Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-02-28

Mr.. GRUNDy, thus hard pressed, was
forced to answer He said, "No, sir, |
ALWAYS travel on SPECIE ~
"Ah =, rejoined Mr.. CLAY" know |
my friend is specious in every thing
(Shou:s of laughter, in which the VICE
PRESIDENT joined so heartily that II /
done one good to see him.
Mr.. CLAY was now in full career
He appeared 10 have all the buoyancy
of youth and the next moment he
bounced with such force and directness
on BENTON as to make that individual
culver in spite of his almost impervi-
GUS mail Of assurance and affectation.
Most of the Senators from distant pla-
ces, he said, were glad to provide them
selves with these notes and he had
heard that member not far from his
Tennessee friend, was once startled by
the discovery of one Of them 10 his
silk purse--though he doubtless, felt
proper degree Of Indignation at the
circumstance
Mr.. BENTON sits near to Mr.. GRUN-
pY. The allusion to we'll known an.
ecdote of the Missouri Humbugger was
understood and applied by every one.
Mr.. CLAY then proceeded to present
the proofs of his fifth proposition. He
revied, in most able manner the pro.
minent provisions Of the bill, pointing
out their character as constituents OF u
great Government Bank.
lie called attention particularly 10
the 10th section, as showing the extent
of powers granted. Your money (said
he) lies at the offices of the Receivers
and Collectors, and you give the pow.
er to shift and transfer the money at
the discretion of the Secretary. No
contingency is designated upon which
that discretion is to be exercised. The
power is limitless to transfer from one
to another--to divide or concentrate !;
and no specification whatever is made
Of the causes, or instances, or contn-
gencies on which it is to be employed.
The Secretary may draw as he pleases
in regard to time, place, number, and
amount, from five dollars TO any sum.
Can you doubt that his drafts with the
signatures of the Treasurer and Comp.
troller, will be made upon bank note
paper for the purpose of carrying out
the design of accustomIng the people to
the issue Of Government paper money?
The great want ofthe country is gene
raj currency, of uniform value. Here
is the power given TO the Secretary TO
supply circulation. Who can be-
lieve that the authority thus prodigally
conceded will not be exercised? Mr..
CLAY controverted the argument Of Mr..
CALHOUN, that this is the same power
which has been exercised before. He
denied that the power is the same. 1t
is confounding things essentially unlike
to say a power Of drawing, SO limitless
in regard time, place, amount, is the
same as that which was exercised by
the wise and cautious Gallatin, and his
predecessors, in meeting the wants of
the Government by making transfer
drafts. So tremendous power was
entirely unknown and unprecedented
in the history of this country.
If the section which confers il should
be retained there can be no effective
control of this financial system. The
system will control the Government
and the inevitable result will be the ex-
ercise of all the powers, as great and
overshadowing Banking Institution
1t is easy to imagine some Of the con.
sequences. They are depicted in the
histories of Venice, and Genoa, and o.
Their states in which these Receivers
General, have al any time, been in ia.
shlon. The very name of these off,
GERS is lnseparably associated with cor.
ruption and oppression, and the destruc-
ton Of public liberty.
Mr.. CLAY here touched upon another
important matter. Suppose, said he,
that this system then goes into opera
ton, 1t aoiH be impossible for the banks
TO resume specie payments, when such
powerful competitor with them has
been created. A power is given by
which the Secretary may with the
greatest ease cripple and destroy all
the local institutions of the country
He illustrated this position very fully
and then dwelt with great force on the
fact that SAFETY TO THE COUNTRY DE.
PENDs ON THE DIVISION OF POWER
AND THAT THE DANGER is FROM THE
CONCENTRATION OF AUTHORITY. Hith-
ertO our practice was IN accordance
with these principles. The BANK of
the UNITED STATES, was to the local
institutions, as the Federal Government
is to the States and the system work.
cd admirably. But here now is consoli.
da,lon of all money power, and given
to hands animated by the fiercesi ha.
tired to the Local Banks Sir, he ex.
claimed iii, is permitted to succeed
the Sfatas will Soao Lo,or,o H.