Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-09


South Carolina, (Mr Cnhoun) and others that disrin
guished Senator from Massachusetts, not now in his
seat, (hr. Webscr) lis author and parent. But al
the commencement Of the next session. the Senator from
Virginia, and his friend from New York (Mr Talmadge)
seemed to claim ihn, they, if the authors of it,
chiefly responsible for it measure which they had
supported with great reluctance, and under Of du-
rrss, had become their nvore II word was
said directly incidentally against it, both OF the
gentlemen Immediately took the floor as its champion
If not their natural child it has certainly become their
offspring 10y adoption.
MIR. President, those Of this side of the House,
who voted for that measure, also acted under nyic
ton 81 necessity and choice of evils. We considered
il measure, that could only be justified on The ground
Of necessity growing out OF the peculiar and ala ming
state of finances; but did then nor since re-
gard as Involving any comprehension of political prin
c'pe. interfering in the slightest degree. with
political relations ifc Sir, did not regard it as point
for new departure. or for commencing political
reckoning How it may have been viewed by the Sena
tor from Virginia. and his friend from New York. is not
for me TO say
Al the session. in 1887 we reached the third stare
in the Senator's financial views disclosed in what
was called his currency BILL and his manog emen, of that
bill before The Senate. The bill in itself was well enough
il only enacted the Joint resolution of 1916 with
provision designed 10 restrain and regulate the issues of
the State banks AT that time this had limited cx
tent, been the policy Of the Administration; had no,
much confidence in IL. but willing give fair
trial voted for the BILL and by no means sure now
WI
would be wise 10 adopt that b which in It's pracliral
operation. in or years from this time think in 1910
would entirely exclude all bank paper from your revenue;
for there is not now and will not then he any banks that
do issue notes less than twenty dollars. This how.
ever, do no, suppose the gen,leman's object At
that period, the idea Of restricting ard regulating the
currency, by the regulations and influence of the revc-
nue., prominent and distinct feature in the Sena.
tors financial policy. He designed to restrain and con.
troll The currency of the States, by The Federal revenue
and thus 10 effect, indirectly, what he admitted We have
no power 10 do directly.
In the undue importance attached 10 this M asure.
and the management Of the bill when before The Senate
some gentlemen supposed at the time that they disco
vered political 1ts gns opinion that subsequent vents
appear by means To have weakened.
now, Sir come 10 the extra session, when the Sena
tors financial views appear TO have undergone no es
senal change. He propose his currency bill sub
stitu,e for the bill reported by the Senator from New
York. lhlr Wright) without any change, except pro-
vision designed TO stimulate the banks to specie
pa yInens. AT The last session important, change
appears have taken place in The financial policy OF
,u future head of the Treasury The principle Of con.
rolling the State Bank currency simply by the ma
acement and influence of the Federal revenues was
bandoned and we were presented with most gsau lc