The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-24

Of q National Bank. have already Inverted to the
cause Constituted Is Congress now j., know that
such imposition would be defeated and that u
would be sberefore useless TO make T. do not desire
force upon the Senate upon the country, against
its WILL il could, my opinion, however sincerely and
strongly entertained III National Bank be establish
ed its stability and lis utility Will depend upon the gene.
raj conviction which felt Of its necessity And until
such conviction is deeply impressed upon the people,
and clearly manifested by them, would, IN my jadg-
meut be unwse to propose q bank
or the scheme of the Senator from Virginia, (Mr.
Rives) think now as thought in 1884 do not be-
eye that any practicable connexon OF State banks can
supply general currency, be safe depository OF the
public moneys, act efficiently fiscal agen. Of Tho
General Government | was not then opposed to the
State banks in their proper sphere thought that they
could not be relied upon to form exclusively banking
system for the country, although they were essential
parts Of general system.
The amendment Of the Senator, considered as mea-
sure to bring about the resumption Of specie payments
so much desired, think must fail The motive which
il holds out Of the receyabiy in all payments to the
Government OF the paper OF snch banks may resume
by given day, coupled with the conditions proposedis
wholly inadequate. IL 10 an offer to eight hundred
banks; and the revenue, payment Of which IN their
notes is held out The induccmcut, amounts TO some
twenty or twenty FIVE millions To entlc them to tho
inconsderahle extension of their circulation, which
would result from the credit given by Government TO the
paper Of all Of them they are required to submit TO
suppression oil A notes below hve doafs ana al very
distant period to all below twenty. The enlargement OF
their circulation, produced by making il receivable by
Government, would be much less than the contraction
which would arise from the suppression Of the prohibited
notes Besides, If the quality proposed again to be at
tached to the of these local banks insufficient
TO prevent the suspension, how can it be eficacous
enough to stimulate 10 resumption Of specie pay
mepts !
shall, nevertheless, if called upon to give vote
between the project Of the administration and the amend
rnent OF the Senator from Virginia, vote for the latter
because is harmless if il effects good, and looks TO
the preservation of the State banks whilst the other
fraugh with mischief, rs believe, and tends i it be
not designed to the utter destruction Of those nsu
tons But, prefening to either the postponemcnt
moved by the Senator from Georgia, SHALL in the first
instance. vote for that.
Such. Mr. President are the views which entertain
OH the present Of public affairs Il is with the
deepest regret that perceive remedy hut such
as is in the hands Of The people themselves Whenever
they shall impress upon Congress conviction Of that
which they wish applied they will obtain it, and not be-
fore In the mean time, let 60 home and mix with
and consult our constituents And do not, entreat
you let US carry with the burning reproach, that our
measures here display selfish solcitude for the Co
vernment ITSELF but cold and heartless nsensibiy to
the suAerings Of bleeding people