Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-08

comes irom him instead OF the agent oil the feope MI
the Government A., a.;
lie could not form any other opn'on nun .ra. ~.
was treat Government institution. 1ail IL whal nam
r, u1II ,yas the child OF the Government \ ois
,nnushed President of the United States had snaaowe
forth upon two occasions such fcieie DIS 'ii'' " ~
CONGRESS of the United States, and It was referred u
The two Houses of Congress Inappropriate committees
A, tho II. od of The committee in the Senate was lie
neral Samuel Smith, of Maryland, and at the head
The committee of the other House, Mr. McDuhe,
South Carolina These gentlemen regarded Inc pro
posed plan then great Government INSTITUTION
| The rcport of Mr.. McDulie was particularly uIs
4 tinruishrd for the views OF the committee II tn'
was not Government bank, it was Government IN
stituiion and the foundation OF wIch was LOT te issu
of Government paper money. win ms i''eha iron
Connecticut, (Mr. HuntIngton) Mr.. NJ saiu, Ne con
tended that the epcalaby Of the plan was profount
affection to the scheme proposed and ii adopted, Con
gress would have the entire control Ana what may
CONGRESS not do, when backed by the Executive II
may increase the capital OF the BANK. fitteen mn
lions of dollars in Treasury notes. and h'teen millions
in certificates Of deposl,e, would be iouna very hade
quate to the public wants. This appetite Tor paper
| money grows by what It feeds upon: m
| MIR Buchanan, in his seat) THAT IS true! ]
Suppose rcon,inued MIR. Morchend,I in the case OF a
war in the absence of National Bank you could not
reIv upon State Banks. No man relied upon them at
such times They could not meet the public exlgcn.
ccs Of the country. But supposlng some such eVii
should come upon US and that the lit,e cloud, now no
bigger than man 5 hand, shall overshadow the land
10 your fifteen you would add fifteen, and hundred
millions of dollars 10 that.
Congress could also give 10 this great Government
institution The power discount promssory notes, and
another President quite so tenacious OF the rights OF
lie States The present. would have no scrupes and
BY this time we might understand something OF the
powers Of this Board of Eachequer; and familiarity
with danger, we were told, reconced us to it.
Again, Continued Mr. NJ y these agents in the State
| could be increased. Two might become fifty. The
capital to begin upon might be only enough Tor the two
proposed liz the b but it would increase, and the Of
fees of discount with hem created 10 transact the bu-
sness oil the Department. There was no limitation as
to the number and the power proposed was an alarm
| ing one.
The bill provides, also, Board, TO be composed OF
the Secretary Of the Treasury, among Others who is
authorized To appoint all inferior officers 10 regulate
their salaries, and the number of agents required TO
carry out the provisions of the bill, and all the
communication Of the Board Of Exchequer. There was
no limitation, lie repeated, Of the number In good
times there might be danger; but we had fallen upon
party times and party discretion was TO act for us and
who would trust any party with such discretionary
power as this:
am sure, said Mr. NJ | need not stop al this time
of day TO dwell upon the vast power given 10 the Ex
ecutlve under the BILL nor could we be too cautious in
regard 10 this power. We could not too carefully
guard our temple of liberty from the moneylenders Of
! the Government Already we have heard the Execu-
tive abuse Of power and il and complained of it.
1t has immense power already. Give him now bank,
armed with thirty, fifty, hundred branches; give
him party-himsef at the head of il; give him agents
Of his own selection, dependent upon him, and account.
able To him; and what may you not apPrehend.
Already Tie Constitution has gwen him the sword
Tie has an "army of oilceloldcrs, has become a
proverb. Give him the revenues Of The land, and
who would answer that he will not pepctuae his pow
| er, Who will say that some Caesar some Napoleon
will not rise up among and grasp the Treasury Of the
/ I haze he's rsadl fsatd Mr.
Morehead) the warning voice OF our ancestors. have
read from the patriotic Patrick Henry that there
state of things so bad as union ol the purse with
! the sword | have learned from them, too, never Il
trust power any hands where it may be used against
the people, and, oppressed and embarrassed are
overwhelmed with mistortunes ell hands, dsclain
all connexon with il now, henceforth, and forever.
regard the dangers outwerghng all benefits. What.
IFS benefits or virtues may ae 1t contains deiom-
ing feature II has, Patrick Henry has said, 'aw'
fnl squirting" II squns at power, and cannot trust
such power in any hands.
il were TO return TO my constituents, and say that
we had agreed to frame bill like thslhat we had be,
come rcconced one with another upon such platform
that as the mountain would not come 10 Mafomet,
hlalomet had gone 10 the mountan-ihat had re-
iectcd Bank OF the u S and wen you panacea III
Bank Of fifty, one hundred, and two hundred millions
of dollas-haassed and oppressed, and almost crushed
to death they are should hear from them but one
voice. and the voice of party would be lost in that the
cry of universal condemnation at the course We had
pursued.
| "Bcier 10 bear the ILL., w- have,
Than fy o others that know of
I We would be free rather than prosperous.
If, then, the principles Of the Wing party cannot be
maintained without resorIng TO any such plan, let
! them perish. We are told 10 compromise. Who
The Representatives Of the People 10 compromise 10
the Executive: No, sir; no, sir. | am willing 10 con-
cede much, have conceded much but never can ! So
criice TO power principle like this.
The author of that report before you MIR. President
knew that It's principles had been repudlaed for
long years by the Wing party And supposing, sir,
ouondam President, Mr. Van Buren,, when the fortunes
of the Government as they are-supposng
that then MIR. Van Buren,, instead Of recommending
Sub Treasury scheme had recommended this scheme,
would the Wings have recommended this also-part
Sub. Treasury, part Bank of the L. States and part
State Bank system as it is. The Wing party would
have denounced and repudiated IL they did when il
was proposed years before by General Jackson. And
yon cannot, said Mr.. Morehead, even make this the
basis of institution There nothing good in il
which safe TO adopt. And yet what was the RENE
DIV for all the evils under which suffer- have seen
it n,imaed in some of the public prints that this was
factious opposition-that it was this plan nothing
If So the fault not here If there was any
dy we were TO call upon the President Of the u s. TO
compromise. Let him set an example ofliberallty and
of mapnanimty, and his word for il Congress would
meet him half way If he expected Congress TO bow
down 10 him, and yield the ground upon which it had
stood, he could not be gratlhed. Self.respect and
cherished principles forbade it.
Mr.. NJ, in conclusion, said he thought il Of
great congratulaon that this scheme had been discuss
ed as il had been here. He congratulated the Senate
and the country that men Of all parties had rallied as
one man in defence Of common principle, and in the
resistance Of measure endangcring the Liberties Of the
People.
MIR. SIMMONS of Rhode Island said lie did moi
rise for the purpose Of continuing the discussion upon
this question of reference, which would be lemeri,y
in him to attempt, after the very able and eloquent
speeches which he had listened from the mos. dstin
guished members Of the Senate of both political par
ties Ills purpose in rising 10 suggest 10 honorable
Senators, after what had been said in reference 10 The
plan proposed by the Executive, (Which had fully
developed the views of all who had expressed opinion
upon it it ISL whether there not another aspect
in which both the report and plan could be viewed
and it would not now be profitable for Senators tc
turn their attention 10 the plan, 10 what can be
done under the suggestions which il contains He hnc
asked himself, what do We wish 10 do and by that he
do shnplI he fhai,