The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-12-09
gmsntp-A ebsnth Congress
SECOND SESSION.
in SENATE.
TUESDAY, December 7, lS4i.

TugspAY, December Z, lS4i.
Messrs. WOODBURY. and PIERCE, Of New
Hampshire appeared in their seats.
Mr. BAYARD from the joint committee appoint.
ed 10 wait on the President of the United States and
infoim him that quorum Of the two Houses had as
sembed, and were ready TO receive any communica'
ton he might be pleased make, reported that they
had performed that duty, and that the President had
replied that he would communicate TO them message
in writing TO day, at IL o'clock,
The annual message was, accordingly, iransmlted
10 the Senate by the President of the United States,
through Mr.. RoBERT TYLER, his private secretary !;
and, after it had been read on the motion OF
Mr.. MANGUM, the message and the accompany
ing documents laid upon the table and ordered TO
be printed
Der of copies TO be furnished TO the Senate should be
specified, and he would therefore move that the usual
number be printed.
The PRESIDENT remarked that the number had
varied from time 10 time, and that last year hlteen
hundred copies Of the message and documents, and
three thousand five hundred of the message alone,
were printed under the direction of the Secretary OF
the Senate.
Mr. SMITH modified his motion accordingly
Mr.. BENTON said that he could not reconcile it
to his feelings TO vote upon the question, without ma
king remark upon that portion ofihe message which
broughttorth what he supposed to be fiscal agent
where the form was omitted, but where the thing was
presented and he perceived that the President had
posed leaving 10 the Secretary ofthe Treasury, when
he should be called upon for the purpose the duty of
furnishing the details. But this plan could
ceve his approval his appreciation, because il pre-
scented two prominent features either of which was
unconstitutional, and dangerous To the liberties
of the country. The first wa, an issue Of pa
per money by the Federal Government; and the
second the furnishing bills ofexchange for the purposes
OF commerce. Now, here was a proposition Tor the
Government to do what not granted by those
who framed the Constitution, but which positive
ly denied and as 10 this clause with respect To the
Government furnishing bills Of exchange for com
merce and for other business, It was new invention
new idea-which was utterly unknown to
General Hamilton when he proposed Bank Of the
United States; in fact, was not TO be found in all
his arguments upon that subject; but the revelation
left for Mr. Bddle, for the purpose Of increasing
the quantity OF paper money in the commercial inte-
rest, by making the Government furnsher of bills
Of exchange and it from this gentleman that
the President of the ned States got the idea which
was imbodied in his recommendation. For his ow n
part he hected to the Government becoming the fur
nsher Of bills OF exchange To every body In the
Constitution of the United States the word g ex i
change was not to be found nor word which
was equivalent 10 it, word which justified the
in,erpretaton--not word. Blu, while, on one
hand, they called on furnish exchange which
was nothing but a transfer of money, why not with
the same propriey propose plan for the transporta
ton OF the produce of the farmers He would re-
peat that the plan now proposed was utterly unknown
to the Constitution of the United States and only
unknown TO the Constitution, but it pernicous and
dangerous, and involved OF proceeding which
would prove destructive in its consequences. And
what was the proposition Why, that the Federal
Government should become an ssuer oil paper money
In the form OF Treasury notes And what that
but the British exchequer system, which had its origin
in the reign of the first George which Iipened In
that of the second George which was carried out BY
Sir Robert w alpoe, which had been pursued in Eng
land from those times 10 The present, and by which
the British nation had been cheated, cheated into
debt of nine hundred millions of pounds sterling
Ibis was not the time to go into discussion of these
things but he could moi permit the motion with
gard % printing TO be made without expressing his
repugnance to the unconstituonality and the mmi-
nent danger Of the paper system which The President
had proposed to be introduced into the American Go
vernment, which would change the hard money Gov
eminent Of our ancestors into a paper Government.
he had said, at the extra session, that they had
gone back not merely tothe days Of Alexander
Hamilton, but to the Wing Administration Of
Robert Walpole in the high Tory time of
Queen Anne, and he had expressed himself with
all responsibility and with full view Of what
he Knew to be the governing action of this AID
min sratlon and he would now remark that the
measure referred to in the Message proposed go
FAR beyond all the financial notions Of General Ham
ton who utterly repudiated the whole scheme Of max
ing Government issuer of paper money. He
should avail himself of the earliest opportunity, 10
sustain what he had just said by arguments and refe
rences for he regarded the Presidents suggestion as
formal proposition to change the hard money sys-
tenn OF our Government into that of the paper-money
system Of Great Britain-a system which had in
creased the debt of that Government from the sum of
lwenty-one millions to the enormous amount of
than nine hundred millions of pounds sterling
l he question was taken on the motion to pint the
Message and the accompanying documents, and 1t
was decided in the affirmative; and then
Tho Senate adjourned until TO morrow at 10
o'clock.