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

own object < that Of Cougfcss,w,s totnrish c'ren-
hating medium, Tor the country And here agap's" mu-
important, relatively was the nrfe custody or ne-
poise OF the public moneys, IN the bank, that me
bill ~ or,ein;, introduced, contained no ptov's'"u
70, that object section afterwards introduced
IN Con.niilee ol the Whole, motion pfos'',ng Tor
the d,posc oi the public moneys with the bank, un-
less the Secretary of the Treasury shonld, ~ any
time otherwise order aud dnect; aresersalon ~
power TO the Secretary, which, IS ] tlnnk. aud al
ways have thought, greatly abused, by ,ieiemo-
val OF the drposes IN 1883.
l,y reference TO tile debates. sir II will be found
that other friends of the measure tullowed W, The
general IDEAS Of the honorable eaucma IRON, 5outt
Carolina aud suppelted The bank, rs u neccssar,
agent instrument for establishing anew I" ma
tonal currency, Tor the tie uses pi commerce auo oA
| change.
The operation the joint resolution ofApril. 1916.
aided 40 doubt, ~ proper degree, by the iustitu-
ton OF the sbank. aud the currency whieh u tut
nishea accomplished The great end OF the rcs,,mp~
ton OF specie payments; aud, tor long pef'oa, we
| had no inrlhti trouble with the currency
Aud now proceed to say, SIR, that the Late Pfes'-
dent of the United States Inns Acknowledged this da-
~, often, aud ~ fully and clearly. as any Of his
predecessors. His various admissluns, or re.
cognltions Of tins obgation are too recent aud too
fresh IN every onr's recollection. 10 require, or !"
Justify, particular citation. All the evils we nov
feel indeed. We have encountered IN NE search after
~ btfter currency. II has been IN The ayowcd at
iempl 10 discharge the ,uty ofGosernmeDi, Connect
ed with the creuNliou that the late Administration
has led us t. where we ATE. The very first
charge that the late President ever brought against
the bank was, that had not mdiatuihcfa sound and
aHij6fm currency. Most PERSONS tpopnby' WIN
thnk the charge quite unioundedi yet 'h's was thc
charge. Its deicciion oil duty. or lis want oi absty
To perform what had been expected from tits iali-
nrc, in some way, 10 mantaina good currency was
the original proles ,ed cause oil lssaisiaetoh Anu
when lilo bill Tor rechariering the bank was ncea-
lived, IL was not the ground that Government iad
nothing TO do with the naional currency but that
better provision Tor ,ght be made, than we had IN
the bank. The duty was not 10 be dlsraiincd, or
thrown oil, neglected; new agents, only, were ."
be employ ed that It might be ierpcforncd. The
State banks would do better than the h,tohal bank
had done; the President WAS confident Of this aud
therefore hc rejected the national bank n agent
and adopted the State banks. And what he SO con
stanty prQ.ilscd would happen, he rs iesolutely
maintained, Afterwards had happened. Down 10
his last message, down TO the last hour OF llls adnh
lstation, he insisted upon that the state balksi"d
f.,6cd all his expectations aud all Their Own duties;
and had enabled The Government 10 accomplish, III
the very best manner the great ndhporlan oblec,s
OF currency aud exchange. We have Tue same head
of The Treasury, sin, who has repeated aud eehoedai
these statements whether prophecy u iullmcni,
succcs reports, some otthcm not less tefscl. ahd
in,cliglbs nl,tlcn lhan that now boiofe us; and W
have heads OF ohrr departments, who coneurrei, |
presume, iom tine 10 iimc,in the original Statements
aud in the faithful ECHOES OF them, from the Ifeinii-
All these 1uttUon3flts nave Dttb win
the alnost zaa ~ they procssed, 70 perform their
constitutional obligation OF furnishing the country
with good currency, with better currency, with
the best curreno, and they have dragged Congress,
dragged the cnunlry, aud dragged themselves, into
difficulty, peipeAity aud distress, III this long aud
hot pursuit. And now, behold, the, draw up all a,
once aud declare that the object Of al this toll
and struggle is one with which they lave nothing
At all IL do
But as thu last message OF the laie President was
loud and warm III its praises OF The State banks, Tor
the good services which they rendered To currency
aud exchange so, 40 doubt, would the first message
OF the presen, President have commended. with u
qual atnestncss, the success with which Government
had been able by means OF the State banks 10 dis
charge this important part OF its duties il tho eiel.s
oil May las had rli thar subject no longer aiopc
of lclicitaon. ljy the suspension Of specie pay
incnts all changed. The dnty Of Government
changed, aud the Constitution Was changed also.
tio,rrumrul was now 10 giyeup. aud hbandon iorsv-
en- that very Ting which has been the protessed OF
iect o s most assIdnous care, aud most earnest pnrs
sui, l,r eight long aud aruduus years
MI President, when head OF the suspension Of
the banks, | wasby the side Of tie Ohio, jour
ney, in the course OF which had occasion, frequent
~ to express my opinion on this new state OF things;
aud lhnse Who may have heard me- noticed my
remarks, will bear witness that constantly expiess-
ed the opinion that new era had commenced; that
question al principle, and question oil the highest
importance. had arisen, OF would immediately arise;
lha hereafter the dispute would not be so much 4
bout means ends that the extent OF the consiitE-
tional obllstIon OF The Government would be conlro-
vcrlcd; short that the question, whether il
the duty OF Congress To concern nse with the na-
i,onal currency Must, inevitably, become the leading
topic of the times. So thought whenever had the
pleasure of adlrcssiug my fellow citizctis, aud |
feel aud think | said often on these nceasiops,
and say now, that is a question which the Peo-
pie. by the regular exercise OF their elective iran
chse. must decide. The subect is one eff so Innch
permanent Importance and public men have BECAME
= committed The side the other, that the
decision must rs | think, be made by the country.
We see entirely new state ~ things. We be- =
hold aud untrcd principles Of administration ad-,
vaiccd aud adopted. We witness ayoweds aud
bold rejection Of the policy hitherto always prevail
ins. The Government has come, not to pause, but
To a r.vulsion Ii not only stops but il Stats back;
IT abandons the course which ii has been pursuing
tur uea fifty ,eats and it reproaches itself with hav-
ing been actipg all that e beyond the limits ol its
constitutional power.
TWAS my second proposition. sin, that the Message
The bill aud the amendment taken together. deny,
in substance. that this Government has any puweror
duty connected with the currency, the exchanges,
beyond the n,ere regulation OF the coins.
Audi sir, is this not true ! We are to Judge of u .
Message by what il onts. well rs by what il pros
poses. Congress il called together in great COM
nercal crisis. HE whole business of the country
is arrested by sudden disorder of the currency. Aud
hat is proposed! All, thug to resoie this currri
c,! Any lhins with direct view OF producing the
resumption of payment by the banks Is single
measure offered or suggested, the main purpose u
! sir not.onc. The Administration confines its inea-
IL, a .i,ns.