Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-03-14

I'll
rope was by the introduction of exclusive METAL.
currency INTO this country. Now, to such q radca
Change IN orr currency, have been opposed.
"ase aVowed my opposition repeatedly upon this foo
anu elsewhere; and never more distinctly than in IN
tte speech IN favor of the Independent Treasury NJ
motto has always been to reform not to DESTROY tn
o"hRs: and have endeavorcd to prove-wth villa
success must leave the public TO judge-tha such
tauc reform IN these institutions would prevent vi
oe' expansions and coniractons of the currency an
mus enable them always to redeem their notes IN spp
ce, would prove cmineny beneficial to all classes
society, nut more especially TO the labornr man
~" saturday evening last message sent me by
airehd requesting to examine the published speecl
OF Inc Senator from Massachusetts, (Alr Davis) anc
suggesting that it contained an erroneous statement
inc arguments which had used IN favor of the Inde
pendent Treasury bill. | examined his speech i'm the
National fntel!gencer having read before an
confess it struck me with the utmost astonishnen,
found that throughout he had attributed to me arru
menls IN favor of the bill which / never used; nav
more, that the objections to the BILL which had en-
acavored 10 combat, had been imputed to me as thu
very arguments winch urged in It's favor
shall proceed to make remarks upon his
speech. In performing this duty, il rs my sole purpos
to Justify myself without feeling The slightest posi-
ton TO do hun injury.
In my remarks urged the passage Of the Tndepend
ent Treasury Ball, because it would separate the bank
from the Government, and would render the none,
OF the people always secure, and always ready L
promote their prosperity in peace and to defend then
in war. Great the advantages, direct and inc.
dental, which the country Will derive from the passau,
OF this bill, knew that II could accomplish httl.. or NJ,
thing, towards reforming our paper currency or re-
Stralning the banks within safe limits. This opinion
have declared upon all occasions, and never more en-
phaticaily than M !ae speech stated that :iit
additional demand Tor gold and silver winch it might
create would not exceed five millions Of dollars per an.
mum, according - tie Presidents estimate; and that
although this might compel the banks u keep more
specie III their vaults in proportion to their CIRCULATION
a"d GePosiirs, yet that would prove hut very made
qGate restrain; upon excessive Blinking. Nay
pumed myscl: upon the fact that mad been the first
to suggest Tic amendment requiring the holders OF
Treasury drafts 10 present them for payment 10 the de-
Postarcs with lt,l delay possible for the express
purpose oi saving the banks IRON the injury wlc! might
be inflicted upon them by locking up ii large surplus of
revenue IN gold and silver III the wants OF the drposa
ries And cndravorrd 10 prove. not only by nv own
Arguments but by authority Ut one OF the dstln-
guishcd nancicrs that TINS country has produced,
that The banks never could be injured By the adoption
81 the independent Treasury BILL unless in the event
ola large surplus revenue, winch would not probably
soon occur. also stated that il would thus become
their interest, Il already that Of the rest Of the
community, TO prevent The accumulation Of such
plus. in referring 10 the blessings which would iiow
10 the !ahor!E9 from the existence Of sound mixed
currency, whose basis should he gold and silver, cx-
prcsSy declared tia, the bill should exercise grea;
influence IN producing this desirable result
Again, in speaking Of the effect which this measure
would produce III reducing the amount of imports
"a contamination dcvouiv desired By al-what was
my argument, That the bill would, in sumo dc,rsc.
especially after June, Isi2 diminish our imports; be-
canSe We should then have system Of cash duties,
which would operate Us an encouragement TO our do
nestle manufactures.
One of the great objects Of my speech to
lie objections which had been urged against I'll. indie
.A Ton I'LL
'-.:-s had hoo" r-ndicted By liz enemies; and
especially TIN; it would produce little or no rlrcl upon
The sound and solvent banks of the county tnoug"'
had succeeded. Il certainly never entered mic my
that any person on tic face OF the earth
could so far have mistaken my meaning as to attribute
to me arguments in favor of the bill, directly oppo-
site to those which urged as darkness IS 10 light
You may indgr, then, Mr.. President, ofmy asi9a;sh-
mcnt wht H. the rcry second paragraph o. inc speech
of the Senator from Massachusetts,, read the following
sentence: ,,.,
rhr Senator from Mississippi M WLSERl with his usual
acknowledged ability, ami the distinguished seh"' from aenm
,Iyan,a SIR following III Lis track have advanced
tile propositions that the ana distress VIZ"
The country has been elrrol-s afflicted ic several year, @ u
cio,s Of bank paper, that tins bill ts
Treasury bill contain. the "esesaf! cot's'.s S W., Hs Gt
aud by restoring specls currency, Isance ' h
by friends aud alarming rs the doctrines are am graz
fled th!, they frankly arowed'' . =
Now sir openly declare, in the face OF the Senate
n
ever ayowed by me, but that these remarks OF Inc Se
nutor arc pa pabc, viii not say Intentional, ms'e
nrosenatons both of the letter and spirit OF my speech
What, sir to attribute TO me the remark, that ms
bill BY applying the necessary corrective I" the perh
c;o:s influence OF hank papcr land By thus restoring
y sp,rje currfncV" will produce the disastrous conae
quences which he has enumerated: when c"nS:d'ra
BILE portion ." ny argumcnt was devoted 10 Prove tna'
the hill would produce no injurious effect whatever
upon the s9und and solvent banks OF the country =
NM more that would exert hrt very tr!iing ihin
cucc indeed If any, IN restraining within SAFE
Limits eir loans and issues Now, sir, it may be very
nren,ous bu, Il is certainly not very far to put into
he mouth of friend OF bill, arguments III us Ia
yor The strongest objections which have been urged
AGAINST il BY its encm!cs These would be 50 MANI ad-
missions of lis fatal consequences, and lhcy Wouia De
br stronger when converted into arguments III It's IA
vor by one of its friends Against the Who'll" current
Of my remarks-aga:nst my express and reiterated
declarations boil, upon this and former occasions, that
was no friend to exclusive hard money currency,
but was in favor Of well regulated Stale banks, now
could the Senator be 50 far mistaken rs 10 SIT down an
deliberately write that had urged in favor Of tins bill,
that il would restore specie currency and thereby re:
ducc the wages of labor and the value OF properly:
leave for him answer the the question according 10
his own sense of justice towards brothrr senator
who las never done him harm.
But the Senator does not stop here lnroughou'
HE vhol. spcerh he mpmi"s to tho vac ." s"cH
ARGUMENTS in favor of the bill, as have stated, and
dwells upon them at length, arguments which, u h'a
ever used, would prove concus,ve'y that was an enc
nv of the bill which protcsscd 10 advocate, and at
scarcely even in disguise. THIS The light IN when
he presents me before the wrrIt Towards the con
cusion of his speech, lie caps the climax lie says
ssTo follow have supposed: Tine income OF every
man. except the yporcr he reduced oneaIi IN Inc ane
wages and property all foreign mcandHe WI c.l m
same which viii obviously effect, double the price, AZ VII
;qkr ~ tie aho twice the amount oi me po
,ncis Of labor 10 purchase II. ,. -. . = ,oh il, N,
power TO The NV hut u Is ehoish ioI NV
that IL. friends d. response viii the farmers, tt
manufacturers and aborers make 10 such Eas"s propose
tIor:' - oI ;,
me- lie thus charges me with having ascrlbed 10 ,ne
Independent Treasury bill the power OF reducing INC
income Of every man in the country zone halt IN inc
value Of wages and property" Had con:ended u
favor of any such power, well might the Senator have
said it was e flag itinus proposition. he would a,
most have been justified in the use Of term so haf'i
and unpaTliamentary. ;.
Selfrespect, as well the respect winch owe te
the Senate rcstrans me from giving such contraoic
ton 10 this allegation il deserves 1t would surely
not be deemed improper, however, IN me, II we're Z
turn 10 the Senator, and apply the ephet which ~
himself has applied to the proposition he 'mpu'es Z
IA An