for
debt-not for going 10 law--not for any crime-buI