The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-02-21

'N"sf sHouiu ot oECc duOpt oasS ss""S'~
and thus conform The currency Of the
Treasury to that which /, might be the m
,erest of the local banking institutions 60
maintain. He did not believe that any adj
vocate for such doctrine was TO be found /
here; but if such an one should appear, he
had only first to deny the position wholly.
and to assert that sound currency could
be sustained in this country, without an
infringement upon the powers granted 10
Congress by the Constitution, for the means
of accomplishing the object; aud second,
il the position should he granted, TO deny
The inference, and contend that II was me
constitutional duty of Congress TO keep the
currency Of the National Treasury up Ia
the standard of gold and silver, in any E.
vent.
The next and only other AFFECTION he
proposed TO notice, was that the tendency
of the system provided for by the bill, would
be to withdraw from circulation and use,
and to hoard in the several depositaries, too
great portion Of the gold and silver OF the
country.
He had hut brief answer to this objec-
tion. 1t never could be true at times when
the revenue and expenditures of the Gov
ernment were properly adjusted. If they
were equal, as they should be, the receipts
of revenue would be taken in one hand, aud
the disbursements for expenses would be
made with the other. Nothing could be
boarded but the amount which the widely
extended operations of the Treasury com
PEELED it to keep in transifu aud that was
Just as much, and no more, boarded than
the money of the merchant at a distant
point, either during the time that notice of
its collection was travelling 10 him in the
mail, or his draft for it was passing back to
the point where the money Was on deposiie.
This amount would vary from three to five
millions Of dollars, including the amoiih,
constantly retained in the mints in the pro-
cess of coinage, and he would repeat that,
when the revenue and expenditures should
bear "A just proportion TO each other, as
they always should, no further or more
dangerous boarding could take place under
the bill.
But suppose that d time should again
come when over-trading and speculation,
in every branch of business, should com
mence the accumulation of another surplus
revenue, such as had afflicted the country
for the last few years, then, for himself, he
should consider this tendency of the bill
one of its most valuable features. Lei
overirading 60 on, and speculations spread.
ard let the amounts paid for duties and
lands be collected in gold aud silver, and
boarded in the public Treasury and its de-
positaries, except so much as is wanted to
meet fair expenditures of the Government,
IL a.
ranging and injurious business excesses
would proceedl Not Mr.. President, to the
prostraton of business and credit, and the
currency Of the country. No, sir: the
banks, instead ofpromoting, would be COM
PEELED to arrest them, and to restore bus-
ness to its legitimate and proper channels,
before the country could receive shock, or
The people injury.
1t was wrong for him, however, to spend
the time of the Senate in the discussion of
this objection. as it was expressly met by a
provision in the bill. He referred to the
twenty first section, which made it the du-
~ of the Secretary Of tn. Treasury, when
ever there should be upon deposite TO the
credit of the Treasurer a sum greater than
four millions of dollars, 10 dissipate the
money SO boarded by an investment IN Ma
tiional or State stocks. This must relieve
The apprehensions of all upon this point, as
four millions was the greatest amount which
could, Mt any one time, be permitted to re
main in the possession and keeping of all
the depositaries constituted 10y the bill As,
however, he had discussed the provisions of
this section somewhat at length, in the
) e
of the bill generally, he would omit any fur
ther remarks here.
! He had now closed what he proposed tu
say, having particular reference to The sys-
TEN of finance for the National Treasury
recommended by the committee, or as to
the osteEsibIe antagonist system of State
bank deposites.
! But there was a third alternative-a ma
tIonal bank which-he must not omit to
notice, in his extended discussion of this
great subject He was bound, however, af-
ter having so long ,respassed upon the time
of the Senate, to relieve the members from
the apprehension that he was now to enter
upon this interminable field of debate. No
nothing in this field presented to him mat
ter for debate. He entertained the mos
firm convictions that the Constitution of the
United States had conferred upon Congress
no power to charter such an institution, bu,
every argument upon that great question
had been again and again presented to
Congress and the nation, in a manner mucl,
more forcible, and from sources much more
commanding, than any thing which could
be advanced by him. II was therefore IL
him, question no, for discussion, but for
action, and unless his present views upon
1t should be radically changed, for uegaliv,
action only.
He had heard, since he had been honor.
ed with seat IN this body, many ingeniou.
ARGUMENTS i'm favor of the oowe, h,,, IN h. 4