Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-10-14

;urreocy oee q TIE king6s0 aa1 49, - J.
,osn, when ureot bs,eaie vas es0PsalsA "a - ,
most 70 encounter the cullossal power e fe....S
banking system sunk snder il, and he 49,
England suspended specie paymeats. Son ~
country, one year after the commencement q -
late war, our banking svstem gave way. p
that time the idea which had prev iousiy -
ed the public mind that bank notes are The -
sentative q specie was dispelled, and the esss
sesueo that they are the substitute fue spae;
After gong through the series Of dcduetsas -
the history Of the past he came to the eoucluI.
mat the Pee0nt system could not 20 o.. @
ernment must become the ally Of the hash : |
put down the mssaltic currency OF the ally e e
metallic currency against the banks. The -
tson = nov, shall re iain tho hanks, or .han~
stand aioof from thcms We arc bound to &C.
er It the system 10 favorable TO our free issa;e
tons which places the money power in the ke,i +
Of few monopolisis. He viewed the ooe,,,;-
Of the banking system in MANY points of ~
and confessed the unitness of such . svs,en = |
our institutions. The effect Of the svsee~ -
be TO absorb all the human faculties from ,he -
Of gain; the intellect 10 sharpcncd onlv for -
ulation-any pursuit literary or other~ise. -,
profession, is ovcrshadowed and eclipsed b. -.
great machine. He rcpclled the idea which ~
becn thrown out that the new measure wosh p
troducc 4 double currency Whatever IN. g.
|
and the Government are bound to rcsul.te -
they take. That which they make mosev. ~,
are constitutionally bound tomakc uniform. he,i.
CIR a dollar IN coin or bail af cotton hhadN..~.
said It VIC separate from banks, VIC separate tn
the people; that we are taking care az the Co.
ernment and not Of the people. The firss he tres
ted ~ mere sophism; am IA 10 the sccoad, b
thought the government to&k the hest possihas
care OF the people, when it took care Of itself
hat
whole weight Of the government, the gov cnmess
paper could not stand any chance against hask
paper. He referred 10 tho course he took dusiw
the war against tho hank paper Of the anias
tration, and the reasons by which that couGua -
influnccd. He then passed some rcmarks O =
dividual credit He regarded credit a. she pss
perry Of IN Individual as much as his house, 81
il should not be iutcrfered with. The time N
come to distinguish between credit and Iu,a
and credit should always be below loans. Co.
crnment paper was cheap to the government N
issued IT,, and cheap to the people who receive {
There is discount, and this immense profit ess
to the benefit Of agriculture and the other eIss
interests of the country. lie could not be usas
stood as waging war against existing hanks, thsy
had done wrong, but he wished to CHECK II
Increase of the system. He stood mp to wan ID
ba AXIS as much the people. lie knew the doubt
full issue of the present struggle; he had tzka
his position Mt grca, hazard. Ii the adminissa
ton should be wise, discreet and energetic, the
/ nav get through the struggle. Ii they ads
such measures us he could approve, he would ss
port them; il not he would oppose them, rcsesvia
0 the righ, TO give his own views.
o Mr.. Webster said in reference TO 4 rcmart
G Mr. Calhoun, that where he looked for argumes
he had received dc nunciaton, in rcfcrc nee 10 -
ID had fallen from him, tMr. Wy There were =
of views always in such cases. The party rcplsn
n. may give dcounciat ton for argument, or be ~
e choose to get rid Of any Argument by calGse tide
l. nunctaiton. tic went on TO express his b1na~
constituent after the long and honnrab bic ccane,
,; the Senator from South Carolina, he should =
4. be found schcrc he is returning to the old cont
entail currency. He insisted that the increase
the Bunk capital Of the Bank Of England dsdI
keep pace with the growth Of commerce and u,
u ufactnrcs. The Senator from South Carolina .
~ he felt astonishcd that he depression q 1914
e cuced 50 inconssderablc IN effect. II dcprccis
lis exchange so much, that bill could not be bon,
az in the District Of Columbia or in Baltimore
Boston, for less thames per cent. He replied
and criticised the assertions Of Mr.. Calhoun, 4
n, banking was hostile to liberty, literature, M
~. aud all the noblcst gifts and pursuits Of rnas
ic As TO the ground taken by the Senator 6
South Carolin,, that VIC must get rid Of ths q
Of banking by Withdrawing from il, he might
we'll say, when he saw house on fumes, thei
"e bursting from tho windows, this must be put
NJ let u retire. lie coutendcd that il the 4
Of government to take care Of the whole, not q
m to look out for the lions share, but 10 atiea1
CT the interests Of all. The Senator had said l
~ the government, intending to take care Of ~
ne would take care of the people. He asked 4
''u government was not trust power given By
'o- people themselves.
=" He then proceeded to reply 10 the argumcn
"e Mr. Buchanan, few day. since, con;cnding
nc convertible paper, founded on specie, was
nearest approach TO a metallic currency. To
M ury notes bearing interest take the chars
u'- Of a loan. He stated that the question II I
OF between the gentleman from Pennsyivann
De- himself, was whether the government ~
ire bound to take care Of the currency.
'rc Mr.. Buchanan re stated his argumeula, .
aus tending that the grounds taken by the -
as from Massachusetts laid in differences ]
pit the Constitution, ag ainst the express langusI
J Of ,h., ;,.,rureo,
ay- The question was then taken on the -
OF ment Of Mr.. Calhoun, and decided in the an
pie tive az follows:
be- YEASLAlIen, Benton, Brown, r hsnsa
oe houn, Clay, of Ala, Fulton, GruDy, Hssa
me King, Of Ala, Linn, Morris, Naes, No
Pierce, Roane, Sewer, Smith Of Conn, Sta
oer Walker, Wall, Williams-N.
bis NAYS-B1yard Black, Clay Of KY, Cl.!
Criftendcn, Kent, King Of Geo., Knight, M
on Nicholas, Prcntiss, Preston, Rives, Robbins
me inson, Smith orInd, Southad, Spence, Swif,
-, ton, Webster, Whitc-23.