Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-29
Domestic News.
SPEECH OF MR.. CALHOUN OF S. G..
On THE SUB-TREAsuRY BILL.
III the ScMQtc Of The II Sknfcs Eel L. lS.lS
CONCLUDED

|
IN the Senate eC the U. States FEB Is, 1888.
CONCLUDED.
come now TO the next point, to show how
this league is TO be revived or stimulated
into life. Till this can be done, the substi
tutc, should it become law, would be :
dead letter. The selection is to be made
from specie paying banks. None bnt sucf
can receive the public repositories, or hav.
Their notes received in the dues Of the Gov
ern'ncut. There are none such now. The
whole banking system lies inanimatc; an,
must be vivificd before it can be rcunitc,
with the Government. No one is bold
enough to propose an union with this life.
less mass. How then is The vital spark &c
be revived ! how the breath Of life, tho
Promcthcan fire, to be brcarhed into the sys.
ten anew, is the question:! This is the task
The mover tells us, that it must he tho
WORK OF the Government. He says that il
IS bound to aid tho banks to resume paw
'neu's; and for that purpose onsht TO hold
out 10 them some adequate induccmcnt.
lie tells US, that they have been long prcpar-
ING and had made great efforts, but can 20
no farther; have rolled the round huge rock
almost to the summit, bur unless the Gov
erllnicnt put its giant arm, and give the last
pusii' II Will recoil, and rush down the stccp
to the bottom, and all past labor be LOST
Now, what is the adequate induccmcnt
" hat this powerful stimulus, which il is
proposed the Government should apply, in
order to enable tho banks to accomplish this
herculean task! The substitute shall m.
Swcr.
1t proposes to fix the lst of July next for
the period of resumption; and as the induce
n i -
the most respectable aud solid, out of the
rcsaminS banks. TO be the repositories of
the public moneys, and the fiscal agent of
the Govcrnmenl,as has been already stated.
1t also proposes, and this is the stimulus.
the essence Of the whoie,-to make tho
notes of such banks as may resume ON or
before that day exclusively receivable in
the public dues. Here is a 1uid pro ouo
something proposed to be done, for which
nunKS inuIGy. n you fesu,ie,' We, Jil our
part, stipulaie to make twenty-five of you
our fiscal agents and repositories ollhe pub
lie revenue; and we further stipulate that
those who resume by tho time fixed, shall
have the exclusive privilege for ever of
having their notes receivable in the dues of
the Government, i'll common with gold and
silver. lfthc banks perform their part, we
shall be bound in honor and good faith to
perform ours. 1t would be a complete con-
tract, as obligatory as if signed, sealed, and
delivered. Such is the inducemcnt
The next question is, will it be adequate?
Yes. abundanlly adequate. The battery is
strong enough TO awaken the dead To life :;
the consideration sufficient to rcinuncralc
the banks for whatever sacrifice they may
he compelled to make, in order to resume
payment. 1t is difficult to estimate the
value of these high privileges, or preroga-
tivcs, as | might justly call them. They
are worth millions. If you were to enter
into 4 similar contract with an individual,
| doubt not, that he could sell out in open
market for at least thirty, forty or fifty mil
lions of dollars. do then the mover the
justice 10 say that his means are ample to
effect what he proposes. As difficult as is
| The work of ofrcsumptiOn.-and difficult it will
| turn cut to be when tricd-thc inducemeni
| will prove all sufficient. But the rcs,lmp.
ton, however desirable, may be purchased
too dearly; and such would prove to bc The
case, should the projcc; succeed. Not onl,
l., the o!lcr 100 great, but the mole of effect
ing it highly Objectionable. Its operation
would prove not less disastrous than th,
bargain has been shown to be unconstitu
tional, which shall now proceed to cstab
liSh.
The offer will have double effect.
will act us Il powerful stimulus to rcs,linp
ton, but will act at the same time will
cqus! force to excite n struggle among tn
banks, not only to resume themselves but 4
prevent others from resuming. The rcasol
is clear. The advantage TO each will III
+. crease, as the number OF the rcsuming bank
decreases: and of course, the great poill
Of contest among the strong will be to re
strict the proilcrcd prize to the smallcs
number. The closer the monopoly til
greater the profits. In this struggle, II com
binatIon of 4 few powerful and wealth
banks, the most respectable and solid, q
designated in the substitute. will ovcrilirO,
and trample down the residue. Their ia
will spread dcsOation over he land. Wha
ever may be the fate of others in this dcs
pcratc contest, there is one, in relation
{: which no donht can be entertained; | refi
To the United States hank of Pcnnsylvan
long name and misnOmcr; and whicl
for the sake ofbrcvity, but with no persons
disrcspcct to the distinguished individu
, at the head, shall call Mr.. Biddle's ban
That nj least, will he one of the winners
D one Of the 25 to whom the prize will be a
2 signed. Its vast resources, its wealth ar
: influential connections, both at home an
n abroad, the skill and ability Of the officer
: its head, and what is less honorable, Il
f Great resource il holds, in the notes of II
t late United States Bank, Of which mo
than six millions have been put into circ
lation iu violation, TO say tho least, of
: trust, constituting more than five sxths
Il all its circulation, and which il is not bouI
). to pay-wIll the still greater amount
n hand, making in the whole more than u
No0 ron ard which r,av bc used the sau