The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-07


And be makes o This glorious opportunity by reins-
ing to JON bis late allies any further attack those
in power, ralyng anew the old State Rights party TO
hold IN check their old Opponents, the National kepub-
lcan party This, he says, would enable him 10 prevent
the complete sseendancy Of his allies and 10 compel the
Southern division Of the administration party 10 occupy
the ground Of which he proposes TO take possession TO
wit. the ground Of the old Slate Rights party They
! will have, he says other alternative.
Mr.. President, stripped OF its military language what
is the Of all this, but that, finding the admins
traon weak, and likely be oyerlhrown, II the oppo
sition continued with undnnished force he vent over
TO Il, to Join TO act, HIMSELF upon nullhcalon prn-
| ciples and to compel the Southern members OF the
administration to meet him those principles lin
other words, 10 make notification administration, and
to take such part in should belong TO him and his
friends He conlesses, sir that in thus abandoning his
allies and taking position to those M power, he
| perceived shock would be created, which would re-
quire some degree Of resolution and fmness In this
he was very right A shock, sir has been created yet
| there he IS,
This administration sir, is represented succeeding
to the last, by inheritance OF principle. IL processes
to tread the footsteps Of its ustrous predecessor
1t adopts, generally, the sentiments principles and
opinions. of General Jackson Proclamation and all;
and YET though he be the very prince OF Nuers, and
but lately regarded the chieest OF sinners receives
the honorable gentleman with the utmost complacency
TO all appearance the delight is mutual they find him
an able leader, he finds them complying followers But,
sir in all this movement, he understands himself He
means TO go ahead, and TO take them along. lie is in
the engine-car; he controls the locomotive His baud
regulates the steam, TO increase reaId speed at his
own discretion. Aud to the occupants OF the pas
sengerears, sir they happy Of gentlemen as
might desire TO see, OF summers day They feel
that they in progress they hope they shall not be
oil the track aud when they reach the end OIL their
/ journey, they desire to be thankful
! The arduous struggle is now all over. Its richest
| fruits are all reaped; Modification embraces the
Sub Treasures and oppression and usurpation VIII
! be heard OF no more. .,a
On the broad surface Of the country sir, there is
| spot called "lhe Hermitage" In that residence is
an occupant very well known, and not little re-
! markable both in person and character. Suppose,
sir the occupant of The Hermitage were now TO open
that door, enter the Senate, walk forward and look
over the Chamber 10 the seats the other side BE
not frightened gentlemen, il is but fancy's sketch,
Suppose he should thus come in among us, sir, and
into whose hands has fallen the chief support OF
that Administration, which was in 50 great de-
gree, appointed by himself and which he fondly re-
lied on to maintain the principles Of his own II
| gentlemen were 10 see his steady military step,
his erect posture, his compressed lips his firmly
knitted brow, and his eye full of fire, cannot help
thinking, sir, they would all feel somewhat queer.
| There would be, imagine, not little awkward
moving, and shifting in their seats. They would
expect hear the Of The hon, even if they
did not feel his paw. ....... ."
proceed sir, TO the speech of the honorable mem
ber delivered on the 18th of February last, in which
he announces propositions respecting the constilu
tional power of Congress, which, if they can be
maintained, must necessarily give new direction
TO our legislation, and would go far towards show
| ing the necessity of the present bill.
The honorable member, sir, insists that Congress
has no right to make general deposes of the public
revenue in banks; and he denies, too, that il can
authorize The reception of any thing but gold and
silver in the payment of debts and dues to the Go
yernment.
These questions, sir, are questions of magnitude,
certainly, and since they have been raised, ought 10
| BE- answered. They may be considered together.
Allow me in the first place, however 10 clear them
from some extraneouS matter. The honorable mem
Der puts the FIRST question thus: Have we the right
| 10 make deposiles in the banks III order 10 bestow
! confidence In them, with view TO enable them to
I resume specie payments And, by way of ilustra-
! ion asks u > further question: Whether Govern
meat could constitutionay bestow on individuals
or p:ivae association, the same advantages, in or
der 10 enable them 10 pay their debs2 But this
| take not 10 be the question. The true inquiry is
May not Congress authorize the public revenue, in
the intervening iae between It's receipt and its ex-
penditure, 10 be DEPOSITED iii baIkS, for the general
purpose Of saie-keepng, in the same way indi-
| viduals deposite their own money And If this
mode of safe-keeping be attended with incidental
advantages, of considerable importance to The
munity is not that reason which may properly GO
vern the discretion of Congress in the case To
benefit the banks or to benefit the community, is in
! this case not the main object it is only the incident;
and to the put for illustration, il would not be
expected of Congress, certainly, TO make deposes
! with individuals with view, principally, OF ena-
bling such individuals to pay their debts it
might nevertheless, be very competent 10 Congress,
in some cases, and very proper exercise OF its pow
er, TO deposile money, even with individuals in such
manner that il might be advantageous TO the de-
positary. This occidental consequential advan
lage results, often, from the nature oflhe transaction
and is inseparable from it. 1t may always be en-
joyed, more or less, by any one, who holds public
money for disbursement In order to the necessary
exercise of any Of its powers, Government doubt
! m m 70 1ctS
rations well as with individuals. II il has occa-
sion TO buy bills Of exchange, il may buy them of
banks. Fit has stock or Treasury notes TO sell, it
may sell TO banks, the Secretary of the Treasury
has lately proposed 1t may employ banks, there
fore at its discretion for the keeping Of the public
moneys, as those moneys must be kept somewhere 1t
can need specific grant Of power IN the con-
suton for such purpose, than one merchant, be-
coming agent for another to receive and pay out
money, would need particular clause in his autho-
rity, enabling him to use banks for these purposes
as other persons use them. No question has ever
been raised in this Government about the power OF
Congress 10 authorize such deposes. Mr.. Madison
in opposing the first bank charter in 1871 argued,
srenuously that the Bank of the United States was
not necessary to Government as depository OF the
public moneys, because he insisted, It's use could be
supplied by other banks. This sufficiently shows
his opinion. And in 1900, Congress made it the
duty of the collectors of customs to depose bonds
for duties in the bank and its branches for colIec-
ton
When the charter of the frst bank expired, in
1911 almost every gentleman who opposed its re-
newal contended that il was not necessary for the
purpose of holding deposiles of revenue, because
State banks could all such purposes equally
| well. strong and prevailing tone of argument
runs through all the speeches on that occasion, tend
ing to this conclusion viz that Government may
derive from State banks all the benefit which
| Bank of the United States could render In 1916,
when the charter OF the last bank granted, il
tanned as originally presented no provision for ma
king the public depoSites in the bank. The bill was
L.. ,,;e a., ~, a