The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26

ft t4r SATURDAY, Sept. 20.
Mr. CALHOUN presented memorial from citizens
of Mobile, in favor Of National Bank.
Mr.. SWIFT presented petitions from Vermont, re-
monstrating against the annexation Of Texas
TREASURY SCHEME.
The Senate proceeded to consider the bill imposing
additional duties as repositories in certain cases,
officers of the United States @
Mr.. KING, of Ga, addressed the Senate. He de-
clared the experiment Of the Opposite Banks TO have
totally failed He had predicted this failure, step by
step He characterized this experiment as one of the
grossest systems Of fraud and deluson that had
been attempted TO be practced from the
OF the world He believed that II the President had not
tormented and tantalized these Banks much, they
would have done better but they never could have
constituted an efficient agency He considered that
throughout the whole Of the Message, there not
single fact in reference to the Of the present dis
tress true The administration seemed to think
impossible that they could be the Of the distress
The Message made up from stump speeches, quack
politicians, and scraps Of foreign writers In reference
the statement OF the Message that the expansion
paper issues in Great Britain had proceeded par possn
with the expansion in this country He showed from
documents that in Great Britain from the st Of Janua
ry, 1884, to the LIST Of January, 1887 the increase in
Great Britain had been about 400, 900 pounds, in the
United States had been 100 millions in the same pc
ROD He went to read from evidence given before
the British Parliament, extracts to refute the positions
taken by the President in his Message He to the
conclusion from his calculations that instead Of thirty
millions which the Message exhibited debt to
Great Britain, we actually owed Great Britain, at the
time, one hundred and ten millions. 1t was melancholy
to see our young and vigorous nation treated as bank
rupt and yet we called from the contemplation Of
ruined fields and unproductve crops and desired to think
Of the glory Of the Specie Circular Glory had depre
ciaed as much as ragmoney, and is found to rest on
no solid foundation.
He advcrted The policy Of the specie circular and
the pernacity with which the measure adhered to-
against the wish Of the people and against the decision
OF Congress, forced upon the country as blessing
while il benefted only the unprincipled speculator
He maintained that U. S Bank was the least DANCE
rous and most eifectual agent He expressed himself
shocked at the remark of Mr. Calhoun, that he would
not do any thing place the Pennsylvania Bank OF the
U. s. in an attitude of triumph the government
and asked what government The government Of the
Hermitage, the government of the White House.
He was shocked to hear such sentiments There had
come more gray hairs over the head of our young
public within the last four years, than should have
grown upon il IN century He disavowed any intcn-
ton to deceive the democratic republican party from
that party alone had he right to expect any thing but
he found necessary take his stand against this Exc
cuve usurpation Of the power Of regulating the finances
Of the country The measure submitted proposes
to continue the finances in the hands Of the Executive
He did not know what course to take. He would move
to postpone the further consideration Of the
until the regular session OF Congress- He did not be-
hcve that he could bring himself to vote for the
amendment of the Senator from South Carolina. He
denied that there had been depreciation Of the sound
currency Of the country but the contrary, that had
appreciated, in consequence Of the dimnu.on Of the
paper circulation and redculed oil the clamor and de-
nuncaton which had been raised against paper money
With the deprecated paper Of the banks any could
purchase provisions, clothing, property in lands
houses lower than he could before the suspen
sion OF specie payments Did he wish to loan out
ney good security he could lend this deprecated pa
per at higher interest than be could have obtained for
specie loan before the suspension He said that no
more beset by spirits Of his own creation
Whenever any plan Of his frustrated, he immedi-
atey thought thai oil the world had conspred against
him. He concluded BY moving to postpone the further
consideration Of the bill until the FIRST Monday in De-
cember.
Mr. STRANGE made some explanations which he
thought called for by the construction put his Ian
guage by the Senator from Georgia.
Mr. KING also explained,
MrNlLES also made some explanations, in the course