Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-07
TWENFY-SEVENTiI C0NGRESS.-lst SESSION.
SPEECH OF EDMUND W. HUBBARD, OF VIRGINIA.

SPEECH OF EDMUND W. HUBBARD, OF ylRGisIA.
On THE 4. :. FISCAL BANK BILL.
Delivered in The House Of Representatives,, i"g 4, lell
Mr.. Chairman: In rising to make few remarks on
the great and molnentous question now agtatn. the
national councils, must throw myself upon The libe
Ta,y of the House. Indeed, w"uld preface what /
nave TO say with an apology for the very imperfect
manner III which shall discharge the task; but really
II seems to me to be custom "more honorcd IN The
breach than the Observance
ne currency OF country is conessedly subject o.
paramount Importance; and il is source OF painiGl
!fet mat distinguished men and pure patriots cannot
agree as 10 tae best medium or circuation Ii has been
our SAD misfortune TO have tried the banking system IN
al us varieties Facts, no less appalling than disgust
ny, bear out IN pronouncnp such system as We
nave had, aud which, fear, shall continue TO have
should the prrse mt bill become law the most hagl-
nous and corrupt That any nation was ever doomed To
encounter
The grave and solemn question now before US is,
whether wall profit by our past experience, and
bandon this netar'ons and abnmnahe Bank machine
y or, like the infatuated toner, return with renewed
zest to the inehriatins smulant Are we now TO pay
liz part OF empires, shall we strike at the root Of
he disease As discreet Legislators, let us then cast
minds back, and see whence all present msGo-
tunes III the currency sprung The infatuated partisan
may look only far TO General Jacksuns removal
Of the dcposiles from Tie United States Bank the
visionary Spectator 10 The of lSlG aud 1917.
But, Sir, we mag 90 yet further. | would not only
point yon TO the Presidency of General Washing
ION, but little bryond that period. Amidst our
revolutionary struggles, We we're constrained 10 re-
sort 10 the periious ri paper money Such, then,
however, was the noble ardnf end mighty daring that
tired every BOSOM that ancestors trumphed over
Ill oppus,ny circumstances. The struggle then was
or liberty. Pecunary concerns were merged, fnd
nybcr aud more exalted motives Of action Tiled each
patriots heart, and urged hun onward to battle and TO
victory. Dnt having thus, in that mighty contest, from
lire necessity become some what Iabituaed 10 paper
:urrency-tEe great men Of that day, finding both The
people aud the Government without means-ay, Sir,
md without moncy-tnfned their attention To
'tary affairs, and unfortunately, rs believe for the
country lost sight Of the peculiar wants and condition
It this Republic, and determined 10 apply remedy
drawn from British precedent rather than exert the
sagacl'y winch they had manifested on so many other
Emergencies and out for this country currency
adapted 10 The wants Of agricultural people well a.
c0ngenal IL tr spirit and genus oil our Republican
institutions. But our revolutionary struggles had
embarrassed both the people and lhe Governments
Our wants great, and our means limited. With
;be fines, country under the with popnla
lion yrluuis free and agricuitural-the accustomed
prudancc and far sgedneSs that had directed US sue.
ccssiu!ly through many difficulties, then seemed to
br either ned INTO repoIe, or else sednced from Their
proprrty by thirst fer acquisition and political power
Tins determination 10 IHiroducc paper money was doubt
less induced III small drgfee, by contemplating at
distance The rare and tnsel thrown around the
mcrcia enterprise Of Great Britain; without, however,
looking farther into the internal causes Pr'icGg those
splendid though frequently ial!acions evidences o ma
trnnal prosperity, the many evils they mic; on The
community, than the wayiuring man does wlirr first
amazed and asloundrdby the magnificent eTuptons Of
vrsuv,us. To that first alteration in po'iry think We
may fairly ascrbc most ii our present diitcuites-
The Country thea now, needed circulating medt-
um of real and intrinsic yan"nne upon which jndi-
cious credit system, oil of is laity proportions,
"A fl,.t unI
depending fully much for lis existence upon credit
as upon specie funds paime npan line community
pom this prccarous and rlcheity foundation, the bust
ness Of the nation and the diversified amlcations oil
The credit system of modern days. were 10 rear Their
towering ed fee and splendid schemes OF individual and
national argrandizemcn.. Bat, SIR, what has been
the result Need point you to the disastrous tunes
Of 1919 and l,26 or to these Of more recent dae?-
Tina, best Of bonLs the Bible, Informs that ''the
foolish man builds his house upon The sand; but The
WISE man upon rock" 81 should The credI; system Of
n country stand upon substantial currency. Let Us
have so lar a. the Federal Constitution VIII permit
circulating medium Of real fixed, and intrinsic value
al us profit by the various Bank disasters that have
the energies Of the country, ana democrat
ICED il ci,zenS The iIiuslrous Pitt remarked, that
.l., the Americans embark in their funding and bank
iup system and their boased independence VIII be
mere phantom. lave not events, 50 tar, tended TO
fulfil Tins prediction Mr. Webster, in the Senate Of
eonriranccs for chsaing the laboriag CLASSES OF man
kind none have been eifectual than taal which
dciudcS them with paper-monry. TINS IS The most e.
fctuaI Of inventions 10 fcyidi-e The rich man te6 ~
tic S,ccat ri Ike pcor nun 6r0r. Ordinary tyranny
excessive ,axa,inn-hcse bear lightly on
The happurss Of the community, compared with tra&
d,icnt currenccs and the r0b6ersS committed 6y de-
prsciGtcd paper. -,
II our duty TO look to the face Of our country the
avoca,ions Of lis citizens, and 10 the complexion " rs
uocal institutions, and shape our course accoidhs
ly as these several circumstances Indicate IN lhe &C.
n.rl H. ,,opc are AGRICULTURAL and must continue so
rr oas 10, 10 come AMI institutions are III lhe
nain Republican order Our commerce anG manuiac'
lures oug Oh, then to he Of incidental, and not OF primary
consideration, in settling this momentons question OF
currency A country like ours 50 dlss'maI IN III re.
succ,s from Great Britain, does not reed her hoibed
monetary system TO divert people from te'r Da-
rnrul and legitimate agricultural pursuits. MT. ~
G,l,in IN hs rece mt pamphlet on currency, justly oo-
serves that at extremely doubtful whether Tue onN
mo SYSTEM with It's Indispensable strict puhetuaiy'
can under any circumstances, De beacfr'"'y 'PP,'u
ry,,i, aoreni;urai purposes. The only material I'M
,rovenent which has, during the last ity years, taken
LACE in Virginia. her having become one VI i'ie isl
S,atcscaRn0t DC dsc5tDed 10 heT 6aah'
In every other respect, what has she ga'heu ny le GU
culnlion of bank notes and what progress mas s!-
made since the introduction oil banAs, ~ agi'caine'
manufactures cnmulrrce, or population: J he siua-
in, nj the planers who cultivate the rest ana e'e
oI or Alabama and Of Mississippi affords an IfTeifasa
ole proof Of the caamdtes inflicted Oh an
country by an exaggerated banking system ana ~ e.
cessiye ISSUES. mo h,a
The friends Of tho Bank prove BY their course mere
bcv do not consider the constitutional question as
.res ndIud;eatd" II 50, why this od'ons attempt Al
.onpromsc why this pompous parade Of s,eat names
no This attempt IL show that some isfP"'fra"' 80
,,,',sd The Bank IN lslG: When ssn'"i'" cave me
constl,n,oa argument to hunt up pFFasarns , 4"I
slo refuge behind great nance, does !; not prove la.
ay have not an abiding faith in TIER own AFFINITY 10
show to the country that Congress has the power Ua,
- establish Bank 1t is notorious that some per-
10 ~ favor of Bank to regulate the exchanges
and facilitate trade Others desire one simply as ms
cal gent of the Federal Government while many nb
u'a' political machine die highest imporenfs h To- ms
state Thus, we infer from the purposes 'ol wncH
hank s designed that there must be several clauses ID
The Federal Constitution giving Congress the power
in the estimation Of its friends, 10 incorporate one.
r., The FEDERAL Government is delegated ana 'Il't.
- trms il does not possess sovereignty which IS 'a'
power which governs in the last w e.s,ns
. 'e ~ Cov.rnment and establish another oil s1ch