The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-10


leave all such arguments in connection with this
important subject, to those who are better quail
fed from the popularity OF their genius for such
discussions. Nor will | detain the 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 manifestations Of society, and in all the
various pursuits and avocations of life and
above all its tendency to overthrow and destroy
our present happy system of government, and
establish on its ruins a monarchy and despot-
ism | shall rely on the experience, observa-
ton, and sound Judgment Of those who hear me,
and more especially Of my constituents, to prove
the correctness of my arguments.
The gentleman's first essay was to overthrow
the objection, urged against this BILL that 1t 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,
sir, his whole argument on that point may be
condensed into one sentence. Ills luminous ana
conclusive refutation Of this objection, consisted
in the broad assertion, and the dogmatical as
sumption, that it was impossible in the nature
of things that it could be so! and that nobody
believed it but those deeply imbaed with tamlI-
tonian federalism, bankites, and aristocrats!
Amazing, and overpowering as this argument
is, Mr.. Chairman, i shall attempt to answer It,
And, sir, l 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 probes
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 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
at the time it was founded, and has continued to
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 our present form OF
government: and, sir, if it had been intended
by the trainers of the constitution to prohibit its
and establish in this government an exclu-
sive metallic currency, why did they not inccr-
porate such provision in the constitution SIR,
it must be obvious to every one, think, that
such an idea never entered the minds OF those
sages and patriots.
The States, soon after the adoption Of the Con-
stitution, assumed the power of chartering banks;
whether rightfully wrongfully it is unncces-
sary now to enquire. This power was acquies-
eed i'll 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 enc at all acquainted with the structure
| admit that it is impossible ever to abandon the
paper system in this country, even ii it were de-
| sirable, without changing the Government
| The States cannot be prohibited from creating
banks, but by an amendment OF the Constitution,
/ depriving them of that power. Would the States
| be willing TO submit to this2 Would they ratify
such an amendment imagine they would not
| But, sir, will not dwell on this point. deem
| it unnecessary. / will only refer to flew autho-
rites which sustain me in the position am con-
tending for, to the fullest extent, and the compe-
| tenoy of which am sure Will not be questioned
by any of the friends of this bill. The first wit
ness which will call to the stand, is the present
| Chief Justice of the United States, the Honor
| able Roger B. fancy. In his report as Secreta-
| ry of the Treasury, in 1884, | find few passa-
| gcs which, with the permission of the commit
| tee, l will read: e'It will be SEEM" he says,
f'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 Of
it desired TO do SOY take any measures fol that
purpose, without 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, EEIf there
were no State banks, the profitable business OF
| banking and exchange would be monopoiized by
the great capitalists"
| And still speaking of the State banks, he fur
ther says, '"rhey are convenient and useful for
| the purposes of commerce. This cannot be OBJ
taiased' tcittott the all Of paper circulation,
| founded on cqedan
Sir, might multiply these authorities to a
great extent; but will only detain the commit
| tee by referring to two more. In the
| speech of distinguished Senator from Pennsyl-
| vania, (Mr. Buehanan) in the other branch OF
Congress, in support of this very bill find this
| uncquivocal language, on this point 81 know"
says the Senator, sstlat the existence of banks,
otdf hoo ho,,
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 laid down
| in Holy Writ, to the fullest extent, will intro
| duce one other witness. / beg to call the atten-
ton of the committee TO the opinion OF the Pre-
sident of the United States, as expressed in his
message of Deer. 4th, 1888. Speaking of the
State banks, he says: ssThough always opposed
TO their creation in the form of exclusive priyi-
| leges, and, as State magistrate, aiming by APP
| propriate Iegislation 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 neUer doubted their utility when
properly managed, in promoting the interests of
trade, and through that channel the other inter-
ests of community"
Now, sir, L have said thus much on this point
to establieh the utter futility and absurdity of
the attempts which the late and present admin
istrations have pretended to make, towards Civ
ing the people Of this country gold and silver
currency exclusively; and that all their promis-
es to that effect have been merely for the pur-
pose of humbuggIng the people and obtaining
their votes. They knew from the beginning,
that such thing was impossible for, sir, il
they were to succeed in destroying the banks
now in existence as is supposed BY some to be
their real design, in single year as many more
would be created. In the face of these undcnia-
BILE facts, can any reasonable man believe for one
moment, that the use of paper money viii ever
be abandoned in this country? Certainly not
Then, sir, l have established the important fact,
that, under the operation Of this bill, we still
to have, as we have heretofore had, two kinds Of