Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-17

than four millions Of dollars dssipate The money so
hoard,d by an investment in National, or Stale STOCKS
This must relieve The apprehension OF all upon his Poh
ms four millions The greatest amount winch coo a.
any one time be permitted TO remain IN Tue Possessu
and Keeping of all the repositories constituted py l's
bill. IS, however. lie bad discussed Inc pio'ss'o"'
This section somewhat length in the course Of Ills re
marks upon the provisions ." The bill GENERALLY he "'u'u
omit any further remarks here.
He had now closed what he proposed tn say, having
particular reference To The system OF finance Tor Inc
i;ougl Treasury. recommended by line c"nli'uc' " 40
- The o.,, nsbIe antagonist system Of State bank depo'
sites. =, ,uL
Pit there was third al;ernalivc-n National Eank-
which lie must omit To- notice, in his extended us
cussinn If this great SUBJECT. He was bound now't
after having long Ire4fnssed upon the lime "l the Se
na!p To relieve the mc,nbcrs from Lie apprehension %
he was now enter Epon lh!s itrrmnane l!tiu VI uE
bate Mo- nothing ia this field presented |" nm 'ate
far debate lie entertained the most hrm c"h"ctohs
l!,at the Constitution M the u S. had conferred upon
Congress- no power to charter such an in"ul"n; o"'
every argument upon that great fueStr had a9''"
au, anan presented Congress and the nni!on IN man
mr. much more iDrc5lr and from SOURCES mnch more
commanding, Than any Thing which could be auVahceu
by him /, was, therefore, to him. question MOI i"f
dsc,Ssun but for ncliu and, unless his present views
upon it should be radically changed for negative ac''"
only. =.
liz had heard since he had been honored with seal
in Ibis body many ingenious arguments in favor OF the
puwer but all had sought to derive il from necessity or
cxpcd;ency and il due 10 the authors OF these ar
rulruts say that to his mind, very nice dlsiinc
ion had hccn preserved between necessity and exped-
ency IL had been said that uniform currency was he
ccssary for the country that such currency cnuin nor
br produced or maintained, without q National Bank;
and that therefore, Congress had the power to charter
such On institution. That uniform currency WAS c1.
prdrnl and highly desirable for our wide spread cHun.
Try 10 could doubt. but that the country cond yet
on very comfortably without such currency had been
proved by the actual experience n several per'ods II! cur
history That second and standard currency was me-
cPssary to the existence ut cnmercc, that snch curen
CIV could not he established and sustained III our codh
try but by Congressional legislation and that therefore,
Congress had the power In CRATE as well Us To regulate
such currency, has been commended here. n" one VIII
be disposed 10 question the position thai sound ana
standard currency is very desirable to commercial
country bnt that commerce can be carried on To con-
siderable extent, without money OF any description, IS
fact not to be questioned These instances are mention.
cd to question the eXpeleDt aud useful tendency OF
the arguments far as they To- show that UNIFORM
currency highly important IN every civilized country
and that sound medium of exchange is OF The first ut-
lily in commerce, but TO question how far the argument
of necessity ia either case be safely relied upon as
the basis OF grant of constitutional power, and To show
that. in either argument there is little difficulty in
settling The dispute as TO where expedicncy and utility
end and necessity begins. For himself he repudaled
all such arguments and all arguments Of every charac.
ter founded upon simple necessity establishing grants
of power the Constitution Of The u S in favor OF
the Congress OF the United States.
a single remark upon the question OF charlsrEg
National Bank mere matter OF eXpedcncy, II all
questions of constitutional power were out Of the way,
and lie would dismiss this topic. The experience oil his
own time the late proceedings of the late Bank of the
United Slaes had satisfied his mind that the dangers to
our political and civil institutions, from such an organl.
zed money power, vastly overha.ance any anticipated
benefits and that a simple question OF expectancy,
such institution ought not 10 be chartered by Con.
gress Neither the hour Of the day, the patience OF the
Senate his strength, would permit him 10 enter
upon further discussion Of this point at present. and
his only purpose having been to pronounce the opinion
he had pronounced, he would pass to his conclusion
The three alternatives had been presented. The con-
dlinn Of the public treasury Of the currency, OF the bust
Of the country and general public expectation, de-
manded action frun Congress The Committee OF which
he member, had presented 10 The Senate the bi!
upon the table as the action which maj otity Of their
members proposed. This bill was 10 be opposed from
tn sides Of the house. The friends of the State bank
deposile sys,e,n and the friends OF National Bank,
alike and together; 10 be met and overcome, or The
bill could not pass
In Ibis condition of the question: and Of the Senate,
he considered it 10 be his Indispensable duty To present
what he believed to be the real and true issue fairly ana
fully In The Senate and the Country And what "ns That:
ln his udrmeHi, It the adoption ct som? system
based upn the principles of the bill under DISCUSSION,
or National Bank. He prospect Of success Tor
my middle grouad What were the evidences OF our
upon this subject? Luck at the divisions IN this
tndy The party friendly to National Bank had u
ways rcpudiaed the State Bank depose SYSTEM as dan
gcrnus lis additions Ia Executive power, inefficient
to the currency, and as unsafe as TO the pubic money
Was there any evidence that those members OF that par
ty here had changed their opinions to that system:
le knew of none; and were he 10 Judge from the IAN
cuare of that portion Of the public press which was sup
posed reflect their opinions, from what had but re.
Gently passed here in relation to The failure OF deposie
bank in Boston, he should be compelled to say, that no
change in that quarter had taken place But he would
appeal TO the gentlemen themselves, and ask ii recen,
experience, to that financial system Tor The National
Treasury, had changed their feelings towards II had
endeared il to them, as one they were now des'rous 10
nuke their own Are they willing to surrender their
favori,e project Of National Bank for this aternayc:
VIII they tell US. in rankness and candor, that, with
solitary exceptions perhaps, every man OF
them is for National Bank in their Judgments, the
only riirc,ua remedy for The financial difficulties OF the
country:
If such continues 10 be the feeling of the party which
opposed The late Administration, and equally opposes the
present, what is the condition. in this respect, of those
who have hitherto supported both? is there not, hume.
really speaking very great degree of unanniiy of
sentiment with them in favor OF the BILL at least So far
u practical and bona de separation from the banks is
cuncernsd file supposed that 10 be the fact, and he
frpd To this division of fee ling here, upon this subject
with no pleasure. IIe knew and felt that those with
whom he had long intimately, and pleasantly associated
personally and politically, 10 differ with him upon
this measure. He regretted The difference much US
amy Df them could. lie entertained no unkindness
Of feeling towards them account Of this difference Of
opinion upon n particular bill. He yielded 10 them all
the sincerity of convictions of public duty which lie
claimed for HIMSELF and he assured Them, one and ALL
that no remark which he had made, about to
make had BEEN or should be, on his part intended u
wound their feelings, censure their course. They,
like himself, responsible TO their constituents aud
The country for thr ncs here; and he did not entertain
doubt that that accountability would he discharged by
them according to their most firm convictions OF right
Yet lie appeal 10 them 10 say if they did not be-
eve the public opinion of the country was very justly
reflected in the Houses Of Congress- upon The three
alternative propositions he had discussed If they had
seen any evidence, from recent political results any
where, 10 authorize the belief that The State Bank sys
TEN of deposiles which they still adhered, was gain
ing favor in any quarter? If they did not perceive that
The two other systems dividing The great mass OF
the public mind of the whole county? If they did not
feel LII The recent history and present condition OF