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


done in Mr. Madisou's Administration. And why,
Mr.. President. should they not have been! why
should not this Government receive the same de-
scription Of medium which is found to answer all
the purposes Of the several State Governments
Why should they have sorted to the cxpedieni
Of issuing an inferior paper medium, " the form
Of Treasury notes, and refusing to receive the
better notes of safe and solid banks! do not
misunderstood me, Mr.. President. No man IS
more averse than ] am to a permanent inconvef-
tible paper medium Ishould have thought II ex-
pedient to receive the notes Of good local banks
II, along with that measure, the Treasury order
had been repealed, and other measures adopted to
encourage and cocrce the resumption OF specie
pavments we should have been much higher that
desirable event than, fear, we now are Indeed,
do not see when it is possible for the banks TO
resume specie payments, as long as the Govern
ment is IN the field making upon them. and IN
the market demanding specie.
Another conclusive evidence Of the hostility to
the State banks, on the part Of MIR. Van Buren,, IS
TO be f,und in that extraordinary recommendation
Of a bankrupt law contained in his Message at the
extra session. According TO all the principles Of
any bankrupt system with which am acquainted,
the banks, by the stoppagc Of specie payment, had
rendered themselves liable to ITS operations. II
the recommended law had been passed, commas
sions of bankruptcy could have been immediately
sued out against all the suspended banks, their as
sets siezed and the administr aton of them trans
ferred from the several corporations to which II IS
now intrusted, to commissioners appointed by the
President himself Thus, by one blow, would the
whole of the State banks have been completely
Frustrated, and the way cleared for the intro
duc,ion of the favori,e Treasury bank; and IS II
not in the same spirit of unriendlincss to those
banks, and with the same view of removing ali
obstacles to the establishment of a Government
ba nk that the bill! was presented to the Senate a
few DAVIS ago by the Senator from Tennessee Mr..
GrLndy) against the circulation o. the notes OF
the old Bank Of the United States? AT time
when there is too much want OF confidence, and
when cvery thing that can be done should be done
to revive and strengthen il, we are called upon to
pass a law denouncing the heaviest penalty and
ignomiuious punishment against all who shall re-
issue the notes Of the old Bank Of the U. States.
Of which VIC told that about seven millions OF
dollars are in circulaton and they constitute the
best portion OF the paper medium OF the country ;
the only portion Of IL which has credit every
where, and which serves the purpose of general
circulation; the only portion with which man
can t,ayel from one end Of the continent TO the
other; and do not doubt that the Senator who has
Illuminated these severe pains II penalties against
that best part Of paper medium, provides him.
self with n sufficient amount OF ~, whenever ne
leaves Nashv lille, TO take him to Washington
(Hcre Mr. Grundv rose, and remarked: No, SIR;
always travel on spccie.] All! continued MIR.
Claw my old friend is always sPecieOns l am
quite sure that members from distance in the IN
terror generally find il indispensable to supply
themselves, on commencing their journey. with
an adequate amount Of these identical notes to
defray its expenses. Why, sir, will any man IN
his senses deny that these notes arc tar better
than those which hive been issued by that Gov
ernment banker, Mr.. Levi Woodbury., aided tho
he be by the chancellor Of the cxchequer, q beg
his pardon / mean the ex-chanccllor,) the Senator
fiom New York, (Mr. WrightD | am not going
to stop here to inquire into the strict Legality OF the
reissue Of these notes; that question, together
with tho power of the Government to pass the
proposed bill will be taken up when it is considc-
red am looking into the motive OF such a mea-
sure. Nobody doubts the perfect safety Of the
notes no one can believe but that they will be fairly
and fully paid. What, then, IS the design OF the
bill? 1t is assail the only sure general medium
which the People possess. It's because 1t may
como in competition with Treasury notes or other
Government paper Sir, II the Oil mad not oeen
proposed bv INV old friend from Tennessee. would
saw its author better deserved penitentiary pun
ishment than those gaiust whom it is directed
Remember to have hea I'd of an illustrlous ndvid-
ual now in retirement, having, on some occasion,
burst out into the most patriotic Indignation be-
cause of a waggisl, trick played Oft upon HIM, by
putting note Of the late Bank OF the L. States
into his silk purse with his gold.
But it is unnecessary to dwell longer on the m
Vulnerable proofs Of the hostility against the
State banks and the deliberate purpose Of those
in power to overthrow them. We hear, and see
daily, throughout the country, among their par
tisans and presses, denunciations against banks,
corporations, rag barons, the spirit Of monopoly,
&c.; and the howl for gold, hard money, and the
constitutional currency; and no one can listen to
the speeches Of the honorable members, friends
of the administration in this House and the other,
without being impressed with perfect conv'c-
ton and that the destruction Of tho State banks -
meditated.
have fulfilled my promise, Mr.. President,
to sustain the first four propositions with which
l sat out. Inow proceed to to the fifth ProPo-
sition.
5th That the bill under consideration ~ IN
tended to execute the pledge, by establishing up
ON the ruins Of the late Bank Of the United States,
and the State Banks, Government Bank. to be
managed and controlled BY the Treasury Depart
mcnt, acting under the commands Of the Psesi-
dent Of the United States.
The first impression made by the pernsal OF
the bill is the prodigal and boundless discretion
which it grants to the Secretary of the Treasury.
with the genius Of our free ins'-
,utions. and country to the former cautious prac-
tice Of the Government. As originally rePor-
ted, he was authorised by the bill to allow any
number Of clerks he thought proper to the various