The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-17

banks upon the proposed the amendment, and
what Is the necessary and inevitable result! Why SIR,
according TO my understanding, fsf from placing the
Government under the control Of the bank we should
realzn 10 advance the payment Of debt due ~ one,
two and three years and that IN the gold and silver
Of the fnghiful monster itself
Mr. Speaker, have always entertained great respect
for the Opinions Of the Chairman OF the Committee OF
vsys and means, mir Cambreleng) but upon this sub
lect must be permitted 10 think that he is under
strange and most papable deuson Sir can II he, that
mistake the true operation Of this amendment Tan
il be- that the withdrawal Of SIX millions aud hall OF
specie from the vaults of the bank and transferring It TO
the Treasury viii increase the dependence OF the latter
or the power Of the fomor No, the proposition
absurd the extreme, and cannot and wil not assent
| 10 H.
| But another objection has been made 10 the amend
ment. to which, whist up, | will reply. Il IS
apprehcnded that these bonds, with The endorsement OF
| the Government might find their way TO Europe, and
thus increase the foreign balance against us ] am
wiling again. for the sake OF the argument 10 admit the
/ truth Of this objection bot beg those who give TO 1t
any consideration, TO bear in mind that under the
amendment, mnst receive for the bonds their non
nal amount available funds and whether we receive
it from capitalists, those abroad, we shall be
upon safe ground long We receive N return the
same amount gold and silver But gentlemen forget
remember, that this objection applies with equal force
TO the BILL without the amendment, because your Urea
sury notes. issued BY the authority and upon the faith OF
this Government, will be just likely 10 the great
waters, and increase the foreign balance against
the bonds which propose SELL with this difference
IN favor Of the amendment that the bill wllhoa, il, may
increase that balance against the Government whilst the
amendment would only increase the balance against the
\ - the monster
| Mr. Speaker prefer the amendment for another
] regard these bonds legitimate fund belong
ing 10 the Government, and willing TO make them
available il the Treasury, rather than saddle the
nation with another public debt, do, by the
passage Of the bill upon your table. Much, however,
as depore that evil, would il no other alternative
was at hand adopt 10 save the Treasury Of the
4 from bankruptcy. But, by adopting the amendment,
you supply the Of your Government, and, at the
time, avoid the necessity of creating debt, which
must be paid under your unjust and unequal system Of
taxation And why, Mr. Speaker, permit me to ask,
should reject the amendment, if the only object be
to repIeush exhausted Treasury with hard money,
constitutional currency! Sir, confess that the strong
repngnance manifested from certain quarter for every
proposition to repensh the Treasury "a and the
pertinaclty with which that supported, has awsk
ened my suspicion the true character and object of
the II we propose to sell bank debt, is
objected to- although warmly recommended by General
Jackson nis34 in whose footsteps gentlemen
wont to tread five propose 10 authorize the Secreta-
ry borrow money upon the faith Of the Government,
the measure is objected to, If it is proposed to pro-
hbit the Secretary of the Treasury and subordinate
dsbursng officers Of the Government from circulating
their notes IN payment OF public dues, whilst they have
on hand and their custody gold and silver sufficient
for the purpose, that too is objected TO- And
repeat sir with none other than feelings of profound
regret that the discussion which has taken place upon
these several amendments has excited my suspicion and
| | now declare IL.
have heard, sir, in the progress of this debate sent
mens advanced upon this floor by of my political
friends against which must my most solemn
protest. An honorable and esteemed colleague OF mine
! upon my left (Mr Rves) took occasion Yesterday to
propose an amendment to this BILL the object Of which
seemed to be facilitate the circulation of the Treasury
! Otpsa n He is IN hapn
that while they (lreasury noics) met and relieved the
wants OF the Government, would equally the great
wants of the people, by giving them unf form circulat
! ing nedIHm' And again he Is reported TO have said
that, these notes Treasury would reduce the
balance OF exchange with England and this would OPP
crate to prevent their depreciation Treasury notes. he
says, would circulate better without bearing interest,
than with low rate Of interest, and the amount
$4,000 0O0 instead Of $40 900 000 it would be safe
and sautay measure and the very best thing Congress
could do Now, sir, these sentiments which was
not prepared to EXPECT, and to which never sub
scribe Sir at the that these remarks were made
by my colleague in favor Of his amendment graft
fed TO believe that the chairman OF the Committee OF
/ Ways and Means, dlsscned from them But that gen
| teman has assumed grounds in debate, which
satisfies my mind, that he too looks and advocates
this bill, as something than OF furnishing
an embarrassed Treasury with hard money the
demands upon IT. Mr.. Speaker | pray gentlemen to
pause, and review the sentiments they have avowed
mPore them to pause before they give their consent
measure iranght with consequences dangerous
the emission OF Treasury paper currency based upon
the public faith, and controlled by the will of man,
already clothed with extraordinary powers Our
| Executive may be honest and trustworthy | hone
and sincerely believe he s-but to him, sir, will
not consent to surrender power of such fearful char
acicr But sir II Is not the part OF prudence, wise
forecast to leglslae, reference alone TO the present
incumbent Of the Executive chair but we should look
to the future with jealous eye and guard with care and
| clIcnmspecon the liberties of the people from the
grasp of unhallowed ambition will not stop now to
dilaIe upon the evils or dwell upon the ruinous conse
quences, which must follow the establishment of sys
tem which once maured WILL in my humble Judgment
be far dangerous 10 the institutions of coun
try, and to the liberties OF the people than that defunc
monster" whose ghost to be constantly fitting be-
fore the aiirghted lmaglnatlons of gentlemen here who
support this measure which, fear, the precursor of
system OF Government paper currency, which, in the list
of . monsters" might well be called :" legion"
The amendment, however, does not propose a sale of
the bank bonds, the only Of relief to the Irea
but goes further and the that this measure
shall fail then the Secretary of the Treasury authorized
to borrow an amount OF money upon the faith of the Gov
eminent co al to the nominal value of the bonds And
SIR the honorable mover Of the amendment has sgnfcd
his willingness, so to modify the second section of his
amendment to leave TO the House saw what sum
thus be borrowed for the Of the Treasury and
still 1t is objected to, not because it will not meet the
emergencies OF the Treasury but because supersedcs
the Of ten millions Of nconverble Treasury paper
currency, which the Government cannot, and will not
| redeem upon presentation.
! Mr. Speaker am In principle hard money man,
and have the satisfaction believe thatthe patriotic
people whom have the distinguished honor to repre-
sent upon this floor prefer the constitutional currency Of
our fathers TO any paper money, your Treasury
Included But, whilst say this | desire that it shall
be distinctly understood that am not to be Unlisted
in the contemplated crusade aganst the existing nsu-
tons OF Virginia and her sister States TO accomplish
the na'ro'o object of supplying the Government
alone with the constitutional currency; and |
now admonlsh gentlemen that until they propose
measure, broad and comprehensive enough, to
separate The great body OF the people from The banks,
| | VIII IrLrII,u IA.