Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-27

hot presented hy Mise s>riu q; the p-cscu m Hncut
svar, hat i ., narh iaiiN iiual di-trc.s
'nHns Ia rai> oi ,Ec people n ih' uiyrf Of Penn. %
,'lnia. There a. .. ch.ay confined - ll',l WIZ d
axe tcen t,inp'' "a the dly 80 grs-ri'y 70 60 be =
u'd tc'' r1ans by Tao ia,iist % obtaining bank oo-
ia
En-, read the signs ofihe times arigh, the cr.sis
ms passed. or rather gradually passing away. We
cannot return :" state oi prosperity before the rros
lruol rccnn but tbs couiiisn uf individuals gene
reilly viii not he one OF inicrsr sufcr-r The rcsour.
ccs al :hs Nis, country arc great and the proluc.
i've classes Industrious that with two wears of
fair play they can provide as mTch wealth n the
s,c,u a,ors have been able sluaEdcr IN one I1.rc
will be no great -uilcrrg during tho next summer. I'm.
less 1t may DC in pu5 large commercial cities
Aier presenting la glowing cOlurs, the distress Of
;he county. the Senator asks what measure of relief
have We proposed nigh, ask him, in return. where
he viii find any clause IA the Constitution comforting
power ugoa Congress to regulate the banking aud
credit Of the respective States. and thus strike
the rust of chlaniies and cmharrassmcnIr, The
prcsgn, NUN srion ase not had the slightest agCn-
~ in creating the existing distress. and can 90 bu, liz
tie 10 arrest a. or prevent lis recurrence. THIS a
duty whi'h dcvolycs upon the States. Sill have
proposed measure which believe viii produce hs
effect to a limited extent Our chief oljccIs IN adopt.
ing the Independent Treasury are. discnnncct the
Government from all banks; TO the Peoples
rcy from the wreck of the banking system. and tn
have it always ready promote the prosperity of the
however II viii dn some good in checking the eNirav
agini spirit OF 81 ecuaiion which is the hano of the
country
In the first place. 10y requiring specie in all receipts
and expenditures OF the Government you will create
additional demand ir gold and silver. 10 the sinouni
OF GIVE millions Oi dollars per annum. according 10 the
estimates OF the President large portion Of this sum
will be- drawn from tire hanks. and this vii compel
them - Keep more specific ia their lus in ptoporo.
To their circulation AMI deposircs and to bank less
THIS. 30 far ~ may 20, III strike nj the root OF hc
cA,stIag evil fear, how that II will prove to De
hut very inadequate restrain; upon excessive bank.
Ing.
Ia The second place, this hin will. in some degree.
diminish orr imports, especially after June 1912 |
most heartily concur with the Senator IN siring this
result What Is the condition OF the importing bust.
ncss n the present moment Il Is almost exclusively
IN the HAMS of the British agents who sell al the
manufactures they dispose of an other portions
The world, and then bring the rc,iduum heic 10 rlui
markets. According our existing laws they re-
cciVe credit from The Government for the amount OF
Us duties. They sell the goods for cash. and this credit
becomes much capital ia their hands - enable ;hcm
10 make fresh in,pcratiuss. The Indopeudcn; Trer.
sury bill requires that all duties shall be paid in gold
and silver; and, alter June, $40 the compromise law
VIII take away all the credits altogether We shall
Then have system of cash duties in operation. which
Will contribute much to reduce the amount u our ir
iora'inns and 10 encourage domestic manufactures.
In the third place, this bill will make the banking
interest the greatest economists IN the country 50 FIR
~ the Government Is concerned Their nerve OF Il
interest will bc to"ched IN favor Of economy anl his
will induce Them unite wish the pco,a, IL, reducing,
the revenue and exp ndur Of the Government To- ~,
lowcst standard cons silently with tae public god
They VIII hereafter ohhHr surplus revenue rs much
~ they delighted IN formerly. vhca they used il for
hlHkin- purposes Any surplus which may exist IL.
iuiure VIII be locked zap gold and SILVER ia ilc vaults
ot our dcpOSirarios; and provo.nn 70 lis atnnuni
, he. ,,f 4
They Will the rciurr. become hs partiSaus of rtIr;,
hc revenue Ia the actual and Necessary expenditures
OF the Government, that The specie may Cow out of
lhc siiriroasunes with rapdily cores, ending With
lis InhaN Nohing but large surplus can seriously
iIJure the banks. This demonstrated To me hy
one of the most distinguished finaace,s vhica our
country has ever produced, himself | believe
? friendly 10 tlc independent Treasury. These Trca-
sy drafts, IN the naIra. of business " III find
ih';s way either into lhc banks the very points
where our depO,srcs Suaiel or into The hand,
81 individuals Ih"Te having duties u pay To tie Co
NemmcnL Take. for eNnmple, New York 4 nublic
creditor receives such draft the Encouragement
10 payment Of his debt VIII hc carry il To Y York
receive payment anal transport Tie specie from thai
ci!f such instances will be rare. he will gcscrally
dcPs l. II 10 his credit ia the hank with which hf
rus els ms business. wherever that may be- Tki.
bjh' u tot IN New ORR. VIII transmit i, far COLI g
non 10 one of The banks there's and thus these hank,
VIII ara" ihe specie from dcIo,iary MS rapdiy az
~ "IIMn rum ih' Ia for ic plymeui of the pubic
dues. Thus ile equilibrium, ~ n lie ur.,r,,I :,
lniig rs ihe GOyCmmcuI il wiiLoY large srrlus T.,
other Instances these drafts VIII De soiobt ,35- mi
procured 10y indtv iduas having iics to pav AMI they
wii be presented 10 the rccc!yers-gcncral ana accep
Cd 10y ihcm instead of gold and silver
come new 10 another and the most irnnor,,,, nor
non oi TIC senilcmans argument. II The Presi,en,
h''u 'aNen lie Senator from Kentucky uu!cr his m,
Drciia anu whipped his Iuda-rubbcr cloak nr,,,,nl
n' o'" made hini hs Palnuius TO steer The shin OF
! iero -lr. Clay said this was not possible easel
AT. Buchanan replied that all things are possiljc
''lu "opdcrS VIII never Cease. admit Tint such an
event u not very probable; but should il ever orcpr
fue a. The needle To The POLE The Senator oud scer
d;rcc' for National Bank. This is the Senator. so,
erci9n Innacea for regulating the currency nj Tho
eouh'ry and restraining the extravaganza OF the Siac
! banks admit That the true issue now boc,rc 10
country - between an independent Treasury and y
National Bank. The Pet Bank" drrosite sys;c1n ia,
oceh such an utter failure that another re- orr IN II ,,
not he seriously contemplated by any considerable
li,h OF lhc American People. feel Tire ufuost con
iideHcc ~ The success Of the IEdcpcnde,t q'r..-
'honid nc IA" be ably AMI efficiently executed; bnr
SHOULD u fail the neat experiment =, III al,,l,la. -
another Bank # The United Sl,,cy
'HiSihg' NJ present The constitutional uuesis,p ~,
M"'h nave o'ien expressed my opinion bc for. The
9'ni'r pror'~e 10 take up the Senator'S argument
ana prove that such bank yyoyld NOT r,c,i,, Il,
10 q" So II would be eIIrcly destitute Of the ro,ycr
Nocld such bank. Ihca. if it could. control and
regulate iae loans ard issues Of the Stale Iopk.J
~ NC aiL"rs OF human lie II you cYrcci one agent
70 restrain anoihcr you render their Interests ron,
H'."s. IhIs proposition IS cmphltcally true when
sI'h agents are Ranking corporations intent urnn do
earring ihe largest possible dividends anonr tLcir
'"'NHoideS Now. Bank Of the United S,otcs So
lar from feeling any interest adyersc 10 the STATE ,n
would nave The very same inducements with tbcrn r.,
'a"' cNlra'agan loans and issues The dufv az s,b
UihN' as rcgrlai"r of the currency would 10 III,
rcciIy al war with lis interest as banking i,,,,;
ron cannot raise men above The selfish passions of ,l
nature by making lhCm directors and -kboli.rs -
= Oi"N oi ne United States When heir iniercs, as
'ahhers conflicts with their duty as reeulnors ,f 10
currency ihe history Of mankind points YOU 10 fIe
oioc f'sni Ike fhe State bank. they will aI.,,y.
gNcnd ihcr cans and their issues. Wheueye, tb.,
ih'nh hey can do - without cnIaugerinr ,l,- so,
security This Is iie powerful instinct Of s,ci,,,',
~ IS oos1rd ih11' 10 fs-- ihai the president ami m.
'-5.s ID Bank Of the United States will 90. a.