Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-23
VOLUME AAXsV.---No. as,

TO say there shall be nothing paid but gold and silver
and 10 pay 10 nothing but broken rredeemuble paper.
No, no: be (hlr w would mol follow such q copy;-
there wese TOO many limbs broken already among those
who had allowed il. Mr. W. had never said N thing
but gold and silver it perversion of his words
by the omission OF others, the significant words
He hsdsaId god and srer equivalent gold and
sifuer That was the currency he commended for-an
equivalent 10 gold and silver good current redeemabe
paper, at the will OF the holder. In this
spect Mr.. w. agreed exactly in his expression with the
law Of Congress, which law provides that no paper
shall be offered 10 thu public creditor which equlva-
lent TO specie. The law DOES not intend nothing but
gold and silver it says, what Mir. w. himself had said
gold and silver paper equivalent it; and that
paper is not TO be made tender This it which
Mr. w. approved Of
Mr. W. would ask the gentleman if he intended say
that lie had acted lawfully: If he had acted according
TO the law OF the land in passing these notes. which
only other hank notes. not convertible Into spe
cir but were VIGOROUSLY in bad odor in The community:
The gentleman, however, says may well be presumed
that the fishermen and others took these notes vounla
y! He (Mr. H) says, ev.n that they paid their
henrs content! Blu, (sad MIR W. there is no such pre-
sumption, and in the absence oevtence the presumption
is most uiry The other way. namely that they did take
them voluntarily 1t is doing violence 10 The commGn
of mankind TO maintain Gas Mr. Ii. has done) that
men will lake {" 10 their hearts content a less sum Of
money than they entitled to receive That they will
take dnuhtful paper, when they entitled TO specie
three four per cent valuable than the best paper.
1t is (s7id Mr.. w old principle Of the common law,
that the lesser consideration shall not be presumed 10 be
discharge of greater. IT, between common Indivi-
duas in daily lie, less will not be presumed as
received in discharge Of greater sum, how much more
strong is the principle when applied to transaction be-
tween the Government and an individual? The ind!vI.
dual cannot the Government; he has redress; s
cannot compel payment. How, lhen when he receives
less than he ought 10 have is it fair to presume that he
received 1t full discharge and that he took less than
his due, to his hearts content? II is absurdy 10
presume such thing.
Again. the gentleman says that the Secretary of tie
Treasury is not liable any objections for issuing Tea
suy notes in the variable shapes he has done. Will he
(Mr. h. say, that To issue Them with merely nominal
interest is bona ide execution Of the law? Was il not
The deliberately expressed will Of Congress that these
should bear real and available Interest; Was
effort made TO exclude Interest, 10 get them to Ge
passed without any, and did not Congress soemny and
deliberately reject such proposition? And now does
the gentleman hud that mere nominal interest,
amounting virtually To no interest at all is faithful
execution Of the law Of Congress? think il is not, said
Mr.. Webster.
The gentleman says insinuate insinunte nothing
All say and 10 say is that which do say DIS
lncl!y and not by nsInuatOn that 10 me il appears the
collector has broken the law. Will Mr. II. say that he
has mol; Will he say that he reconcile it with the
law TO pay in irredeemahls paper as it now turns
out worthless paper) when the law expressly enac,s
that such paper shall! be offered in payDen:-
MIR. w did say that he knew the bank was broken
and the money worthless. but he did say that he
ought, aB puOilc ONlCeF OF
known the law, and he ought to have obeyed the aw
and no, 10 have paid away sucb money II would be en-
tirey stepping out Of the Mr.. w. had always
strictly pursued, when speaking Of other PERSONS had
he inslnuatcd that the collector knew the bank was 60
ing 10 fall and that with such knowledge, il was his de-
sign TO cheat the People. Mr.. w. spoke not OF his
knowledge; he knew nothing about it. he only spoke Of
what he did know; he proceeded OF the acknowledged
and undispuled fact that he the H. S. officer had made
these pa ynens 10 these bank bills Now MIR. w. wished
10 know whether it not the fact That the law (Which
was yet two years od had not expressly made such
ar Unlawful act? .+.
reference 10 the bank in question, or 10 The persons
6fxncefned in it. Mr.. w. had furborne 10 make any
s,sfks when he introduced the subject; but Mr. Hub
had said that lis notes good Us those OF any
Adler bank he would ask whether be did not web know
s so long ago last summer, there had been sugses
lions made relating the management Of il, and that
opinions free and bold uttered the conduct Of
that bank? lie (hlr. Ilubbard) well knew that.
Mr.. Hubbard replied that he had not said "ss good,
he had only said 'us current.
MIR. Webster proceeded. He (hlr. W. had said that
he believed The collector not director OF that bank
and vet Mr.. Hubbard in his defence had rested mainly
upon this point if it had been said that he was d.
rector The late President of this bank however, was
the pension agent, and the officer OF the Government
he had paid the pensions in the notes Of this bank.
All that air. w. desired to obtain more Inornic
lion and 10 ascertain whether the Government officers
had beer paying the dues of Government in the notes
of this other banks, without The knowledge OF The
Department. w
As to the security taken by The Secretary. Who gave
that security: Was the officers OF the bank =
The late President the chief security AS long as
the institution sustained the security was sustained
but When one fell the other fell with ii, and then what
was the security worth?
Mr. w. had heard this story and over again; It
was jacks'raw security, where John Doe Is Sc
curity for Richard Roe, and vice versa lie had no con-
dance in such method 0t securing the public REVENUE
Mr. Hubbard said he believed gentleman in The
Senate was better acquainted with the Commonwealth
Bank of Boston than hr and he knew just nothing at
all of its concerns and nothing with regard to Its stock
holders and directors except That he was assured thai
the collector Boston not director he again ar
gued that the bills Of the Commonwealth Bank had been
regarded good and current as any other bos
ton money; and that the law had mol been lnrneed W
pa ynicnt 10 its bills
Mr. H. was, however gratifed that the Senator had
manifested such aversion 10 paper money; ana lie
hoped he would now join these who were 10 favor OF
hard money, and help them TO curry their object into ell
feet.
MR. Webster. II strikes me- that instead of my going
over to the hard money party, the Senator from New
Hampshire is convert to the paper money system lie
exclas How much better and easier 1t Is to use the
ma per of the Commonwealth Bank than gold and silver
and he asks who would not prefer 1t: And deprecated
puper, too MIR. W. regarded it as an ubsuIdty 10 sup
pose that any would take deprecated money try
could get money Of more value. II The gentleman
would put question of this kind 10 the pensioners aud
fishermen of massachusetts, he would get quite dileF'
ent answer.
Mr.. Hubbard. Why thea did they take it
Mr. Webster Because they could get nothing else
under heaven They up for the bounty which the
Government, had given them as SOFT Ct equivalent tor
their heavy tax on salt They 60 10 the collector and
ask for their bounty in gold and silver bu. they cannot
ge, it, and be tells Them they must take bills Of the Com
innnweal,h Bunk, or nothing Mr. w. argued that II
such were the state Of things under the Prohn,ioFy
law it would be just so under the proposed SUP, fe1
sny system in spite of any law that might be enacted
They would take deprecated money because iey Gould
&c. nothing else, and tina, would be called voluntary
But he could in what sense OF law OF morals II
could be so called.
But the chief object of the honorable gentleman seem.
ed 10 be 10 ge, an estoppage against the pensioners and
fsheren SO that they could not come upon the 1rea.
sury Mr.. w argued that 1t was beneath both the Dig