The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-31

II these banks 10 be allowed TO circulate notes
of non-speeie paying banks, they would issue
dollar OF their own They had none of their paper
out, and therefore the idea OF paying specie was
mere nullnyi and II they allowed TO deal IN
notes OF non specie paying banks, they would be mere
agents for putting IN circulation notes which they
We're not bound 10 redeem. Was the evil of
irredeemable paper then increased when these banks
allowed 10 put such notes IN circulation ask
that senator in all cando and kindness If il will not
he so. ask him in behalf OF the suffering people Of
this District about which he has told US much) il
the fleet will not he the introduction of redeema-
bic paper to the exclusion OF all sound and healthy
currency IL it will not ask him 10 show me how
or why II will not
Mr. MERRlCk replied at considerable length and
was followed by Mr.. ALLEN.
MIR SMITH. OF la said the question was one Of
bank or no bank, action or no action. What was the
amendment Il not only required the bank TO pay its
notes with specie but II prohibited II from receiv
ing paying out the notes paying banks
He had never in his life voted for bank charter for
the benefit of the officers and stockholders OF the
institution, nor would he give such vote.
(Mr BUCHANAN. you voted for the charter of
the Fiscal Bank Yesterday
Certainly, said Mr. s. yoad cheerfully for that char
teri but IN that vote he could not have feeling for
either the officers or private Stockholders who were
unknown to hun. lie supported that bill because he
believed Il would operate measure Of permanent
reliefto depressed and suffering People because He
and regulate and cheaper the exchanges, and, in a
word, give healthy action TO the industry and enter
prise othe People. He could the Senate that
he would he the last man in the nation that would
vote for any bank charter unless he believed that the
best interests of the People required the institution
Ii was upon that principle he had given his former
vote against this amendment.
This bill proposed, not TO incorporate new banks
but revive aud continue for term banks that have
been fo series of years doing business These banks
had large amount of debts due To them which had
been created by the discount Of notes which were less
valuable than silver II, then they prohibited them
from receiving the currency of the country in payment
for their dues their debtors would be compelled To
their debts in specie To charter the banks, then,
compelling them to pay specie on their own notes,
would deter them from receiving any thing but specie
and consequently would operate against the people
who their creditors. But il no such debtors
sed and they were TO 30 into operation de what
would be the consequence Could they do business
surrounded by the circulation OF non spccie-paying
banks Would not every note fall back them the
moment they were issued and specie be demanded Z
This must he the was therefore, evident that
the banks could do useful business with such re-
stricons. MIR. ). was willing TO prohibit them from
receiving the notes OF paying banks after
the banks in Maryland and Virginia shall have re-
sumed But why require more OF the banks citi-
of this dstianchised District than would be re-
CURED of them had they remained attached to their
respective States For one, he could not He had
no hesitation in saying that he would 90 cheerlully
sumption the part Of the State banks beyond this
District; but such result was anticipated by any
one hecouid not require mpossibtes of these banks
nor would he consent that they should be compelled
TO Cypress the people in the medium in which they
were authorized to receive their debts
Mr.. LINN gave his views at some length He
thought, from the tranquility of the Senator from Ma
ryland,' that all must have been arranged in caucus
and the passage of the bill looked on as certain He
regarded the proposition to remedy the evils of this
IbIStr hy ,Ls hn Of
humbug as that of the Senator from Kentucky with
his regulator of the currency
lie considered the most unfortunate thing in the
world for this District that the people had not respect
ed the law of Congress; that law would have secured
TO them sound currency, had they been governed by
It's provisions.
Mr. BERRlEN rose to make suggestion which
he hoped would be adopted He could not allow him
self 10 vote for charter which admitted of the banks
issuing rredeemable paper He would not consent
TO strike out the feature which the Senator from Mis-
SCUM had introduced prior occasion, but he would
move to modify it to read shall not after the
An Of March merit" &c. BY that time, the mo Notary
condition of the country he had doubt would stand
on different and better basis the Bank of the u.
States would then be in operation. He believed the
modification he proposed would have tendency to
leve the people, while it would violate the princi
pies he had laid down for his own government
Mr.. MERRlCk said he accepted the modification
with pleasure.
Mr.. BENTON would ask the Senator from Geor-
gia TO put his amendment somewhere else for Gods
sake, and not introduce il alongside of any thing Of
his. He said there not week day but kegs
OF gold and silver shipped off 10 the North
While Congress asking to charter banks to
an rredeemable paper specie was the only staple ex-
port from the District He spoke for time against
The whole bill
The further consideration of the bill was post poned
TO 90 into Executive session. and after time spent
therein,
The Senate adjourned.