Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22
NO. "a.

fersnt theoretical opipioos Of The members q
the Senate - 10 The extent 70 which The refer.
nation Of the currency should Be carried ,evsa
those who think u may Be carried practically
and safely 20 the restoration " metallic cur
reacy, 10 the entire exclusion Of paper. must
sgree that the restoration ought not 10 b car
rIed further than cautious and q slow expS-
rienes shall prove that IL can be done eoosist-
emily with the prosperity Of the eountTy, In
The existing fiscal and commercial eoDditioa
Of the world. To 10 beyond the poist 10
which experience shall show IL h proper 90
go, would be 20 sacrifice the public interest
merely 10 favoriie conception. There may
be ultimately disagree ment Of opinioa WhsrO
the point b., but since all must be agreed %
move forward in the same direction aud at
the same pace, let " set out IN the spirit %
harmony and peace, though we intend 20 stop
al different points. IL may be that, eplight-
ened by experiehce. those who intended 90
stop at the nearest point mSy he disposed 70
advance farther, and thai those who intended
The farthest, may halt on this side. so that e.
nsliy all may agree 10 terminate the journey
together.
THIS brings ne 60 the question Of how shAlI
so saluiary change be efectsdl What The
means and the mode Of Application A great
and difficult question, on which some diversity
Of opinion may be expected.
No one can be more sensible than I am %
the responsibility that must be incurred In
proposing measures on questions Of 80 much
magnitude, and which In so distraeiSh q state
Of the public mind, must affect seriously, great
and influential interests. But this Il 20 time
to Sbun responsibility. The danger IL great
and nSnaeIng, aid delay hazardous, IL noe
r1iuous. White, however, would not Shun,
! ! have not sought the responsibility, I have
waited fof others, and had any one proposed
an adequate remedy, ] would have remained
silent And here said MIR. Calhoun, let NE
express tie deep regret which feel that tho
administration, with al that weight Of aa-
ihoriiy which belongs 10 ils power and i'm.
rnense patronage, had not, instead Of the de-
Posiie question, which has caused such agita-
ton and distress, taken up the great subject
Of the currency; examined il gTayely and de-
liberaiely in all its bearings; pointed out its
diseased condition, designated the remedy,
add proposed sOms safe, gradual, and e6ec-
lual meaus Of applying il Had that course
been Parsued, my jealous and hearty co-op0-
| ration would not have been wanting. Permit
me also TO express . similar regret, that thu
administration, having failed in this great
point Of duty. the opposition, with all Ia
weight and talents, headed on this questiOa
by the distinguished and able Senator from
Msssachuset;S, who is 90 capable Of eonpre.
bending this subject in all ih bearings, had
not brought forward. under lie auspices, some
permanent system Of measures, based upon q
deliberate end mature investigation into the
cause Of the existing disease, and calculated
10 remedy the dlsordered state of the eurrsa-
ley. What might have been brought forward
BY them with such fair prospects Of success,
has been thrown on more incompetent banda;
unsided by patronage or influence, saving on.
! " that influence, which truth, clearly deVs-
lOPed, and honestly and zesIously advanced,
may be supposed 10 possess; and on which I
must wholly rely.
I But 70 return 10 the subject whatever
diversity Of sentiment there may be a. 10 The
means, on one point all must be agreed; 10.
thing edeeIual can be done, no check inter-
posed, to restore or arrest the progress 81 The
system BY the action Of the States. The rea-
sons already assigned TO prove that banking
by one State eomPels all Others 90 bank, snd
that the excess OF banking in one, IN like
manner eO@pels all others 70 ike excess,
\ equally demonstrate that Il is impossible foe
the States, acting separately, 20 inteTposs any
means 20 prevent the catastrophe which Ger.
isiDly eEaits tie system, and perhaps the
Government itself, unless the great aud grow.
Jog danger 70 which refer. be timely ana
effeetualIy arrested. There is ne power any
where, bat IN this GoVernment-lhe joint
agent Of ell the States, and through which
the concert Of The setiOn Of The whole can b
effected, adequate 10 this great task. The
/ responsibility Is upon US and upon US alone.
The meats. II means there be. must be spplied
by our hands. OF not applied 81 ail-the con
sideFation, IN 50 great 90 emergency, and In
the presence Of such imminent danger, esleu-
lated, would suppOse, 10 dispose all 10 eo-Ope-
ration, and 10 allay every party fseliBg 10 tho
heart. even Of the lonst patriotic.
u What means do We possess, aud how esn
they be applied
u II the entire banking system ives undsr de
immediate control Of The General Govern
ment, there would be no fieuliy 10 deylsing
safe and efsctual remedy. To restore tho
equilibrium. 30 desirable, between the specie
and the paper which compose our currency.
But The fact u otherwise. " in The exeep-
tiou Of the Bark of The Uuhe6 Stsies, oil tks
other Banks owe tleir origin 70 the authority
] % the several States, and arr under their inn
mediate control, Which presents the great
difficulty experienced IN deyising the proper
means Of sdseiing the remedy which Ell EEL
20 ke 80 desirable.
Among tie means which have been suR.
gesied, Senator from Virgins. nos nov 4
member q this body (Mr. Rives) proposed 70
appiy The taxing psNer 10 suppress the eigcu-
] iHtion q smsl aoies, with view 81 dinin-
ishing ihs pspfF and Increasing TIE specie eif.
eulslion. The remedy would he simpls and
effective, bot is liable 70 great objection. The
taxing power s odious under eng eirrumsfsn-
essi 4 would - doubiy 90 uhsn called iots
sNereite With nn osefl0Niag treasury, end
aiill more %, with ths bscstsiiy Of oFrnnirins
r 90 expensive body Of oficeru 10 collect Ans
gle tax, and that on en- incoaildsrsble cot scl.
J Bot there i snOlhsF, end Of Itself q decisive
Objection. u would be unconsliiuiioaai--
paipably and oangergusiy %. All political
Powsrs, at ] stated on anoihsF occasion, ere
trust posera, and limited N their exercise 70
The subject and obifci Of ne rTant The tax
power Was granted 70 raise reyetus for ne
sole purpose q supplying he Necessary n,euns
81 earuing On he operations ~ he GoyeFn-1
meat TO pefssn ihr power from lho OBJ
ieei thus inieadsa By fss constitution. 10 fhai
81 fepfeseing the eircuislicn Of bsnk boiea,
would Be % convert u frpn q rsysnus inio
penal pouef--s power ~ ha natuge snd 81
Jet essentially dinsFsui from that attended %
be unnied 81 she ccasiiitdion; end q p8aff.
which, % iis fuit sEtfusiuh, n once atmntcd.
would be suiicicnt 81 iteen 70 give 81 entire
u ennfrrf "a fktr FIsnnr.rsraf rnra ftr ee~r.rrfa