The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-02-19
CONGRESS-.

In SENATE, Yesterday Mr.. Wrghts Bill, which is
in fact principally, but collection and recapitula
ton Of existing laws in relation 10 the duties OF re-
verne officers was under discussion most oft day
Mr.. RIvEs offered his substitute, which will be
found in another column, with some remarks ex-
panatory Of its character and Of its effects in Vir-
GINA since the great defalcations which occurred in
That State under the old system, before banks were
escorted to. >..~.
MIR. WRIGHT opposed it, on,the ground, as he al
.sed that it forced connection between the Go
eminent and the banks, more closely than any sys-
TIN that had ever been presented to Congress.
Mr.. RlvEs replied to this, that it did not conem-
pate intimate connection than already exist
d by the choice or necessity of the Government
"he United States Bank and other banks he had
nown, were deposile banks, and bank notes are re-
eived in payment OF public dues.
Mr. CALHOUN said, if there is TO be any connection
,f the Government with the banks the banks should
SOLICIT, keep and pay away the public moneys, as
contemplated by the Senator from Virginia. But
lie had resolved to vote against any connection with
anks in any form.
Mr. WEBSTER said there must be a connection OF
ZONE sort between the Government and the banks,
., else we must go the whole for an exclusive me-
taeic currency and individual agents The Govern
mat is and must be dependent upon the security OF
banks as long the present state of things continue,
andns long as bank notes are received in payment
of nblic dues So if the banks were to suspend to-
morrow, the Government must suspend also. lie
ddnot see any necessity for the bill of the commit
lee and did not believe it contained any provision Of
an,imporance which is not now the law OF the land.
TIE difficulty u.s. and has been that the laws have not
ben enforced He should vote for the amendment
OF he Senator from Virginia.
Mr.. CALHOUN said if he were Secretary of the
Treasury, and the Bill of the Committee pass, he
could not resist the inference that the public money
is to be kept by the public officers 1t does not pro-
vide against the receipt of bank notes. and il is an
absurdity TO receive bank notes to keep. This is
bank connection in the worst form. II leaves the
banks, and the kinds of money to be received to the
control of the Executive. II was great error OF
those his side TO repeal the other session The last
clause of the 9Th section of the Deposite Act oil 1886
which created disability to receive the notes OF
those banks that had suspended specie payments
We must get rid of bank notes, or else have the
whole more perfectly regulated by law. The dill
Guilty now lies in this receiving bank notes But no
man can tell what is now the law OF the land in
relation to this revenue and currency question:
There is great confusion in the public mind on the
subject The Sub, Treasury is not now in operation
as had been allcged-it never has been in operation.
We have bank connection by receiving bank notes
and by deposite. We did our best TO carry the Sub
treasury, but were voted down. The principle OF
this bank connection as an Independent proposition
would receive few votes on this side Of the house
The expansion since the suspension has been
greater, and the banks more loose than ever, and
the new banks which have been created, are
worse than the old. He seemed to anticipate an
other explosion-but he should not be himself re-
sponsibe in any degree for coming events.
He should not vote for the bill, (Mr. Wright's,
because II was not clear and did not go far enough
on the subject of divorce though he should not vote
against it. To Keep bank notes By officers, Il
the greatest folly Gods earth. He objected to this
halfway work, and II the present system is kept up
and his friends insist that the Subtreasury sin force
when It is not, they would lose ground by rendering