Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-11

Stuart.
.fiaJama.-Geo. S. Houston, VIM. w. PAYNE.
Missouri.-John c. Edwards, Joha Miller.
.7rkansas.-Edward Cross.
.Mchigan.-Jacob NJ. Howard.
Forida-David Levy.
Wsconsin.-Henry Dodge,
ioua.-Augustus &. Dodge.
IN SENATE.
~. Tuesday, December Z, 1911.
~ ww,Gte met at The hour of IL o'clock.
shire, and we" liahiP.
seats of North Carolina, appeared in their
MIR. BAYARD, frol.
of the Senate to wait ulhe JOINT commute on Tue part
and inform him that Congrrthe lreslaeht Of 'ne -
ness. reported that that duty was ORGANIZED ior ousl.
that the PRESIDENT had informed / oeen performed, ana
this day, at l2 o'clock, communicate ha't.ee ne "ou'u
Message in writing. Whereupon. ooo'n houses
A Message from the President OF the 49,.
was received by Robert Tyler, Esq, bis ise na s'as'
cretary.
The Chair then communicated to the Sena.
Message OF the President. '"
The message having been read,
MI. MANGUM moved that the message and accom-
panying documents be laid on the table and printed.
Agreed to.
Mr.. SMITH Of Indiana moved that l 800 copies Of
the message with the accompanying documents, and
$500 without the documents, be printed for the use Of
the Senate.
Mr.. BENTON observed that he could not reconcile
u u lllSe ~ g tC SoiGN quo itho hh"h''5
a few remarks on that partof the message which rela.
ted to the new Fiscal Agent. Looking at that feature
of il, as read, he perceived that the President gave an
outline of his plan, leaving it to the Secretary of the
Treasury to furnish the details III his report. lie MIR.
Bsnton) apprehendcd that nothing in those details
could reconcile him to the project, or in any manner
met his appreciation. There were two main points pre-
sented in The plan, to which he never could Tgfee-boih
being wholly unconstitutional and dangerous. one
was that of emitting bills of credit, or issuing a trca-
c,-, f,rnracc had No constitutional Ql-
tiiority 10 issue paper money, or emit Federal bills oil
credit and the other feature is 10 authorize this Co.
%vernmentto deal in exchanges. The proposition ois'
sue bills of credit, when under consideration at the tor
nation of the Constitution, was struck out with The
express view of making this Government n hard
money Governmcnt-not capable OF recognising any
other than a specie currency-a currency Of gold and
silyer-a currency known and valued, and equally
understood BY every one. But here is a proposition 10
do what was expressly refused 10 be allowed by the
trainers Of the Constitution-to exercise a power not
only not granted TO Congress, but n power expressly
denied. The next proposition is 10 authorize the Fede-
raj Government TO deal in and regulate exchanges and
10 furnish exchange to merchants. This is a new in.
vention "a modern idea Of the power Of this Govern
ment, invented by MIR. Biddle, TO help ont a National
Bank. Much as General Hamilton was in favor Of pa
per money, he never went the length OF recommend
ing Government bills of credit, or dealings in exchange
by the u. S. Treasury. The fathers of the church,
Macon, and John Randolph, and others, called this a
hard money Government: they objected to hank paper;
but here is Government paper, and that goes beyond
Hamilton, much as he was in favor OF the paper system.
The whole scheme making this Government a regu.
Iator of exchanged dealer in exchanges furnisher Of
exchange is absurd, unconstitutional, and pernicious,
and is a new thing under the sun.
Now he mir. Benton) objected TO this Government
becoming a seller Of exchange to the country, for
which there is no more authority than there is for its
furnishing transportation of goods or country produce.
There il not a word in the Constitution to authorize il
NOT a word 10 be found j~ustifying the assumption
The word exchange is not in the Constitution. What
does this message propose: Congress is called upon
TO establish a Board with agencies, for the purpose OF
the country with exchanges. Why should
not Congress be also called on to furnish that portion
Of the community engaged in ommerc with facilities
for transporting merchandise The proposition is one
Of the most pernicious nature, and such as must lead to
the most dangerous consequences if adopted.
The British debt began in the time of Sir Robert
Walpole, on issues of Exchequer bills-by which sys-
TEN the British nation has been cheated, and plunged
irretrievably in debt to the amount of nine hundred mil
lions of pounds. The proposition that the Government
should become the issuer OF e%xchcqner notes, IS one
borrowed from the system introduced in England by
Sir Robert Walpole, whose Wing administration was
nothing bnt a high Tory administration of Queen
Anne. He (Alr. Benton,) had much to say on this
subject, but this was not the time for entering at large
into it. This perhaps was not the proper OCCASION
10 saw more; nor would il, he (Mr. Benion) consider
ed, be treating the President of the United States
with proper respect TO enter upon a premature dis
cuss;on. He (Mr. Benton) could not, however, in
Justice to himself, allow this resolution to pass without
stating his objections TO two such obnoxious features
of the proposed ~fiscality, looking, as he did, upon the
whole thing asone calculated to destroy the whole
structure of the Government, 10 change it from the
hard money it was intended to be, 10 the paper money
Government it was intended not TO be, and 10 mix it
up with trade, which no one ever dreamed OF. He (Mr.
Benton) had on another occasion stated that this Ad-
ministration would 90 back not only to the Federal
of 90, but to the times Of Sir Robert Walpole
Queen Anne, and the evidence is now before US.
He mir. Benton) had only said a few words on this
occasion, because he could not LET the proposition TO
sanction bills of credit go without taking the very ear
opportunity Of expressing his Interpretation, and
a system calculated to produce the same
results which had raised the unfunded debt of Great
Britain from twenty-one millions to nine hundred mil
lions of pounds. He should avail himself of the first
opportunity TO maintain the ground he had
assumed as to the identity of this policy with that Of
Walpole, by argument and references, that this plan Of
the Presidents was utterly unconstitutional and dan
borrowed from the system Of English Ex-
cheauer issues, and part from MIR. Biddle scheme Of
MAKING the Federal Government an exchange dealer
though Mr. Biddle made the Government act indirectly
throurh a board Of bank directors, and this makes it act
directly through Board o. Treasury Directors and their
agents.
made to change our hard money Government Gas
It was intended TO beg into n paper money machine.
il is the FIRST time that there has been a proposal TO
it up with trade and commerce., by making it n
furnisher of exchanges, a bank of ~deposite, a furnisher
paper currency, and an imitator Of the old Confede-
ration in its continental bills and a copyist of the Eng.
Exchequer system. Being the FIRST time these III.
constitutional and pernicious schemes were formally
presented to Congress, he felt j, TO be his duty TO dis
close his opposition to them al once. He would soon
speak more fully.
On motion of MIR. BAYARD,
The Senate adjourned till tomorrow al u o'clock.
HOUSE OF REPRESENTATIVES.
Tuesday, Dec. Z, ls4l.
The annual message OF the President Of the U. 8,