The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-14

in New Jersey, and many other States, both Atlantic
and Western.
| have said on former occasion, and still thipk
that The measures pursued by Government have
oyerhrown, al least for the present lis own policy
OF disseminating the use Of small bills A state Of
things has arisen in which The people Of States WHICH
had begun TO act on that policy have compelled their
Legislatures To give up the attempt for the present
10 some instances The laws against small notes have
been repealed; in others, modified or suspended -
All this, repeat, has been the work Of The people
themselves, acting directly on their own Legisla.
lures. Under existing circumstances they find small
bills useful II not indisp nsable And as there is no
reason doubt The solvency Of The banks which issue
such notes more than that Of Others the question may
be asked as Il is asked, with sgniheancy and effect
by the committee OF the associated banks in Boston
why not put the notes Of all speciepaying banks on
the same ground
lIhink, sir il is the duty Of Government al the pre-
sent important moment 10 extend large and liberal
confidence 10 the banks and courage their efforts
and assist their struggles for resumption by all pro.
per means. To this end, think the prohibition
contained in the nth section Of the deposite law
ought 10 be repealed, suspended for considera-
BILE lime, and until circumstances shall favor re-
newed attempt 10 sustain the policy heretofore pur
sued. | am not OF opinion that u Is not enough
merely TO abolish the incapacity, arising from hat
has been DONE contrary 10 The provision Of the sta.
iue. Think IL necessaryto provide that bank notes
OF spccie-paying banks may hereafter be received,
at least for some time although the banks issuing
them continue TO issue small bills. Nothing shoIt
OF this en- give efiectual relief. The banks cannot
now, without great public Inconvenience, again
sent that they should. This is point, believe, on
which there is liule difference OF opinion in those
States in which small notes are issued.
On the whole, my opinion is, that the best thing 10
be done under all circumstances is TO Tepealthe pro-
hibion, and TO watt for more favorable opporuni-
IL 10 establish the policy which il was intended 10
sustain. hope we may see our way on this subject
somewhat clearer sometime hence than We now see
II. II repeal however, be cblectedto, Suspension
Is indispensGbly necessary; and this suspension
should be for such length Of Time as will enable
the banks and the public 10 adjust their
the state Of things which Will then be before them
But il suspension only be agreed 10, and day fixed
when il shall expire, and especially II that day be
a near one, III. banks will be compelled Immediately
10 begin call in their bills and the relief afforded
if il be any relief at all, will be crippled and inefec
tual. Another pressure will commence, and a re-
newal Of past troubles ensue. My opinion is, there
fore, that taking all circumstances into conSidera
lion it is best 10 repeal The prohibitioh and Teain,
of course, the power OF renewing 1t when stale CT
things shall hereafter arise to justify such renewal
For The same reasons think the second section Of
| the act of April should also be repealed.
| After some further remarks by MesSrs. Hubbard,
| Webster, Buchanan, Preston, Smith, of Indiana,
Strange, and Benton the petitions were laid on the
table, and ordered 10 be printed.
Mr. WEBSTER then, in pursuance Of previous
notice, asked leave TO introduce the following
JILL making further provisions for the collection Of
the public revenues.
Be IL enacted, dc That the operation Of so much Of
the act Of June 3d. 1886. entitled An act TO regulate
the deposi,es of the public money, as prohibits the
receipt of the notes or bills Of specie-psying banks
which have issued since the 4th Of March, 1886, notes
or bills less denomination than hive dollars, be, and
the same hereby, suspended until further order OF
Congress. .a.ls# ill.,.
Sec Q And be IL further enaefed, That it shall be
lawful for the Secretary of the Treasury to select and
employ as repositories Of the public money, according
10 the provisions OF said act, any banking institutions
which may be established under the PROVISIONS Of law
| Of the State in which il exists, .,.
! Sec g. And be IL further enacted That shall DO
lawful for the Secretary Of the Treasury hereafter TO
select and employ as repositories Of the public money
according TO the provisions OF SAID act any bank "eh
shall redeem lis notes and bills demand IL specie
notw outstanding may have stopped sPecie-PSy meh's
| since the date Of the said act. Eve.
/ Sec 4 And be ii further enacted, That the opera
ton OF the second section Of the sct OF April A. 1885,
entitled :. An act making appropriations Tor the pay
ntnt OF Revolutionary and other OF The United
States for the year 1885, be- and the same is hereby
suspended until further order of Congress .D
| Leave was granted the bill was introduced and
read The first time, and on the suggestion OF Mr.
WRIGHT that il would be OF no use 10 referi a
report Just having been made ON the whole subject
from the Committee on Finance, the bill was laid on
the table, with the understanding that it would
ceive its second reading and come under the cons
ueTaion OF the senate tomorrow.
MeSsrs. Grundy, Norvell, Wall, and Hubbard
reported various bills from committees referred 10
them.
On motion OF Messrs SMITH, Of Indiana, RUG.
Gil ES and HUBBARD, committees were discharg
ed from the further consideration of the petitions Of
VIM. Pratt, Ebenezer Watson Waller X. Johnson
Hiram J. Lewis, and Others.
The following bills were introduced, on leave
read twice, and referred
BY Mr.. SOUTHARD: A bill granting pension
TO Jonathan Freeman.
A bill to establish the Office of Surgeon General
in the Navy Of the United States
A bill confirming the claims of certain lands in
Louisiana, of the heirs of Edward Murphy and
BY Mr.. NORVELL: A bill making certain
grants of land, and for other purposes.
Several bills from the House were also read twice
and referred. .'
Mr.. MERRICK asked leave to withdraw the pa,
pers OF the executor OF James Cook, Of Maryland,
as they were required as evidence in Court OF
ChanceTy.
This being counter to resolution Of the Senate,
offered by Mr.. HUBBARD, and recently adopted,
conversation Of some length ensued on the question
OF order chiefly BY the Vice President, Mr. Merfick,
Mr. Hubbard, and Mr. Webster, which resulted in
leave being granted to withdraw the papers where
upon
Mr. HUBBARD offered resolution, which lies
over one day, making the resolution formerly offer
ed by him, and prohibiting the withdrawal OF orisi-
nal papers on private claims, one OF the standing
The VICE PRESIDENT presented communi-
cation from the Secretary Of War, with report
from the Colonel OF Ordnance containing informa-
ton in pursuance Of the act of 1894 in reference TO
armories.
Also from the Secretary Of State, respecting TO
reign vessels that have arrived in the various col.
lection districts OF the United States. Severay laid
on the table, and ordered 10 be printed.
The bill to encourage the introduction and cult
walton Of tropical plants in the United States wasla
ken up advocated By Messrs Linn and SEWER op
posed by Mcssrs. Morris, Clay, of Alabama, Niles,