Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-04-19


e.. iginsliy presented, provision toy max ss
the public siels,Stos ia he bank. The bill prob-
abl, siraSu. tins particular. iron Tie model Of
the arsl charter. a shseh snsh clause va con-
tasas llilsnf aisesa5n. the la Of 500 hut =
s~efln ,sIrsluesd. motion, making II the
daty Il collectors drp,site tl1e Pahlic moneys al
the hs4l su IL branches. Il 1his section Of ia
lss ulsa IA serse al l onsht wss violated b the
refausz 81 the d-pas The isssu ehieez 81 The
slspasse bsl o1 >S6, AMOS 49, ta feg alste he
dcpaslsrs The lsshise moncs With tie >t'e banks
So taas fsaa ne sgeuecsacni Of tr Gererunleni
l. the f,rrsru sasase uabaiY has thought ei maAias
szs cuzssea 81 ID esliiIieu 4l power oi Congress
10 aaake sRch aHgcmcHis.
TIE reatlea. an utl5ef proportion. and which he
Laws down ~iTh ssh confidence aud emphasis.
~ tls, tSaSttss csauot eousgituiianaiIs, authorize
tte Trceip, h1Bk aeies, though they be notes Of
stseciefssisg asaA>, Iss Of debts Govern
neui because. &c sass that ~onld make then mn
ury aud dae IA &c money. then We arr bound 70
esnfroi and regulate that money. Most certainly
ar. asgee wuh the honorable member ths, when
bank Ooie> become money. We are bound ia control
s,n esuistc thcis. titank h'in Ct fhis admission
s.ncc goes great nay support thai proposition,
Tor Winch hsse been CoHteuding. That bank uulcs
have become money AZ fact, thai they answer the u
OF money that. IA many respects, the law meats
them money, y CERTAIN. " hy, then, arc We not
already bound TO control and regulate them HE
genilemau will say. because have not. ourselves.
made them money. But Is that any aHSWct! Il
they have become nluues IN idct, they require The
same regulation. aud we have the same authority 10
bestow II. Us ifthes had acquired the character ~
ny acts OF our own; because oui power Is general;
10 take OF The mone, ot the country,
and regulate al the great concerns Of com
merce.
But lctns ser low ,his op,niQn OF the honocsble
member stands upoa the authorizes IN our e"n his
tory.
When the fist Lank va, established, the ngl OF
Congress IL create such a corporation Nsts, all
know, fef, much disputed. Large maonucs, how-
ever. both Houses, ssefe oil npmou flat the tgh
existed. AMI he, llierei sc granted the charter and
tins ohattF there express provision thll the
bi, olhe hanh should be eyable m al payment,
to Government. Those Who opposed the bank dad
oheCt tiIiS clause the contrary ties
even much further and Nj. Madison eKprcs>i, iusrs-
ted thlt Congress mi -ht griut rctus", to State
Banks, tie lr.,4r-e of having ihcii Notes Ircrned
M revenue. Ia l79l ihcieofo, Dc8 oil 81 parflcs
supposed thH Congress, II, discretion, uaeh
thofi>e the receipt0l BAN uetes. HE same pinc.
pie iucorpuiatrd mo The h.u.h charter OF lel6:
indeed WIS IA the bill wheh lie gentleman hunself
rcpoHcl anI It pissed without objection ttom any
quarter. bot tins not al. Nh. President. LEI Us
look ut1 the proceedings ol the session oil i5-l6,
ute moIe eiusrIs. " the commencement Of
that session, M MaIl,oa drew or attention to the
sate Of the car'aet By which he meant the pa
pr currency al tat country, winch WAS thu WY
s,uch d-oiderrd. rs the bAuns had suspended ~prce
laNment during tn NJ, and had u4I resumed,
Esry in The pruetcss Of the ses,lou, tho member
i.om South Carolina ,p'Yod thai TIN, pan he
s,ge >4enll be Ioirn,i 10 select counultlce.
ltwas 81 ordered The committee Va, raised,
and the hnnntalie gentleman placed n lis head As
chairman ct the eom1tltrr. hr introduced lie bank
hl, cNpillpci Il, tended il. and earned t tn
phr.tiN through thr lloae, having IN It the
rfoyis ouwmeh hays bciufc .ncnfluned.
Bat there i, chnn. more. At lhe same ses-
SION tie gentleman introduced the bll ior the ut-
Their collection OF the revenue, 10 which have al
ready rcfrfd, and ~ winch bull be eaIuel the
eenabily 81 bank notes much further, and pr led
that notes n any bank hanks ,eict iect5 pa,lb}c
aHt pat, on ar4saa5, jaRper,e meht caoieed anil
Gcccp'ed a. al pl9u cn,4 10 nc tnifei .Niatcs. So
that the honorable gentleman himself drew, "llh las
pen. the sefs Gr-t lee d enactment IN tie history
"i tllis GuvrtnIHcut by winch II provided that
the notes OF the State banks should be considered ind
treated rs moHcf Al the Treasury. Suiluuher, 81.
The bill containing tAls provision did not pass the
House and ~ deemed sumo provision necessary.
iadspcus ably necessary the state OF lungs HEN ex-
s'ine, Introduced, dunk The very day after he
failure OF the honorable gentemans bill three ie.o-
iu1obs. The tao Gfst were merely declafatutv, as
sefins hnt al dntle tlsrs and lnpusis ought to be
uniform, aud That the revenues the United States
ought 10 be collect audteceeed IN the legal carren-
"r IN Treasury nu3rs ol HE notes ot the Bank OF
the United States as By Law provided. These two re
solutions ! agreed waIYc, as II was lhous ht they
essential, AID thu they might Imply some
degree of crnsufe upon pat transactions. ! lie third
resolution : THESE words:
g" -lHd rcSytred tUrtief. That the Secretary of the
Treasury b., ani hr her-by Is required aud directed
IT, ddopi such measures be may deem necessary
10 ca5se, soon may be. all duties, taxes. drbls
OF SUI 81 money aeerniug OF becoming payable To
ihr United States To be collected and pald N the le-
gal currency ulthe United States, or Treasury notes
o.uotes otl',e Bank Of TIE United States as aforesaid
aud timi from AID alter the FIRST day OF February
ncNt, 10 sHch duics. taxes, drbts OF money
accruins or becoming payable the Unlted
States aforesaid, o1ght ia be collected or re.
oeiYed Otherwise dian IN the legal currency al the
uHed States. Treasury uoleS, notes oil the ba
al the uted States, dlotesaId.'
The Seuate Will perceive that, N hi, resolution
of nine there provision whatever lut recely-
Ing bank notes, except oil the Bank OF the ned
States, according 10 its charter. " ELL what han
pened thereon WY, sr, II You look INTO the Ma
uondl intelilseneer oil succeeding d4y, you will
find = stated that Mr.. Calhoun moved 10 amend
Mr. Websers resolution by ertenhag its prom
s,ons bhe notes 81 all banks uhcl slouid, al the ine
spec.fet therein pay diet5 notes IN spcc,c on de-
maud"
lie amendment was opposed, aud Tor time lie
feated; bat 1t was renewed, aud 6lay prevailed.
II Was incorporated INTO The resolution, became part
oi the IA" uf the Land, aud remains this very mo
nieni SIR. may not say 10 the honorable
member, that II the constitution OF the country has
been violated by treating bank notes - money
:, Thou art tie man.
How Is II possIblr, sir, the gentleman could So f,r
forget MS own agents these nnpoi lut u5ns.
scions. - 10 stand up hee the other day and " nh
All air not only o confidence bur OF defiance say
% But take sill higher ground: | strke At the
root OF the mischief. deny the night Of tins Co
verninent 10 treat bank notes money IN It's h,ea
hansaeifons. On tins great question | never hay,
before untitled lnysrII. though not Generally d.