Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-06

Transporting COIN added to the value which commercial
demand will confer upon them.
Their value will not depend upon the absorbing
power of the revenue, but upon commercial de-
mand.
They will form currency valuable than coin
and OF course always reselvable into this standard OF
money.
The operation of the system will necessarily draw
into the Treasury much of the coin of the country
TO make its representatives the Treasury orders pay
sight equal in commercial value the coin circulating
in the community
This proportion will be always equal, that is, the
mount OF drafts must equal the amount Of coin in circu
latien
Ifthere be 40 millions of drafts out they will be equal
to l20 Millions for it admitted truth that the activ
iy OF convertible paper in proportion to coin is as three
to
Private credit will be less extended than now for the
Treasury will be in the field with half of the legal
money OF the country in its possession
The Treasury will never lave power to issue more
drafts than amount equal to half the specie in the
country, tor they will Immediately back upon il for
redemption
The variations in the money market will then
arise from this contest between specie and Trea
| convertible paper
The agio will be enough to sustain large class of
bullion brokers.
If merchants choose to establish banks of specie dur
ing the operation al this policy for their benefit,
the issues of the Treasury will be less for the paper of
these banks will lessen the of specie accessible
to the Treasury.
Commerce at first will decline but will revive so
soon as large amount Of Treasury convertible paper
| is in the market.
| Commerce will under this regime always bear
strict relation the law of supply and demand since
| coin is the received measure of values
Speculation will be confined to commercial ransac
tons, and limited that Ill results flow from its
| exercise.
The present system of creating credit for money, of
throwing into the community FIVE dollars for FIVE dol.
lars when it is in reality only worth dollar will be
entirely broken up.
No debasement of coin can then take place. but by
an alteration of the actual standard of fneness.
Property will fall go per present prices and
the rate OF value will then vary only with the variation
| of specie.
New York will become the great money centre Of the
Union
Domestic manufactures will flourish and the import
trade will be reduced 10 limit beyond which it
rise, viz: that fixed by the law of demand This
law is fixed by the amount of money in a country
The success of the whole scheme will be placed in
the hands of man. the President of the u States
He will have all interests in society under his sole will
and CONTROL for he has sole power over the money of
the country.
Such are some Of the workings of the new policy in
my humble opinion. Many of them will be
ed to great degree by the adverse and conflicting in
Of various classes but the general effect will be
such have stated Internal Improvements will only
60 on as necessity may command.
O'CLOCK, p. NJ.
| The question has been takenl Mr.. Cahoun's amend
ment received by the Senate this day about half
past two L. NJ. "a Senators in favor and - opposed
Mr. Rives bill the State bank system then
came up substutory amendment II was lost
| by vote of 20 TO 90.
Mr. Morris then moved that the notes Of all banks is
suing bills under five dollars and that all less than
dollars be excluded from the revenue of the United
States. This motion came very near blowing up the
whole bill Morris finding that he was thwared in ex-
GLIDING all banks issuing less than five dollars,
walked out of the chamber On the questos engross
for third reading, the stood % 90 If the OPP
posers OF the bill do their duty they defeat it the
final question.
Mr.. Calhoun made long speech today in favor Of
the step that he has TAKEN and in deadly opposition
whoie banking system He gave of one-sided his
tory of banking, displaying ignorance of the
stitution of the Bank of Amsterdam which he nightly
exolled He undertook prove that the banking sys
nimical to liberty hostile industry and OPP
posed in every sense of the word to moral and nteec
tual developcment With dye Difference the orator.
he utterly failed in establishing these several PROPOSE
tons substituting dcnunciaon and defamation for
gument- To use homely phrase, Mr. Calhoun made a
fool Of himself. Webster followed and exposed the
weakness of the Caronian in the summary man.
Even he equally ignorant of the constitution
of the Bank of Amsterdam
Mr. Calhoun did not uarercl his policy as expected
he would. have doubt, therefore of the
accuracy of tho exposition gave you this morning. An
amendment is in the bill authorizing the Secretary of
the Treasury to appoint stated periods for the payment
OF all drafts drawn by him in liquidation of the public
debts, and la default thereof he has the power pre-
scribe how and when he viii pay them. This done
said Mr.. Buchanan to prevent accumulation 0i 30
this provision prevent il The provision is gull
trap Mr.. Il. avo~ed that the drafts would command
ogio and said that unless they paid the banks
would all go down To be they will and this is
the real object Of the ol the policy. You
will find sir that am far out of the way in my pre-.
diciions Of the working Of the treasury bank.
Heretofore was fully of the opinion that the
would be taken this sub treasury scheme this
sion Whyl Policy prevented. In the last four days
another policy became apparent 1.-THE question be put
off the session, IL will be lost. The
becoming among the members and more unpopu-
lar Prompt therefore necessary counter.
the idea that MIR. Van Buren's supporters would
yield. This very step became the more necessary in
consequence Of growing unpopuarity among the peo-
pie to the The hope is to secure the ap-
probation OF the majority by placing the question hors du
combat strong attempt learn from an unauestiena
bic source, will be made carry the whole
the motion adjourn the 10th instant II first
determined proceed cautiously bat subsequent eveats
made IL necessary hurry to the denouemcnt now,
never.
Let your banks now set their accounts in order and
begin wind up in time. They be destroyed 81
cGun. Torsorro~ II will be decided in the Senate
whether that body will sanction runous policy
the destruction of the State banks
After tedious debate Of nearly l6 hours the Misss.
spp election has been Just decided in favor Of Ghosoa
and Claiborne by vote Of liz TO l0l. These gentle
men will find closer the November election in
their own state. The House has adjourned
BEsT RECEIPT FOR CooKs.-To MAKE A MATCH
Catch young gentleman and lady the best you can
let the young gentleman be and the young lady be
quite tender. Set the gentleman the dinner table !
n good quantity O he soaking,