Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-04
,Llic debt. to winch he had lnsupeEable

49,, 5snp, Il nccr,aX 10 advert 20 other objections al
present, In, he woulS take the opportunity oil say
mr. ,ha, he, for one could not agree 10 any plan
,bs, world ma,cr,a'vchange the ground on winch he
hr,of;,re Inn, s,ond on ,!,,, subject We this side
had deliberately and with high and patriotic motives,
selected our ground and he TEL, that he could venture
to sag for those around him, we'll as tor hi,nse thal
y intend 10 adhere substantially to our position Tie
had now briefly aud frankly expressed his views oil the
reuort ard vi the scheme IL recommended. In giving
,,.ar,nc. H. his o?inion he had been actuated solely
h, 6es;r, That there saonld be mistake rs to ms
why's on The part of those he represented a well as
hose with whom lie acted, and without the least IN.
kind feenps towards Tie high quarter from which tins
paper emanased 9
Now York being disqualified by indisposilion from
,,kpr any part IN ihs discussion, he felt himself call
ed upon as in some sort representing that honorable
ren,e.aan as wc from personal feelings Of attach
meut rs from similarity Of political principles, to say
word or ,wo. That gentleman had considered re-.
marks on the report n i.s tune as out OF place. be-
cause the paper was 90 into the hands Of The COM
mii,ec, where lis shape Ight be materially changed,
and The scheme thereby esd from objections to which
i, was nov. liable. He listened with pleasure to
The Senators from IrnnsS lyana and South Caroina,
bu ,houuht they might have spared themselves the
remarks - which they had ndu!ged. Mr. r. was
nersu,dpd that his honorable friend from New York
rNr T,Imodrel never could consent 10 recommend
auy scheme Tor a Government Bank. lie was too in-
" committed against any such measure. All Tie re-
marks of the gentleman from Pennsylvania on that
subject were therefore wholly cratnous, and might
better have been spared until The gentlcmln Gscertaned
IN wha, shape the would be presented by the
committee for the acton OF the Senate,
Bat. while up Mr.. r. must be permitted word or
two III reply to the remarks made By both gentlemen
The gentleman from Pennsylvania had denounced the
schrne al a great Government Bank, malnly because
The Board was have the power OF issuing cireu-
la,nr paper credit, and this was banking faculty
Rul the Senator from South Carolina insisted that in
the prorress OF modern science II had been discovered
that no such faculty belonged t. the banking system,
but on the contrary, was wholly alien from II; and
,L,s was undoubtedly the true doctrine. The Sena
tor had urged III So; yes, but !; was then no
yel,y. Long before that day, VI. Ricardo had
suggested the general principle, and ever since II
had been bruached by that great man, il had heen
fiuc,ify ing in the public mind lis general principle
was this, that the power Of issue is power 10 Gre
ate while the power Of banking is power 10 use Til"
two powers essentially distinct and III their nature
Incompatible Tie idea had hccn taken mp by
Torrcns BY Samuel Jones Lloyd, and b. MIR Cay,
member OF the British Parliament. committee oil
the House Of Commons had last year taken up the
whole subject committee consisting Of such men as
The Chancellor Of the Exchequer, Mr. PEEL Mr. Clay,
Mr. Ellis s. parncl, and other gentlemen distinguished
for their knowledge Of finance After full ihyesiiga-
ton seven out Of nlnc oil that committee had come Ia
The conclusion that there mus; be complete separation
between tie power 10 issue circulation and the power
Of banking Their scheme is, that paper money, re-
dcenablc III specie, shall b" ISSUED By public authority:
not, however, BY Executive agents, but by COMMISSION
ers acting under parliamentary authority. Such was
Tho man recon,me nLcd IN England, and which was
uoniuS 10 itself more and more favor. The plan had
been reduced practice Ill Prussia, kingdom which
now enjoyed the best currency III the world Tn
h a.. ,n,,.,r,, 1ro,, S,utL Cnrolna Mr. r had
never been the advocate Of Government paper cur
.n. ,,ro,a-I, =, called. . ranrr winch rested
i,.f' m ~. crcd, II Government, and was incon.
vc,,i,l. into rod and SILVER, although made bv lau
l.s,I tender The gentleman from South Caro-
Ina had some peculiar notions Of ms own III l-.'1
ohont convertible paper currency being behind the
orr mir Calhoun ,yas understood 10 dissent from
ha con.rucon riycu ms previous views on this sub
ao, But was such a currency; as he had described
I.ILc currency proposcd by Ike bill: Far from it
W,,r i y,s indeed Guaranteed BIZ ll firth If Govern
. , a, ra,,;-ed =, H.. cnnrsr,,hl. =, nIc,surr mn
~ ,l ,iai j., ,cl !, y.,s naon: that Inc y, M.
so'" 10 49, ,,.,, i,s,s ILL., H. L,li,r =
nj ,,a,io,,a from rrns,.lv,n,, ,LonoI, otherwise
- :. .'N ,,. ~ do,, - Ia r.anla,o1 i,
,ha onu,;,,sa
H. rIr 10 NJ ppch,nnn,s remarks on the rcrusa
r. Ili I o.,d,, :, H., co,r.p,,oo N- II referred
,,a,Ia oxnl,n,.nrv roe If Nr Madison. which de
49,. ,ts, a H., ,,,o,5a n ,,oh,b,. Cavern
% 49, ,,.s s M o,rn observation-disclosures
, ~ a. Iii :, .,ch ,,r currency "a rss
W. w 80. , ~, .l, - C,i,,,,,no,, .nj m,s ;,
~ ' sup! 49, - ,o,,l ,e.d.r p,, nm me AMI
,anf
49, '1,a ,i,ansaiyrs ra ia cl,ss hnuses VIM
49,. ~, T.easnr no,cs advocated bv tbc;r nar,v:-
W. 49,, an,Ior;,v - ,ssro ,hcu, e ,Lc docIrn,
,hs na, ,dvoca,ed vas correct The Senator from
Snb c,.i,,n yos t., scn,ra,;na ,,,c mover of issn,
s" mo ,,o,- nj 6,scou,,,. Inn, Iov wes Inc ,o;ue I,
~ !, ;rL o,nos.d er.-v ,-,onrcmrr, Ike Thai in III,
I'm. liz ,.,s ~, ), t,yor or an cyciusve metnll,,
onrrepc, bu, c,r n eapnd n,ner circulation ne con
,o.d I'm, HE cou not issuc from the banks: whenc,
Then was !, l., pruceed if no, from The authority of Go
ca,po,ep,.
h,o ,ic constitutional orqnnent referred 10 by Mr.
III n s,id h.. Ind noyre conquered IN He Ina,
i ,an,n,.d ~ ,,i,iau,al o;d ~ IN. currency from
u"'y 80 -, :, ,r IN, fon,,
.'e ~ ~, - , a. - ,i ra,',,
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man ,'sof''' ''o ~ WV '"' "'''' "'o
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~ or n...u,. II ,hny l,.Ias Il;s Ia
,i'', aDt snis,,,,,, Nn,, nd ,hev IN inr
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