Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-04

ana was TetPCtCu the DIX lSe duleUutQ, III JIG IA WV
Of its details, by its friends, and then passed 10 a third
reading, all The friends of the Administration voting for
it, and the Opposition members generally retiring be-
hind the pillars of the lobby, back of the chair OF the
Vice President!
sThe debate of this day, so triumphantly conducted
and closed OIL the part of The Democracy oil the Senate,
deserves 4 separate letter, which you shall have in a day
or two.
g have no doubt that the real motive of this violent
opposition to the bill, was 10 countenance The decision
Of the late Bank Parliamenta at New York, against hxlng
a day for the rcsumption OF specie payments, and 10 com
pei the people by their snfersngs,' to establish a Ma
tional Bank as their only means OF relief.
From the same Correspondence
Extract Of u letter 10 the Editor, datcd
"WAsHIXGroN, Dec. 81, 1897.
"The bill restraining the circulation of small notes
in the District of Columbia, came up IN the Senate yes
terday on its third %rending. An amendment was proposed
defining the denomination or kind OF notes, the issue o.!
which the bill is designed to present.
6. MIR. CLAY of Kentucky, again rose 10 assall the bill.
To be sure, he said, it was less Objectionable 10 HIM now,
than before its details were amended. But even now,
without the amendment proposed 10 be made at this time,
the Secretary Of the Treasury could be indicted Tor IS.
suing Treasury notes under the act Of the extra session.
He was against making this poor, miserable District Inc
scene of this abortive legislation. Why had not the
Committee on Finance reported some measure to I'M
prove the currency OF the country at large: tie verify
believed that nothing but q national bank would accom-
plish that object. But the President had tied his hands
against that measure. Both Houses had done the same.
The Senate had even declared, that they would not IN.
corporate q national bank, if q majority Of the whole
oeopIe of the United States were manifcslIy in its
favour. This assertion Of Mr.. Clay is equally un.
candid and unGounded, in substance. The Commit
lee of Finance, at the extra session, reported that
it would be inexpedicnt 10 grant the prayer Of the pc.
t;,ioners who asked for a National Bank. MIR. CLAY,
by what he supposed 10 be a dexlerous parliamentary
movements attempted TO get rid Of this resolution, by
offering a substitute, declaring that when a majority Of
all the people Of the United States should manlfestly
,nncart q ba in fyor of n National Rlnk. II Oulrlt 10 be
established. This was voted down, upon the ground,
that the Senate represented the Slalesi in their sovereign
capacity, and would violate their trust it they did not
carry into effect the will Of their respective States that
a State represented by its Senators, might be opposed to
a National Bank, while a majority OF the enure nation
might be in it's favor and that they would be bound
to sustain the fcderaLive principle of the Government,
which they were peculiarly appointed TO prescrTr, by
voting with their States, rather than with reference TO
the sense Of the majority Of the people Of the Union.
The Senate, however, went further, and resolved that
the sense of a majority Of the people Of the United
States was opposed to The establishment OF a NalIona!
Bank. They then put aside these propositions, on winch
they were drawn into a vote by The 6ncsse of Mr.. CLAY,
and resolved, by a vote Of 81 10 10, that the prayer OF
the petitioners, asking for a Nationa! Bank, ought not 10
be granted. Precisely in this situation was the question
left by the Senate, on tie adj ournment of Congress in
October. No doubt, however, is entertained, that a de.
cided minority Of the Senate are against any National
Bank.
MI BUCHANAN led off calamity ia defence of the bill,
against the attacks Of the Senator from Kentucky, re-
ncwcd yesterday morning. lie had not expected from
him such denunciation Of the measure. HIS course had
now rendered it manifest iskU were the supporters of This
wretched system Of small paper currency. He was as.
tonisbed at the conduct Of the enemies of The bill. They
had debated against all its provisions, and against its sc.
neral objects. And yet they had retired, when the vote
upon engrossing it for a third reading had been taken
Alter the bill was amended by its friends, and put Into
its present form, the Opposition seats Iud exhibited "a
beggarly account OF empty boxes they had retired he.
hind the chair, or from the Senate: and the bill! had been
unanimously passed TO a third reading! He venLured
10 say, that the people Of this District, which had been
described as a poor, miserable ten miles square, were al.
most unanimously in favor Of the measure. lie had
heard no complaints from them against it. The poor OF
this District were the especial sufferers from these small
notes. They were compelled To- take them. and often 10
lose by them. Neither Congress nor the State Legisla-
lures ought 10 wait for the banks 10 determine, when it
would suit their pleasure to resume specie payments
They should legisiate 10 coerce The resumption. The
bill now under consideration was wise, polite and Just.
"Mr. CLAY, struck by the spear thrown at him by the
Senator from Pennsylvania. writhed under the wound,
and attempted TO elude its effect by declaring that lie
had not cared much about the bill, and had therefore re.
tired when the vote was taken. He charged the Sem
tors of The majority with being the authors OF the pre-
sent state Of the currency; and then asked, who would
not wish for q better currency: lie said, there might
be specie in Illinois, and Missouri, and Michigan. The
specie circular had given it 10 them. MIR. Clay advert
ed 10 the resolutions Of the Bank Convention, and vim
dicated their conduct. He compared it to that OF the
banks in 1915, who met in Convention 10 deliberate on
tie resumption Oh SpcCle pdyHeHtS. lHe IOnOT1DIe Dc
na,or forgot 10 recollect that the Convention then, under
the pressure of Congressional action, determined IN re-
sumo, and that the late Bank Parliament in New York
resolved not 10 resume for the present. tie hoped That
the friends of the Secretary Of The Treasury woult
agree 10 the amendment proposed 10 the bill. If they
did not, the Secretary might be among The first TO be
subjected 10 its pains and penalties.
"Mr. BucmASAH observed, that in 1915 the government
had forced the banks to resume specie payments. They
did not of themselves resume; indeed, some of them
ne yer resumed. He Saiu- he was in fayUT of n we'll re.
, gulated banking SYSTEM; but, he desired 10 avoid the
fluctuations brought upon the country by bank interest
and bank caprice, and not TO see the people left depend
ent upon their pleasure for the enjoyment Of a constitu.
tionai currency. He admitted, that u national bank might
be useful in regulating the currency; but, he would
ssrather bear the ills we have, than fly 10 others that we
know not off" Such an institution, with a capital of
fifty or an hundred millions, branching out all over the
country, appeared 10 him loo dangerous 10 the liberties
of the country 10 authorize lis establishment. He was
pleased with the sympathy expressed by the honorable
Senator for the Secretary OF the Treasury, and had no
doubt, if that officer shoald get into difficulties by the
operation of this bill, The Senator would carry out his
sympathies, and, by his well known legal abilities, sue
c~essfully extricote himself from the penalties of the law.
"Mr. CLAY said, that if that should be The last cause
he had on earth, be would not risk his reputation in the
desperate defence of the Secretary Of The Treasury! But
this little bill was the grand result of the great remedies
and healing measures Of The Government. The Chair.
man Of the Committee on Finance, whose stores Of know
ledge were great: whose financial abilities were the theme
of every tongue; whose GOODNESS and statesmanlike bear
ing were above all praise; whose skill and sagacily had
ruised public expectation to the highest pitch, had led an
anxious community 10 the belief, That something WINS now
going 10 he done for the country; relief was al hand and
we were going to have an end of all our troubles; when,
instead Of all this, out comes this little mouse of a bill,
to put down shinplasters in The District of Columbia
"Mr. WRIeHT repelled The charges Of the Senator from
Kentucky. The Committee on Finance had not pro-
fessed, in reporting this bill, to recommend it as q mea-
sure intended for the general relief of the country.
They had, under the special instruction of The Senate,
,onor,nd II 40 n lnnnl measure for this District. which