The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-25
SOUTH CAROLINA.

SOUTH CAROLINA.
II Is reported that long and animated debate oc-
CURED on the resolutions brought forward In the
legislature of South Carolina approving Mr.. Cal
houn's course.
Among the Anti Speakers, Mr. Petigru distin-
guished himself both by his arguments and sar-
casms.
When the resolutions were carried up to the Sen
ate, Gen. Hamilton submitted the following, by way
of substitute:
IL Rssoirsd, That the Senate OF South Carolina
regards with deep concern the condition OF the cur
rency of the United States, as indicated by the sus-
pension of specie payments by the banks; and the
want Of confidence in the stability Of the financial
system SO essential to the prosperity and general in
dustry of the country.
go Rssolred, That whilst the causes of the evils
under which the country is suffering are to be re-
ferred to spirit of overexced enterprise and spe-
cuation in our people, and to a consequent undue
expansion in the business Of the banks yet much of
these caamities TO be traced TO the unwise tam
pering and pernicious experiments conceived in
blind Ignorance OF the ordinary principles OF finance,
and prosecuted with daring exercise of power, I'M
paraileled in the previous hfiory of our country.
"3. Resolved That while the Senate views with
deep reprobltion the confcderacy OF banks lately or
ganiZed by the Government for holding in depo-
site the public treasure commonly called the Pet
Bank System, as scheme involving both insecurity
TO the public funds and corruption Of the public
morals, yet they deem the conduct of the Govern
a
example of public perfidy Afler organizing these
banks, and stimulating and pampering them into
undue expansions and over-trading, the Government
itself the first TO turn round and denounce these
institutions seemingly to decree their bankruptcy
and ruin.
| a Resolred That whilst the Senate Of South
Carolina thus empha,ically expresses its reprobaton
of system Of banks, In political alliance with the
Government yet they believe that BY different or
ganiZaiion small number of the State banks OF
undoub,ed solvency, and under judicious manage
ment exempt from all dependence on the Govern
men might and still may be most bcnefcially used,
both for the Safe-keeping of the public money, and
for restoring the currency TO condition of stability
| and soundness. re
"5 Reso,red, That we regard the conservation of
the currency Of the States essentially connected
with the preservation of the rights Of the States and
we are at loss to conceive how Sub-treasury
Scheme as developed by the President OF the U, s.
in his late Messages-which is 10 concentrate the
whole treasure Of the country under his control
through the agency Of officers appointed al his will
| is in harmony with those principles to which South
Carolina has given her most solemn public sanction
"6 Resolred, That whilst We consider the recon-
mendation from any quarter of an exclusive metal
lie currency, an absurdity not TO be discussed we
feel scarcely less astonishment that in free country
| representative democracy, proposition should be
submitted that the Government should be paid in
different and appreciated currency from that in
which the people pay and receive their own debts;
a discrimination, by which gold and silver will soon
i Il
| ~. Resoired Thatwe regard with absolute dismay
the seemingly medialed hostility to the banks, both
by the Government and its supporters; hostility,
successful, which must end not alone in their ruin,
but in the general bankruptcy of the whole country.
| ~" 8. Resoired That after most patient exanina-
ton Of the whole subject, the Senate are unable 10
perceive how the collection of the public dues in
gold and silver, and the amount thus collected is
placed in the custody of the Commissioners of the
Treasury the trade and commerce Of the South are
TO BE- bsneftted, without indeed, our commerce is to
be nurured and sustained BY the whole of the specie
ofthe South being shipped TO the points Of dsbnrse
ment at the North, there TO remain in unrelentnS
depot, without the possibility oil reflux
80. Res0lrcd That we regard the Sub-treasury
system probable and pestilcnt abortion, without
indeed the alliance of series OF Treasury banks,
which must result as matter OF inevitable necessity
from the very establishment of the Sub-treasury
system itself-banks in fact for the issue OF conti-
mental irredeemable paper in specie far more liable
to abuse than the most protuse issues of the banks
of our country. #@@
10. Rcsolrsd, That whilst the Senate deems the
incorporation of a new bank ofthe U. States as emf
nently inexpedient, and which at this time might
dangerously augment the banking capital OF The
country, yet il becomes us with prudent difference,
if not 10 the authority of others, at least TO the pre-
viosly expressed opinions of our legislature not to
affirm as an absolute and unqualified truth, that
Bank of the United States is unconstitutional In
1921, the converse Of this affirmation was solemnly
decreed by South Carolina; and before such decla-
ration, she had the authority of the man whose
sword achieved our liberties and of him the great
author CT State Rights Resolutions of l799-who re-
formed system in favor of the consituonality Of
such bank, since which the most distinguished of
the servants of South Carolina, the great champion
of State Rights in $780, the father of the Bank
of the United States in 1876 and in 1884 willing
to sanction its charter for pe.od of IL years.
:" IL. Resolved, That as none of the proposed re-
medies for the ds,emperature of the currency, reach
the root of the evil in our system, which is TO be
traced 10 the unrestricted power of the States by in
cooperating banks 10 issue unlimited amount Of
paper money, that our Senators and Representatives
in Congress be requested to their best endeavors
either TO procure an amendment TO the Constitution,
or advocate the call of convention of the States for
the purpose of taking into consideration the dam
gerous conflict of the money power of the General
Government and of the States that an amendment
of the Constitution may be obtained which shall SET
lie forever, either airmatively or negatively, the
power of the Federal Government to incorporate
bank or procure some sef-denying restriction from
the States their present unlimited authority to
incorporate banks which shall lead to salutary
change in the whole currency of the country"
From The Iaieligcneer.
We are requested by :" A Soldiers Hidow," to
copy the following from New York journal, and
I..L-