Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-24


views. Whether, Il victory shall ever again be
about to perch upon the spos party, [,hc deaomi-
nation which the Senator from South Carolina
has 50 often given 70 his present ailes.l he viii
not feel himself constrained by the principles on
which he has acted, to leave them, because il
may not enuro t. the benefit Of himself and hi.
party, ! ;cavc to be adjusted between them
selves.
The speech Of the Senator from South Carolina
was plausible, ingenious, abstract metaphysical
and geher,lizing. 1t did not appear to me TO be
adapted to the bosoms and business Of hum,n
life Ii :erial, and not very high up III the
air, Mr. President, either: not quito as high rs
Mr.. Ci1ytnn was in his last ascension in his bal
loon. The Senator announced that there was
single alternative. and escape from or
the other branch OF it. He stated that must
take the bill under nsideration, the substi-
tute proposed by the Senator from Virginia.
do not concur In that statement Of the case.
There Is another course, embraced in neither
branch Of the Senator's alternative; and that
Is to do nothing; always the wisest, when
got, are not certain what You ought to do Let
suppose that neither branch Of the alternative
is accepted. AMI that nothing Is done. What.
then, would be the consequence! There would
be restoration Of the law Of 1889, with all its
cautious provisions AMI securities, provided by
the wisdom Of orr ancestors, which has been
trampled upon by the late and present administra-
tons. By that law, establishing the Treasury
Dcpa rtmen., the treasure Of the United States,
is to DO received, kept, and disbursed by the Trea
surar, under Il boUl with ample security, under a
large penalty fixed by law. and not lett, this
bill leaves it, To the uncertain discretion of IL Sc
c,etary Of the Treasury. II. therefore, we were
to do nothing, that law would he revived; the
Treasurer would have the custody, as he ought to
have, oi The public money, and doubtless he would
make special icposites Of it in all instances with
safe and sound State banks, as IN some cases the
Secretary of the Treasury is obliged to do.
Thus, VIC sh'I'! have in operation that very spc-
cal dcpositc system, SO much desired by some
gentlemen, by which the public money would re-
main separate and unmixcd will, tho money Of
hanks. There is vet another course, uncmbraccd
by either branch oil the alternative presented by
the Senator (rt III South Clrolina and that is to
establish B:uk Of the United States, constituted
according to the old and approved method Of for
ming such an institution, tested and sanctioned by
experience 4 bank Of the United States which
should blend public and private interests. and be
subject to public and private control, united to-
gethcr in such manner as to present safe and salu
tary checks against all abuses. The Senator mis-
takes his own abandonment Of that institution as
ours. know that the party in power has barri-
cadcd itself against the establishment Of such a
bank. Ii adopted, at the last extra session, tho
extraordinary and unprecedented resolution, tina,
the people Of the United States should not have
such a bank, although it might be manifest tina,
there was a clear majority Of them demanding it.
But the day may como, and trust j. not distant
when tho will Of tho people must prevail in the
councils Of their gov ernmcnt-and when i,
does arrive bank will be established.
! The Senator from South Carolina reminds ~
that we denounced the pct bank system; and 8,
We did, and we do. But does it therefore follow
that, bad as that sy stem was, we must be driver
into tho acceptance Of a system infinitely worse
He tells that the bill under consideration take
IL H.
and the bill proposes by law to confirm them i,
that custody, and I" convey new and enormou
powers Of control to the Executive over them
Every custodial Of the public funds prov ided b,
the bill is a creature Of the Executive, dcpende
upon his breath, and subject to the same breati
fos removal. whenever the Executive, from ca
price, from tyranny, or from party motives, shall
choose to order it. What safety is there for tn,
, public money, if there were a hundred subordi
nate Ltivo officers charged W it'll its care, willis
the doctrine Of the absolute unity Of the Who'll
exccutiv vower. promulgated by the last admin
istratioD, and persisted in by this, remains unre
vokcd and unrebuked?
While the Senator from South Carolina pr
fesscs to be the friend Of the State banks he ha
e attacked the whole banking system Of the Unite
o States. He is their friend; he only thinks the
: are all unconstitutional! Why? Because tn
4; coming power is possessed by tho General Go,
l. crnment, and that coming power, he argues, wa
$ metals; but the State banks absorb the prcc:o,
= mctcIs, and withdraw them from circulation an
j therefore, are in conflc! with the coming powc
c That power, according to my view Of it, is no,hn
u but naked authority to stamp certain pieces
the precious metals in fixed proportions Of allc
T. and pure metal, prescribed by law, that the
L. exact value may be known. When that office
u performed, the power is fanctus ocio; the none
E. passes out Of the min, and becomes the lawf
Of property Of those who legally acquire it. The
h may do with it as they please, throw it into II
G. ocean, bury it in the earth, melt il in a cruz
I'd bic. without violating any law. When il has on
rs left tho vault Of the mint, the iaw-maker has II
as thing to DO with it, but to protect it against tho
n who attempt to debase counterfeit, and, subs
" qucntlv to pass it as lawful money. In the sen
G. in which the Senator supposes banks to conf1
n with the coming power, foreign commerce, a
ut especially our commerce with China, nf1ict wi
b. it much more extensively. That is the great
ut sosbcnt of the precious metals. and is, thereto
he much more unconstitutional than the State banl
e. Foreign commerce sends them out Of the coumtr
lie hanks retain them ithin it. The distinguish
nd Senator - 40 enemy 10 the banks; he mere
nd thinks them Injurious to the morals and ind,si