Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-29
EedncSday, FeJrnary 70, lei0.
IL SENATE,

Eedncsday, February 26 loio.
IN SENATE.
| Mr. GRUSDf presented the credentials OF the Hon
ALEXANDER AspERsoS, elected by the Legislature %!
Tennessee, Senator trem that State III the place q
the Hon. II. J.. WHITE; which were read.
The usual oaths were administered TO Mr. ANurs.
SON and he took his sea. IN the Senate
Mr. CLAY of Alabama prcscn ted iolnt plcaHJe
and resolutions of the Legislature of Alabama, f
vor OF cesson TO that State, on reasonable terms,
all the public lands remaining unsod wtihin her limits
and graduation and reduction ot prices. Also,
mortal of the same Legislature, recommending yauoa
amendments of the late presumption law, 50 as 10 "a
tend its benefits to those not embraced by Ms pruysvm
at the time Of lis passage and also To extend like pr
lrces TO those who have since made settlements both
of which were referred 10 the Committee on the Ful.
Lands.
Mr. KING presented preamble and resolutions u
the Legislature OF the State of Alab ama, the SUBJECT
of the claim of that Stale against the L States for at
vanccs for the pay and subsistence of certain cOEpanc,
Of militia and volunteers called into service Of the
States dur;:r the Creek and Seminole hostcs IN l-3y
and 1857 which referred 10 the Committee on H..
litary Affairs.
Mr. X also presented preamble and resolutions
passed BY the Legislature of the State OF Alabama
s,ructing the Senator's and requesting the Rcprcen.
tavcs OF said State their cyeronS 10 prCCGrt
the establishment of certain mail routes within tia,
State which was referred 10 the committee the Post
Office and Post Roads.
Mr. YOUNG, agreeaby to notice; asked and OBTAIN.
ed leave TO introduce bill granting TO the AIssspp
and Rock river Canal Company portion of the pubic
lands for the purposes therein mentioned which va,
read twice, and referred TO the Committee on Road,
and Canals.
The following resolution, submitted yesterday b.,
Mr.. buchanan, was taken up for consideration;
RcSoircd, That select committee be appointed 70;
the purpose ofinqurng into the cxped:cncy OF propo
ing to the States such an amendment TO the Fctenl
Constitution Will secure large specie basis for the
circulation Of the country by prohibiting the issue ana
circulation Of bank n tas, and other paper curr"nc
OF denominations 81 low 10 prevent III" circulation
of gold and silver in th ordinary transactions Of bus,
ness, and in payment Of the wages Of labor.
| Mr.. WEBSTER of opinion that Congress- IN
der the Constitution, already possessed full! and pnl'
~ powers over the currency, and 1t only needed d.
position TO exercise them Even If voted III lavo.
of proposition based upon this resolution, there
no probability that sufficient sumbcr of States wond
accedc to il; and BY asking them for this power,
admit that do not possess il at present, which would
place in worse position than formerly He, !Ci
enc, not disposed to assist in placing Congress
such situation. Its only effect would be 10
tenancc the idea that the currency must remain IN IL
| present dcporabe condition until improve
by this roundabout process of an application 10 III"
States for amendment Of the Constitution II tAp
was really So stuatlonb more dcploralc than
| he had yet mag ned il to be.
! Mr.. BUCHANAN SAID that, this premlna':
question, he should dctain the Senate with but ser.
brief exposition Of his views in presenting the rcsou
ton. Indeed, he had anticipated any debate upon
the subject, surprising that Senators would have waited
until the report of the committee should be made
IN the first place, (sa;d Mr. Is, no gentleman vii
deny the truth of the proposition that is desirable 10
lnluse into the general circulation of the country
much larger proportion of gold and silver than cx'ts
present. Every thing which and hear, and iee.
around US, must convince us all that this is obe@
of the first Importance On this point, therefor,
shall offer no argument upon the present occasion.
| What, then, is the only possible mode OF accomps,.
ing this purpose 1t is law of currency almost ..
universal IN its operation rs any law Of nature, that ?.'
per and specie OF the same denominations canuo,
culate together. We all recocc the celebrated r':.
sage sent by Mr. Burke to Mr.. Pitt, in the year '&'
or 1888, that If he consented to the issue of pound
notes, he would never guinea again The SGlSr'
qucnt experience of England had proved the sleac'i
Of the statesman and guineas and soycrcgns w,r a.
most as completely banIshed from general circulate
IN that Kingdom as # they did not exist After P'''
severng struggle OF many years led by their most dir
tlngushed statesmen of both the great political parties
the five pound note policy, originally advocated BY ~
celebrated Adam Smith, finally prevailed One poaaf
notes were excluded from circulation and in the coa;
OF very few years, 1t was estimated that oncIlii Z"
the currency OF that country consisted Of the prccI'
metals Their lowest bank note is now OF the tca''
mination of about twcpty-four dollars they have
no v about half and half of paper and specie.
What IS the condition of our own country IN this r.
!
dollar notes: That they do not must be admitted h
all. VIII eagles ever circulate generally in a conaf'
where there are ten dollar notes issued IN abUndan.r
10 take their place. In those States where d'.a
notes are IN general circulation, It is almost as rare
thing to silver dollar, it is in other State
where i've dollar notes circulate, 10 find halt eag%
ii there ever was question upon which there '''
appeared to be an Unanimous IN almost unhhi"'"
opinion among public Of all parties was "
regard to the necessity Of excluding from circulation
bank notes and other paper currency OF less drh2
nation than twenty dollars. This, all admit ought
be effected gradually and in such manner as 10 g'
no shock to the business Of the country; but oil ~
IN the ultimate object a flvoritc principle ~
General Jackson, and had found equal favor "'h ~,
President the United States. My friend from ~
souri, MI Bentonl had presented THIS question 10 "
Senate some years ago, and on his motion we We
adopted an amendment, with unexampcd unaA''"'
prohibiting the officers of the Government from ie,
ing or dsbursing bank notes Of less denomination W
twenty dollars. The same principle had been aooPS
IN the celebrated currency BILL and, under It's pro'l'"
after certain period, the notes of no bank when
ed notes of less denomination than twenty dona,
were to De received in the payment of the dGes 70 -
Government. The Senator from Virginia Hr. NV
had made the ablest speech he had ever heard nv!
liver on this ioor in favor of the principle oiexcu'''
| from circulation notes under twenty dollars. -
Now, Sir, can human ingenuity devise any in'I L,
accomplishing this object much desired by all, Va
an amendment Of the Constitution: Fit cam s"S-
adopt that course. hold the Constitution IN sue"
verence that would not offer to amend It witaou
solute necessity would apply the rule OF hpIe P,nI
try to its provsions-I forget the Latin quotation
say that the power of Divinity ought never % Va
voked without absolute necessity. TO use me pn,'
of the Senator from South Carolina, (Nlr. CahouTr,
can see no mode under Gods heavens OF accohP''i
ing the object but by amending the ConsGiI'n he
one State undertakes 10 make this reform, wha' 5,
consequence: Other States will not adopt IL anu
FIVE and ten dollar notes ill up the vacuum Hen, n.
obliged TO submit to the evils of the small note
cy There is mode of reaching It but BY p.noa