Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-13

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known opinions on this subject. The hohotab
member WIS thus At the head Of committee, ap
pointed, not on the subject .i areycuue currency, u
u currency Tor Government, hui UNIFORM NATION
Al cunHnse, and, 10 effect the great inject 81 tl
appointment, he brought ia bill for the establis h
ment ola Bank OF the United States
As had bccu the case formerly 50 on this occasion
the Secretary Of the Treasury made u report The
subject And now hear sit, what he says oil the du
" OF Congress 10 provide national currency. aud al
the blccts which he proposes by the establishment
oi a national bank.
The constitutional aud legal foundation OF The
monetary system OF the United States is thus distinct
" seem and the power OF the Federal tovernnien,
to institute aud regulate it. whether the circulating
medium consist oi com ol bills OF credit, must, IN
It's general policy well III the terms Of It's invest
mcnt be deemed an exclusive power II i.nue tia,
asystcm depending upon the agency OF the precious
metals viii be affected by the various circumstances
which diminish their quantity or deitioae their
quality. The coiu Of State sometimes sanlshes
under the influence OF political alarms, sometimes IN
consequence oi the explosion OF mercantile spcena-
tons, and sometimes by the .Ian OF an unlavorhble
course OF trade. But, whenever the emergency
occurs that demands change oi system, II
seems necessarily 10 follow that the authority which
alone competent 10 establish the national coin !,
alone competent 10 create national substitute. II
has happened, however, that the coin ol the United
States has ceased TO br the circulating medium oicx
change aud that substitute has hitherto been pro-
yidcd bv The national authority. Duilng the last
year, the principal banks established south and west
Of New England resolved that ihey would issue con
IN payment Of their notes, Of the drafts OF helr Gus
TONERS for none, received upon depose. In this act
the Government of the | ntcd States bad no parci-
pation aud Yet the immediate effect ofthc act WAS
supciscdc the only legal currency OF the naiun, By
This act, although no State can cousuiionally emit
bills OF credit corporations erected by the several
States have been enabled to circulate paper medium
subject To many OF the practical on,cnlences OF
the prohibited bills of credit"
" o the services rendered to the Government by
some OF the State banks, during the late war, aud of
the libcray by which some OF them are actuRted IN
their intercourse with the Treasury, Justice requires
an explicit achnoM ledemrnt. II is fact, however
lnco0csably proved that those institutions cannot, al
this time" be sue essiuly employee to furnish uni
form national currency. The failure OF one attempt.
10 associate them, with That vew has already Srcn
stated. Another attempt, by then agency in clfcu-
laiing Treasury notes, to overcome the inequalities
oi the exchanges, has oul, been partially cssul
And plan fccentIy proposed. with the design 10
curiall the issues olbank notes tohx the public eou.
hdcnee III The ADMINISTRATION ftlc affairs OF he banks,
'"" - I've 10 each bank legitimate share IN the
smut likely to receive the general same ton
OF the banks The trall Is, that tho charter rrsric
tons OF some OF the banks, the mutual relation and
dependence oi the banks u the sa,ne State aodt
OF the banks oi the different States, and the duty
In Their immediate constituents upon points o' seeu
rly OF cmolItmen inteipose an Insurofable obstacle
To ANY yoluniar' arrangements upon NATIONAL cun-
sderatioIis alone, Tor the establishment of nation
Al medium through the agency Of the State
Banks"
"1he establishment OF "A national bank Is regarded
rs the best. and perhaps the only adcqne 10
relieve the country and the Government from The
present embarrassment. Authorized 10 issue uoics,
which will be received III all payments To the I'M
al.
extensive with the Union aud there will exist
constant demand, bearing just proportion Ia the
annual amount OF the duties and taxes TO be colec
ted, independent of the general circulation for
commercial aud social purposes. national bank
WILL therefore. possess the means and the opportuni-
~ of suppl ing circulating medium vi equal use
and value in every State and III every district OF eve
~ State.
1.-The power Of the Government 10 supply and
MAINTAIN paper medium OF exchange will not be
questioned but Tor the introduction of that ntdi
um, there must BIZ an adequate Hotte.'
" pon the whole, the slate u the national rurrcn-
cy aud other important considerations connected
with the operlilous oi the Treasury, render ii duty
tnptopose-
"fhm national bauh be csiabIshed.'
This language. il must be admitted Is explicit
enough, both in regard 10 the power aud the duty
aud The whoic report bears very lIlie Resemblance.
most certainly, 10 the official paper tloln the Tfca
,ury Department now before us.
When the bill WAS called up, the honorable mem
Der from South Carolina explained its objects III an
able speech. He showed the absolute necessity al
national currency; the power al Congress such
whether metallic or paper; aud thepro-
pricly aud expectancy oil establishing, bank, rs The
best means al exercising these powers aud fulfilling
these duties. lagreed then, aud agree now, to the
general sentiments oppressed IN that Speech heartily
aud entirely. | would refer To il On tins occasion,
both as an able argument and, high authority aud
beg adopt it, setting forth, IN strong light. the
sentiments which am NOW underwriting to enforce
Mr.. CALnoUN here rose 10 make an explanation.
lie SAID that lac the reporters notes of his
speech that occasion aud, therefore, What lac did
say, may moi have been what he would have sad.
There were points Of omission in thai speech which
pcc uped column and bah OF the National lntelli-
gcucer. Mr. &. said, that he took care, ihcn, rs
now to iorfv himself, and leave a road open TO OPP
pose, ut any coming time, national bank. lie ilen
said that lac was opposed to Il ank, but that he sub
united to the necessity OF the case. Fhcie was tlen
ion between the Government and the banks
and # the Government had right to regulate The
currency, there means Of doing il bni by II
national bank. He had both then. and since then,
commended that Government had no right have any
connexion with any banks. In his opinion, the Uni
ted States Bank (which hc then advocated, and as
sisted to eslabsh) not established according TO
the Constitution Congress had right to estab
sh such bank. lie acted contrary to his own inn
prcssions Ct light Many people may do things
which they do not believe to be lawful, from neces
sity. He acted liom necessity
Mr.. WEBSTER, resumng ms remarks, said he
thought the gentleman had said, formerly, that in
consequence ofhe decision of the question, he felt
thencclorward precluded from opposing the bank as
being unconstitutional
Mr.. CNuouN again explained He (Mr. C.)
thought the connex,on between Government and
k,,.i al l..