Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-29

Nf0Io11 rnIS1s on tlo tllVO5--,
,be rsn,ovsl IL the dePosites. Inc man
ob;s,t ~ the deposite bill Of 1880 g We
sS'C -. =. n regulate dePosites OF the
NV 80. w. with the State Banks so
-" 80 60 NJ commencement OF the TO-
e..,' -, n the present time, nobody has
Thought Of making any questloa q ny
Sc.o-Tnsf;trI,ional power Of Congress 10 make
such arrangements -. I
Tbe 0entleman's other proPosItIon' ana
vbich he lays down with still more conn
Jence and emphasis, is, that congress-
,.s S,,S constitutionally, authorize the re-
CENT Of, bank notes, though they pc notes
Of sDecie-paying banks, IN payment OF
Jobts III Government; because, he says,
tbat would make them money and If we
,,,,la .tbsm money, then we are bound 10
:, and regulate that money. Most
certainly. sir, fagree with the honorable
member. that when bank notes become
nancy we are bound to control and Teg4-
jato them. / thank him for this admis-
sion. since it goes great way to support
tb s,I' Droposition, for which ! have been
,con,ending. That bank notes have be-
come money in fact, that they answer the
,,ees Of money, is certain. Way, then,
are we not already bound to regulate and
control theml The gentleman will say,
because we have not, ourselves, made
them money. But is that any answer (?
IF thew have become money in fact, they
require the same regulation, and we have
the same authority to bestow it, as if they
had acquired that character by any acts of
our own: because our power is general;
il is 10 take care of the money of the
country, and to regulate all the great con-
Germs Of commerce.
But let us see how this opinion of the
honorable member stands upon the author
tiles in our own history.
When the first bank was established,
the right Of Congress to create such a
corporation was, as we all know, very
much disputed. Large majorities, how
ever, in both Houses, were Of opinion that
the right existed, and they therefore gran
ted the charter; and in this charter there
was an express provision that the bills of
the bank should be receivable in all pay
ments to Government. Those who OPP
posed the bank did not object to this clause;
on the contrary, they went even much
farther; and Mr.. Madison expressly in
sisted that Congress might grant or refuse,
10 State banks, the privilege ofzhaving
their notes received in revenue. In 1871,
therefore, men of all parties supposed that
Congress, i'll its discretion, might author
Use the receipt Of bank notes. The same
principle was incorporated into the bank
charter of 1916: indeed, it was in the bill
which the gentleman himself reported;
and it passed without objection from any
quarter. But this is not all. Mr.. Piesi- |
dent, let us look into the proceedings Of
the session of 1515-l6, a little more
closely. At the commencement of that
session, Mr.. Madison drew our attention
to the state Of the currency; by which he
meant the paper currency Of the country,
which was then very much disordered, as
the banks had suspended specie. payment
during the war, and had not resumed. |
Early in the progress Of the session, the
member from South Carolina, |
moved that this part Of the message
hOuld be referred to a select committee.
t was so ordered. The committee was
aised, and the honorable gentleman
placed at its head. AS chairman of the |
committee, he introduced the bank bill, ex.
blamed it, defended it, carried it trium.
'hantly through the House, having in it |
me provision which have before men,
Toned.
But there is something more. Atthe
same session the gentleman introduced
the bill for the further collection Of the
to which have already referred,
and in which bill he carried the recelva-
bility Of bank notes much further, and
provided that notes Of 0sty hank or bank
ers s0hleh tOere payable and paid, on de-
Taand, in specie, might be nttoloed AMI Gc-
cepted in all paymeR t0the United States.
So that the honorable gentleman himself
drew, with his own pen, the very first le-
gal enactment in the history of this Gov
ernment, by which it was provided that
the notes Of State banks should be con.
sidered and treated as money at the Treas.
ury. Still further, sir. The bill contain.
ing this provision did not pass the House;
and, as / deemed some provisions neces
sary, indispensable necessary, for the
state of things then existing, introduced
/ think the very next day after the failure
of the honorable gentleman's bill, thre,
resolutions. The two first were merely
declaratory, asserting that all duties, taxes
and imposts, ought to be uniform, and tina
the revenues of the United States ough
to be collected and received in the lega
currency, or in Treasury notes, or tn,
notes of the Bank of the United States
as by law provided. These two resolu
tons | agreed to waive, as it was though
they were not essential, and that they
might imply some degree Of censure up
on past transactions. The third resolu
ton was in these W prds:
o" Ind resolved further, That the Sec
rotary of the Treasury be, and he hereb,
is, required and directed to adopt sucl
measures as he NAV deem necessary t,
cause, as soon as may be, all duties, taxes
debis or sums Of money accruing or be
coming payable to the United States, Il
be collected and paid in the legal curren
cy Of the United States, or Tteashr,
notes, or notes Of the Bank Of the United
States as aforesaid and that from anG
after the LIST day Of February next, NJ
such duties, taxes, debts, or sums of mo
Dey accruing or becoming payable to the
United States as aforesaid, ought to b
collected or received Otherwise than IN the
legal currency Of the United States, d.
Aforesaid b. t # -