The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-03

faceiyable as well for lands other public dues TO
greater or less extent, FOR six OF years
Still citizen Of the old States. about TO emgrate 10
the new and having the money for the purchase OF his
lands la the notes Of specie paying banks Of the old
States. would venture take those notes tho
means Of payment, because there would be Danger
that the land officer, whom he might wish to make
payment, would receive the notes Of even specie
paying banks remote from the place where alone they
could be converted into specie. The emlgrant would
be compelled, therefore, 10 present the notes. convert
them hi uself aud take the specie his Of pay
tien unless the provision nov proposed, Or some
OF similar character. should enable him TO make the
payment before his journey Is commenced. The expe-
Of the past had proved that this was the
pursued by the einRrants towards the banks Ia the vi
cnlIy o their former residences, and pursued from
pulso bnr he had been informed that during the short
period, ~ the summer Of 1896. when payments for
lands were actually received The Office Of the rea
III this city large amounts were paid aud received
and that the banks here aud 10 the adonrg States Of
Virginia and Maryland, experienced sensible and mate
nal reheffrom the practice.
He would here close his examination OF the first class
Of the provisions OF the bill, and give very brief attcn
tlon OF the second those relating TO the proposed change
ia tho currency TO be received payment Of tho pubic
dues,
The principal and controlling provision upon this sub
lect was To be found In the twenty third section OF the
bill The section was long, and contained much detail
but the principle adopted by u was SIMPLE aud intcll
gile It was merely gradual change from the
cy OF specie paying bank notes 10 the legal currency Of
the country. The change was TO commence alter
the close Of the present year. aud was TO cover
the full PERIOD Of six years, making the change appca
he 10 oncslxh parI Of the aecrung revenue Of each,
hcyo ud that of the preceding year lie could most
easily make the Senate acquainted with tins sectiuu by
saying that was, substance aud prlicipe, tie pro-
Offered by the honorable Senator from South Ca
rotid, MIR Calhoun by way Of amendnenI 10 the bill
thp aNIFA
svssol III September last The only materlai change
made by the committee had been to extend the grada-
Of the chaugu The currency from ourthst To sixths,
10 require instead Of four years 10 make the
change entire The might oi be drawn III the
words used by thai Senator his amendment, hut,
with the exception Just nancd the substance was ldcn-
ticdl.
This was feature OF the bill which former experience
assured him would be more strongly contested per-
haps, than any other Of It's provisions. IL would be
recolected BY the Senate that, al the extra session. the
committee had Incorporated into their bull no provision
III reference tho currency which the public dues
should be received, and that their opinion had been
then expressed the body that 1t would be most ex-
pedent legisate upon each OF these great points Sc
paraley, and by separate bills different opinion was
strongly expressed the time by several Senators, and
different amendments touching this subject OF the cur
rency ere early offered 10 the bill which the committee
did report Alter full debate, aud by deliberate votes
the amendment proposed by the the Senator from South
Carolina was adopted and made part OF the bill. I'm
der these circumstances the committee had ielt con-
strained in making their report at this session. TO IN
cude this provision that report, and to make II part
Of the same measure which should separate the finances
of the country from the banking interests OF the conn-
try Hence Is the section now found IN the bill pre-
scented by the committee, although il not part Of
their former report Still il presents question OF deep
interest Of great magnitude, and upon which there is
great diversity Of opinion aud great decscy Of feeling,
wall 1 other
house Of Congress.
Ii was not his purpose, at this time, to discuss the
section except one aspect, but IN that one he must
make some suggestions The alarm taken at the pro-
vision had relation principally the State Banks and
reference to the interests OF those Institutions
that he proposed the he about 10 make
The proposition is, gradually, aud after tho term of
some SIX or years, discontinue the receipt OF
their in payment OF the public dues although hey
may be- at the nc specie paying banks and their notes
he convertible into specie, al the VIII oil The holder,
at their banking house, wherever they may be located
The objection IS that this rejection Of tie paper OF these
banks on the part OF the National Government Will SO
far dscred their circulation generally as 10 cripple their
operations destroy their powers Of usefulness ~ me To-
cal sphere Of their legitimate operations, and hay an
initiate them Is there ground for this apprehension
How the charters of The Stale Banks obtained and
for v hat purposes Is it that the circulation OF their
notes shall extend the whole Union! Is II that
those notes sail take with them, wherever they may
legal currency Of the Federal Government every point
and place IN these twenty six States! No: no such
idea ever entered the mind OF man, WHO, as
member OF the Legislature Of his State, has voted for
local bsuk charter. The oisy ground upon which those
applications pressed upon the Stale Legislatures is,
the accommodation oi the commerce and business IN the
immediate vicinity OF the proposed location Of the hank
Look at tho statistics which are always made part OF
the argument IN favor Of particular State charter
Are they the statistics Of the Union! No: they are
the oil the village town, county embrace
ing the location OF the proposed bank, aud they are IN
tended to proye the necessity OF the banking facilities
proposed TO be furnished by the charter at that point
Did any man suppose then that the State Legls-
laGres, TO which these applications are 80 constantly
and perseserngly addressed considered themselves in
their very liberal grants IN this way TO be authorizing
currency for the whole people OF the Uued States aud
especially standard oil currency Tor the Treasury 81 the
Unlted States No Such position would not be as
su ned by any here, would il by any III the
country Where theu arose the obligation Of this GO
vernmcnt TO the notes oil these institutions, thus
chartered and for such purposes III payment oil the pub
lie dues He could either he obligation or the
duty; and certainly one would contend, IN case the
notes were be received that they should be kept
hand as the money treasure Of the whole people.
How, then, they to he disposed OF in manner
TO consult the safety Of the public funds in they
were 10 be perpetually received? This question admit
ted Of but one answer They must be presented at
short intervals, to the banks which issued them, aud
converted into money, into the legal currency Of the
country In conformity with this manifest principle the
bill provided that these notes should not be made mat
Of depose, under the regulations ii contains for
special deposites ia banks 1t would be folly to depo
site, merely for safety the representative Of value, in
the place Of the vaue itself where the open option
is;ed to constitute the deposte Of the the other.
Which would. then, he most useful TO the Stale Banks
receive their cash the Treasury, aud con.
stany convert them into specie, or gradually TO dis
continue that receipt altogether aud collect the
in the legal currency only To allow them from six
to years conform themselves, their business,
and thor conditions. TO the changel state u things or