Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-10
RICHMOND WING.
.TvEsDAr, NOVEMBER Z, IslI.
IN SENATE.

Mr. Pierce and MIR Woodbury.. Of New Hamp.
shire, and mr MeRobeus Of Illinois, appeared in
their seats
Mr. BAYARD, from the Committee appointed on
the part Of the Senate jor that Of the House Of
Representatives, to vuit on the President and in
form him that a quorum OF both Houses had as
sembled, and were ready to receive any communi-
cation he might be pleased TO make, reported that
the President had been waited on IN compliance
with the resolution, and that Message would be
eommusiel,od in writing at ~ o'clock.
A few minutes after ~ o'clock, Message was
received from the President through Robert Tyler,
Esq, which having been read by the Secretary
% motion of Me MANGUM, the Message and
documents were ordered TO he on the table and be
printed.
MIR SMITH OF Indiana, moved that the usual
number of copies OF the documents and the Message
be printed.
the extra number Of copies which had been moved
without expressing his opinion briefly upon the
Message and particularly in reference to that feature
OF It which related to the new Fiscal Agent"
Looking over the Message, il was read, he saw
the outline OF the plan OF the President and learnt
enough to know what were the details Of the plan
To he furnished by the Secretary Of the Treasury
apprehend, said MIR Benton, that details of such
n plan can meet with any part Of my appreciation
1 egard il hIgrantly unconstitutional, and emf
nenty dangerous TO the country. The Federal
Government was called upon TO issue paper mo
ney; and as the Constitution was draughted Con.
gress had power to issue bills Of credit, paper
money. The attempt or proposition TO give such
power failed TO be established The plan now pro-
posed was to make the Government a hard money
Government and the proposition in the Message
was TO do no; only what was not granted, but what
was positively denied.
The proposition to issue bills OF exchange for com.
merce was new invention, utterly unknown
Gen. Hamilton when he proposed Bank 1.-THE Uni.
ted States. The plan was not only utterly unknown
to him, but it was invented by Mr. Bddle for the
purpose Of making this Government iurnisher OF
bills Of exchange. MIR Bidile brought It forward
for the purpose Of changing the Government from
a hard moRey 10 a paper money Government |
entirely object Continued MIR Benlon) TO allowing
this Government TO become turnishe Of exchange
The power TO furnish bills of exchange is not be
found in the Constitution, nor any power Cquiva- |
liant TO it. While we are called upon TO furnish |
bills Of exchange for commerce, why should not
be called upon TO furnish drafts for tarmersl Such
a power utterly unknown TO the Constitution |
and wholly pernIcious IN its practice. IL no. |
thing more than the British Exehequer system re-
vived IL began with the first George, continued /
with the second George, and had been handed /
down TO the present time. Ii was the system 5y |
which the British Government had lost nine millions
sterling. The one system was borrowed from Sir |
Robert wapoie and the other from Mr. BiddIe,
who was in the city a few weeks SINCE and without
doubt, furnished IL Tor the Government
But this continued MIR Benton) is not the time
to discuss this question. Formerly, the Message
was gone into reg dairy, and contributed to reguIar-
ty of debate aerward, but the occasion for discus
sion did not now present ITSELF would II be treat.
ing the President of the United States with proper
res pect to DO 50; but could SIT still and permit
the Message 20 pass through this Chamber without
eK pressing my utter Tepugnance to the system pro-
posed, regarding IT, as do, eminentlY unconstI.
iutiona, calculated to change the currency Of the
TO a paper money cuuency-Io aban-
don the hard money Government Of our ancestors,
and borrowing, instead of it, system borrowed
from Sir Horace Wapole and the high Tory times
of Queen Anne. We propose to go far beyond
what General Hamilton advocated. He utterly re.
pudiated the idea OF exchange, which was now pro
posed, in addition TO the plan issue peper money
by the Government The two plans have my ut
Ter adherence, and shall avail myself Of the ear
lest appropriate opportunity to sustain what
have said by arguments and by references against
what regard 5 a formal proposition 10 change the
hard money system OF our Government into that Of
the paper money system OF Great Britain aud which
had increased the debt Of that Government, from
the reign Of George, from the sum OF twenty. one
millions sterling into the enormous amount OF three
hundred millions.
The CHAIR stated that the number of copies
ordered to be printed had varied at different ses-
sons.
Mr. SMITH then suggested that fifteen hundred |
copies of the Message and accompanying dOcu-
ments, and three thousand FIVE hundred additional
copies OF the Message, be printed; which having
been agreed to-
Mr. BAYARD moved that when the Senate ad-
journ, II adjourn to meet at II o'clock; which mo-
ton having been agreed to
The Senate then adjourned.