Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-29
TwEsTY-SEvENru CONGRESS- st Session

WAsHlSGroS, June 23.-The vote of the Senate yes.
terday, on the bill recharerng the District hanhs,
which decided against their issuing and carrying on
eir dealings in the deprecated paper oil other banks
it appears alter nights consultation, was not conSl-
dered suspicious to the views Of the great banking m
terest MIR Morebead Of Kentucky, on the opening OF
this morning session, moved TO recomma ne bf, ,o'h
instructions get rid Of the provision against the use Of
deprecated paper the currency rhich the banks arc
to thronc out IN The District Mr. Merrck, chairman
of the District Committee, who represents the banks,
very promptly seconded MIR. Morehead's proposition;
and the measure seemed likely to float through as
all the overnight concocted measures do, which
are launched from the Kentucky side, on the re-
~sstless current of the majority, which now takes
impulse from that quarter Yesterday, the attempt TO
authorize, Gy charter, banking in the District on dep'e
ciated paper, and exclusively, If the Banks should
think fit TO do So. for the whole OF the new term
granted was refused-ony six Senators sustaining IL.
To-day we had indications that the whole Bank maio.
ry prepared to 90 in for 1t. Not Senator OF
the Federal side raised his voice against it, but il was
destined to meet with most decisive opposition from the
whole Democratic party
Mr. Morehead and Mr.. Merrick in behalf Of the ire.
deemabe circulation, urged that IL impossible for
the banks of the District do business if excluded
from the Of the paper OF the suspended banks in the
neghborng States. They intimatcd that while the
banks here compelled to pay specie for their own
notes, required by the charter, they could not
issue them without their instant return tor specie and II
deprived Of the of paper OF the suspended banks,
they could do nothing.
Mr. Young az ilinn;s IN n href response, exposed
the inconsistency of the arguments used on the INTRO
ducton of the bill TO charter the banks and tia, now
used 10 license their issue of the redeemabe paper OF
other banks. MIR. Young said that it was urged as
reason for pressing this measure Of the extraordinary
session. that il was give the District currency flow
ing from specie pa wing banks, which would expel the
spur;ous shinpasier medium by which 1t was infested;
and now when the port Of passing the bill was nearly
attained il was proposed TO instruct the committee TO
relieve the banks rom the provision winch denies them
the roh TO b-ng the deprecated paper Of suspended
hanks 10 deal upon. To charter banks
the WORK of dscountng TO the utmost extent that their
capitals would allow; on the suspended paper which
other banks would furnish, without stint, for small
share Of the profit would he 10 ilaod the District with
fraudulent currency which IL was pretended 10 be the
great object to Danish.
Mr.. Young stated that, since the institutions, now
seeking charters, had ceased to exist, they had
ceased to have notes in circulation; and now, when it
was admitted that they could do business notes Of
their own which they bound 10 redeem in specie,
To icenss them TO suspended bank paper was SIM
ply to incorporate companies TO extend the evil OF spu
rious currency
Mr. Benton enlarged upon these views. lie sug-
ges.eG that the recommtinent also contemplated ihe
introduction Of the provision which was carried yes
terday and afterwards reconsldered anu vo,cd out
that Of allowing the District Banks Ia include IN their
spurious issues, the small notes which came under The
denomination of sh!npasters He looked back 10 the
beginning Of the paper taxing system to exhibit the eX-
tremity of abuse 10 which j: had attained The Bana
If FnGland in the first of lis career issued note
under fl00 lis paper served the Legitimate purpose
Of exchange, and did not encroach on the Office OF the
coins as currency II took hundred years to abuse
its commercial privileges, so rs 10 substitute paper Tor
the precious metals currency SO far a. 10 circu-
late one pound notes suppan, gold and silver, and
our Banks had improved upon the example, and come
down TO picayunes MIR. Benton said that with this
nsurpa,on Of making Bank paper currency, had ne
cessarly grown up anoher-;hat OF suspension. In
this way the burlhen of all the abuses was lodged on
the shoulders of the lsborng classes, whose hands,
for the most part, all the perishabe portion oi The
flank spawn died The iorgeries-thc depreciation
the deaced, out lost trash, mate their exits
through the poor, ignorant, and helpless, who
having this fiction OF money imposed upon them
by the cunning, were incapable OF enforcing their
rights against the powerful corporate cppressors
Mr.. Benton said it the laborious tradesman
the unsuspecting iarmer-the dag laborer-the
washerwoman-the hod-bearer, who climbed to the
fourth story of the mansions built out Of Bank
credit who had his hardearned pittance taken from
him BY bank catas,r"ries. lie gave an instance Of
bank in ST LOUIS, whose paper, on one OCCASION was
kept aoat bv The c9intenance OF other Institutions
until the laborers .. the ctty paid of Saturday
out cf their deposes On Monday morning the same
i.nk put the extngui sier on IT, and robbed all who
had received the paper from hcm Of their weeks Ia
bor He said That the people had been taking lessons
from these corporation scloolmasers Tor years
paSt-lney were apt scn0iirs, were al
cation rapidly In little while he thought they would
graduate and be able TO do without their masters.
Mr. Barrow OF Louisiana took up the cudgels for the
proposition of Mr.. Morehead. lie objected 20 the
daily repetition Of the same arguments against the
banks. 1t like the daily prayers of the Char plain
Mr. Barrow urged the necessity which existed for the
of the paper of the suspended banks by the banks
which he and his friends proposed to charter for the
advantage of the District. His topics were the same
were insisted upon by Alessrs. Morehead and Mcr
rick
Mr. Allen Of Ohio followed Mr.. Barrow. lie sug
gested as a reason for the uniformity of the views
urged by his friends, and which afflicted Mr.. Barrow
that beng ac,uaed BY principle, and sameness being
constituent Of truth, they necessarily one subject
spoke the same language. He SAID that Democracy
differed from Federalism IN diS in ether things The
latter, during the late canvass took the hue OF every
creed that prevailed every different section OF the
country. 1t was Bank and anti Bank-Masun and
anti. Decentralization and anti. Aho!itionTarIi and
anti Tarif-in word every thing BY turns except the
simple truth, which constituted Democracy.
Mr. Allen with great earnesncss and ability exposed
the we'll contrived system Of fraud OF which the banks
in this District under the immediate legislation Of Con-
g.ess were the excmplars He portrayed the fragrant
abuses which every where and every day prrpe-
trated through tins sort of machinery with the direct
support of the legislation Of the States and the nation
He said it was system of plumber, 50 palPabe that
none could deny il. And yet while the little depTc-
dator on society dragged up and punished be-
fore the trbuna of the country the Legislators of the
country and the courts but the accompllces Of
the great swindling institutions which made society
their prey He touched upon the history Of the late
Bank of the U. S., illustration lie pointed 10
the fact, that while this powerful corporation bore
sway, and distributed lis millions, the Senate OF The
United States resounded with the eulogy OF lis orators
lie alluded particularly to the pcnegyrcs of the Senator
from Kentucky, whom he indicated as the ablest and
most priced of those cncomastc and enthusiastic ad-
vocaes of the great Bank and It's President. Mr. AL
len had in his memory, we suppose, those prodgous
instances of adulaon, in which MIR Clay, not content
with cxicllng the Bank and its management, launch
ed out a, in the most eloquent praises Of Mr.. Bldde
personally and carried IT far 10 bring in the uncles
and brothers of the money dispensing President,
,rumpeting their exploits the Characteristic
of the patriotism, courage and dsinteres,ed spirit
which animated President Nicholas himself But Mr..
Allen said, whenever the plague spot appeared on the
body of the Bank the instinct or forecast OF the Senn
tor from Kentucky was keen TO descry II, as the
practised physician, who thoroughly understood the
constitution of his patient. Before the public eye
had perceived the cancer that had mined all the v'ta>
81 M, Rank Mr. CLAW had seen that II too utterly