The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-30


mere report of the Secretary of the Treasury con-
tanning ms own opinions alone, he would not think II
proper To investigate IL at this preliminary stage OF
business but II came before them in a most lmpos-
Ing form, and they told that it was a measure
in which the cabinet united The bill was drawn
with the utmost care and they had as able an argu-
ment IN FAVOR Of II as was ever presented to the Sc
nate clear IN its statements and technicalltes, and
calculated 10 produce great effect upon the country
More especially did he feel il to be his duty,
humble member OF the great party to which he was
attached, to speak upon this subject, it had been
circulated every where that he was in favor Of this
measure. lie could say with the most perfect truth
that he would willingly support any good measure
recommended by President Tyler, for IN common
with millions, he owed him debt OF gratitude for
his veoes OF the Fiscal Bank and the Fiscal Corpo-
ration. Never did he utter sentiment with more
sincerity than when he said during the last session.
that he would be willing TO take almost any measure
which he might recommend for the collection safe
keeping, and transfer of the public moneys For his
own part, he felt disposed to give him perfect carte
blanche provided his plan should b. confnet to t.ie
principles OF Constitution; but when he extend
ed II beyond me objects specified in that instrument
and proposed to make use Of Government paper cui-
rency, and put the public money in jeopardy, by plac
ing 1t In the hands OF spectators or merchants TO
those features OF the plan he give his determined
and solemn opposition. IL was night tEat the coun-
try should know their opinions ON this subject
Withou such plan as was here proposed, the encr-
gy, the Industry, Of the country were such, that they
would soon reileve the people romthe depressed con
dtion in which they wers now placed, and in the
ounuy to It's former state OF prosperity, If loft 10
themselves but, as long as the people Of the coun-
try instead OF looking 10 their own depended
upon the Government alcae their energies would be
paralyzed and they would be expecting relief whence
relief could come lie had looked at this plan in
every aspect, in which il could present Itsel 10 his
mind, and could see nothing mi but the plan OF u
great Government Bank, to be conducted exclusively
by the Government, the paper issued exclusively by
the Government in short from first 10 last II
nothing but a Government Bank What were the
functions Oft banAl 1t received depostes Giro uated
paper currency and loaned money and dealt in bills
OF exchange and promlssory notes. These were the
important functions Of a bank And We're these
powers not possessed by the proposed institution
Yet, they were, with apparent honesty, told by the
Secretary OF the Treasury that this could not be de-
nominated Government Bank
lie then went into an examination Of the plan, with
a view ~ demonstrate the evils winch he c,Lceiv ed
would result the country from lis operation and
unhhess Tor the purposes Tor which II was designed;
and lie spoke OF us dangerous tendencies 10 Cypress
the people, should dangerous and ambitious man,
Aaron Burr, be placed the char of State, who by
this plan, would possess the control of the revenues
aud the'taxes collected from the people and BRING these
influences to bear upon important elections, and so
corrupt the liberties OF the country that they would
not be worth preserving.
Mr.. CALHOUN said that he had read the report
with great deal of attention, and he must say that
was simple, explicit and it was entillrd TO higher
compliment-lt was manly In itself. lie regarded the
ADMISSIONS made IN The report as triumphant Nndl-
caton of the pursued by the party whcn he
was attached, for 1t admitted that National Bank
even II there were no nal ohectlos 10 such
an insr uton, was not exp,dien he was OF the OPT
mon that he report had out much of the space
between his friends and those from whom the report
came and all they had do was to stand still,
aud time and reason would bring the r.st.-
But notwithstanding the admissions OF the Secretary,
Tins scheme conalI'sd fatal defects They had been
ably stated by the Senator from Pennsylvania. IL
was BanA not in effect but in fact and it would
create large debt. These objections, ii there were
no other, were fatal and with either OF them, he could
not support the measure. Without the least unkind
feelings to The Secretary Of the Treasury, with his
present Impressions he coud Ia arrangement
which cUad, IN any ftspect, charge the ground on
whith he nnd his friends s1ood they lad placed
themselves on certain principles and were not wiling
give them up. He ilgh say that IN thus exEres-
sing himself, he spoke the opinions OF the friends
around him, who were not in the least dlsp red TO
yield. t
I Mr. RIvES observed that his honor bic friend MIR
TalmaJge) who moved the ref of this measure,
had DISTINCTLY stated that he considered any remarks
on The character Of the project at this time, as out OF
place, because, in the hands OF committee, it must
be entirely rejected, or placed shape before the Sc
nate free OF objections. lie oud say behalf Of
his friend, that with his occurrence at least if
lect 20 nnittee should be ralsed they would moi be
found recommending any scheme OF Government
Bank for the adoption consideration Of the senate
All the remarks which made 10y he Senator fem
Pennsylvania and the Senator from South Carolina
grautous, aud it would have been far better If
they had reserved their remarks until thsy saw
the shape IN which III, coaimttee placed ihe measure
for the acJion OF The Senate.
He then replied to the remarks of Mr.. Buchanan
and Mr.. Calhoun, and said that theJ ought not to
posed by others, but they should show their hand and
bring forward their substitute. Were they, IN the
present state OF the country to lift up their hands,
and cry out that "the people expected too much from
the Governments" What was the Government meant
for, If il was not intended To afford relief; They had
heard such language before, and, after the re-
bukc 1t received he had never expected to hear re-
peated on tins floor. great man had said that Co
Nernment was practical thing made for the advar-
tage OF mankind, and was not metaphysical abstrac-
ton They were told that every tlnng would come
right II the people were left to themselves but that
not his doctrine, and he repudated now, as he
had on former occasions But the question: was, what
was to be doncf and he propounded the query sol
emily to every ma in the Senate. They had had an
animation from the Senator from South Carolina that
he fought under the Sub-'rreasury flag, ard he sup
posed that that the flag to be thrown out to the
country and they had been told by the Senator from
Missouri, former occasion, that II the President
would recommend the Sub-Treasury, he would gladly
support him. They were to understand then from these
gentlemen, that the Sub-Treasury and nothing but
the Sub-Treasury, TO be offered by these Senators
for the relief Of the lntry. But would the country
take it; No; the country had said that they would
MT take it. # gentlemen imagined that, since the
last autumn elections, the people had become favor
able 20 the Sub Treasury system, they would soon
awake 10 sense of their dclson. The people of
this country, while they retained liberty would not,
under any circumstances, accept of the Sub Treas,-
ry, which had been proposed sovereign remedy,
a caaplasm Cor the wounds inflicted the coun-
try by the reckless policy of previous admnistra-
tons, What was their positions A National Bank
Bark $ siein had been discarded and the Sub-1rea
sry condemned. Something then, unquestionably,
must be done to enable the country, weighed down
by powerful incubus, TO rise again on its feet and
preserve IFS credit at home and abroad He should
say, N this condition of the country, nothing TO
be dnnc IL there was such a man he mirht adnlirr