The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-02-29
CONGRESS-.
UNITED STATES sENATE-FEB +:

UNITED STATES sENATE-FEB 81
The Senate resumed the consideration of Mr..
Buchanans resolution, for inquring into the expe-
diency of amending the Constitution Of the United
States, 10 give TO the General Government the
specific power 10 suppress the circulation of small
| notes.
! Mr. CALHOUN first addressed the Senate in opposi-
ton TO the resolution Of inquiry. Should the amend
ment be adopted by constitutional majority of the
States, il, would engran the Constitution the
banking system of The States. He had deeply felt,
and often expressed the opinion during the last six
years, that to graft the system on that instrument,
would be the greatest calamity TO the country;-and
having made up his mind that point, he could not
vote even for the inquiry. II the Senator, however
would enlarge his proposition, as 10 make the in
quiry into the expediency Of giving 10 Congress the
general regulation of the currency he would vote
! for it.
| Mr. PREsroN also opposed the resolution on the
| ground that the proposed amendment would be in
efficient. II proposed TO give specific power no, 10
engraft any general principle power in reality
to interfere with the powers Of the States for the sup
preston OF small bills. Al present, in his opinion,
the States possessed exclusively, the power of regu-
alng the currency, and though were there an orig-
nal question as 10 giving TO the Government this &C.
neral power Of regulation, he might be in favor OF
it, as matter OF national advantage, he would be
10th at this day to propose an amendment for con-
! ferring that power, when there is such manifest
disposition 10 run muck against the credit and The
| banking institutions Of the States.
! Mr. HENDERSON was in favor of the inquiry, and
took occasion to make some judcious observations
on the propriety and importance Of efficient regu-
/ laton OF the currency.
/ Mr.. GRUMPY eulogzed the proceeding of MIR.
Buchanan in the waImest terms, as one Of the most
| desirable and beneficial that could be made in rea-
ton TO the currency. He then entered upon some
remarks on the general subject Of the currency and
banking. He cared his opposition TO the theory
of exclusively hard money, and said he was in favor
of mired currency, with solid specie basis-ihat
he for reforming and regulating not for destroy
ing the banks The whole spirit Of Mr. Gsundy's
remarks was in direct antagonism to the financial
dogmas Of the party to which he belongs. They are
| Destructive--his speech was Conservative. Yet he
will vote and act with them in their most destructive
measures one day: and, on another, bring out Re-
port the only possible effect Of which can be TO in
jure the States deprccate their credit, and defeat
the accomplishment Of their great enterprises!
Mr.. CALHOUN apparently entertaining the idea
that Mr. Grundy had referred to him as an advocate
Of an exclusive specie currency, rose and declared
he was not an enemy Of banks. he, indeed, oeiieVeo
| they would go down He thought the existing oank-
ing system could not stand. 1t would destroy seii.
He always was OF THAT opinions but he had no hos
tility to them-neilher had he said word about
| hard-money!
Mr.. GnuspY explained that he had made no allu-
| sion TO him.