Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-10-19
TUESDAY. Sept. 10.
TREASURY NOTE BILL


the House. by vote Of l27 10 %. and
subsequently in the Senate by a vote
OF % 10 q. II therefore only requires
the signature Of the President 10 be.
come law, and ihis i. has doubtless
received already.
The amount authorised to be issued
Is ten millions Of dollars, in sums no,
less than fifty dollars. the notes to bear
such rate OF interest, not exceeding six
per cent. per annum, as shall be fixed
by the Secretary Of the Treasury, and
to be redeemabie in one year after tue
date Of their issue.
When the Bill was before the Sc
nate on Tuesday,
MIR. Benton moved 10 amend the
bull by striking out fifty and inserting
oae hundred. Mr.. b. was entirely op-
posed to the issue OF Government mo.
ney. or 10 the issue Of continental mo.
ney. or TO the issue OF assignats on the
national domain, or TO any thing bear
ing the shape, form, or appearance, Of
such currencies. Nothing but the i'm
mediate pressure oftime. and the wants
Of the Treasury. could have induced
hun 10 vote for the issue OF Treasury
notes at all.
He must oppose the reduction Of the
denomination from 500 notes to $50
notes. He feared this diminutlon
might 60 on. and the result would be
20 drive gold and silver out of the
country. The Bank OF England had
begun in this manner, first issuing for
large denomination, aud then gradu.
ally coming down to small notes. Mr..
B. concluded by asking for the yeas
and nays on his amendment.
MIR. Clay. Of Kentucky, had been
ell along opposed TO this measure, and
he saw nothing now TO change that
opinion. Mr.. c. would have been
glad to aid the wants Of the Treasury.
but thought it might have been done
better by suspending the action Of
many appropriations not so indispensa-
bly, necessary. rather than By resorting
to loan. Reduction. economy, re-
trenchment. had been recommended
by the President. and why not then
pursueds Mr.. C.'s chief objection.
however, was, that these notes were
mere post notes. only differing from
bank notes Of that kind, in Riving the
Secretary 4 power Of fxingSthe lnte-
rest as he pleases.-It is, said Mr.. c.,
Government Bank, issuing Govern.
ment bank notes; an experiment 10
set up Government Bank. II is, in
point OF fact, an incipient bank. Now,
II Government has the power to issue
bank notes. and so to form indirectly
add coverily A BANK, how is ii that
1t has not the power to establish a ma
tional banki What difference is there
between a great Government Bank.
with Mr.. Woodbury. as the great cash
Ier, and bank composed of corpora.
ton OF private cilizens' VIVA, dilTr-
renee is there, except that the latter is
better and safer, and more stable, and
more free from political influences, and
more rational and more republican p
An attack is made at Washington upon
all the banks Of the country, when we
have at least one hundred millions of
bank paper in circulation. At such a
time. time too Of peace, instead oil
~.
seek 10 ruin them. and begin 10 issue
paper in opposition TO them You re-
sort to paper. which you profess to put
down; you resort TO bank, which you
pretend 10 dtcry and to denounce; YOU
resort 20 Government paper currency,
after having exclaimed against every
currency except that OF gold and silver,
Mr.. G. said he should vote for Mr..
Benton's amendment, as far a. IL went
70 prevent the creation Of a Govern
ment Bank and q Government curren-
ey.
Dir. Webster would not be unwilling
10 give his support 10 the bill. as a loan.
and that only a temporary loan. lie
was, however. utterly opposed 10 every
modification Of the measure which
went 10 stamp upon II the character Of
Government currency. All past ex-
perienee showed tha, such q currency
would depreciaie; that II will and must
depreoiaie. lie should vote for the
amendment, inasmuch as 100 dollar
bills were less likely 10 get into com
mon circulation than 80 dollar bills
His objection was against the old Con-
tinental money m any shape or in any
disguise. and he would there fore vote
for the amendment.
The question was then taken on the
amendment Of Mr. Benton. and decid.
ed N the negative A. follows
Ysas-Messrs. Allen. Benton. Clay.
Of Kentucky. Clayton. Kent. King. Of
Georgia, Mexican. Pierce. Rives. Rob.
bins, Smith, Of Connecticut. Southland.
Spence. Upton. Webster, White-IG.
Nays-Messr' Buchanan, Clay. Of
Alabama, Crii,enden. Fulton, Grundy.
Hubbard, King Of Alabama, Knight.
Linn. Lyon, Morris. Nichols. Niles.
HOrvelI. Roane, Robinson. Smith Of
Indiana, Strange. SWif. Tallmadge.
Walker. Williams, WALL Wright,
Young--20.
The bill vas ;hen read a third time
BY general consent. snd AfF. White