Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-25

In SENATE OF ruE U. s., September >, ISL
i Mr. ARCHER snid that he was fully aware tina
he addressed the Senate at an unpropIious mo
meni, when their minds already wearie,
with the discussion of the general subject of ,
fiscal institution. lie had had no design to DO SO
nor should he nov have uttered word hut ior IN,
neculiT position in which he was placed. IL wa,
known To the Senate that he had been opposed "a
both tho bills heretofore proposed fbr the esta
men, of fiscal agency connected with the Govern.
mont, and he had nevertheless avowed his detcrmi.
nation To vote m favor OF the present bill. re-
gard then, to his reputation for consistency render
ed II due not only to himself but to his constituents
that he should present the material reasons cNplnn
ntnry o tho course he should pursue on this occa-
sion In dong 80, 1t was his purpose TO address
himself almost exclusively a consideration o. the
few preliminary remarks, however, were required
as introductory Ia that discussion.
IL had been said very truly, during the debate
that the publlc mind mad for series of years been
&c 'upcd m a peculiar degree with the dSor,iercd
condition Of the currency VI the country, and with
inquiry us To- the best MODE Of remedyns this dis
ordcr through the action Of the Fcdernl Govern
meat In fact, this had almost been the absorbing
question OF the times. IL may (siid Mr. A. or Il
may not have been the principal issue IN the late
Presidential canvass, whether We should have a
Llnk OF the u States; but can deny that the
issue every where on the condition OF the cur.
rcncy and the appropriate remedy through the ac-
ton OF the Government Reduced 10y annlysis, the
questions rs respected This action were but two
10 collect, keep aud dsburse the public revenue by
individual agency IN the form vi the late sub Tea
sdTy law, or 10y means of corporate agency, IN the
form OF some fiscal institution. The former OF thee
two modes has, undenIhby, received the cundcmna-
ton OF large m.lbrIty Of the People OF the United
States. IL ~ mucn put out OF view as II II were
prohibited 10y the Constitution Itself What then
romuns2 corporate agency and that en- her in
the form OF the banking corporations ot the States
ar oi a Bank OF tho United States. But the State
bank system has been us unequIvocaly set aside by
pph'c condemnation as the sub.Tre1sury itself
Among the cNpedents which had engaged at.cn.
ton, there remained then only what had been
known as Bank of the United States; in relation
both to the eNPcdency and constitutionIty nj
which there existed II mast he admitted a vice d.
Ncrslty ui sentiment.
In these expressions of public opinion TO which
have alluded entirely concur.
think that the plan Of employing ind vidus ngen.
~ Ia keep and transfer well rs collect, the pub
Hc money, has been Justly condemned. Ii Is the
most unsafe and the most UnskIful mode that ca n
BE- employed for the purpose. Il was objection
enough as dependence on = nge person to super-
wise hundreds and thousands OF men, employed io
keep the public revenues through all the extent OF
this wIde-eTpandcd country. Il Is, besides, the
mode of all others most obnoxious to the charge of
extending and multiplying in the worst forms the
patronage ct the Executive department of the Gov
eminent
The State biuk system was worthy Of condem-
nation ON the same ground-its Ell CT IN strengthen
Ing the patronage and influence OF the Executive;
beNll'S when, u was SCI bSue by n consideration.
ol Itself decisive, VIZ: that makes this Government
dependent for the exercise Of IT'S revenue power on
corporations which It has and can lawfully nc
qurc no jurisdiction control-subject to other So
vcrcISuies for their mode of action, and even their
existence.
come down, then, (sad Mr. to Bank of the
United States, and this subject have always he ID
but one opinion: Is, that this Government has no
authority To exercise lis revenue power through such
an institution. And what DO | mean when | say
ilHsl mean c bank, such It has always been
understood, OF issue and discount. And why hos
not the Government authority TO establish nsii-
tuition Oi this character Because the authority Is
claimed, and can only be claimed as a coroIIarv
subsidiary instrument to the revenue power of the
Government. Now, It was rule OF reason, OF law
OF constitutional Interpretation, that the accessory
cannot be greater than the principal IN construction
Ia; every one acquainted with the influence which
must be eXsred 10y Il Bank OF the United States
endowed with the power Of discount, and wiclGiu-
the resources and credit Of The Government IN at-
diion TO is own large capital, must admit that j,
constitutes power large al least a. any other
II Il were not at more potency than the whole mass
IN control the first elements OF the general pros
perl'y. Labor, property, these were the elements
OF all social prosperity; their condition 10 value
determined It's condition; the KIND and amount of
currency determined this value; banks OF discount
where they prevailed, determined the kind and a.
mount oil currency 90 very great extent To csli.
mate tie influence, then, OF the pccdOmnaiing ins,i-
tuition among such Institutions would he task oe no
difficulty, at any rate, 50 far 10 pronounce tina,
the power which Il must WELD could bs considered
IN no llgut subordinate or a.csssora to the revenue
power Oi the Government.
IL was just little, in any fair view, 10 he re-
s1Tded "a, an engine demanded by the fsca' occa-
sipns OF the GJyernment-a power NECESSARY 70
tAc revenue power. US wei ne atcsssaTu and sr,nro
prroi a.I Of when conditions were required TO
make o. constitutional undcr the recognised princ
p.e oi Derivation OF the constructive powers OF the
Government.
But can il he said that the revenue power c,nno,
on rN IL is
auxiliary like this, entering deeply into the mos.
essential concerns OF the social cconnmy-controI
ling the sources Of revenue rather than suited 10 AID
its administration A candid Judgment (Nr 4
sandy must reject such construction.
Then al the modes which had been the subjects
ot discussion and interest for q fiscal agency were
- bo regarded os put aside. They all stood con
demncd, however, on different grounds Could no
other 10 found to Obyiatc the objections to them
and 10 attain their end Mr.. A. thought tL,t
there could. lie thoughthai this desideratrn wi
afforded by the bin under considerations lie thought
that this remark was justified IN all respects lie
should contine himself however, mainly To the CON
ErI.ra'0r % .rs constitutional objections which had
Issr made ~ mo u-ssIre with which Il importrd
t- --g- RI ga 1oEsr no, expressed in the
'.-f ...sr .Fl .= ~t.ssslry and proper ins,ru.
r-u. 70 Dor .".-a- -f ar expressed power. TO ug.
.lur.a fs imU.rr ua-.. 7. had -err seen fMr 4
r.r .iut .tr .Err.r.-g - go = e. lsnk present
.. lu Il"I 'sHr1..u I-a .-.r's instrument 10
.ss .-r'.uU H .fs 'sTf- 81 --=s- C. Inc Govern.
70. -..-rls- OIL exercise Of pow.
rr -. -a--.-- la. g'zsr uas expressly reru-
dated. j. yes -fE aT.r.ss IN Or the I'D" and
plan Of Us coHtrvaGes TO feputi1tcIt. The power
which It gave 70 the corporation % created was 10
deal m exchange, and only in exchange foreign 10
the State IN which the paper might be drawn. And
why this discrimination Expressly 70 exclude, as
Ear as inhibition and reasonable precJuion could er-
oiudc, this power over exchange which 70 purp1u-
cd 20 give, from running into the exercise Of die.
count, which II WIS ITS purpose 10 exclude.
Ihe hI presenIfc, then, no discount power, or
wisot least free from the objection OF gun, 10 do
so Was the exchange power which 9, jld give
Liable 90 the same difficulty OF Unrousrifu'iona.Iry1
Was thot, tor, no necessary or appropriate nipple
mcut Of the power over tCyguucl NJ A. deemed
iu7tt reverse 10 be the fact. lie did not know
that he ought 90 corf0e husDi Co affirming Oh die
power Of buying and selling ,Trhlrgo 'ur the rms.
yer and required distribution OF the put. De- money
was necessary and appropriate 10 the adequate
discharge OF the power over the revenue. p.fhnpa
- would boz more eXnct'y correct 90 say, thltthis
power was Uu elemental component oar. ur r.r
power over the administration olthe revenue. Mus,
Government, winch expands from the Atlantic to
the Lakes and the Rocky Mountains, and IS des.
tined in no long time 10 CHplnd tD the Poetic, W..
gpn he funds which .. has 10 use in specie 10 r &c
,yfr,mc U0Ints-to the sources of the Missouri and
Mississippi Then what other resource but In tho
usr Of this power over exchanges
But am met here said tMr ArcEcrJ bv an Oh.
lection, the net in which those have been caught
whohavc been led To indulge n constitutional OH
lection Co this bi. / am told that the position
tikc is very just No doubt the Government has
rn'h power We do not contest The necessity or