Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-23
POLITICAL SIGNS OF THE TINES.

made in the funds to be received in pay
mcnt for public revenue, accrung from
customs, lands. or other sources, and that
notes Of sound specie paying banks should
be a legal tender 10 the government, be re-
ccived at any rate. and paid eat If the pub.
licereditors mould receive them.
Mr.. WRIGHT moved to refer the reso.
luton to the committee on finance, of which
he is chairman, for reasons which he gave
at some length. In the first place he said
the Senate had. by The sub-trcasury bill,
which they had passed and sent to the 9TH
CT. house, provided for doing away the dis
examination, as the resolution of MIR. Clay
contemplated And as regards the recep-
ton of the notes Of specie paying banks,
therewas no necessity for further legislative
action, as such was now the practice, the
notes Of specie paying banks being now re-
ceived al the custom houses and post offices
in New York and Boston.
Mr.CLAY asked il he was to understand
that the notes of specie paying banks in Now
York and Boston We're received and dis
burscd by the public agents.
Mr.. WRIGHT said he understood so by
the papers, and SO far as he aeas concerned
he icould agree to rcceire and pay out The
notes Of all specie paying banks. But it
would be IN vain, he said, for the govern
ment 10 issue notice in advance that the
government would receive the notes till the
banks put themselves in condition to rem
der them receivable, under the existing
laws. He could not agree that the Senate
should legislate with reference TO bank notes
and putting them on par with the paper Of
the government.
81 Mr.. CLAY replied, and urged the great
benefit which would result from the moa.
sure, but he added. nothing but the estab
lishment of q mai ional bank would eficctu
ally remedy the evils of dsorderd curren
cy, &c.
Mr.. CALHOUN was opposed to the res
olution. He felt, he said, strong convic
ton that reunion with the hunks, as
proposed by the resolution, would at nc
distant day, be followed by another shock
such as that in May last, but still more ter
rife. As to a national bank, he believed
ii was totally out of the question, and if j
were not, it would prove, if adopted, un
der existing circumstancos,on of the great
est calamties which could befal the coun
try.
Mr.. BENTON was opposed to the pas
sage Of the resolution. Pass il, he said
or any thing like it, and grand expansion
will Immediately cnsue, to be followed by
grand explosion. What is this resolution
said he Ii is to make the notes of all the
banks in the United States legal tender to
the United States in payment for lands anc
customs, aud all debts and dues, and o
forced tender from the federal government
to all its creditors. II is a PAPER MO,
NEY and a SIIlNPLASTER RESOLU
TION' the adoption Of which would sur
render the public lands to fivo hundred
banks for fund to redeem their notes
would fill the .tr, asury with notes which
could never be edeemed--would dispense
with the use of gold and silver at home
would occasion the expectation of one
hundred millions which the Jacksonian pol
icy mas collected into the country--wouc
reduce the country TO broken bank notes
and shlnplasters in two years, and raise an.
otherCry for the establishment of a nation.
al bank. These would be the consequen,
ces OF the adoption eff the resolution anC
| announce them in advance, said he, tina
|, for one, may warn the country of the
impending mischief, and exhibit tots propo
sition at once in its hideous and reyoltinn
colors.
Mr.. CLAY replied to Mr.. Calhoun. lie
stated that he never said that q United
States Bank was indispensable to a resump.
ton Of specie payments. What he hac
said, and what he would say now, was, tha
under the present deposite system, without
F, the agency of United States Bank. if the,
did resume, they could not continue for any
length Of time. Mr.. G. said he was wei
aware that the discussion of the question Of
a United States Bank was foreign to the
matter before them just then; but he was
for Bank OF the United States, and wish.
ed it TO be SO pronounced, so understood
that every man, woman and child should
know it; and he would take some suitable
occasion hereafter to present his views in
relation to United States Bank such he
thought would be required by the exigency
Of the times.
Mr.. CALHOUN, in answer to Mr.. CLAW
said, that d to himself, he agreed that there
were but two measures which could posi-
bly, prevent repetition of the explosion
which It is now contended on all sides mus
follow, without an application Of some eflec.
tual remedy: complete and an entire di.
vorce from the whole system, or tho estab.
iishment of national bank and of the
two, he considered the former the most safe
and cflcctual. This resolution PROPOSES
an entire abandonment of the divorce. with.
out substituting the bank, or any other prc
ventive measure in its place, which appear.
ed 10 him by far the least defensiblc course
that could DO adopted. The plancst die.
iatcs OF prudence demanded that we should
adhere to the remedy we have, ill another
could be substituted. At all events. this
was the suitable moment to determine on
our future course; and the opportunity
which this resolution afforded for discussion
and elaboration, ought not to be permitted
to pass in silence. Specie is flowing in
with strong current from all quarters, Just
as It did previous TO the late suspension !:
and unless some measure be adopted TO pre-.
vent 1t, il will become tho means of enlarg.
ing banking operations, instead of entering
into the general circulation of the country.
in the same manner as it did then. Tho
result will inevitably be another expansion.
and another explosion more calamous than
tie late, unless, as he had said, some ellcc.
II L.. Il