Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-01
Twenty-iiffh Cengress---2d sess
D cSII0pECrJON NOTES.

RESURRECTION NOTES.
SPEECH OF Mr.. GRUMPY, OF TENNESSEE,
In Ssonte Yvra TO- 1888 Upon the bill to prevent the
ssuinr and circulation of the bills notes ana securi
ties of corporations created by Congress which have
expired; and, also upon The late Lettsr "i 3iCH
BIopLE to JoHy QuINCY ADAMS, recommending
non.resunpt,on of specie payments by the bauks
MIR PsEsrpIXr: This bill presents s%o questions Tor
the consideration and decision Of the Senate
The first is, does Congress possess the constitutions
power to enact its provisions!
The second is if the power exists, II eHPedeht 10
exercise il:
the order have named them Bat. before proceed 10
establish the afrna,iv ri each, %hiah believe can
do wish TO call the attention OF The Senale 10 one OF
the most extraordinary predictions HIGH has been pre-
scented to The public in these extraordinary lines ~
intimately connected with the subject matter OF the hi
now before the Senate. Should be tedious upon this
branch of what have to say my apology VII! he i"nhd
in this that my lips have been sea'ed by The mandate
of the Legislature of my State. during the whole d's
cussion upon The Currency question Now, that have
obeyed inlunctnrs which IT was tne! pleasure I"
impose on nue. not only in their letter hui in their spirit,
feel as free any Senator hire But lei IL be a's'
tinc,v nderstuod that iii regard to he bill which has
passed the Senate for the collection, safe keeping and
disbursement of the public money, and upon which
was instructed have moi word 10 either Tor uf
agaas. IT,
The extraordinary production, to which have refer
,vl,aoie Bank of the U. $ ana addressed, in farm to
the Hon John @ Adams, but evidently designed as
manifesto to the public Of the principles Upon wn'ch hr
institution over which he Prcsdes nen's 10 ac'' ana
also as declaration of war against the present Exrcu
five of the u am not mistaken; nor have spoken
too boldly or said what cannot make g""d
In the concluding paragraph OF this letter: the Hollow
ing language is employed'
srha banks shnud remain exactly as hey Hre pf@Par'
ing To resume BIZ, yet resuming They should begin
as the Bank Of England did, under similar c!rcums!an
ces BY paying the small notes so as TO restore com I"
all the minor channels Of citculation but not MAKE any
thouo YIDIn tlha n
Government will pursue; employing III the mean time,
their whole power 10 forward The crops to market Tie
American banks should do in shoIt, what the American
army did at New Orleans stand fast "r h"9 'heii cel"i'
bales until the enemy has left tie country
Now tvest this graph OF lis rhetoric: and what Is
i,s plain inoor, and meaning The author in The whole
preceding part Of this paper had been aborng 10 '"ve
(unjusl!y will show that the present chri ag's
tra,e was hostile TO all State Banks and had resolved on
their destruction and then concludes with the language
have quoted Yes, the counsel gwen clearly IL, lha'
as the American army stood fast behino 'heit co'h
bales until the enemy left the country, SO the oanks
should retain their present nonspecie-Payhg position
mill the present incumbent shall TO occupy The
Preside ntis chair in Senatorial language unti t:e
Gohs are driven from the Capitol In other words,
this uren, national calamity o suspension o specis
payments s Il, be CONTINUED until The people Of the u
States shall he tortured lnio- change OF the aomnsa'
tors Of the Government, anH Their ahcti"nS are 10 o.
continued and increased in Intensity UNTIL ns happened
in ancien, times they shall be constrained ~ say, Givc
us ing to rule that we may be like the other
nations Of the EARTH; that is give ns Bank OF the u
States not 10 regulate the curcnc" only but TO regulate
the politics of the county, and save the people the f"u
BILE and Inconvenience OF governing themselves, or
elecling their own agents 10 manage 'her OWN P"'c
affairs
Sir, if nm not mistaken in the character Of the Anne
rcan people this paper will do more Than any thng
phch ha, been or be done. by the cSerons OF any
;ndivdu,l or sci of individuals in this nation, 10 prevent
the ACCOMPLISHMENT Of that which its author designed
Until the 4h OF March, 1871, when the Presidential
term of the present Chief Magistrate expires The banks
are IN remain ntrenched behind their bales Ut bank pa
ner Then when 'ihe enemy has lrtt the country.
when s.,he Cloths have been driven from the Capitol,
the penpe may be suffered TO ENJOY the advantages ana
benefits arising from resumption of specie paymhnts ;
bu, moi before This is the fiat Of Mr. Bidde this is
the decree of the president of Of eight hundred
State hanks that now exist in the United Stntes.
Here is monryed corporution created by the authc-
ry Of single State denpuncing the Chief Magistrate
of all the States and demanding his exclusion from Of
fee at the expiration Of his present ieTn under the pen
aty tina, until il be done resumption OF specie pHy.
ments shall take place.
have said that the charter rechsrter Of Bank Of
the United States is also required by the writer Of this
letter as the price of resumption lie says referring
10 the Congress Of the United States
"The only reform in the currency which that body has
We, made is the issue of ten millions OF rredeemabe
paper money, and proposal for Ten millions more
One passiup remark upon this statement. The i'm.
preston il is calculated to make is that ten millions %
dollars in Treasury notes. have been issued by the Sc
cetary Of the Treasury and tna hey are now IN crcu.
lston The fact is eight millions only have been ssu.
ed and one half Of them have been redeemed leaving
only four millions in circulation Nor Ca" these, with
the least propre,y Justice be designated as rredeem
able paper money" They are received by the Govern.
inent as equivalent gold and silver the revenues of
the country may be paid in them without depreciation;
they IRE transmitted from part Of the country to
another equal value; in sense can they be pro
perly spoken Of as irredeemab!e paper money with no
Justice can they be cassed with the deprecated and un-
redeemed paper Of non .spece-paying banks.
But / proceed with the letter. 1t continues
ais it worth while them long Congress fails 70
exercise ,s legitimate powers to waste the strength of
the country in efforts to accomplish what all know 10
he imoraccable. To resume now, without under.
standing with the Government, seems I" be throwing
svav The benefits of xperence and the lessons of
fortune We have gone through all the modification
and all The Inconvenience Of suspension. Let us en-
de.vor to profit by them; fix the future some
lid basis: have some guaranty Of the stability OF the cur
rrncy and set thing af6ss again without know
inc where we may be drilled. For, compare the si,ua-
,on of the banks at the las, resumption and Aer
suspension OF nearly three years Congress applied oil
s power to induce To persuade and to assist the banks
III. 1S,,. "a seenn,s They pesved The resolution