The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-13

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threw around this great question.
But, SIR, remember that 4" David the son o
JESSE" when, but shepherd boy, armed with Z
sling and few pebbles from the brook, but III
a righteous cause, met and slew Goliah of Gath:
the mighty giant of the Phillistines. And sir,
relying, like David, more en- the justice Of my
cause, than my own feeble strength and power Of
argument, will proceed with the discussion.
shall endeavor to show that the objections TO this
bill, which my friend from New York, undertook
to reiute, were well taken; and that his own ar
guments IN It's defence, plausible and ingenious
as they appeared to be, were sophistical and un-
sound; and the positions he assumed entirely UNI
tenable.
SIR, the people represent, although highly
lnteiilgent and well informed, plain prac-
ticai people, not given to artfsl subtleties and
metaphysical distractions. | shall, therefore,
leave all such arguments in connexion with this
important subject, to those who better quail
ned from the popularity of their genius for such
discussions. Nor will | detain thu committee
with any statistical tables. But, sir, shall en-
deavor to take plain, practical, and COMMON
sense view of the subject; and in considering
the disastrous effects of this scheme, upon the
credit, commerce, and business of the people IN
all the ramifcations of society, and in all the
various pursuits and av.cations of life and
above all its tendency to overthrow and destroy
SNt P-NoSht idIp1 S1SleU1 Oh anu
establish on its ruins a monarchy and despot-
ism shall rely on the experience, observa-
ton, and sound Judgment OF those who hear ne,
and more especially OF my constituents, to prove
the correctness Of my arguments.
he gentleman's first essay was to overthrow
the objection, urged against this BILL that it will
establish one currency for the government and
another, and an inferior one, for the people.
And how did he undertake to do that? Why,
fltnlo Al.
condensed into one sentence. His luminous and
conclusive refutation of this objection, consisted
IN the broad assertion, and the dogmatical
sumption, that it was impossible in the nature
OF things that it could be sol and that nobody
believed it but those deeply imbHed with Hamil
tonian federalism, bankites, and aristocrats!
Amazing, and overpowering as this argument
is, MIR. Chairman, shall attempt to answer it.
And, sir, assume that the friends of this bill
have unintentionally, no doubt, but substantially
admitted the truth and validity of this objection.
assert that if they be sincere in their profess
sions, in regard TO the effects of the measure
upon the currency, in the language of the ho-
norable gentleman, it is impossible in the nature
Of things, that it can fail to produce this effect
and shall now proceed to prove those positions.
Sir, we have mixed currency, consisting of
bank notes, and the precious metals. 1t was so,
long before the foundation of the government
be so from that day, down to the present / re-
peat, sir, that paper-money was in use in this
Country under the colonial governments, and at
the time of the adoption of present form of
government: and, sir, if it had been intended
By the 7piers of the constitution to prohibit its
use and establish in this government an exclu-
sive metallic currency, why did they not incor-
porate such provision in the constitution. Sir,
it must be obvious TO every one, think, that
m ha1 41a, ,sF.1c offh
sages and patriots.
The States, soon after the adoption OF the Con-
stitution, assumed che power of chartering banks;
whether rightfully wrongfully it is unneces-
sary now to enquire. This power was acquies-
cea in by the General Government, while those
who assisted in framing the government were en-
gagged in its administration. 1t has now become
part of the settled policy Of the country
Every one at all acquainted with the structure
Of our system of government must, therefore,
admit that it is impossible ever to abandon the
paper system i'll this country, even ii 1t were de-
sirable, without changing the Governments
The States cannot be prohibited from creating
banks, but by an amendment Of the Constitution,
deprivipg them of that power. Would the States
be willing to submit 10 this? Would they ratify
such an sina...3e,inent9 | imagine they would not
But, 81, viii not dwell Oh this point. deem
1t Unnecessary. l will only refer to few autho-
rites which sustain me in the position am csrl-
tending for, to the fullest extent and the compe-
tency A0f which ] am sure will not be questioned
by anyAp the friends Of this bill. The first wit
ness which, viii cali to the stand, is the present
Chief Jastieer of the United States, the Honor
able Roger b. fancy In his report as Secreta-
ry of the Treasury, in 1884, find few passa-
ges which, with the permission of the commit
tee, l will read: ''It will be seen," he says,
"from this statement, that it is no part OF the
proposed plan to dispense with the state banks
1t obviously is not in the power of Congress Oil
it desired to do SOY to take any measures for that
purpose, without an amendment of the Constitu-
ton, and the States would not, and ought not to
surrender the power Of chartering banking COM
panies."
Again: he says in the same report, "lf there
were no State banks, the profitable business oil
banking and exchange would be monopolized by
the great capitalists"
And still speaking Of the State banks, he fur
Their says, serhey are convenient and useful sor
the purposes of commerce. THIS cannot De Oh
tai,aed ipitho,tt the aid Of Paper circulation:
founded on credit"
Sir, might multiply these authorities to a
great extent; but / will only detain the commit
tee by referring to one or two more In the
speech of distinguished Senator from Pennsyl-
vania, mir. Buchanan) in the other branch OF
Congress, in support of this very bin find this
unequivocaf language, on this point. VI know,
says the Senator, s'that the existence OF banks,
and the circulation Of bank paper, arc so identi-
fed with the habits of the people, that they can
not be abolished, even if this were desirable
To reform, and not to destroy, is my motto"
Sir, it is said that Sin the mouth OF two or
three witnesses shall every word be established"
Now, IN order TO comply with this rule lald down
in Holy Writ, to the fullest extent, will INTRO
duce one other witness. l beg to call the atten-
ton Of the committee to the opinion OF the Pre-
sident Of the United States, as expressed IN ms
message Of Deer. 4th, 1888. Speaking OF the
State banks, he says: "Though always opposed
to their creation in the form OF exclusive pnvi-
leges, and, as a State magistrate, aiming by ap-
propriate Legislation, to secure the community
against the consequences of their occasional mis-
management, have ever wished to see them
protected in the exercise of rights conferred by
law, and have ,,ever doubted their utility when
properly managed, in promoting the interests OF
trade, and through that channel the other inter-
ests Of community"
Nov, sir. / have said thus much on this point
to establieh the utter futility and absurdity Of