Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-07
TssENTh-TasT CONGRESS-.
SECOND SESSION.
Correspondence ofAe Baltimore Patriot.
WAsn SaroS, MAY On, 1893.

The dlstnRu shed Statesman, though laborlng
under indisposliion, made speech worthy Of his
lame, lucid, interesting iulehle, aud conclusive in
| support ni his propositions.
The Treasury Specie tncnl,f, lac maintained, was
in elenslblo IN ptlnolplc, heeansc IT created
dous discrimination between the different classes al
persons who pay dues To the Government. There
were different opinions among the members OF the
Senate rs to the Authority ut the Secretary 10 issue
tins olleI, aud rs Ia It's eNpeteucy 1T the time
}ut most OF them concur ~ the belief that aba.
ilon viii be useful. In the present condition
o the country ia continuance would he nieiullcla
10 the resumption 81 specie payments by the Eastern
aud Western Banhs, injurious ~ diminishing the
ability OF the Ea1ks to give accommodation to he
people--aud "a tending To heepa Iugr Poty m the
country M state ri aguatten aud excitement.
II lhi. oIdcr si@ll be abolished the sn,) one i'm
pofant dung will b. done. There a,e many Other
things however winch oughl 10 be done and to the
consideration al SMUT ul them, hc would take an
early opportunity OF drawing the attention ol the
Senate. The repeal of lhls order wall htng the
country back to where II WIS under the JOINT Il, So
luton oi lcl6.
Solnueh mseoneepliou pteva4n reference to tin,
resolution (sald Nj " J. thai II will he important 10
look lilIc into the READ history at that measure.
Down To the suspension of apccle payments N
ISL the collectors had been IN The habit OF
ing speeieb4. They took them money They
credited them the, would specie. The, kept no
separate aoconnls--oHc 10, hlnl nutos--anoihcrior
specie: Aud oone denIcd the pIowIcy ol the Col
cctots receiving these specie bits, and crcdIlius
them money When the Banks suspended spc.
Gle payments IN lsli, the collectors could not, ot
course, take tese bulls rs specie aud credit them rs
such, unless the Government would So receive hcm.
The Collectors Obtained the authority oi the lira-
suS II take them, and during he wW they went on,
aud received tins deprccilted paper. Ihe duvctn-
ment itself took tins deprecated paper IN loans,
when ihry negotiated aud iley continue i until the
close ui tho war.
IL has been urged here san Nh w rs if the
object OF the JOINT Resolution OF lSl6 WIS To au-
honze Tor The inst imc the receipt ot specie notes
IN payment Of Government dues. Such an idea Is
erroneous. 1t WIS always the practice oi the GOV
eminent to receive these specie notes.
The real object ot tho loim Rrsoiulion of I5lG,
was 10 PREVENT TIM HfCEifr nF ANY Etr srtctf
NOTES. The debates on the subject 1t the period IN
question, demonstrate tins fact. II Wa source Of
erepons complaint, that the practice Of receiving
the notes ui unnssiecie paying banks created great
inequality. The Banks IA the North general, had
not discontinued payments in Specie. liut those
IN Tie South, mostly, bad suspended; aud the Tar
thrf South You went the greater was the deplecll-
ton. At some points, the mites oI the best bniks
were twenty PCT cent. below these of lipston. MI.
WEBSTER gave spne striking illustrations al tho me
quality winch resulted from tins state oi things
the payment of imports, Nc.
Under these circumstances, the President, at the
session of 1916. called the attention 81 Congress 10
the sub ect. The Finance Committee fepo rtcd
bill Tor the collection of the revenue III the lawful
money OF the county. Some of the provisions ol
that measure were strongly objectionable to part
OF the llous"; aud four five days before the adj
Journment the bill WIS rejected by one vote.
The next day Mr.. WEBSTER introduced this Joint
Resolution. As originally Introduced II did not
contain word about the rrcelp Of specie bills. Aud
why did il not contain reference to them Sim
ply because not thought that any provision oil
| the kind was necessary 1t was known thai the uni
| ',,ll.
notes No one INA gned l"ould be changed.
Mr.. WEBSTER thea stated that Mr.. tALnorN HIM
Sc mtrodaccd he prorision authorizing He receipt Of
he bills n specie 1'dY,ng baaks. lie however dad
no think II necessary, but acted on the suggestions,
aud III compliance with the WISHES Of others. Mr.
| WEBSTER opposed 1t on the ground thu il I'M
| necessary and the clause, when proposed as n
mGndmcut, was rtIcttrd.
When, however, the resolution came 10 be acted
ON the Senate, some gentlemen ~ thdt body, act
ing on The opinion that the measure might be ms
construed, thought II better 10 insert Mr.. tALuouN's
! provision Aud IL was Inserted. on motion oi MIR.
! CAMPBELL, "A Senator hom Tennessee. The
| House then conruifcd IN the provision. The object,
therefore, (Alr WEBSTER maintamrd) was 10 secure
me ret0sm n spurious PdPef, not 10 order Ae receipt
| N SIeciF MOTIFS.
! Mr. w. then allndcd To the practice of certain
Senators rising thcr places aud quoting remarks
Of his, in favor Of " hard money" specie slaId-
ard" Nr. &c. II 10 npule so,nc Inconsistency to
him. lie would be glad II some Of these gentle
men, would polnt out SINGLE specific instance Of
this Inconsistency they talk about IN loose aud gene
| raj terms.
81 am noac,' fsaid hc) "whcrc ! vas then. |
have always-now aud thcu-- ed on HE idea thai.
for common purposes, coareti5bic P0ycr istq0caicHt
IN specie. Those with whom acted and now act,
were ihrnas now HARD MoNIh MEN. We were and
for the curly Of the Specie st ndard; aud Then,
no than H0,o were ever oi opinion HAT spc-
cIe bills mc any thing less lhan specie. We were
against uedoemabie pepper. But we considered
theie no manner Of difference between fctutn-
ing 10 Sptrc pdB59e mites, Of 10 spcc'c HSdi. Those
who mOst jof hard hoHey. were layoroi using
specie notes as iar more convenient and not less
valuable than specie. There no difference ol
opinion about II. Indeed 10 such question could
Use. The collectors received the uuies specie
| and credited them.
| What is there unconstitutional IN the proceeding
| Nothing, surely. Gentlemen do not onsilcr thai
heir claim on then own servants aud agents is the
| same, whether tie collectors take Specie bau,
notes. They do moi keep two accounts. All Is placed
To the credit OF Government, as cash. W he we have
been receiving twenty millions Annually at the Gus
tom houses, how much, Is IT lmagm'd, has been re-
celved, IN either notes. ~ specie The payment
IS not made IN that manner, IN fifty times
Merchants checks, transfers Of bills &c. given ol
large amounts.
} But even if bank notes should themselves come
into The Treasury. there would set be no difficulty
Such bills are monet They are 50 in law. Tney
are so, for all common purposes in bankruptcy, II
lrgaces in almost every thing This isno the cast
rs regards Treasury Notes, Virginia land scrip
yet all OF these are taken IN payment OF Government
dues.
llthese mputatioHs Of Inconsistency, therefore
ial 10 the ground. Specie notes were always, in tn,
view Of Mr.. WEBSTER, DOaeU: and when lac spukt