Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-03
INDEPENDENT TREASURY BILL.
SPEECH OF MR. CALHOUN. OF SOUTH CAROLINA,

SPEECH OF MR. CALHOUN. OF SOUTH CARoLISA,
(Coneiudsd)
have shown how it is proposed 10 form the
league of banks and have presented the constitutional
imped;nenis that stand in the way. These hume.
rous and st ong; much so, that they ought to be ir
ress,ibe with all, except the laudlnous IN const'uc
ton: but expect they will produce their full ct
feet know we'll the force of long entertained I'M
pressons, however erroneous, to be sangulne-how
strongly the mind rebels against the expulsion OF The
old aud the admission of new opinions. Yet, in this
case, where clearly see how gradually and silently
error crept in under the disguise of words applied to
new and totally different ideas, without exciting notice
or alarm; and when have experienced such deep
disasters in consequence OF parting from the plain IN
tent and meaning of the Constitution, canno, but hope
that all who believe that The Of the Govern
ment depends rigid adherence TO the Constitution,
will lay aside all previous impressions, taken up without
reflection and give the objections their que weight
come now the next p0iut to SNOW how this league
is to be revived OF stimulated into life. Till this be
done the substitute, should il become law, would DE
dead letter The selection is TO be made from specie
paving banks None but such can receive the public
deposes have their notes received IN the dues OF The
Government. There are nnne such now. The whole
banking system lice inanmate, and must be VIvlted
before It can be reunited with the Government No
is hoc enough to propose an union ~ish THIS frss
mass Hpw then is the vital spark to be revived how
the b:essho life, the Promehean fire. 10 De breathed in.
10 the system anew is the question? This is the task
The mover tells US tina, be The work of the Go
vernment He says, that it is bound to aid the banks
40 resume paymens and for that purpose ought hold
out TO them adequate sndGcemen te tells u.s. that
they have been long preparing, and had made great
Efforts bat go no farheI have rolled the round huge
rock almost TO the summit, but unless the Government
out forth its giant arm and give the last push, ii will
recoil and rush down the steep to the bottom, and all
past labor be lost. Now, what is this adequate induce.
men,9 What this powerful stimulus, which is proposed
the Government, should apply, in order 10 enable the
banks accomplish this hercuean task The substitute
shai answer.
II PROMISES 10 FIX the ls July next for The period
Of assumptions; and as the nd9cement 10 resume, IL
proposes to select twenty-five of The most respectable
and solid out of the ,esunng banks to be the depo
s,ories Of the public moneys, aud the fiscal agent OF
the Government, Ias been already stated. 1t also
proposes and this is the snulus,-tle OF the
whole-tu make the notes Of such banks mny resume
on or before that day, exclusively receivable IN the pu6
lio dues Here is qaid pro quo; something proposed
TO be done, for which something is 10 be given. We
tell the banks plainly if you resume, we, part,
opula,e 10 make twenty five of you fisca! agents
and repositories Of the revenue; and further spu
late that those who resume by The time liked, shall have
the exclusive privilege for erer Of having their notes
receivable in the dues of the Government, in
with pud and silver If the banks perform their part,
we shall be bound in honor and good faith to perform
ours /, would be complete contract, obligatory
If signed sealed, and delivered Such is the induce
Enent.
The ne It question s will il be adequate? Yes, abund
anty adequate. The battery is strong enongltto ava.
ken the dead to life; the consideration gu icent
munerae the banks for whatever sacrifice they may be
difficult 10 estimate the yalue of these high privileges
or preroeatives az might justly call them. They
so.ih millions If you were 10 enter into similar con-
tract with an individual doubt not that be could sell
GU. in open market for nj least thirty, forty, or fly mil
lions Of dollars do then the mover The ua,ice osay
that his means ample 10 effect what he proposes
As difficult the work Of resumption difficult il
will turn out TO be VIXEN tsiedthe Involvement will
prove all sufficient But The resumption, however de-.
sirable may be purchased dearly and such would
prove 10 be the case, should the project succeed Not
only the offer too great but the mode of eecting it
10 highly Objectionable It's operation would prove not
less disastrous than the bargain has been shown TO be
Unconstitutional which shall now proceed to establish
The offer will have double effect 1t will act as
powesfu stimulus resumption, but will the same
time with equal force 10 excite struggle among the
banks no, only toresume themselves, 5ut to prevent
others from resuming. Therea is clear The advan
ssge 10 each will increase the number of the
.nS banks deereases and Of course the great Of point Of
contest among the strong will be to restrict the proered
prize to the smallest number The closer the monopoly
he greater the profits In this struggle, combination
of few powerful and wealthy banks the most respect
able and solid as designated in the substitute will
N,ow and teanple down the residue. Their fall will
Saad circulation over The land Whatever nay be the