Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-02-22


tories Of the Public money, have PROV
cd . bad sxperiHenf Il has explod-
Cd. sad tassy have BEEN burnt snd
seslded IN the sxplosion.
We sre nov. continued Dir. c. par-
ro~ed down 20 two questions.--either
TO take the Old experiment Of the
State Banks. and try Il sgsia. or the
new and uniried Experiment now be-
fore the Senate.
The Wing members Of the Senate.
Mr. Calhoon argued. had no confidence
IN the Pet.Bank System. although
they bad taken II az a second choice.
They only supported the Bail because
they believed that the Experiment
would again fail and prepare the ~sy
for e National Bank.
Mr.. Calhoun then eon,endrd that
there was no distress IN the West and
South West add South. or Compare
lively none. But there wEs distress
deep and severe in the North. and in
Mr.. CLhoun'' opinion ihi, disires, IN
a great measure was caused by the
procrastinaiIon upon this subject. Had
the Sub. TIeasury ball been adopted at
the special session. the country would
have eeen much more prospeTous than
IL Is.
Mr.. Calhoun then oNamined the
particular proyi.ions Of Mr.. Rives's
substitute TO the Sub-Treasury Bill
He contended that the substitute was
unconstitutional and objeciional in a
hundred ways. II made bargain
between the Government and the De-
Posi,e Banks; and have you a night,
continued Mr.. Calhoun. 10 make this
bargain ! deny the right IN toto. and
! call upon the friends Of this ball TO
prove their right TO make this bargain.
Mr.. Calhoun coniendcd thu. II the
Government could make no Contract
With an individual II could make none
with a corporation. The bargain itself
as MIR. Calhoun commended. was un.
constitutional. and the manner of max
ing II was still moro unconstitutional
contend, said Mr.. &. that We have no
power TO empower the Secretary Of
the Treasury 10 make the selection Of
those banks and then confirm that Sc
lection by joint resolution of both
Houses Of Congress. | contend that
the Secretary OF the Treasury ought 10
have his say in this matter. and / do
not see how the Executive, with his
we'll known opinion upon this subject.
cal approve OF such a bill.
Mr. Calhoun theh went on to prove.
or to Try TO prove, that If Congress had
power to pass such bill as the substi.
,ute to the Sub.Treasury bill, it also
had power TO pass bill 10 regulate the
inspection Of Tobacco-to say how
much here should be in a hogshead or
eask' and also. how many pounds Of
cotton should make bale. Mr.. Cal.
houn addressed his remarks chiefly IN
Mr. Rves. Mr.. r. smiled. and seem
ed not TO be convinced by this appeal
to cotton and tobacco
MIR. Calhoun argued, and attempted
TO show that there was but one curren.
cy.-and that hard money currency.
which was the Constitutional cur.
rency. Mr.. c. spoke at length upon
this hobby OF the day. and very much
IN The same manner that Mr.. Benton
spoke two, three and four years since.
Mr.. G. then agreed that Mr. Riyes'
OIL was ImPraciicabie. inasmuch as the
twenty-five banks proposed 10 be es.
taolished by Mr.. Rives's bill were TO
be specie paying banks, and there were
no specie paying banks. The twenty
i've banks, when they did resume and
become repositories, would be better
than all other banks, aud AID ;he gene.
raj disposition Of the strong to crush the
weak; the weak will be made weaker
and the strong stronger. There would
then be 4 distinction that there is not
now.
What will be the character OF this
league OF the Government with the
banks when formed;" This was the
next subject argued by Mr.. Calhoun.
Mr.. Calhoun contended that the sub.
siituie was bank. Government bank.
mammoth bank. Mr.. Calhoun bco.
ged that Senators would not be ftighi.
ened or startled at this assertion. But
in his opinion the twenty FIVE Demo-
site banks would make one National
bank. The Philadelphia monster and
Nicholas Biddle were 10 take command
OF the twenty and Nicholas Biddle
would control sixty millions Of dollars.
Adopt MIR. Rives's BILL, and YOU make
Tue Government Bank. aud the Bank
the Government, and out Of the two
you make a Monarchy.
MIR Calhoun then con,cnded that
the Sub.Treasury Bill weakened the
power Of The Executive. while ITS sub.
sii,uie increased The power Of the Tx.
ecuhve. The substitute. MIR. Calhoun
then strangely argued, would make bjgh
IaIliis-immense grpluscs-increase
taxes, and compel fbe tax payer 10 be
the sufferer II gave a hundred fold
more patronage 10 the Executive than
The Sub-Tfeasufy Bill There was
less danger 10 trusting TO individual,
than interpretations.
The Sub.Treasury Bill would coz
Air Calhoun here repeated. but so
600 or S0D, 900 and he oply sdv,n.
'age which The substitute would have