Litchfield enquirer., 1838-06-14

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or in specie The payment is not made IN
checks, transfers Of bills, &c. are given for
large amounts.
But even If bank notes should themselves
come into the Treasury, there would yet be
no difficulty. Such bills are money. They
arc SO in law. They are 50 for all common
in bankruptcy, in legacies, IN al
most every thing. This is not the case as re-
CARDS Treasury Notes, Virginia land scrip;
yet all of these are taken in payment OF Gov
eminent Dues
All these imputations of inconsistency,
therefore,afall to the ground. Specie notes
were ALWAYS, in the view of Mr.. Webster,
money, and when he spoke of paper currency,
he spoke of paper not convertible into gold
and silver, at the will Of the holder.
AS to the construction of the resolution OF
1916, Mr.. Webster maintained that il was de-
signed to be, aad is peremptory and conclu-
sive on collectors to receive notes. The ar
gument against them is, that man may
come from distance, with notes certified to
be of specie paying banks, and it is asked
whether the collector ought to take them un-
der such circumstances. The answer to this
bound to know that such bank at distance,
pays its notes in specie.
But suppose case in New York. Ought
not Collector to take the notes of the specie
paying banks there? A majority Of both
Houses say they ought to be taken. Is not
expression of opinion by Congress impera-
tive? Why should it not be?
= Again If the resolution is not imperative
to authorize the reception of specie bills,
how can gentlemen contend that it is imper-
alive in prohibiting the receipt of 1on-specte
p0ging banks? 1t must either be admonito-
nv both ways, or imperative both ways
But though he held this opinion, and there
fore looked on the Treasury Specie Circular
as entirely illegal, yet, as the Senate had ex-
pressed q decided opinion that the resolution
was permissible, he did not assert in his resolu-
ton the unconstitutionality Of the Specie
Circular.
Mr.. Webster then proceeded to notice
some of the suggestions which had been
thown out as the practical effect of the pres
eDt measure. It had been said that the Sec
rotary Of the Treasury would perhaps apply
to the Customs the same rule he had pre-
scribed for the Land Offices. We must take
our chance as to that. If in addition to the
evils which have followed from the Treasury
order of July, 1886, the administration will
subject the country to oil those which would
be produced by requiring specie in payment
for the customs, let it be done! We shall see
the result. He (Mr. w } did not apprehend
such course.
II has also been suggested that the Secre-
tary will not disburse the bank notes that
may be received, but make q run on the
banks, and demand specie. This is posi-
BILE. But il is o matter Of administration, and
might occur under any law.
Mr.. Webster said very justly. that many
Of the opinions expressed here, resulted from
great ignorance Of the actual operation Of
matters. Gentlemen surrounded themselves
with theoretical and ideal difficulties, which
those acquainted with the practical operation
Of things do not find. The transactions of
society, purchases and sales, &c. &c. 60 on
with an infinitely little use of specie. Specie
is seldom called tor except to adjust balances
between city and city, or from one country
to another, for the purpose of restoring the
condition Of exchanges.
Mr.. Webster then referred to the accusa-
tons with which the supporters Of his pro-
position have been assailed out Of doors, and
in Congress, for giving undue favors to banks.
He showed how strong a contrast was exhib-
tied in the tone of the discussion of 1916.
Though the banks had suspended, there
was then heard no stern rebukes, no stormy
denunciations. On the contrary. the greatest
disposition was manifested every where to
give them aid. The term monopoly" so
frequently used nowadays in q rcproachful
manner, WINS not then heard at all. Mr.. Cal
houn himself was not backward in his efforts
to give these institutions encouragement and
support. He, who, but yesterday, voted to
repeal the resolution of 1916, proposed the
clause about tho receipt of specie notes, with
thA view IF anrvin0 the hankc fnr the Uannral
benefit of the country. He went farther, and
made proposition to give them direct and
positive aid. He proposed an issue offifteen
millions of Treasury Notes, to be loaned to
the Bank of the United States, and 10 the
State Banks, each Of which might borrow to
the amount of one half its capital. (See
Miles, Register M q vnl IN na1a 1R0