Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-07-31

few words more Sir In reply TO what Tell from Inc
honorable member from south caroina Nh nnet'J a"o
will pass 10 mother part of this question: In udvocat
ing this BILL understood him to say, that it had been
the nvariabe practice Of the Government, to raise mo
ney by issue of Treasury paper in preference 10
loan, whenever The condition Of the revenue reqniteo
an extraordinary supply Sir the honorable member is
entirely mistaken. The facts historically agalns.
him have shown already that it was hrst inro'urs"
by Mr. Gallain, aid Of loan; that 1t was NOT te
proposed until the loan had been tried ana hau 'a
and al last conceived and recomue ndfo eAc"S'
subsidiary. and in sense as PRIMARY ',eIau Al
supply, that, in 1914, though recommends W ti
Eppes msaiam IF circulation, I" rest on
MIR. Dallas denounced II as IAN eAPe"s''e w t,I;,;
ous substitute" And have now to state, IN auu'"o'
,b,, Ar C,,yford then Secretary OF the treasury III
estimating the supplies for lo20 recomhehoeu '"n'
deficiency shown exist should oe met ny IVAN ~
nrfrcnc. 10 an issue of Treasury notes, ana loan OF
two millions, The amount required, ordered accord
inglv- A., .,,;,e
The facts. then being agans, him as to the pfactce
of the Government, submit to the honnrao'e ge"Ne
man. on which side is the weight OF au'hor''y:
But, Sir III. same gentleman. in The excess OF ms
in ~ this most xpen're OF public credit a'ks
of loan a. bringing the Government to the ee oil the
noneyed power in the country.
wouid resnpclfu!y ass, what is the moneyed power
in ,h, country of which he has holy horror: Owes
he mean by the moneysd power, those men dispersed
every where through The country, who ny palent loI'
and frugal hf have become the ariItcers oil he'' '"
fortunes, or those in commercial clues, VINO nave
anassed wealth IN the more hazatoous Jul "o' ' ~
rous pursuits ~ lrade: ,:,., .,
Snch men those (and amongst my own constituents
we have many of the class first enuneTaed are u'""ys
of the NEST exemplary life, and will yi'd 10 none W
everv virtue that dgrs the ennobleslhe pa'fot
RI, wbn, the rnoneved power thus sgmazed IN tins
Hall by the honorable member There is certainly none
such known laws, our institutions, or our usases
We have no separate classes, created by Law" ana sci
apart the hereditary posspssofs OF wealth, tahK o"
privileges Of any kind The protection Of law is extended
10 oil indterrntly alike, whether in the acquisition OF
property, or its protection afterwards
cannot see therefore, the force Of such ainsi7ns,
unless this chlineTa of mnnird power IS placed hfl"fe
US in some embodied FORM ineligible to reason, least
if not tangible TO the sense. .
Again Sir we have from the honorable member a IKE
wild unciaon Of the banking interest and are t"id
that the question upon this bill whether The 'o
vernmpnt shall he mnde subordinate 10 the banks ana
compelled afford them lis credit. is thus, then, Inc
mnneyed power which is obnoxious 10 the lerVd &C.
clamation Of the honorable membrr'
If it be- let us inquire for moment what these banks
are thus held up to The execrs,"n of the country as
nsu.pers Of Feds raj rule traitors 10 Federal power
Sir are they not the domesii institutions Of our own
Staies. brought into being BY their laws i"stefed ny
their policy. and sustained By State authority alone
Are they not the cherished institutions OF the gentle
mans State, Of mine, and of every delegation upon
this floor,
By what an hority then. are they arraigned here:-
Will The honorable memher contend for supervisory
power on this floor the domestic policy OF the States
should br startled, Sir, hear of such assumption
from any quar,rr especially from that whence
that gentleman comes.
Are they denounced under beefhat their existence
is Inconsistent with scheme Of cnnitul over the
whole financial concerns Of this immense People. 10 be
exercised bv central authority, through the machinery
Of grand Treasury bank? II it be 81, Sir, for one,
rejoice that they present Formidable IN obstacle IN
III way Of FEDERAL usurpnun rflnlcP that they
20 be fpund firmly planted the su "t every State.
ike bulwarks protect State right and Stale supremacy
agains, the aggressions Of Federal power.
But respectfully tell him. and those who would act
with him here n forcing through this great Treasury
device that their hopes have w,ered in the bud; the
measure was strong for the age. The People, Sir,
have lrpwnrd it DOWN Their intelligence in il the
creation Of actual mnncy p0ccr backed by the whole
and patronage of the Governments power I'M
known to the Constitution, and of the most dangerous
and corInpiiny tendencies.
Yes Sir. this whole Treasury scheme is dead In the
other branch rf this Legislature it fell TO prices in the
hands of its own friends Here, humby predict. come
up when it may, it have no better fate and in the
history of it's defeat cherred and solaced to trace
a signal and glorious triumph Of the People asserting the
supremacy Of their State authorities.
But Sir, in further disparagemsnt OF these State in
su:ions, we told by The honorable gentleman that
the banks sought this alliance with Tie Federal Govern
ment and now clamor at s dscnnnuancc.
What authority has he for this: On the contrary does
he not know that facts directly against him? Is
il nonriors that every connexon which has existed
between the Government and the banks. whether State
National, has been of lis seckineS Whenever il
has granted charter, has not the Government of its
own will made itself stnckhn'der and retained large
share in the administration of lis als? But The GEN
t.emsn's auson more Immediately 10 the late con.
nexion between the Government and the Slate banks;
and here the contradiction is even more striking and
markab!e. These institutions, created by the States for
domestic purposes, were moving quietly on in the Gh.
mestc sphere allotted them when the Cove rnmeut oughl
them and tempted them 10 this new duty Of holding
and dshnrsng the public money Yes Sir, s0Hght TIL IN
al ksme. by special agent sent from this city To visit
them in Hail 10 n
the public repositories So far is il from being true that
the banks sough, the alliance The fact u.s. that m1ny de-
cned the profer when made to them by the Govern
ment know that bank. al least Of the few in my
Stale did decline it, and have been told that others
did So elsewhere.
GMr Curtis, nf New York. here and stated that
the public depnsites declined by some OF the banks
in that city, wh"n rendered BY The Government
Mr. Rhet answered that though refused by some, they
sought BY others in the most syc"phantic manner
Ms Mason resumed 1t is part OF my purpOse, Sir
To upon vndicati"n the banks seek only IL
show the very facts of the that the Publ: may Form
an emil gh;encd Judgment. agnin repeat that this "a
lance as it is termed by the honorable member,
OF the Governments own seeking. They devised and
p!aanrd and ultimately executed The measure the banks
asserting only 10 their Nor is the position at
all shaken although be she that after The
ion was thus formed with many banks as were though
necessary, it was sough! by others in unworthy
ner
Where equally, Sir, is the honorable members prom
that clamnr has been raised against the Gnyernm"n
by the banks since this connection wss dsconnued;-
Those who seek 10 fss,rn this Sub.Treasury (nr
consider it, This Treasury bank) upon The community
have been cacrnus enough against the banks, Heaven
knows Even The honorable member himself, while dis
claiming al! hostility to them in breath has spoken
OF them in another Set Of sharpers Shyocks and
money dealers seeking TO usurp the high places of Gu
vernment But am yet to hear the first word Of com
| plant, even, from them against the Government
We have no petition. no remembrance, saieme nj
| Of grievances of any kind from them from any in
! their behalf They have never come up here in any
form, save when they dragged into the for pc
lilca purposes, have this DAY witnessed by the
/ honorable member from South Carolina
| No, SIR, the banks silent They remain where