Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-05-05


We al know, very much disputed. Large m.jori-
Ties, however, in both Houses, were Of opinion
shat the right existed, and they sheeelees grated
The charter; and in this charter there vas IN
press provision that the bills Of the hank should
be receivable in all payments to Government--
Those who opposed the hank did not object to this
clause: on tho contrary, they won't even much fur
Their; and Nh. Madison expressly insisted that Co..
gress might grant or refuse, 70 State banks, The
privilege Of having their notes received in reve-
nue.. In 1901, therefore, men Of all parties sup
posed that Congress, in its discretion, might au-
thoeize tho receipt Of bank notes. The same
principle was incorporated into the hank charter
Of 1916: indeed, it was IN the bill which the ges
tIeman himself reported; and it passed without
objection from any quarter. But this is not all.
Mr.. President, b0t look into the proceedings Of
the session Of lSl5,l6, little more closely
AT the commencement OF that session, Mr. Madi-
son drew our attention % The state Of the cursen
cy; by which be meant he paper esrrescy Of the
country, which was then very much disorccrcd,
the banks had suspended spocie payment du-
ring the war, and had not resumed. Early in the
progress Of the session, the honorable member
from South Carolina moved that this part Of the
message should b referred to select committee;
il was 30 ordered. Tho committee was raised,
and tho honorable gentIsmaa placed IT its head.
A chairman Of the committee, he introduced
the ban bill, explained it, defended il, and earri-
ed il triumphantly through the House, having in
it the prov ision whics l have before mentioued.
But there IL something more. At tho same
session tho gentleman introduced the bill for the
further collection Of the revenue, to which have
already referred, and in which bill he carried the
receivability Of bank notes much farther, and
provided that notes Of any bank Or bakers rhsch
,cere payable s~d paid, On demand, in specie,
might BE sllorcd and accepted IN all payments to
he United States. So that the honorable gentle
man himself drew, with his own pen, the very
first Isgal enactment in tho history Of this Gov
eminent, BY which it was provided that the notes
Of State banks should b considered and treated
a. money at the Treasury. Still further, SIR
The bill containing this provison did not pass the
House and As l deemed some provision necessa-
ry indspensably necessary, for the state Of things
then existing, introduced. think the very next
day after the failure Of tho honorable gentleman 3
bill, three resolutions. Tho two first wore mere
decaratory, asserting that all duties, taxes, and
( imposts, ought to be uniform, and that the reve-
nues Of the United States ought 70 DO collected
and received in the legal currency, Or in Treasury
notes, OF the notes Of the Bank Of the United
States, NJ by law provided. These two resolu-
| tions l agreed to waive, ~ il WAS thought they
| wore not essential, and that they might imply
some degree Of censure upon past transactions
The third resolution was in these words:
! "Aad resolUcd, fxssker, That the Secretary d
the Treasury be, and he hereby il, required and
directed to adopt such measures as 10 may doe"
necessary to cause, soon n may be, all duties
money
, coming payable to the United States, to be col
ecssd and paid in the legal cHrrency Of the Unito
States, or Treasury notes, or notes OF the Bank
the United States, aforesaid; and that iron
and after the LIST day Of February next, no sucl
0 duties, taxes, debts, sums Of money accrun
aforesaid. ought be collected received othe'
J. wise than in the legal currency Of the Unite
g Stated, or Treasury notes, OF notes Of the Ban
j. Of the Usited States, aforesaid"
The Senate will perceive that, in this resolutio
Q Of mine, there was provision whatever for n
y United States, according to its charter. Wei
. what happened thereoni Why, sir, you loo
. into the National Intelligencef Of . succecdin
" day, you will 6nd it stated, that Mr. Calhoun N
we'd to amend Mr.. Webster's resolution by &c:
IN ecsd;.s is prooisions to the notes Of all ba.I
Is ch shosld at The time specified teres pay the
y notes IN specie on demand"
D This amendment was opposed, aad for . tin
- dcfea tod; but it was renewed, and 6cally preva
r ed. It was incorporated into the resolutioo,
C. came part Of the law Of the land, and % remain
" at this very moment. Sir, nay now say to Il
n honorable member, that f tho constitution Oft
IL country has been violated by treating hank not
* - money-sThou art the man.
t. How IS it possible, sir, the gentleman could
60 far forget his own agency in these most impo
in ant transactions, as to stand up here, the 9th
r, day, and with air not only Of confidence but
" defiance, says: ''but take STILL higher groun
ns strike at the root of tho mischief. l deny d
of right Of government to treat bank notes ~ mo
10 ey in its fiscal Transactions. On this gre
he question have never committed myself, thou
BY not generally disposed to ahsaaia from forming
ct expressing opinions"
to will only add, sir, that this reception and pa
he ment Of bank notes was expressly recognized
Of the act Of the l4,h April, 1895; BY the dspos
~ act Of June Of that year, and by the bill viii
~ passed both Houses in 1887, but which the Pr
'e- ident did neither approve nor return. IN
these acts. 50 far Ne know, the honorable me
CHI Der from South Carolina himself concured.
n So much for authority.
", But now, sir, what il the principle Of constr
ey tion upon which the gentleman relies 70 suss,
Of his doctrinei The genius Of our constitute
aid he says, Il opposed to the assumption Of pow
y, This u undoubtedly true: NO one can deny
mt But he adds, whatever power il gives, u EXPIRE
M ~ granted
mo But think, sir, this BY no means follows e
10. the first opposition, and cannot b mainsnined.
is doubtless true that NO power - TO b .ssum
'ch but then powers may b inferred, or neeesssl
I'VE implied 1t 10 not question Of assumption, i
NJ question Of fair, just and reasonable inferen
To h0l.3 that aaafh