Lexington union. (Lexington, Miss.) 1838-18??, 1842-11-05

per cent. under par, that they were still
worth as much as they purporled to nrom'
Use; aud he insisted that The notes had not
deprecated, but tina, cuIlon had risen
Lord Liverpool Lord Caslereagh, MIR.
Rose ana o,,ner distinguished members Of
P"r''ar ..ea, espoused that side OF the qnes-
to. as We know. On the other side the
luminous reasoning Of Huskisoo, the !po%.
erful logic of Mr.. Horner, the practical
good sense of Mr. Alexander Barring. now
Lord Ashburton was displayed. And |
confess, gentlemen, that the study OF these
papers made me bullionst, and conVln-
ced me that paper could not circulate safe
iy in any country any longer than 1t was
Immediately redeemable in gold and silver
on the counter of those who issued it,
Coming into Congress the very next year
or the year but one after, on finding the
finances of the country in most depIora-
BILE condition, and that too remaining at-
ter the conclusion Of the peace, busted
myself, in reference TO all other public to-
pics, in the consideration OF that question.
| believe have read every thing valuable
written or spoken since on either side Of
the Atlantic on that subject. All close
observers of what took place here, from
the time of the discontInuance otthe Bank
OF the U. S. in 1911, down the present
time, agree with my opinion; have ex-
pressed those opinions at various times IN
Congress, and they have not, | believe,
been lalsifed by subsequent events, so
that feel altogether satisfied that my own
opinions on this point are sound, and must
therefore be permitted to pay more respect
TO Them than | can pay to the fjIppant
paragraph 10 a newspaper, or TO the hasty
assertions of debate in Congress. This
is the best measure-the on!y measure
for Congress and the people 10 adopt. |
am ready to stake my reputation on il, o.
that is al! ! have TO stake that if this wing
Congress will take that measure and give
il fair trial, within three years it will be
admitted by The whole American people
to have proved itself TO be the most benei,
Cial measure ever established in this coun-
try, the Constitution alone excepted. Tn.
derstand, gentlemen, that | mean that
Congress shall take it as it is-as it came
from the consideration of the Cabinet. |
do not mean that they should take it as il
looked after the committees of Congress
had their hands upon il. For when they
struck out The provision for exchange, II
was not worth the parchment on which
the law would be engrossed The great
desire; the urgent and immediate necessity
Of this country is, that there should be a
common currency, and facility Of ex>
change. You work for the people of Ala
6ama; you get tea for them; they plant
tor you. You want common currency
and something that will eqnaljzs debt and
credit with the same velocity that steam
carries men aud merchandise from one
end of the Union 10 The other. You hive
not got it. Ia the nature of things YOU
cannot get IL; but by the authority and
provision OF government Never; never.
A large and liberal provision for exchange
ready exchanges, such as will enable
every man to convert his New Orleans
funds into money to-day, and use it TO-
morrow-a cheap exchange, one which we
have had in better times, when many mil.
lions were exchanged rarely at cost
more than three fourths of one per cent.
How are we going to do it? How? p
why, need not say. gentlemen, that a
bank Of The United States, founded on a
large subscription Of private capital, is
altogether out of the question, and The man
,cho puvSues il, purSueS an ab8olete idea.
The country Is changed, the condition
OF things has changed, the people are
changed so as TO put that out of the cues.
ton. Suppose there was now law for
a bank with fifty millions of capital, with
branches in the South aud West, loaned
on private discount, who are going to sub.
scribe? Where would you get the CAPT
tai? Nov gentleman the thing is out Of
the question; and for the purposes of To-
cal discount, take the question into State
street tomorrow, and the answer will be
equally decisive against it. Do you want
the nation to send here quantity of IN.
taxed bank capital TO partake of your dis.
countsa You are perfectly Indifferent
about receiving it. Well, then, what
shall we ever have? repeat gentlemen,
that that man who proposes TO do nothing
for the country till condition of things
come when he can establish bank by
private subscription may just as well post.
pone it to the incoming Of the Jews. Why
when this exchequer plan came before
Congress, it was assailed by all. One
gentleman, | believe, got up, and had
courage enough to say, that he really did
not know but that by possibility some
good might come Of il. There were diff,
ferent classes of opponents. Some said il
would be a perfect lifeless machine that