Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-11-16

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per medium for the receipt Of revenue,
or proper deposi;e for ats saie-keep-
inSI Far otherwise. His view was
general. s,atesmanlike. and fitted TO
the exigency OF times. The existing
evil was one which afflicted the whole
country, and the. remedy proposed by
him was, AZ u should have been, com
mensura,e with the whole evil. And.
sir, what shock IL would have pro-
duoed at that time. it Mr.. Madison,
seeing the PROSTATE state Of commerce
and business all around him. had re-
commended 10 Congress 10 do nothing
IN the world but 10 take care that the
lakes were collected. and those in the
employment of Government we'll paid.
Well. sir. what was done with this
message, Why. SIR, the House of Re
representatives. resolved "iha: so much
of the Presidents Message as related
TO uniform national currency should
be referred 20 a select committee. -
Such committee was raised, and the
honorable member from South Caiolin,
(Mr. CALHoUN) was placed al ITS bead
as he well deserved 10 be, from his
standing in the House, and his well.
known opinions on this subject. The
honorable member was thus al the
head OF a committee appointed. not on
the subject OF a revenue currency, or a
currency for Government. hut a UNI
FORM NATIONAL CURRENCY; and, 10
effect the great object of this appoint
ment, he brought IN a bill for The es-
Enlistment OF bank Of the L. States
As had been the case formerly. so
on :his occasion, the Secretary OF the
Treasury made report on the subject,
And now hear, SIR, wha, he says OF the
du,y OF Congress 20 ptovide a national
currency, and Of the objects which he
proposes By the establishment Of a ma
tIonal bank.
''Ihe constitutional and legal foundation ol
Lhe monetary system of the United State, u
thu, distinctly seen, aud the pow e. OF ihe Fcd-
.ersl Government TO institute and regulate II,
whether tie circulating medium CONSIST 81
CON or bhis OF .cTedH, must, IN IL. general t.O-
hey. rs we'll ~ Ia the ierJns Of ITS Investment
be deemed an exclusive power. I, II true,
that system depending upon the agency %
the precious metals will be affected tS the va
rious. circumstances which diniuish their
quantity or .deieriorate their quality The
coin Of Stale somelImes Vanishes under HE
Influence Of political alarms, sometimes ~
consequence Of the explosion Of mercantile
sPeculaiions, and sometime, by the drain oi
! an uDfaVourable course ofuad-. But. when
ever the emergency occurs that demand. .
change-of system. 1t seems necessarily 10 FOL.
low.ihat the authority which was alone com
! Petent " establish the national CON y alone
competent TO create a national substitute II
mas happened, however, that the CON Of the
United States has 1sed 10 be the Circ nlstin-
medium Of exchange, and that no substitute
: hiss hitherto been prov Ided hy The national all.
( thorny During the last year, tLe prime pa
banks esta bhshed south and west e New Eng.
\ land resolved that they would TO longer issus
COIN IN payment OF their notes, or of the draft,
Of their customers for money received upon
Z deposIie' 10 this act Ihe Government of the
United States bad 40 participation; and Nel
. the Immediate effect Of the act Vast 10 super
sede = tie only legal currency Of he nation -
BY this act. although TO State can cob,tiiu
tiooally emit bills Of credit. corprr,ii)l.
erected by tie several States have been cns
6led 10 circulate paper medium, subject 10
.
I prohibited bills Of credit "
7 'Of the services rendered u tie Govern
ment hy some 81 the state banks, during a.,
'iate war, and Of the iibrr1lity by which some
of them arc 9ciuaied In their intercourse with
the Treasury justice requires an explicit &C
acknowledgement IL - a fact, however, iucoD
testaGly proved that those Institutions cannot
at ibi, time 5e successfully employed ~ fur
n'-h a uniform national currency The failure
I Il one attempt To associate them, With that
view, t.aS already been stated. Another al
tempt by their agency ~ circulating TTsosuIy
notes. 20 overcome the iDcqislities Il tic "a
changes. has ui'lS heen partially succc..iYl 49,
. A"d = plan recently proposed, Nth tie dss'Er
10 Csrtsii lie ISSUES q bark notes 90 fA tee
Pablo confidence IN the standardization of ile
AFFAIR." 81 The tanks. and 10 give to esch balk
q legitimate share ~ tie circulation. y mol
likely 20 receive ibe general sanction u d..
bank, Tie Ituih -. that the chsftrr restftr
tons Il some 81 the bsrks The Huiual fsia.
ton oud dependence 81 The banks 81 We sam,
state. aHd even the Lsnks of tie Differed
sisUs. and the duty which the director. II
each back conceive hey owe 10 thsir imme.
JIste constituents. upon point, 81 security ~
Z rm0lumeut. iHiefpOse 40 in-upetshln pb.iaeis
a. any voiuntsr, srranesns'.t open Rational
q Maternal medium through lbe tgehef Of thr
STATE Ranks
The establishment ~ Nsiorai Bsrt d
regarded 20 fi,e bet. and p~thsp. ihs only o.
rquaie. resource 90 fsnese Tie rpurtss and
Tic Governaent from The present orf s.rrss.-
meut Authou1sd o. ISSUE n0tes shieh uiI
be received N ~ patn,eris 60 re Jni,1
sisiss che sWet,iaii.u q Is. Issues 900 ts CO.
IsNIenssc wtth ne tnseu and there sI eHltr
ooostsrt demand 5saung ir,i prorofilr,
O. ne annual su,ourt a ne dpf. 400 .tss1
. 90 b. collected. i,dt perdert n t.e strr f..
circulation fof somust fr'sl snd ..fiiI g. ps-
80 > uaiipnai bsnk atH. ttsf,isfr. s-fss
he means sOd tbs opraruni'y Of '"rIr irs p
circulating medium e equal 80 art saias in
ever STATE, ADD % every di'it'rtpf every
Stale
The power a. re Government to surriy
and rnaintafu a PAGE medium - exchange
Will nss D, qucsi1ned, hat or ths futrefae
iilu - thst MEDIUM. there must he sn sde-
quais motive
pm The uhoie ihe stale n The national
curfsncy. I'D other imronani rousidsfsiiots
eoresrtsd unh the operations 81 re Tfss-B
". render . dos fsspsfiuliy 20 propose
"Ttat National Bsak 81 established "
The Iaogua~e 40 rforf ~ aArrtft.1