Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-29

Treasury notes was before that body -
The Bill providing for the issue of Treas
urv notes was then taken up, and in the
midst of the most profound silence and liked
attention of the Senate and the immense
crowd,
Mr. Calhoun rose and made an elaborate
exposition of his views He said the ques-
ton is, "Shall the Government use the banks
us fiscal agents. as repositories OF the pub
lie funds-and shall il receive their notes as
spccie2" He had come to the conclusion
that the interest Of the Banks and Govern
ment forbid a reunion. He asked that he
might be Judged with candor.
Those in favor of a reunion will find the
preliminary difficulty that the Banks are
now separated from the Government; and
until the law which separated them is an
nuled, none, he imag ined, would wish the
restoration of the union. The opposition
will not be in favor Of it, they were always
against it-neither will those in the ranks
Of the administration, for they have de-
nounced them.
1t was not safe to trust the country to an
untred expedent but what must we call the
trial Of an experiment that has already fail
ed2 Worse than folly, madness ITSELF If
the Union is to be restored, National Bank
is indispensable.
If we are to receive notes in the public
transactions we are bound TO have u Ma
tional Bank Whatever you treat as mon
ey YOU are bound to make as solid and uni
form as possible. He referred to his opin-
ions in 1884, when he said that if the Gov
eminent was to do without Bank, it must
dissolve its connection with all.
IL ,<,,, dacl, rod thara ,,,net bo Natio,,-
al Bank to restore the connection. He
thought, however, public opinion is against
such an institutional least the sentiments
OF large and powerful party are.
The Executive is pledged against it. IL
could not be established without political
revolution. Another crisis must come
another prostration Of commercial credit
He thought there were insuperable oblec-
tons to a National Bank. What we have
gone through would be nothing to what
would follow upon the establishment Of such
an institution (He illustrated this position
at some length.
He thought the crisis of 1916 essentially
different from the present The government
was then the debtor-it is now the creditor.
He was then in favor Of National Bank.
Another measure was proposed-namely.
bankrupt law; such as is now offered by the
executive.
He is entirely opposed to bankrupt law,
as harsh, oppressive, and unconstitutional
The States alone have the power to pass
such a measure.
He who would try Bank on the present
state of things. will find the recoil over
whslmning 1t would compel specie pay,
ments-but not as reformer; only as de-
stroyer.
file was opposed to National Bank on
grounds Of expediency, OF constitutional con-
struct;on, and because it would enlarge ex-
ecutive power He referred to the proposal
to unite the Government with the Pennsyl
yania Bank of the United States as its 6s-
cal agent.
He thought it might be done; but he
never could consent to give such prefer
snce to any State-to give SO much power
TO any set Of stockholders-to give such a
triumph to an individual over the Govern
ment as this would be-
He spoke Of the expansion Of the Banks,
and thought it arose from their connection
with the Government The simple fact that
the notes should be received in payment Of
the public dues, gave an immense impulse
to the circulation OF the notes of the deposite
Banks
They are treated by the Government as
money; while the notes of other institutions
were regarded as mere written arguments
between man and man. He attributed to
this connection all the financial commissions
that have occurred in this country; and to
the same cause in England, the commercial
convulsions that had taken place there.
He believed the connection was of little
value to the Banks in most parts of the coun-
try. He knew it was so regarded in South
Carolina and the advantage as enjoyed by
other places is an advantage unequal, and
contrary 10 the genius Of our institutions.
He alluded to the corruption attendant on
the connection. 1t was manifest in the dc.
graded state Of public morals
He spoke of the remedy. II must not be
Treasury Bank nor possess the capacity
of becoming Treasury Bank
He referred to his amendment He said
the object of it was to produce gradual re-
form
After the first Of January next, three.
fourths of the public dues may be paid in
the notes of spece-paying Banks; after the
first OF January, 1889, one-half; and aftel
the first OF January, 1910, one-fourth, anc
after that the whole revenue of the Govern
ment shall be collected in the constitutions
currency--god and siver-or such note.
and such bills OF paper issued under tn,
Government, as the laws shall authorize Il
be issued.
The question of this amendment woult
test the determination of The administration