The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-19

States may be paid M the notes Of specie paving banks
and gradually to reduce the proportion each year until
the total separation shall be effected He objected 10
the issue Of Treasury notes bearing interest because il
looks like debt but If issued without interest," these
notes will form 3 currency. He believed that IL
total separation with the banks should take place. this
should enter into permanent policy, credit being in
dispensable, our business concerns have become
extensive for gold and silver satisfy He laid it down
as principle that convertible paper is unsuitable for
currency. Pronlssory notes are convenient between
individuals but the measure Of safety between indvi.
dnals very different from the OF safety IN cur
Iency This position he enforced and illustrated at
some length, giving the conclusions which he had
rived, that government currency the best which
could be resorted to- In reference revenue the pa
tient lies dangerously i'll, afflicted with burning thirst
but fortunately young aud vigorous, having to fear
from the doctors than the disease the disease debt
and must find means TO discharge it He looked to
the capacity Of the cotton and rice growing states to
recompense their energies abundant But they
qured the aid Of the government. We have reached
new The days OF surplus revenue gone. He
prided himself and the small party to which he belonged
for the they had pursued III striking the FIRST blow
at the root Of the evil He still rallied under the States
Rights banner Of 1893 Tattered and torn it was,
II should never be lowered with his consent He
cuded with moving his amendment, although not at
this time IN order After the amendment read, Mr.
O. withdrew 1t, and it laid the table and ordered
to be printed
Mr. WEBSTER asked to what bill this amendment
was offered
Mr. BENTON said to the divorce bill-the bill which
separates the government and the banks.
Mr. BENTON moved the bills which he offered
three years ago, amendments, and moved the print
ing, which was agreed TO,
The bill then reported to the Senate. The
amendments filling the blanks agreed to, and the
question being on the cngrossment Of the bill,
Mr. BENTON made some remarks, in which he gave
his view Of the influence and increase Of banks. He
pd hiatt hp IN rnth
notes into hard money! before they went into circula
ton, that they could not be regarded paper
rency There four times much specie in the
country there in 1916, and not one-tenth Of the
distress which then existed He wished to indicate the
bill from the character OF paper money bill He was
opposed to the issue Of Treasury notes in time Of
peace and he would not have voted for it but that it
parook Of the character Of Loan and could be rclm
bursed out of the Of the Treasury in short time
MrNILES asked for the yeas and nays on the engross
ment oil the bill, and they ordered accordingly
Mr. WALKER moved to strike out all of the bill
which relates to Treasury notes II they were to bear
interest, they would be Immediately substituted for the
cotton Of the South medium Of remittances TO for
egn countries. ....
Mr. WRIGHT hoped the motion would not prevail
He discalmed any design to compel the public creditor
to take the treasury notes equivalent for gold and
silver He believed that the country would not now
bear emission of ten millions without interest," with
out depressing the notes in the market He hoped the
undergo trial for few months when Congress would
again be in session, and could remedy any inconven-
fence. ,.H M..H
Mr. KING, of Georgia, referred to the fact that
protected Treasury drafts equal to specie for
purposes, but for currency So in reference to the
Treasury notes. every will ask himself if they are
worth specie. He did not fear that our paper kites
would fly any more to Europe. He opposed the idea
that by the expectation Of these notes. the interests of the
cotton planter would be injured He hopedthe amend
ment would not prevail. ..
Mr. WALKER said the crop of cotton was now
about to be picked out and sent to Europe, and to
put afoat at this moment any paper issues which could
be substituted for cotton would be to shut out the sta
pie Of the south export. He modified his motion
SO to reduce the interest to three per centum
Mr. WEBSTER said as the notes were redeemable
year hence, the addition of the interest would have
little no influence. '. ... 5".@t.
Mr. WALKER said interest was added to the bonds
issued by the Bank OF the U. States give them
rency in Europe.
Mr. CALHOUN expressed wish that discretion
should be left to the Secretary to make the notes bear
interest or not .s.... ".. .. " a. .".
Mr. KING, of Georgia, doubted the practcabity Of
getting these notes into circulation.
Mr.. BENTON asked for the yeas and nays on the
amendment and they ordered. .
The question then taken and the amendment
was negatved Yeas s, nays 40
The question then taken the engrossment Of
the bill, and decided in the affirmative. Yeas 43,
nays 5. ".
The Senate then proceeded to consider the bill to
extend the time for the payment Of duty bonds.
MIR. WEBSTER rose to propose an amendment to
this bill He did not think the time named (slx
months) would be sufficient. He moved to strike out
" six" and insert nine" ."... .A..# u. ST.
Mr.. WRIGHT said he had hastily consulted the
members Of the Committee The memorial received
to-day from New York pressed for extension OF
twelve months In consequence Of the importatons
being sem-annual, to fix or IL months would inter
fore with the period when great number Of cash duties
will accrue. To adopt nine months would be to take
middle period Of more convenience He therefore
would agree to the amendment. $3.50.
Mr.. SEWER moved for the yeas and nays, which
were ordered
The question was then taken the amendment,
which was decided in the affirmative. Yeas A,
nays l. lu. ..."
The bill reported to the Senate, and the amend
ment concurred in, the bill was ordered to be en-
crossed.
The Senate proceeded to consider the bill to adjust
the remaining claims the Deposite Banks.
Mr.. WALKER moved to amend the bill by striking
out "two" fve" and eight" the periods for the
payment Of the instruments and inserting "our, six
and "nne" months
Mr. WRIGHT was willing to take three, six, and
nine months the periods and asked that the question
be first taken on striking out "wo and inserting
"four"
After few words from Mr. GRUMPY, Mr.. Wright
withdrew his opposition and the amendment was agreed
to. ...
The bill was referred to the Senate, and the amend
ment being agreed to- the bill was ordered to be en-
crossed. ~.
The Senate proceeded to consider the bill to author
lie merchandise to be deposited in the public stores
No amendment beng offered, the bill was reported to
the Senate. .Ea" "#
Mr.. BUCHANAN asked the yeas and nays which
were ordered ....
Mr. CLAY asked If the bill was not intended to
peal all credits on imports. And If so, if there should
not be a repeating clause.
Mr. WRIGHT said there a repeating clause
Mr. CLAY moved to strike out the exception in ia
vor of fruits ..@...