Lexington union. (Lexington, Miss.) 1838-18??, 1840-02-22
WASHINGTON CORRESPONDENCE
From the Mississippian.
W. crrvn,r,o~, T. IN
WASHINGTON JAN, 10.

| The proceedings of the past week have
been of more than usual interest, both in
the House and in the Senate.
The Independent Treasury bill has been
passed in the Senate, to third reading,
with specie clause made as strong as any
friend to the constitutional currency can
wish. The bill has been so guarded as to
prevent the Government from circulating
any species OF paper as currency-such
as drafts, warrants, etc. The payments to
the Government and from the Government
must be made in hard money. The bill
was supported by large majority, and
there was no formal opposition to it. Mr..
Rives was not there TO offer and advocate
his system of allied State banks; and it is
fortunate for his reputation that he was
not. In the present desperate condition
of the local banks, unable as they general
ly are, TO pay their obligations in specie,
the proposition would have appeared too
absurd; as TO a national bank, it was not
even mentioned. No one had the hardi-
hood to name it. We learn from the
northern and eastern commercial and
manufacturing towns that they have gen.
orally ceased to oppose the Sub.Treasury
scheme, and are anxious TO have it put in
immediate operation. What triumph of
principle is this, over interest and preiu-
dice? When the divorce of the Govern
ment from banks was first suggested in
1887, it was scented all over the country.
The Senate, though being democratic
body, rejected the most important feature
of the bill-the specie clause; and the
House of Representatives, with strong
democratic majority, refused their assent
even to the shadow of the measure as it
passed the Senate. As to the States, star
after star fell under the control of the bank
party. Even Maine. whose device is the
loan star, and whose motto is " dirigo,"
deserted US. 1t was thought that the
administration and the party that had the
presumption to move against the excuses
OF the credit system, would be hurled from
power by universal reclamation. But
instead Of that, what do we see? Maine,
which was the first to bolt, was the first to
come back to her place; and we see even
corporationridden Massachusetts throwing
off the bank yoke. The more the people |
contemplated the policy ofthe administra-
ton, the more they became convinced of
its propriety and of lis necessity; until at
last, opposition 10 it has ceased and it will
be adopted by almost general assent. The
history of this matter speaks we'll for the
honesty, good sense and intelligence--or,
as Mr.. Van Buren, has 1.-THE "second, |
sober thought" Of the people of this coun-
try.
In the debate on the details Of this bill,
Mr.. Clay reminded the Senate, that what
ever course was taken by the General
Government in relation to specie currency
and banks, the States would still have
banks and bank paper. Mr.. Buchanan
expressed the opinion that banks were SO
much connected with the habits and bust
ness of the country, that they would not
be easily dispensed with. He said he was
for radical reform IN these institutions, if
any reform could be effected; but if they
could not be properly regulated and re-
strained, he was for blowing them up en-.
tireIy. This called up Mr.. Walker. of
Mississippi, who gave the Senate touch
of the true doctrine on this subject in re-
ply to Mr.. BIS Pennsylvania notions,
which are far from being anti-bank. Mr..
Walker said he was utterly and entirely
opposed to the whole banking system.
He said it was impossible so to regulate
and restrain banks as to render them safe
and useful. The promise to pay in specie
was false promise, promise that could
not, except under very favorable circum.
stances, be complied with. MIR. Walkers
views on the currency question have been
given very fully in this debate, and are
such as will commend him to the intelli-
gent democracy of the country.
There is little spark OF war rising
again on our Northeastern boundary.
The compact made last winter between
Sir John Harvey and Gov. Fairfield, that
neither party should occupy the disputed
territory pending the negotiation which
had been re-opened in England, has, it is
alleged, been violated by the former.
The British troops have been forbid il
seems, within the territory, from which il
would appear that Sir John Harvey is de-
term,ned TO have brush with Mr.. Fair
field moreover, the Maine and Massachu-
sets people now say, that time is passing
on. and they see no more prospect Of an
adjustment of the dispute now than there
was year or FIVE years ago. Uncle
p.han - in n 6 nrettV considerable Il