Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-29

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administration had 30 enc an opportunity 20
signal,ts Its commencement by IN act Of
grace ard wisdom, demaoded by the best iais-
| rests AID rnost anxious lshes OF the People Z
BIT AR. Van Buren, did not think proper 10
embraces t. lie bad shared too largely IN the
eOundsnee Of his Predecessor. sgEeed loo full
| ~ with him IN sediments, had been TOO much
uoiled with hin in has eoassis. To rsscind sn
order which constituted so essentiai part Of
the systsG which had been deliberately adopt
ed 10 overthrow The State banks.
Another course pursued by the Adminisira-
ton, after the catastrophe Of The suspension
OF specie pay meats by tie banks, demonstrates
The hostile purposes towards them Of the pre-.
cent AdDiaIstralion. wheo similar event
bad occurred during the Administration Of Mr.
NsdisOu, did be diseredt aud discounienance
the issues Of the banks. By refusing 10 receive
then On pay nsnt Dfths public dues Did the
State Goyernmchis. upon the former or the
late occasion, refuse 10 recsise them in pay
meat Of the dues 10 thea,. respectively Aud
u Irredcemable bank notes are good eaough
Tor State Governments aud the People, arc
they not good enough for the Federal Co
ss'.sineni vi The san,e PeoPlei By exacttng
Ispscie, IN AL pay inehts 10 the General Co
'stsncDi, that Government presented Itself
IN the market AZ q powerful and Formidable
eolnPet itor with the banks, demanding specie
at a nloment when the banks were making
unexamPlsd struggles 10 strengthen them
selves, and prepare for the re sumption Of spe-
cie payments. The extent cf this Govern
saent demand Tor specie does not admit Of ex-
act aseertainmeni; out when We reflect that
the annual Expenditures OF the Government
were At the rate, including tho Post Office
Department., Of about thirty three millions Of
dollars, aud that its income, made up either Of
taxes or loans, must be an equal sun, making
together an aggregate OF sixty-six millions, IL
wiil he seen thatthe amount Of specie requir-
ed Tor the use Of Government must be i'm
msnsely large. Il cannot be precisely deter
mined. but would not be- less probably than
htleen or twenty millions OF dollars per an
1um. Now, how 10 il possible Tor the banks,
coming INTO the specie market IN eomps litou
with all ths vast power and influence Of the
Government, 10 provide thcmselves with spe-
Gle in reasonable time TO resume specie
Paymentsi That competition would have
been avoiitd, IL, upon the stopPage OF the
banks, the notes Of those OF whose solidily
there was no doubt, bad been continued 10 be
received in payment Of the public dues, "a
was done IN Me. Msdison's AdnlinislraIion.-
And Why. Mr.. President, should they not have
beene Why should not this Government re-
eelve the same description OF medium which
IS iound 10 answer all the purposes OF the &C.
veral State GoVernmentsl Why should they
have resorted 10 the expedient OF issuing an
inferior paper medium, in the form Of Urea
sury notes, Snd refusing to receive the better
notes Of safe aud solid banksl Do not mis-
understand me, MIR. President. No man /.
more aSerse than am 10 permanent ineon-
Vertible paper medium. IL would have been
; a temporary measure only that ! should
have thought IL expedient TO receive the note,
l gOOI nj ham II. a.
sure, the Treasury order had been repealed
and other measures adopted 20 encourage and
coerce the resumption OF specie paymeAts
We should have been much higher that desira.
ole event than, l fear, we now are. Indeed
60 not see when IL il possible for the bank,
10 resume specie payments, a. long ~ the Go
vernment is in the field making war upon
them, and 10 the market demanding specie.
Another conclusive evidence OF the hos.ili
~ 10 the State banks, on the part Of Mr. Var
suren. Is TO be found in that extraordinar,
: accommodation or bankrupt law contained
ia hiS Message at the extra session Accord.
ins TO all the principles or any bankrupt syS
Ten with which am acquainted, the banks
6J the sioppage OF specie payment, had rem
, dered themselves liable 10 It's operation.
1he recommended law bad been passed, com
missions Of bankruptcy could have been i'm
Inediately sued out against all the suspended
banks, their assets seized, and the administra
: Ton OF them transferred from the several cor
: Porations 10 which il j. nov intrusied. 10 com
: missioners appointed by the Presiden, himself
Thus, by one blow, would tho whole Of IL,
: State banks have been completely prostratsd
aud the way cleared for the Introduction Of th'
iaiorIie Treasury bank; and Is il not IN iht
same uniTIeDdliness 10 those banks, and will
TIE same Tiew Of removing all Obstacles 10 III,
] M n -. al. 81.
OIL was presented 10 the Senate few dayl
ago oy the Senator from Tennesses (Air
: orubdy) against the eircu alton Of the note
2 0i The old Bank of the United Slalesl Al,
; time WbcH there u too much want Of conf
denee, aGd when every thing that can be dom
B, should be done TO revive aud strengthen IL
1 &c are called upon 10 pass law denouncin,
The heaviest penalty aud igbomnious punish
6 mcnt agains, all who shall reissue the note
Q u tie old Bank Of the United States, of whieI
r we are told that about seven millions Of dol
isrs are N ejaculation; aud they constitute thl
c ! best portion Of the paper medium Of the coun
: try tie only portion VI IL which has a ereai
D every where, and which serves the purpose O
: general circulation; the Only portion will
y which man eau travel from oGe end Of n,
= continent 10 the other; and do not doubt TIA
The Senator who has illuminated these sever
pans and penalties against that best part o
} our paper medium, provides himself with
. sufficient amount d il, " henever he leave
o Nashville. 10 take him 10 Warrington. llIer
VIZ. G!uDdy rose, aud re marked No, sir; I al
! ways travel on spseie.l Al! continued Mr
; Clay, my old friend Is always tpceisous I az
: quite sure that nsembcrs from q distance 4
Z the interior generally hnd il indispensable {
y supply themselves, on commencing their ioni
- neJ, With an sdsquate amount of IEess dent
2 cal notes TO ctfray is expenses. Why, Ell
> Utl any man 10 lass senses deny that thes
= butes are lar better than those which hay
/ been issued BY that Government banker, MI
> Levi Woodbury., aided though be DO by %
, chancellor ofthe exchsqusF,l u beg his pardon
> ! meat The eH-ebaneelior, (the Senator lroi
New York, Alr. Wright y an not golns 4
y stop here 90 inquire toto the arici legality ,
" The reissue Of thess notes. that question, toy,
e Their with the power o. the Government (,
d pass The proposed ball, will Do taken up abe
n i = eonsiered. am looking toto The me
q tive 81 such measure. Nobody doubts "a
/ perfect safety % The notes. no Ous csB belle
% that they Ei.i not Ee fairly end fully paid :
= What, then, Is the dssisn Of the biiii Il
b 10 astah tbs dolly sure general meeiun who
y The People possess. u is because a may eor
u in compctition with Treasury notes % oihs