The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-02-27
CONGRESS.
UNITED SrAES SENATE.
WEDNESDAY, Feb. 26, lsi

UNITED s rAES SENATE
WEDNESDAY, Feb &C. 1910.
In the Senate, To-day there was very animated
and Interesting discussion, on The following resolu
lion, offered some days ago, by Mr.. Buchanan:
Resotred, That a Select Committee BE- appointed
LOT me purpose of inquring into the expectancy OF
proposing TO the States, such amendment 10 the Fee
derai Constitution will larger specie ba-
SIS Tor The paper circulation of the country by pro-
hoiing The issue and circulation of bank notes, and
olher paper currency of denominations so low as TO
preventive circulation OF gold and silver in the or
transaction oil business, and In payment oil
The wages OF labor.
Mr. WEBSTER met this resolution at the very
threshold. He said he was ever ready to treat
WIN courtesy and respect proposition from the
senator from Pennsylvania to inquire into the expe-
diency OF any measure, even by select committee.
bu' ne could not allow even this preliminary pro-
ceeding TO pass over under circumstances implying
his concurrence especially as he remembered thatin
a former proceeding Il had been taken for granted
ne was IN favor OF the measure because he had not
at The first stage declared his dissent.
he subject OF the resolution was 10 inquire
into The expedency of proposing such amend
meni to the Constitution would enable Congress
TO restrain, and suppress the circulation of small
notes. This was proposal, then, 10 enlarge The
powers Of Congress. He maintained that there was
no necessitySor any thing Of the kind In his OPT
MON, the powers Of Congress were quite sufficient
now-this Government is entirely competen, to do
any thing which the regulation Of the currency, pa
per or metallic requires.
Besides, (Mr. Webster commended, there was not
the least TO expect tina, the States would do
what was proposed He believed that the answer Of
the States would be refusal TO suppress small notes,
and The consequence would be an inference from the
action Of Congress itself for the diminuon Of pow
er. The requisite constitutional majority would not
be obtained to the amendment; and the effect would
be 10 hold out to The people that the currency must
remain as it is until we should 60 round the whole
circle of States, and get power which the Govern
ment does not now possess Iftha is the position of
, things-if We are to remain as are till the con-
sent ofthe States is procured tor this amendment
| then, said Mr.. Webster, our condition is more de-
| plorabe than was before imagined.
Mr. BUCHANAN said he was gratfed at this pre-
lmnary discussion and hoped the sense Of the
Senate would be taken on his resolution to-day. He
had supposed it was universally admitted that
larger specie circulation was required for the wants
of the country. He knew but one mode of supply
ing the deficiency and remedying the evil 1t was
law Of currency that paper and specie cannon cir
culate together The message sent by Mr.. Burke
round notes says, if you to pound notes..
you will never guinea again"
In this country he said we have gone still further,
| down even 10 one dollar notes, and when they are
in circulation, silver dollar not TO be seen. He
had supposed there was universal assent to raising
the basis Of specie and he could not conceive Of
any mode Of effecting that Object but by amending
the Constitution. The States could not take the
matter in hand themselves because they could not
act in concert. He thought the States would readily
agree 10 the proposal for amending the Constitution
Mr.. Strange next rose, and declared his oppose
ton to this procedure, as wholly inexpedent, whe
Their in regard to party considerations viewed as
a question Of grave public concern. To the party
with which he acted he drought it could only be
injurious. 1t would change the great issue between
the country. He preferred "the party" should
maintain the ground they now occupied. He was
against any dissolution Of the existing elements of
the two parties, or any new orglnizat IN.
lie was equally opposed TO the resolution on high
er grounds. He thought the proposal calculated to
bring about reunion Of the Government with the
Banks, contamination devoully to be avoided
The people, in Mr. Stranges opinion, will soon come
to look upon all banks as monsters Of mischief But
this proposition might enable the b nks TO ride out
the s,orm Therefore he, Mr.. S range, was oppos-
ed to it!
The Senator from Pennsylvania might think he
was giving death-blow TO the Banks. But Mi
Strange maintained that, so FIR from accomplishing
that desirable object, it would give those institutions
firm basis, and enable them to sustain themselves
for For these reasons, he would vote against
the inquiry.
Mr. WEBSTER again took the floor, and, abiding
to the remarks Of Mr. Buchanan, repeated his opin-
ion that Congress has plenary power over thc'whoe
subject. He thought il was as complete as any
article which can be framed BY man can make it,
When this Government has done every thing il now
TO accomplish the ohjec, ola perfect regulation OF
the currency, and fail In consequence of obstacles in
terposed by the cnacments of any State or States
then those enactmens must be so modified to let
the constitutional powers and laws Of this Govern
ment have free and full operation.
With regard to the necessity Of more extended
specie basis, he had yet to learn that any one had
drawn the attention of Congress TO that necessity
more than he had. He always feh its need: but he
had also seen the difficulties in the way. They
sgnally illustrated in the fact that the States which
had acted al all, have relaxed their restrictions
Mr.. WEBSTER concluded BY declaring that
amendment could give Congress more power over
the subject than they Low have and he anxious
that Congress should try all the Constitutional
means before starting on the hopeless enterprise o.
gaining more authority than is nov possessed.
Mr.. Buchanan declares his determination TO per-
with this resolution 50 long as he in the
Senate; and after some further remarks from him
and from Mr.. Webster the resolution was passed
over and the Senate resumed the consideration of
the report and resolutions Of the Select Committee
against State Credit, on distribution, assumption,
Sc &c