Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-18

promises 10 pay al n future day for services ,c,n,Uv
rendered. IL was, IN effect, borrowing money, and pay.
ing Interest therefor. Authority y given IN horroy
money, and 1t made no d Inference whether i, "a. dome
IN this shape or by the issue Of stock. lie remarked
upon the proposition 10 sell the stuck of tie bank,
That it could not be done. The bonds were two, one due
IN one year, and the other IN two years, for two millions
each, and they could not be sold in time. NJ merchants
would invest ,he!. funds for one year to such an amount.
and though they mightb sent to Europe, and negotiated
tnere, get before the transaction conlG be completed, the
GoverHG~nt would have suffered a. lis Inconvenience
and embarrassment, end would not then need the aid -
Mr. X. then wen. on 10 answer the remarks Of Mr..
thompson, IN favor Of a permanent loan, and replied Ia
the argument, that the measure would iniure the intetcs.
OF The South. He thought the different propositions III.
,roducrd into the House, WEI, trSg"~A --.ate a d.
version in another quarter; and liz Iepeled The idea mat
there was any hostility on the part Of the Government,
towards the banks, or that there was any intention TO deg
troy the banks, MS had been iGtimated. lie had neve.
heard such an idea advanced, either in the House or else
wheTe Ii had been urged, that Che revenues OF the
county should be paid IN gid and silver; but that did
not inpIy that there should be 4 destruction Of the banks,
OF an exclusive metallic currency. The true controversy
now going on was between the banks and the Govern.
ment, the capitalists and the people. Tie banks had
been called upon By The Government, To fulfil their
contracts; they had refused to do il, and, in conse-
Gnencc, had broken The movements in the House,
he thought, indicated 4 continuance of this war on the
part Of the banks against the Governments; buI where.
he asked, was the evidence Of any war on the part OF
the Government against the banks; The Country had
been told, from Cne end to the other, by MIR. Biddie, that
the Government and the banks were in the ED and ons
or the Other must perish; and that remark had been re.
spOndrd 10 by the gentleman from South Carolina, lM7.
lllomPson) The opposition to the BILL, he sup
posed, was intended 10 embaTass the Government, ny
refusing the supplies. The people had not suffered
enough. They were not yet v ilIing 10 yield 10 the banks;
and the Government must BE- Frustrated, that the cry
might be raised Of a ruined Administration, and that the
crown Of the Government had been laid at the feet OF
the mammoth. Mr.. r referred to a previous attempt
10 stop The supplies during the last war, and alluded 10
The r~rproba,iOn the party which attempted that rulnous
measure received from the nation. II the House was
disposed 10 try such a measure again, let them DO 1t
let them defeat the bill, and men adjourn and 90 home.
He would be willing. under certain contingencies, tc
move an early adjournment ard let the people speak re.
spPctIup the conduct or TIER Representatives II gen
ilrmen were determined t. stop the wheels oi G"VeTn'
mcni, let them do it; but he would BID taem be"are-
II would not BE- prospectus for The country, but 1t would
be suicidal to them. Il would rai.s a spiri, of lnsubordI-
nation in the peore, who would resist such action OF
the representatives. and take the Constitution into their
own hands. He said he looked upon the whole var e.
a war of the banGs against the Government. tie wasIH
favor of tie banks, aud a friend to credit; but the ques.
ton was, whether the who'll" credit Of the country should
he mcropulissj by the banks, and whether they sE"uIG
bp allowed to use The credit Of the Government 10 sus-
tain themselves. lie said the war had been carried on
long enough and If it should com" 10 the destruction
Of the Government, there would be one wide spread
ruin. which would sweep away the banks; and lac wouiG
advise gentlemen, rs u friend, to beware OF their con:
uectlUn with the banks. lie understood The motives q!
I action which governed The opponents ui Inc on: TIC
more distress The better, Tor then would come the u. >.
( Bank and his was The first instance in the world, ~
which a Bank had arrayed itself against the Govern
ment: and 1t the war was continued, the loyal feelings
- the people would surely visit the moneycd power of
the country with IetriJulIon lie mad" an appeal 10 The
House to aid tie Government: and iUit! I'r!' d"ty !"
The country.
Nj, Mcnerae spoke at length 10 favor o. supporting
the law and the Constitution; and cnnteuded that this
! prnu,i,ion to issu, bills Of credit was unconstitutional.
lie SAID the gentleman (Nlr Rbtty bad no right TO hold
out threats OF popular Indignation, and contendSd that
there was M desire 10 refuse ~supplr, 10 the G"V"rn'
men'. or to embarraSs ii; but, ca he contrary, fTom eve.
~ quarter Of The House u disposition was manifested to
sustain the Executive in the rmbarrassments they had
brought upon themsrlves; aud 10 hold the GprernmCnt
up while they were lettering IN the midst OF the suffer.
!nrs OF the country. II. however, by Executive dOmi.
nation, il was determined 10 pass this bill or nGne If
the representatives. were not Ia be- allowed 10 procure
ciief III their own way-It 4 war was To be mad" by The
President upon the H1us"-,he Indignation OF Inc peo-
pie, which had been invoked, would fall, not on the re.
representatives.. but upon those VINO attempted - d:ctsts
10 and control them; and he was willing 10 abide the is,
sue.
Mr.. Soulhgate obtained the floor, and said he wished
10 address the committee, but rs it was late, ne moved
that the committee rise.
The queslion>being taken, was decided in the mega
tive-yeas 60, nays9I.
Mr.. 'Southgate then proceeded "a reply to the remarks
ri Mr.. Rleti and Mr. Cainbrc!rng, and opposed the bill
al length. tie c~ontcnGrd TINT the condition ot the Tres.
sury was far better than was represented BY the ndvo'
Gates of the Treasury notes, II the officers oil Go"ern'
mert were to disyorge what was in their hands. Asa
proof of this, he cited the last returns OF the Treasury
Department., which showed that there wsre 3 100000
in the hands of the land receivers, 81 Art ,UHO IN the
possession If the custom-hnuse officers, and about 81
NGO, coo in The hands Of the other officers OF the Govern.
mrnt, besides the postmasters, and the whole issue now
going on was a contest between the people, on the one
hand, and the Office holders, on the other. This large
amount of money in the keeping OF the latter proved 1t.
In further proof Of this. Mr. S. went into an examIna-
lion of the returns of the public defaulters, which, how
ever, he complained were very imperfect Had ,hese
Democratic receivers al public moneys paid into the
Treasury The amounts in their pockets. ,hsne would be
no occasion for the Issue Of Treasury notes, nor would
it have been necessary To have withheld from the States
the payment. IS tbs G;u.,h i"Stai"""t
Mir. Hopkins then presented n substitute for the whole
bin. cmpowcring the President Of The United States TO
harrow, on the credit of the |. S. sum OF SlO,UJn,UU',
n, a rate of interest Of q per cent. payable quarterly, aho
reimbursabIe at the will of the Government; 10 be aP'
piled. in addition to the moneys now IN the treasury
which may be received therein from other sources 10
deGray the expenses OF the OoVe!h'Ae'', ~ oe q
| ierr3ble by STOCK.
rho forevoinr was the suhsta nee Of the first section of
Mr. A $ amendment. The remainder was OF great
! leno,h, and we believe, Substantially. at least, IT NOT
iden,ically, the same Us the prOjet Of MT. Rives IN the
Senate. being a revival of the State bank system, by
twenty five banks, to he selected by The Secretary OF the
Treasury, and approved Of by the Senate.
Mr.. Cambreleng questioned The amendment being IN
order on the bill under consideration, inasmucii as u
proposed a system for the regulation OF the dePosIteS OF
the public money, with which the bill had nothing 10
do. Moreover. lha, subject had been reported upon, and
was then in Committee of the Whole on The Union, on
another bill; and bv the rule of the House, prohibiting
ouc LlI being affixed to OF substituted for another, by
way of amsn dment. it mast be obvious that this pr"po-
silion was not in order.
Mr.. Bell remarked. that it seemed TO os a dihetGht
prouosi,ion in substance from the bill reported by me
Committee of Ways and Means. Besides, II was al
contacted with the Treasury, and al! lnlsnded 10 supply
revenue. In his opinion i, was clearly N order.
MIR Canlbrelenga admitted That the hFs' Sec""h "aS ~
the rules Of ,hr House, of considering an amendment
embracing A totally tis,inc, proposition.
MIR HoDs NJ vas sure Of one thing, that q The amend
neni was no, IN ordpr, from covering too broad a ground,
re,bsr vas tie gpnllenap's speech OF yesterday, tor