Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-03-20

,,,ssv,r. aud ,lai be had understood ths teu'e'
,,rnose s,cflh~d a. thc originator rt 81.
lie the, ad3uecd several eo-iobora'lng proofs OF
hs rosition.
Tas sf., of ihesc as BIC fact that, in oeLanee
,f,hs comraoa ariicipation of men oi both laf'"s
hat too Precedent would oouu,ermsnd The lrcas-
oty order. it vas not done. Ard why not iu'
PrcsBca, knew the distressed situation Of 'he
country From tho rcmuiest west, nom "a'eua
ADD beyond TO the iarihcs, east. there vas n''
ono sentiment regarding thai measure ana OF VIE
The President was wei aware. And Nheie''''
vas no, that order repealed lie ~as The bon
,,,d ,o,I' p, carry GOT sud to perfect the meas
nfcs of the last 1dmin,traj.on, laid in order 10
Keen he pledge. be mus, keep The gordt"'"i ~
ne markei ss q dcmaulont for spcce, IN order iha'
Il might be rendered impossible for The Banks 20
Go business.
TNr Clay cited the recommendation of a bank
rupt law al the extra SESSION es another coHooof'
aiory proof of this inlonlinn--aud although '"'
mrasufc vas not carried yet The object was oPpa-
rent. The consequences of bankrupt law, t'ua-
ted ss the banks then were, would have been 10
have destroyed the banking system Of the eon"'r!
forever, by coup de grace.
And then there was he Treasury note law,whch
asscd at that session. lie congratulated himself
That he did no, vote for ihpt law. What good had
arisen from il Let the broker OF Wall street
and Chestnut street reply Treasury notes are no
better than bank notes: ell that bear no interest
are at a discount. What then, was TINS meant
Iot1 TO accustom the country TO the government
issues Of paper II will thank you, some one,
said Mr. Clay, "for ono Of those notes moment.
Has no body one ~ will return it :" Laugh
Some gentleman having handed him one, he he'd
II up--"look now how admirably this hard money
I 1 tna bo,, pto
copy is more highly colorcd, more ornamented
than the original, more in accordance with what
belongs TO the Government Of the United States.
1t is signed by two officers, like bank notes, and
lis for S50,--payabe IN year. All this was only
to accustom to these government issues ond
then we shall these gorgeously ornamcn'ed
bills OF every denomination small and large. issu'
ing from the Treasury. Instead OF this course
Mr. Clay was Of opinion, that by taking proper
measures, making notes OF solvent and soun'
banks, receivable in payment Of public dues, The
resumption Of specie payments might have beer
easily effected. The government would not thei
be in the market for specie, and the banks woul'
have had fair play. He then returned the Treas
ury note 10 the gentleman who had loaned 1t
y thanked him. hoping lie should be charged no IN
C ,eresi Upon it, a. none was payable upon the fac
: Of the MOTEL
\ The next proof in the chain of testimony as
the general igleqon Of The Administration, a
o ported law, ia relation to the seven millions
e notes still in issue under the Old charter Of the
States Bank.l
IS Had not my venerable friend the Chairman
2 the COMMITTEE Of the Judiciary reported that b
8 | should be tempted to say ,ha, to report, such
Is measure was more deserving of being penieEr
ry offence than that which the bill proposes
}, prohibit. What now wanted was good CT
!. culation. Those notes circulated frccy,--ar
IN the people Of the country confded in them. The
I'd were worth more than Levi Woodbury. & Co., q
le ded by the talents Of ;he Chancellor Of the T.
chequcr, q ask pardon, the Ex-chancellor ehou
Sc have saidior he broke the other day in a conte
is with the new Premer) more than they all cou
s make their Treasury notes worth.
es Mr. Clay would ask the Chairman Of the Coz
n mittee 90 the Judiciary himself it, when he leav
IN Nashville 10 come here, he does not pat some,
1t east Of these "Penitentiary notes into his poe
n Ell
n Mr. Grondy replied playfuy, that he general
he travelled on specie Of course.
It Mr. Clay. know my venerable friend is
rs ways very spacious. Bat he need not fear, Gen,
he al Jackson himself is said 10 have found in
n green silk purse some Of these very notes.
% some si0gular accident. lie was very Inoignt
er TO find out the fact. but it was.
ar Mr. Clay found 10 the daily denunciaiions Of
at press, and Of the party, from the President do
81 to the meanest supporter Of the administration,
a. the one continued howl every where raised by Il
aid party against the banks Of the country proofs
all this was bat part Of the original grand +
led ZEN. 10 clear away the rubbish. and to prep
nd for the great measure, the government Bank.
~n mother proof yet, was the high pf.oe offered by
Mr. government for specie And Mr. C,sy GeEuuE
of tb,s competition pufposely interfering with
,ps "ndeayors Of the banks resume specie pas mer
rad lie then eonlended that he had sustained h,s fou
lad proposition
1k- He then came to The consideration Of The
the under consideration, AID stated, as bis 9Th
re- Ias, proposition, lhai this was boz part Of
Mr. sane gfeud scheme. lie went fliiy into the
U- animation mote folly than NC have room to
cad low him. Al ths lu.e. de showed the bound
dc discretionary power II gives The executive
red sboAed hos tins powes must Inevitably wofk,
siy The, goes 10 The se:y point of establishing
Zee yernmeol Bank--a Tfcssufy Bark, under tie
The irol e the Executive. The power Of transfer
cat the pubhc money az p.easore uhen and 10 ~