Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-03-30
Twenty fifth Congress---3d sess
REMARKS OF Mr. BUCHANAN, OF PENNSYLVANIA
(Concludtd)

REMARKS OF Mr. BUCHANAN, OF PENNSYLVANIA
(Corcludtd)
There was charge made by the Senator IRON" VIZ
enia against the present Administrator WING" sn"u,
have been the first man to sustain, hau oe"eFeu "
be well founded Had the President erinced de'er
inaon in the face Of all his principles and professions
to form permanent connection in violation OF iaw' oe
tween the Government and The Bank ott'ne on'.u
States or any other State bank he should IN .n'S Pa'
cuIar have encountered my unqualified oPposltoh IN
such an event should have been wiling to serve uh
der the command of the Senator against the ADMINS
tra,ion; and hundreds and thousands OF The unoough
and ncorrup,be Democracy would have rallied 10 our
standard | am convinced, however from The reports
of the Secretaries of the Treasury and Of War; and from
the other lights which have been shed upon the bec
that her poverty and not their will consented 10 inc
partial and limited connection which resulted from Inc
sale of the bond TO the Bank of the United States Such
seems have the general opinion on this floor be-
cause no Senator the aid of the gentleman from
Virginia in sustaining this charge. 'W here was Rode
rick them Why did not the Senator from Kentucky
come TO the and sustain his friend from Virginia IN
the accusation against the Administration OF having
again connected itself with the Bank Of the United
States.
The Senator from Virginia has informed US, that in
his State, law exists prohibiting any man who holds
Office under the Federal Government from holding, al
the same time State office. This law prevents the
same individual from serving two masters. similar
law believe, exists in every State OF this Union II
there is not there ought to be The Federal and State
Governments ought be kept as distinct and independ
enl Of each other possible The General government
ouph, never TO be permitted TO nsnuate itself into the
concerns of the States, by using their officers It's on
GERS These incompatible laws proceed from wise and
wholesome jealousy Of Federal power, and proper re-
gard for State Rights. heartily approve them Then,
Sir if Their re danger trusting postmaster Of The CIR
neral Government with the COMMISSION OF magistrate
under State authority, how infinitely more dangerous
would il be 10 suffer tho Administration TO connect seli
with oil the 81 lie banks OF the country: What immense
inHn nf Epde
Government TINS acCure! Suffer TO deposte the pub
lie money pleasure with these banks and permit them
to loan out for their benefit ard you establish
vast Federal Influence, not weighers and gaugers
and posmasies the Presidents and directors
cashiers aud debtors and creditors OF these nsu-
tons You bind them you BY the strongest Of all ties
that Of self interest; and they men who, from their
position, cannot fail to exercise an extensive influence
over the people OF the States an Stale Rights man,
and am therefore opposed any connection between This
Government and the State Banks; and last OF all 10 such
connection with the Bank Of the United States which
is the most powerful of them all This is one OF The
chief reasons why am in !avar Of an Independent Trca
sury Aud yet friendly Stale rights the Senator
PROCESSES be- he complains Of the President for oppos
ing such connection with the State Banks, and there
BY voluntarily depriving himself of the power and in
huence which must result from such az union
There at other reasons why am inPnCy 10 an indie
pendent Treasury but his not The proper occasion 20
discuss them. shall merely advert to one which, in
my opinion, renders immediate separation from the
banks indispensable 10 the public interest. The impor
tation of foreign goods into New York since the
mencement of the present year, very far exceeds,
cordng 10 Information, the corresponding imPoria
tons during the year 1886, although they were greater
in that year than they had been since the origin OF
our Government This must al create a large debt
again., US in Eugland. Meanwhile, what is our cond
ton al home? N York has established what is called
free banking law, under whose provisions more than y"
banks had been established in the gnnng of January
last anu know not how many since, with permission tn
thsir to fOuF hundred
millions Of dollars These banks do not even profess To
proceed upon he ancient, safe and we'll established prin
cipIe ufmakg the specie IN lherVauS bear and
reasonable proper to their circulation and deposiitS
Another and navel principle is adopted. Slate loans
and mortgages upon real estate made TO take the
place of gold aud SiI:er and an amount OF bank no'es
NAV be issued rqup 20 the amount Of these securities
deposited with the Comptroller. There ia no restriction
whatever imposed thsse banks in regard to specie.
except tina, they are required to hold eleven pence in the
dollar Of their circulation and depostes united but
of their circulation alone Well may that able officer
have declared in his report the Legislature that at
now evident that the point OF danger not exclusive
metallic currency, hut exclusive paper currency, so
redundant and universal as to excite approximations for
its stability. The amount OF paper issues of these
banks and the amount Of bank credits, must rapid,
expand the paper circulation; and again produce
trayayant speculation The example Of New York vii
have a 20 werful influence the other States Of tn
Union. Already has Georgia established free bank ing
law; and bill for the same purpose is before tn
do not deceive me, shall have another ex plosor
sooner much sooner, than had anticipated The Sc
naor from massachusetts, (r Webster mods his
There Mr. Webster SAID 81 think also u This pa
per bubble must from its nature go rapidly expand
ing until il reaches the bursting point The
De nson of specie payments by the Branch Bank of Mo
bile in the State Of my friend from Alabama, Mr. King
may be The and dlstct thunder premonory Of the
approaching storm This is all foreign, however, 10 tn,
subject before the Senate desire now to declare 81
lemnly in adrance that this explosion should come
the money of the people in the Treasury should agar
be converted into irredeemable bank paper and ban
credits the Administration will be guless OF the deed
We have tried, but tried In vain, to establish an lnde
pendent Treasury where this money would be SAFE il
the custody Of officers responsible 10 the people.
There is incident in relation 10 The Bank Of tn
u. S. which my friend from Virginia may be curious l.
know. Under the Pennsyv ana charter it was prohibit
ed from issuing notes under ten dollars. had fondly
hoped that this example might be gradually followed BY
our Legislature in regard to the other banks until thu
time should arrive when circulation under ten dol
lars should consist OF gold and silver The free banking
law Of New York has enabled the Bank to nufy hi.
restriction. Under This law it has established bank
the city of New York, the capital of which NAV be in
creased to $50 coo and has transferred TO the Comm
toller Of that State Michigan State loan to the amount
of 1900 900 And what mates, Mr. President, do Won
suppoxe il has taken in lieu Of this amount of loan
Not an assortment If different denominations as In,
other banks have done but forty thousand FIVE dollar
notes These five dollar notes will be paid out and cir
cuated by the Bank at Phlladepha and1hus the wise
ten dollars restriction contained in its Pennsy lvaua char
ter is completely annulI.d
IT, therefore, could believe for moment that this
Government intended to form permanent connection
with the Bank Of the United States and sgan make it
the general depository and fiscal agent of the Treasury,
even if no other principles involved than that Of
the enormous increase of Executive patronage which
must necessarily follow, should al stand with my
friend from Virginia in opposition TO the Administration
Bot would not go over with him TO the enemy's camp
have some where read euIogy on the wisdom of The
Catholic church. for tosra,ng much freedom of opinion
in non essentials among IFS members pious, an en-
thusiss,c and an ardent spirit, which, il it belonged
10 any Protestant church, might produce scbism, is
permitted establish order, and thus to benefit,