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

+ leichcr, ffy, }. GolianG, eiasc'ch, oI"
Griffin, Harrison, Hawkins, Haynes, Hopkins, Howard,
Hubley, Wm. ii. Hunter, ~lngham, I. u. Jackson j.
johnson, N. Jones, Keim, Kemble, Klingensmi'i, Lead
better, Lewis, Logan NJ. Mason, Marlin, Mckay, H.
Mcclellan, A. Mcclellan, Mcclure, Miller, Morgan,
Parker. Paynter, Pennybacker, Petrikin, Phel ps, Potter,
Pratt, Reilly, Rhrtt, Rlyps, Robertson, Shelter, Spencer,
Stuart. Taylor. Thomas. Titus, T"uccy, Turney, Wage.
ner. Webster, Weeks, I. 7. Whiulesey, and Jared W.
Williams-76.
Mr.. Boon then gave notice that he shonid renew this
proposition every dav until the House acted upon 1t.
TREASURY NOTES.
Tic House then, on motion Of MIR. Ca!nbre!eng, again
went into Committee on The Union, MIR. lnghatn IN me
Chair, on the bill TO carry into effect the act at The 18th
uf October last, authorizing the issue OF Treasury notes.
The question was on the substitute OF Mr.. Robertson
to authorize the raising of a loan OF ten millions o. dol
lars. al six per cent. with the amendment oil MI. stuart
to authorize an issue of Treasury notes 10 the amount OF
,wo millions of dollars, 10 provide for the immediate ext.
ccncies of the Government.
. Mr.. T!linghasl concluded his remarks in opposition
10 the bill. hut avowed himself willing to vote for q loan.
Mr.. BiddIe obtained the floor, but yielded tito
MIR Cushman, who made a very interesting statement
in responsc TO the of repeated charge in relation TO the
Branch Bank of the United States at Portsmouth, and
in explanation Of the whole occurrence. and the part
taken therein by himself, Governor Hill, Secretary
Woodbury., and others.
Mr.. Riddle then proceeded 10 oppose the bill at length;
md first to review the report Of the Secretary Of The
Treasury, lin relation 10 paying members OF congress
in specie made in response to a resolution OF Mr.. Is. al
the late called session. Mr.. b. then replied to MI
Rhett, and went into an examination OF the principles
of finance and banking, as connected with the circula.
ton and use Of specie, and in relation TO The action oil
the Government thereon.
Mr.. Bell then took the floor, and went at length into
various arguments in opposition 10 the bill, and spoke
Of the different statements of the President and SecTeta'
~ of the Treasury, and Of the chairman of the Commit
lee Of Ways and Means, as wholly ~decePivei as also,
he contended, were the bill and its title deceptive, and
wiNuliy intended TO impose upon the community: lhe
- tIn I,,r ~ 81 tha ,np,,t nj a u
and Means that there were funds in hand 10 redeem the
Treasury notes, and that 4 permanent loan was unneces'
sary, he conlended were not correct, and went into
statements TO show that the income would not be as
great as was anticipated, anu that tie funds alluded 10
would not be available.
Mr.. Is. cuntended that the revenue had been reduced
within i few years, by the action Of the country, from
fort eight millions 10 ten, or twelve, or nj most TO III.
teen millions and said that he conside red the state OF
the country prosperous, though it had been called bloat.
ed, when The revenue was 80 large, and had enabled The
country to pay off the public debt, and place twenty
eight millions of surplus in the hands OF the States
He said the scheme of issuing Treasury notes now, was
only an experiment upon the people, TO see how Tar such
issues might be carried, and was an attempt TO establish,
in effect, n Treasury bank, by whatever name 1t might be
called. He alleged that tie Government was the cause
OF the expansion of bank paper, and read from speeches
and from " the official organ TO prove that encourage.
men,s had been held out 10 States to charter new banks;
and especially, that Pennsylvania was encouraged to
charter a large institution, by the hope held out, that
it would become the central ~deposilary of the public mo.
neys; and he considered this the worst instance Of brl-
berry and corruption ever held out BY any Government,
or Individual, 10 be found in the history OF bribery. lie
went into an argument, founded on the condition OF II.
nanccs in The South. western States, TO show The exces'
sive issues had been induced b. The action OF the Co.
yernment, in relation 10 the affairs OF banks, and Tie
sale of the public lands. The most extraordinary faci.
litics bad been held out TO the banks 10 induce them to
expand, and Indian lands, almost to The destruction Of
the Chickasaw nation, had been brought into The mai
-, Ii, ard Tho ayaru ihtDn
was at the highest state Of trade and speculation, IN con.
sequence Of this action, it was suddenly arrested. Banks
were denounced, speculation was condemned, The Spe'
Gle Circular was issued, and the weight OF the injury
fell upon the prescribed States of Mississippi and Ala
bama. He also alluded TO various expenditures, and ar
rued that the Government had not been governed, not.
outstanding their professions, by any system OF practi.
cal economy. The expenditures, he said, had been ex-
travagant, and in many cases useless.
Mr.. B. then spoke of internal improvements, and SAID
the Cumberland Road bill had been presented as a test
question, and he had been particularly pointed al IN The
debate on that bill. He had never, during the eleven
years that he had been in Congress, voted Tor any appro'
priation for internal improvement-not even ioT Tie I'M
of a river that run by his own door, or fer
the construction Of a road that run through the place
Of # biz Tesid L n.se and n he e.. said that ,h The very. very party art a new
nal improvements. had increased the expenditure from
a quarter of i million to over two millions; and that now,
Notwithstanding the recommendation 10 reduce the ap
preparations as low as possible, on account of the state
of the Treasury and currency, the President had recon-
mcnded appropriations for internal improvements to the
amount Of nineteen hundred thousand dollars. he then
went into a review of the division Of the parties as res
pectcd breaches Of privilege, to show that these test
votes were generally delusIve and deceptive; and that
with the changes Of the times the sentiments and votes
of members would change also. He adverted TO The gra-
duation and pre- emption schemes, as by
the President, which was designed as 4 test in the new
States; and, after dwelling on these and other topics Tor
some time, he concluded by expressing his solemn con-
victinn that the bill under consideration was but the I'M.
tatory step of general system that was in anticipation by
the present Administration-the establishment OF a Go.
yernmenl bank, and the issue and circulation of Govern.
ment paper.
SIR. Randolph followed on the same side, and went
into 4 review of the causes Of our present em5arrass-
menls, and those in England, and by a contrast between
the bank paper circulation in both countries, went on 10
contend that ours did not arise altogether from excess of
issue, or from any of the causes assigned by the Prcsi-
dent in his message at the special session. Mr.. K. as.
cribed them to a different source, viz: to the enormous
body Of office seekers who left their homes 10 seek EN-.
pIoyment under General Jackson, after his first election.
This unhinged the whole PIE. existing state OF things,
and, the President being regarded as the only fountain
Of honor and profit, uprooed the antecedent principles
of our Government. This position Mr.. r. illustrated
and sustained at length, and had not concluded when
our columns were closed.
The Treasury Note bill was brought into the House
between seven and eight o'clock, the several amend.
menls being informally acted upon for the purpose of
being offered in the House. The House then adjourned,
without tr ansaciing any further business.
Wednesday,, May IL.
IN SENATE.
A Report was presented from the Committee Of Fl.
nance, and read by Mr.. Wright in answer to Mr.. Ciuy's
TurrrDr,, r. SnIJI;nu