Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-07-12
TWENTY-FIVE CONCnrSS
THE BANK CURRENCY
SECOND SESSIo

la the u. S. Senate, on the al, ub.. \,
Wright's Bill came back from the uonse ,s,, Vt
second section stricken out the following "e
took place:
Mr.. WRIGHT moved tlatth Sena,. o.oa..,
consider the amendment of The House IN ,h In W
modify the last clause Of the fifth sec,ion =. u. VII 10
posIte act OF the 23d June, 1896, when Wv ''
MIR. WEBSTER said he should concu, ina.
readily IN TINS Amendment of the House /, ,,y
nm me ruest pleasure to learn that the House
had rejected the second section of the BILL and ,b,
it had done so by decisive maiority 'rhe HI ."'
had thus arrested the surrender OF all con,,oi -
The public treasure TO the Executive II had ;n,.
posed ITS own high authority in a most constituents,
ana sanitary manner; "A manner highly becoming IN.
representatives. OF a Tree People For all this Is,d
Mr.. W. feel highly grateful and al this result.
tnnS' the whole country may be justly congra,ula-
We hold on yet to the true doctrine and tb,
porant republican principle of legislative control and
superintendent of the public money and hov,
Sir, we shall continue to hold on.
And now, sir, as TO what remains in this bill 7
think II Is OF no great Importance. 1t will do no
harm, and some good Ii relieves the iucarncuv
OF being received at the Treasury the bills of banks
which have issued small bills, provided such banIs
shall issue such small bills after the first ,Iay Of
October next.-This time is much too short even if i,
were Jude ious to fix any definite time, which Jo
not think ii is.-The banks generally will not be A.
bic to discontinue the Of small bills within tina,
period; nor will they have sufficient nducement In
do il. The inconvenience will fall, principally
on the People; as man will be able, if the law ia
regarded, to pay his postage account, or any other
debt due to Government by any bank notes within
his reach command.
This bill, therefore, does little, very h,,e indeed
to remove the evils and incouvc n,encrs which ar,
ielt, and which must continue To be felt.
Then again. sir, remember the new Treasury 81,
cular is still in force and that no bank note Of any
bank ii it be less than twenty dollars can be rece;
we'd at all This greatly Inpars the privileges sc
cured by the resolution Of 1876. At The post Offices
and AT the laud Offices, no paper less than twenty
dollars can be received ] have already again and
ae am laid this before the view of gentlemen. Iask,
them flhey contented with this state OF things
and if they think the People will be contented VIII
the small purchasers the land offices be satisfied
with this Is ii right to expect it Certainly, sir,
this is what | proposed for them, nor what ]
thought their interest required.
If we mean to maintain the principle of the resp
luton of lSl6-It we mean to make bank notes re-
ceivable at ALL why should embar,ass and
thwart its operation by rejecting all notes under 81
high twenty dollars Why not stop at
five dollars, the point at which the State banks have
arrived.
However, have adtrcs the Senate repeatedly
this part oil the subject before; and the People,
trust, every where, i'll understand that and those
who usually act with me, have done all in pow
to give to them every part OF the country, tho
8
reasonable embarrassment.
One woid, sir, on another part of the subject.
This bill leaves the deposite system full ope in
some places and in some States. Our actual system
therefore, will be wholly un@qal it will be one thing
in part OF the country, aud another thing in
/ another part.
Thcss evils, sir and these inequalities cannot long
exist. The country win demand their removal.
We break up then, sir, with no sub Treasury bill.
We break up with no special deposile bill.
70 n II ~ I.yIu pIprp IT.,
Executive the just control OF Congress over the pub
lie moneys.
Webreak up,haying abolished the Specie Circular
But VIC break up, nevertheless, leaving such pro-
visions OF law in existence, as must, in my opinion,
very seriously embarrass the operations Of business
especially in particular pats OF the country
And we break up, moreover, without having done
any thing any thing ut a--towards establishing
paper currency, equivalent to specie, of universal
credit, and of the value in every part of the
country. Till establish such currency rs
this, we shall not have pertormeda hish and impor-
tant duty, which, III my opinion, is solemDly bind
ing upon us. Till we do this, that is done
which will enectuay satisfy the country. Other
things may be palllalyes, but that thing alone eau
constitute etiectual remedy and relief.
| will only add sir, because | believe it is true,
that if calculated TO carry into full effect
the abolition OF the specie Crculaisnch mea-
sure as had the honor to propose to the Senate
could have been presented in manner TO be acted
on, WITHOUT ueidy OIL Embarrassment 10 pOpui"I
branch OF Congress, would have succeeded, ~ that
branch, by very decided majority The published
proceedings of that body sufficiently show this
Mr.. NORVELL rose to express his dssen, TO the
motion to concur with the House OF Representatives
IN striking out the second section OF the bill. lie
could not consent to give vote which implied the
opinion that the local banks over which tins GoVerh-
ment had no control, ought to be the repositories
OF its moneys, and of the OF the nation anu
on that question he asked the yeas and nays
Mr.. n. afterwards withdrew the call.
MIR. PRESTON renewed the call for The yeas
and nays He desired to record his vote al least
onso important measure.
Mr.. Ola said, though he bad not obtained alb
that was desired, he should most cordially and
heartily for the amendment. Without il, or at least
IN the shape the bill was Sent from the Senate 1t
left all to Executive discretion but as il then was, it
gave semblance Of legal control over the sub
lect
The yeas and nays having been taken, there ap-
peared for concurring 26, against it IT,