The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-09-04
I'm SENATE.

Of printing for Congress- was twice read and referred
to the Committee on the Library.
The bill from the House 70 repeal the law au'nona.
ing the investment Of trust funds in Statestocks was
twice read. 1900 ,.r
Mr.. SEWER spoke Of the injustice Of the BILL as
tending to the repeal of treaties with the Indians win
out their consent and moved to lay it on the table.
n Mr. PRESTON appealed to the Senator TO with
draw this motion he was disposed to entertain 81
mar opinion Of the bill but thought It more respect.
full to the House torefer il to committee he would
therefore move to refer il 10 the Commt'ee ON Fl
nance. S4 Et@H tt h
After some further conversation 9 f
Mr.. CALHOUN moved to lay it on the table, ne
thought oo late in the session to act on bill OF this
magnitude. The motion was rejected.
Mr.. SEWER then moved its reference to the Com
mtee on Indian Affairs. This motion being lost,
the motion Of Mi PaEsroN was carried and the bill
referred to the Committee on Finance
Mr.. CALHOUN presented the resolutions and
pr oceedings Of meeting Of citizens of Clarke county,
Virginia condemning the measures Of the present
session reviewing the promises made by the Wing
party previous to the late election, which they de-
cared had been entirely violated and approving Of
veto of the President on the bank bill.
He asked that the proceedings be read and ordered
to be printed They were accordingly read, and con-
sisted of denunciaon and oucry against the measures
Of the Administration. ~ s .tsstn
Mr.. PRESTON hoped they would not be printed.
He did not think fit 10 print at the expense OF the
Senate this low slang and examinations and recrimi
nations,---essays Of which character might be pro
duced from every neighborhood in the Union He
moved to lay the motion 10 print on the table.
Mr. BENTON said the gentleman would not gain
much by that motion, for he had similar paper, on
which he would say all that ought to have been said
on this. @, sfD. Rsa hs
Il Mr.. CALHOUN appealed to his colleague 70 with
draw his motion for moment which being complied
with he expressed the hope that these resolutions
would be printed as the people had right at all times
10 have their voice heard The resolutions denounced
in M re he nToc q
body, than many that had been printed, and ne knew
not why these should be singled out to be rejected IN
this manner. gs8 sEs, FIN
MI. BENTON opposed the motion, and hoped the
papers az they Of respectful character to the
body, would be printed; he opposed at some length
this endeavor to suppress the expression Of public
opinion He said the papers he had to present
contained the word "yeto" among others he
which he said was great conservative power, for the
defence of the people, and was always most popular
measure whenever exercised t@
Mr. PRESTON said the memorial had been read,
and received respectful hearing and where was the
rghtto demand its printing! Il was now on the re-
cord Of the country, and had probably already been
printed A printing by the Senate would rather i'm
ply appreciation and be objected to the printing ssch
Iabid illusions Of party spleen and slang, which ask
Ell for no practical measure, and would accomplish no
practical end He referred TO several expressions Of
An indecent and exceptionabe character, and renewed
the motion 70 lay on the table.
q The motion was carried BY yeas rs, nays IN, and
thus the motion to print and the memorial laid on the
table.
+E THE ssFIscAL CORPORATION BILL. n
This bill was again takenu up the question being on
the third reading. lf bsSsat 3 VIM r ~
Mr. SIMMONS briefly advocated the bill He
said this measure objected to the ground that
il did not afford proper facilities that it uncousti
tutonal, that the people had never given any express
sion in favor Of it, and that the question connected
with it. had not been before the people at the late
election. He believed that the question of an i'm
provement Of the currency had been before the peo-
pie, and it was decided that some remedy should be
resorted For this purpose, the present measure
had been proposed and the question which he would
discuss was whether this were proper remedial mea
sure. He had preferred another form OF bank, hav-
ing both the power of discount and exchanges, and
lie had not changed his mind in this respect; but that
measure had failed; and he believed this was emf
nently adapted to the present circumstances The
people of the country had suffered enough from expe-
riments on the currency. As a practical measure,
the enforcement of the system of specie currency had
failed; currency must be furnished by institutions
of the States or the General Government. We were
prohibited from making currency for the people for
which the Government was responsible; this would give
the Government absolute control over the people,
they would have no power to enforce the redemption
of the issues From that had beed argued that the
Government could not create institution of paper
currency based on hard money and convertible into
that at the will Of the holders. The only question
was since the Government were prohibited from Civ
ing the people currency for which it responsible,
and since the Sub Treasury had failed whether the
exchanges Of the country should be conducted by In
diyituals or institutions. These institutions
nently calculated relieve the mass of the business
community from enormous exacuons, which would
arise were the exchanges carried on by individuals.
It was truly Republican measure, in the advantages
of which the whole people might participate. ae
It was objected to this institution, that it would
nonopolze the exchanges OF the country; an actual
calculation however would refute this objection, and
he demonstrated by reference to the business of ex
changes of his State. II was impossible for human
wisdom TO devise system better calculated to restore
the exchanges and give the People sound currency,
than by means Of national institution. This mea-
sure was relieved from all objections urged against the
late bill and contained the provisions intended to do
precisely the thing, much recommended in the
message returning the other bill to deal in exchanges
This Bank, from It's very constitution, was exempt
from all to induce It to over-tradlng and enor
mons exactions to kite-fying," &c. What was the
motive that impelled banks to this It was profit
But the profits were limited, and that TO what they
could make in fair dealing; there was no motive OF
this kind be guarded against and that was one great
reason why it would be safe institution.
Mr.. BERRIEN said as no one else seemed DESTROYS
TO offer their views he would proceed to discharge his
duty and reply to arguments that had been made
AGAINST the bill He wished to relieve himself from
The imputaon Of being chargeable with having con-
tributed to any discussion that had arisen on the
views Of the President This bill had not been brought
forward as had been said from any feelings OF hos
tl;ty TO the President; but was marked on its face
with feelings of respect, good will and Difference to
his individual opinions, where they differed from
onr own; il originated in Cancellation, respect and
difference to the views Of the chief Of the coordinate
Denartment Of Government He referred to the OBJ
:o.,;nns of the Senators from New York and Penn
ssylyania, (Messrs Buchanan and Wright,) and an
severed them severally. He also briefly again advert
oil TO the constitutional argument in favor OF the bill
lis extent and operation was not to create currency
I'M, regulate one already in existence. A sound cur
,encv was necessary give TO commerce the benefit,
which Government was bound to confer on Il; and
Rms in the grant Of power to regulate commerce. was
con,sned an indispensable authority for the establish
ment Of this Institution.