Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-08
TWENTY-EIETM CONGRESS-.
SECOND SESSION.
SPEECH OF MIR. CALHOUN,


cral of public money aud 10 regulate the safe keep
ing, transfer, aud disbursement ri the public
news oil the United Slars.'
regard this measure. which has been 80 much
denounced. very little more than attempt 10
out the provisions ot,hc leu resolution III si6,
aud the drpostc act of 1896. The former provides
that notes but those Of specie paving banks shall
be received IN the dues Of the Government, aud the
latter that such banks only shall be the repositories
of the public revenues aud fiscal agents OF the Go
| vernurn; but il omitted Ii make provisions iof
the contingency al a general suspension OF sre-
cte payments, such rs Is the present 1t followed
accordingly, az the suspension III MAY lasi. which
totally separated the Government and tie banks, thu
the revenues we've thrown into the hands oi the Ia
. ccutive where they have since remained under It's
7 exclusive cuutt"l, without any lrEal provision toi
their safe keeping. The object 81 this bill Is
To supply Tins omission 10 take the public money
of the hands OF the Executive, aud pac" II uudcl
the custody Of the laws, aud 10 prevent the renewal
Of u connection which has proved =" unfortunate Ia
both the Government aud the banks. But II is this
measure, iglnatlnc III an eNlgrury caused by our
own acts, and that seeks 10 make the most oil u
change effected by operation oi law, instead OF at
tempting to iunu,alc Of To make another experiments
~ has breueitoneously represented which has been
denounced under HI uamr of the sub Il'asniy with
such unr xamped bitterness.
In lieu ol this htl amendment has been offered,
u substitute, hy the Senator from Igio'a. tulthtsl
from the char, (Mt. Rnes,) wlneh he nj, runs rs
is the first choice OF hin>eli aud those win" agree
with linn, and the second ,ho &C OF those with whom
he is allied on tins question. II | may Judge from ap-
( pcafauces, which can handy deceive, he might have
SAID then lrsl choe, under existing circumstance;
and have added, that, despaitIug oi 4 National BANK
the object OF thrn preference. they lave adopted hi
substitute, a. the only practical alternative At rte
sent. We hayr thrn, the question thus narrowed
down In This bill aud the proposed snhst' NE. IT Is
agreed on all sides. that QUE or the othrl must he
selected aud that 10 adopl or iJec the our, IS 10
reject ol adopt the other The s'nglr question then
IS which shall We choosr \ dcrpl, momcurans
qucs, ion. whlrh called on Ia decide IN
behalf III the States of tins Gulon, aud on onr decl-
SION thtr future destiny must ma great Il. sier, de
par,,, 10 long Il heir mon rnduies.
In comparing the relative merits OF lie two mea-
sul.4 pfepltatoty Ia d tcIsion, shall touch very
breA, on the principles aud details ot lhe bit. Thu
former Is well understood b, the Senate aud thr
eonutf, al Large. and the htrf has htrn 81 abb, and
lncjll, explained by The chairman Of The committee
IN hls opruna speech is to snpcrsedc the necrs>li,
OF iurle, remarks on them tbs stage OF The dis
casyion. pioposr. then, 10 limit myself Ia u mere
ccnera -eplnl1ry. accompanied by tr" bt.ri Oh
/ sclNationS.
Thr object Of the bill, as have already statc1.ls
to akc HE public fund. nu ri 's hands OF the ENee-
ntiyr, Where ihry have been thnonL hy opfia'"hoi
our acts, aud 10 place Them under the custody OF
/ law aud 10 lrosulc lor gradual and slow, bui
pefpetnal, separation between the Government and
the banks. II rroprscst extend tie process OF sep
araiuc To thc Ncm 1913, cotW,hg during the hist
ven al The srlIcs ia" noIes III such banks hsmay pay
spec, aud reducing thereafter the amount fe-
cciyablr III notes sixth annually, I'LL the sepa,a-
ton shall he fail, cunsnmnatcd al the pcllod mcn-
! iioucd.
The provisions Of thcb,ll arr the mos simple AID
enrclua tllii an able committee could devise. ON
principal receivers, few clerks, aud a suihelrnt
nnmI 81 OF aeent, examine the state oi he public
funds III ~tdei 10 sec ihr all Is light Al an annual
charge not exceeding tof, u fl,s Thousand dolla's
Al most, constut. llc addtlona officers and cNlien
ituIs required perform all tllc unt tl"ns htrra-
fal- discharged by the banks Is drpositorles OF the
public none, aud fiscal agents al the 1rrasnls
Tn, SIMPLE appaatu will place the public lI"asn-
I, ON an md, prudent footing, al efc io the govern
iru n, all tunes, certain command nj lis funds 10
meet lis engagements, aud preserve lis honor aud
t,itl, III, olac. II IT be dcsiiabls 10 separate from
the banks, thc Government must have solne ,ndcfen-
dent agency of lis own 10 keep aud dl-boisc tr pub
llc revenue and II mist have such ia 1cncs, none
ia m, op!n4nn an be- devised niie SIMPLE more
touoil, At more ecctua aud safe, than that provided
by tins bill. 1t Is the nrccssaiy result Ut the sep
arillon and to telrcr II, without proposing better,
IT, indeed better eau be) Is to rclrci the srpu alton
nsrf
| loIn now 10 the substitute. is oblec Is dmeetl,
HE reverse OF thai Of the bill. Il proposes 10
wye ll league oil State banks, aud oiehcw ON con
nectlon with rhrni, winch all acknowledge has conni
huted much 10 corrupt The community, and To eir-
ate spirit FOR speculation, heretofore uncNalnped IA
our history.
The senator in oiTrrin. il, whether wsr, not
has n least acted consistently. He WIS us ldyorac
at fils in 1884, whtn The alternative .as between II
AID the rrciarter oithc lur Bank oithe United States
He then def, nded II zcnIously aud manuly. against
The fierce assaults oihs present allicr, he now he
tends it, when Hose who then sustained HIM have
abandoned the measure. hrIhcr wtSely not
there is something heroic in his adherence, aud
commend him for il; bui fear | cannot ,aY rs
much for his wisdom and discretion. lie nckuow-
leped with all Others the disasters thai have followed
the first experiment. but attributes the failure to IN
suspicious circumstances, and insists ihat the nleI-
sure has not had i tar iiial. gtaut that second
experiment may succeed after the first has jdjitd;
bat the Senator must conrcdc, IN relnin. that every
failure must ucccssaril, weaken confidence, both N
the experiment aud lhe experimental. Tie cannot
be more confident in making This second tal, than
he was in the first; and. if | doubted The success,
tl4cn and preferred the b-rteasuIy 10 his league
Of banks. he must excuse me for still ddhcrng 10 my
opinion. and doubling the success of his second tfal.
Nor ought lie to be surprised, that thnsc who joined
INN IN llc fst should be rather shy of trying the
experiment gain, after having been blown INTO the ar,
and burnt aud scaldcd by the explosion But II the
Sena!o has been unfortunate IN failing secure The
operation Of hose who aided HIM III the first trial,
he has been compensated by securing the support OF
those who we've then opposed 10 linn. They are
now his jealous supporters, In contrasting llirn
course then aud now. intend nothing personal. |
make no charge Of Inconsistency, nor do J intend To
imply it. Ny object truth, aud not To wound TIE
feelings OF any one, or any party, ! hho" mat 10
make ont charge oil nco sSieuey, not only the qnes
ton but all the material circumstances must be thr
same. A change Ia either, may make change OF
vote necessary and with material variation ~ cir
cunstances. VIC are often compelled TO vary our
.,..,Iz L. IL