The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-03
REMARKS OF MIR. Upton.
In SENATE, MARCH, "a, 1888,

On has motion to insert clause IN The SnbTreasnry
till, making IL obligatory The Government 10 re-
celpe The notes Of specie pay,ng banks IN payment 81
dues.
Mr. Upton said he would not have troubled the
Senate at this late hour with a single remark il favor
Of his amendment, but for The oplsns advanced by the
Senator from Missouri, (Mr. Benton) The honorable
member in his remarks III opposition 10 my amend nent,
said Mr. T. has advanced opinions and made state
ments that feel called upon notice He has taken
1t upon himself to speak for the whole TO this
| certainly have objection | always listen TO him
with pleasure but if he undertakes speak for the
people OF the State represented on this floor by my
honorable colleague aud myself, and If he mistakes
their wishes and their interests then beg leave tell
hn that have word or two to say the subject.
In this he entirely msunderstands dsregards
the wishes of the people Of Indiana
He denomnates my amendment a proposition to
favor the banks, and against the people and he de-
nounces it intended to facilitate specula-
TONS and rulnous TO the farming interest Of the
So far as Indiana is concerned (and think that State
very important portion Of the west,) he is mis-
taken
If gentlemen will examine my amendment, they will
find that 1t introduces new or dangerous principle
The resolution of 1916 permitted the receipt Of the pa
per OF specie paying banks for pubic dues went
very well under that arrangement TOT twenty years
The Executive thought proper to make discrimination
between the money received for public lands and for
The amendment is to compel the receipt Of
the paper Of specie paying banks for all public dues. 1t
will in effect repeal the Treasury order, and make the
paper OF specie paying banks receivable for public lands
This is precisely what the people of Indiana wish Con-
gress TO do.
When we came to our seats last Fall, at the extra
session. ignorant Of the be brought
forward by the Executive TO relieve the embarrassments
under which the country was suffering when the mes
sage in, gave it mature consideration, and
with sincere desire to 60 with the Administration my
colleague and myself voted for the OF Treasury
relieve the pressing wants OF the government
but ventured to express the opinion that the Sub
Treasury scheme nexpedlent, uncslled Tor, and
would If adopted, be injurious to constituents and
| am happy find that the opinions then expressed
have been fully sustained by the Legislature OF the
State. It's members emanate directly from the people,
aud reflect truly, have doubt, the wishes of very
large majority of the State. Their opinion is be
found in Joint resolution instructng my colleague and
myself to influence to procure the passage Of
law making the paper OF specie paying banks recelya-
BILE in payment for public lands The amendment now
before the Senate is in strict conformity with the views
of our Legislature and an to be told here. sir in
the face OF Senate aud the country, that my amend
men if adopted will be ruinous to the west The
Joint resolution of the General Assembly Of Indiana
was printed and laid tables few days ago; |
beg leave refer gentlemen to that document for the
wishes and opinions OF no nconsderabe portion oil the
west on this very important question,
We have been told that the banks are all owned by
stock dealers and spectators, Ihs IS not the case
with the State Bank Of Indiana We have no other
bank, nor can have any other; provision IN our
State Constitution prohibits the establishing Of any other
bank or banking company. than State Bank and
branches whch.shalI not exceed branch to each
three counties the State. The stock IN that nstu
tIon IS principally owned By the farmers, mechanics,
and business men; those who hold the plough the
plaue or arc engaged the mechanic arts, N the con-
struc,on OF canals roads, public edhces, these
men emphatcally producers, not consumers OF the
wealth Of the country Notes presented to that bank
for discount are mostly for the accommodation OF this
useful class OF men, who apply the money TO purchase
and improve land and 10 export our surplus produce TO
SUNNY the uaners Of LOUISIANA Mississippi, and Ar
kansas with provisions for the hands on their planta
lions, onr surplus produce is there sold for money If
We can DC, il If not II Is barered for the sugar and
co,,nn of the lower country Is this trade OF barter
mon. 10 The Western States | think not. sir.
Another charge against our banks is, that they may
s,op rcde,minr their notes at pleasure, the
common phrase, break when they please, and that the
note holders will lose every dollar ISSUED By these in.
stl,uons This charge will not apply to the Bank Of
Indiana It's stock owned by the people and the State
the faith Of the State, its revenues and the pockets Of
the people are pledged for the redemption IN specie or
lis equivalent Of dollar put into circulation Ivy mat
institution That bank cannot break While the STATE
exists.
Again The dcposite banks are charged WIN refusing
TO pay over The public money, although we nave n'H