Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-12
Ewenty-Gz1h Congrcss.--2as SEES
SPEECH OF MR. RHETT. Or s G,
On tbs Treasury Note Bill dersred IN ME House " Re
JrrS,UIufjurs OD yke 19yb of Hy7y !-.{S

braced by the remarks Of my honorable friend and col
league (hr. Thompson) who has just taken his seat -
When the Independent Treasury Bill comes u? FOR
sid ration, may take opportunity to comtrov"rt many
OF the positions he has assumed with respect TO this grral
Conservative measure; but, at present shall combine
myself chiefly 10 the subect strictly before the commit.
ee-te bill authorizing re issue of Treasury noits. in
the place Of those which have been returned into the
Treasury the payment of public dues before the period
contemplated for their redemption 10y The act Of October
last To Judge of The 5oPrIety OF this measure, 1T is
necessary To look 10 the state OF the Treasury. in
communication addressed to the House few days since
on this subject sby The President Of the United Stcs:
it is stated, that there are in the Treasury of availa
! bic means. in round numbers, bal S2lGO0O, aud in
the Mint. bot S5i7 Geo. Demands I" large amount
are suspended in the Departments waiting for payme",
from the tn be provided by Congress and the
present means will carry The Government bul lew
days longer when. if not provided with thcm 1T must
stop OF unavailable nS, the resources abundant
Twenty eight millions, deposile with the States.
Fifteen millions more due from the banks and nd;
vidnas-o half Of which will in within the
next SIX months The necessity OF the Treasury. is
immF diacpTesent necessity; not extending (un!ess
increased By legislaonl beyond the next four
SIX months, and limited chiefly Ia the next two or three
months This. Sir. is The nature Il" the necessity, and
this the state OF the Treasury. Tn" embarrassment,
accdeniaand temporary occasioned BY the legislation OF
Congress 10. the relief Of the banks, by which HE means
in the Treasury have been postponed and the premature
return Of the notes authorised 10 b. issued by the Cclo
Der law before The period Of their redemption The
remedy proposed by the bill under Consideration Is this:
to authorize other b. issued. The emergencies
of The Treasury shall require in the pace Of those
which have been returned into the Treasury before the
period contemplated for their REDEEM p,i0nnnt exceed
ing The limits imposed by the act %. October as to the
amount and lime Of issue. The relief VIII be imcdl
ate and will The debt only when necessary, and
/ 10 the amount necessary.
Toihs bill there various objections uigcl bat
" all Of them but ItcTalOns Of those which press
e. The extra session against the Gna BILL 10 which
| he rsIl Il
then answered. but being of such nature. suppose,
in the opinions r those hn presented them, 10
qure repetition 10 ensure rccoectionhry are brought
forward aCan and TO aid this very cn:nenfahe drs en-
/ it may moi be improper, again, briefly TO notice them
First. rhen--'irrasury notes urc unconstitutional. be-
they bills of credit, and this Government has
no GIT 10 issue bills Of credit
MIR Chairman. am Stale Rights man. am dis.
posed regard with great jealousy every power exercised
by this Government; and t. require in every that
shall be shown either by express grant By necessary
implication that the power cliimed Is clearly gwen by
! the Constitution. Now. Sii, the Government wants ~
| borrow money. for some four six months tnrn 10
the Constitution and find no prohibition TO this Govern.
ment SENT bills of credit, but tho power to tUrjo.
money" given, without any Limitation or restriction Is
"a the manner form ~ ch IL sHa'l be done WHAT
/ is the meaning If borrowing money: Is IL not get
! ting your credit: The shape in when yuU
put you- credit promise 10 pay is perfectly imnre
rial. hr! ia my hand Treasury noe aGda certificate
Of stock. 10 "hOrOw money N the latter form, gen
! pincn say. is coHstuional-in The former, not The
! Treasury note, is promise on the part o IN" u ,,
10 pay i his order certain sum, one year from dale,
with sir per cent interest The certificate OF stock Is
due bill certifying that certain sum Is dnn by the u
States 10 o. his assigns, year after date, bear.
nr FIVE per cent interest Nnw, Sir via! S the d.
ference these methods Of borrowing money
Both promises 10 pay, year after date, at nearly
The same rate Of interest Both ransft Tab!eie one
by endorsement the other bv assignment. which m1y
be in bllnk-and thus afford The facilities for pass
ing from hand To hand. There il. III fact bat m:rIc
rial difference between the two forms of lnananG that
does not appear upon the face Of either The Treasury
note nsV be received. according 10 clause IN the Nc
tOber law in payment a" public dues and thus, be 70.
deemed before the expiration OF the year Yet even
this pccuarity in these notes, Is not uncommon IN ID"
issue Of stock which often made rrdecmabc The viii
Of the Government But can the time or manner Of rc
deeming tie Loan in ,lc least degree: affect ia" conSti
,utona power Of making II: II so, then the c"nsu'u.
tiunay Of The form, depends nPon the greater OF less
convenience Of redeemng the loan. IF the method is
prompt and easy, as is provided with respect 10 these
Treasury notes II is unconstitutional supposed Il Is
postponed and rendered difficult, then II is conSltu
tiona Nor the interest TO he paid, al oil affect the
constituonaity Of the issue. If you have the power
10 "borrow money, il is duty 70 tie people, who
ultimately pay the debt Ivy the sweat Of their hrows
10 borrow upon the eapfs, terms possible. II from
the abundance Of capital and the superior credit Of e
Government, and the TO which this credit may be
applied YOU borrow money at two or Three per cent
interest. al interest at ALL your duty t. do II
The only question is, do you want money, and DO yon
thoi absolutely at your own discretion aud control.
! Ny colleague has quoted the case Of Craig U.s. I'll"
Stat" Of Missouri by which It has been determined 'y
the Supreme Court Of the United States, that $G's
cannot emit bill Of credit Now, Sir suppose tiat ,h"S
was in the Constitution, express pro!h'iiun (Which
there is noi) 10 the L. States emitting bills Of credit as
there is the Sntes;ths would not at al! affect
the before you: In that case, Chief Justice Mar
shall in delivering the opinion OF the court ever lie
publican Judge upon the bench dsscn,ugD put tir de-
clson upon the fact, that tho certificates OF the SAFE Of
Missouri were designed 10 be the currency 81 the c"nn
try and substitute for the consiIiu nnal currency "i
gold and silver. Is that the here The Treasury
notes authoszedhy the bill your tabIeare limited L" he
amount of O ego 600 None be issued after the first
day of December next wheE they are all redeemsh!H;
and when received the Treasury cannot be rcssued
Do these features show any design OF furnishing cur
renew to the country substitute for The constitution
al currency. and make these notes bills of credit. in
the meaning of the Constitution: The VOID emit
save the judge sis employed in describing t"Sc
c0lracs 6y irhch State JHdS i,t 10 pay m0Rry az
future dGy ScrricsS Hc1 rCeiccd or far money b0T
ro,rcd: nor such instruments bills o! credit Now,
what arc these Treasury notes, but 'c0acGcS far the
pay7ncnt nj MONEY al future day fer STrccS actually
| rec1ired'"-to pay Your army-your navyynur civil
and diplomatic oi!cers-yoU, yourselves: What are
they, but evidences Of debt, for " money borrowed
to carry on The machinery Of Government: Why,
Sir it is most apparent, that even upon HE au'h".
rily Of this case every State in the Union de. pc
the express prohibition 10 ''rmi, bills Of credit, would
be authorised 10 issue these notes Oar minds some
times like eye sight, capable nf seeing ihngs "hy
! ,t very remote distances Gentlemen who deny The
cnrs,ilulicnaty Of these Treasury notes yet maintain
rha, Congress may establish States Bank; and either
rs mart or the entire proprietor of the stock through rs
ins,rumcnlaity issue such notes. 10 any amount, eS
nrssslv destined be currency. We have right tn -
sue these notes say these gentlemen. because lney may
enter into the currcncy yet under the power o Trru
Iale commerce. they maintain that have the power
to supply currency for the whole unionand con'r"
and crush if we please all The banking institutions OF
the States Thus il is that things which most obv
Gus are undiscernrd and the remo,esl ine1cnces md
mos me,ahy steal deductions. aPprchended with the
cares, dis!irctness and conviction During The whos"
perod Of the last war Treasury notes freely issued
l. Ill rosnnrIs sin,ilar 10 Lnse amihnrZad by the DILL