Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-08
syENTu CONGRESS-.
WEDNESDAY, Jan. 5, 1912
IN SENATE.
PRorosIp poARp OF ExCugoU


PROPOSED BOARD OF EXCHEoU.R.
The motion Of reference of tho repor, Of thu
Secretary of the Treasury coming up MS the un
finished business of the Senate
MIR MOREHEAD said he did not rise with AM
purpose Of presenting his views at length upon thu
question now under consideration. The main point
had been so ably discussed by other gentlemen, ant
so fully too that he should not stop to debate them
lie would, however, offer some few views upon tn
report and project OF the Secretary Of tho Trcosu
ry, as they had been submitted for the consldera
ton of the Senate. He differed in his views from
como gentlemen as to the proprety of this debate
Gentlemen had said that we must wait until n com
mltcc had reported, until they had revised the sub
jcct and acted upon 1t in all its bearings. On tho
contrary, it seemed to him emnent'y proper, espe
cally il the bill was TO undergo any material change
that IL should be now discussed. The subject wa
Of high importance, involving great questions, anC
those OF interest TO all sections OF country and al
classes of people. Ii demanded, therefore, respect
tul and deliberate consideration at our hands.
Whatever might be the diversity OF opinion II
the land as 10 the causes OF our embarrnssments
there were differences as to the fact OF existing
evils. A condition OF things so unfortunate, 81
eIcrucating, calls nj the handsof the legislators 10
come action. lie knew that al the extra session o
Congress the question whether the late President
the United States would or would not give tis sane
ton to such an institution the People required
was n matter OF debate. The People, however, i
was clenr required some institution when they con
Whatever might be the opinions of other sections
OF tho country, he could speak at least for the
West. For years they had been laboring under
the sevcres ADVERTISEMENTS, under disordered cur
rency, and under deranged exchanges, all of which
operated rs an enormous tax upon the People
The commercial intercourse of the West was main-
y carried with the Eastern and Northern States
The people of the West dealt nj Baltimore, ut
PHILADELPHIA, and at New York, when they had
purchases TO make. The South was markc, for
hemp, tobacco, and other commodities produced at
the West. After the defeat of the Bank Of the U.
States, tho People had resorted 10 State banks
They had contracted then, under this system, large
debts-too large, perhaps, for men who should I've
cautious OF their means. They had expended vast
sums Of money in works OF internal Improvement.
But, whatever might be the fate of those works, he
trusted that all the States OF the Union would re
main faithful TO their engagements.
Such being the relation of tho trade with the
West and the Eastern banks paying specie, it ope-
rated upon the people for evil, and on both sides
The Yves! was indeed surrounded by q two edged
sword--a wosre currency ntkhc South, and better
currency at the East. To the South the West was
the producer, and TO the East the purchaser; and
such the inequality arising from these two cir
cumstances that the West suffered from the existing
state Of things in both.
MIR Nj. said he had been informed that the annual
amount of money paid by the people of Kentucky
alone was half million of dollars in exchanges. If
this were true OF Kentucky alone, some estimate
might be formed of the tax paid by the West in the
other sections oil the country. There were eight
States known MS the Western and Southwestern
Siates-Ohio, Indiana. Kentucky, Illinois, Arkan-
sss, Missouri, and Mississippi. II kentucky paid
half million, the other States paid about the same
amount, and paid sum equal to four millions of
dollars. As the relative trade with the East was
about the same, he presumed the estimate was a
proper one. In addition to this, those States had
10 pay for internal improvements. Their ndeh'ed-
ness s60,OO0,000. They had to pay S3, 800.
900 OF neres, money, ate per cent which per cent.
at least the rate OF exchange, and often the rate
was higher than this, and differed two and two
and half per cent. across the river The great
West, now filed up it was with hardy, visor
Gus, and industrious population, had TO pay this
enormous tax, drawn from them for the exchanges
and all, rs he contended, attributable deransed
currency. The people believed that a national
Currency was to bc had by n national bank; such
an institution they thought would remedy all these
evils Can you wonder, then, (sad MIR Nj that
they felt keenly at the extra session of Congress
when this subject was ngtnted here with so much
feeling and with so great SACRIFICED The people
OF the West had contributed 10 their utmost in sur,
port Of that distinguished individual now at the head
of the Government. They had rushed like the
mountain food TO his support. Kentucky had Civ
en- him and his i,lustrIous associate a greater vote
than ever before, and that too in opposition TO the
preienslons of one OF her respected and favorle
sons They had confidence in the President of the
u. ). They knew that he was Whig the nominee
OF Wing National Convention, and, above all, that
NC vas Nlrglnlan. hentucky naO no doubt OF him,
and, II she ever had those doubts were dispcled nv
the inaugural letter of the President of the United
States TO the American People. But (said MIR M
l will not stop here to comment upon those disap-
polntmenis at the extra session, which, however
great, did not dshear,en the Wings as TO pre-
vent them from looking 20 another session of Con
gress in the hope that some Of relief would
he proposed But they had been disappointed
and II was sad spectacle, after a twelve years
struggle, TO see that party suddenly overcome and
tod L. IL.
means surprising, that the fall elections gave cur
good Democratic friends temporary triumph. WIKI
hat heart could their opponents come 10 the contest
under the appalling prospects around them They
did, nevertheless, look 10 the present session OF
Congress for relief; but they were not prepared 10
They were ready to unite to accomplish whatever
measure could be accomplished consistent with their
former principles If they had done or could do
his, they would have been justly liable to the i'm.
lutatlon of the grossest Inconsistency, and would
rave deserved loss Of confidence. But we now !
iad the promised scheme oil the President before us;
md there were objections, in his humcle judgment,
the very outset, without looking the details OF
the measure. IL was manifest upon its face that it
had proceeded from the Executive, and u was OBJ !
ously the tendency Of the measure 10 he controlled
ny tie Executive. The contest OF ls4O was TO
break down all barriers which might intervene be-
tween the Government and the People; bu: the
Secretary Of the Treasury, though properly the Of
the officer OF the President, object to this re.
port, then, (said Mr.. NJ because comes from the
Executive, and comes from him instead Of the agent
Of the People and the Government
lie could not form any other opinion than thu
this WAS great government institution. Gail IL
what name you will, Il was the child Of the Govern
ment. a distinguished President Of the United
States had Swallowed forth upon two occasions such
Il scheme this TO the Congress Of the United
STATES, and il was referred in the two Houses OF
Congress TO appropriate committees. At the head
81 the committee IN the Senate was General Samuel
Smith, Of Maryland, and ut The head ofihe commit,
lee OF the other House, Mr. McDufie, of South Car
ona. These gentlemen regarded the proposed
plan thea great Government institution. The
report Of mir McDuffie, particularly distinguish
81 for the views Of the committee. II this was
not n Government bank, /. was a Government
institution, and the foundation Of which was for the
issue OF Government paper money. With his
t,iend from Connecticut MIR Uun,ngtDno Mr. NJ
said, he contended that the repaleaOiy OF the uan
was profound objection 10 the scheme prop6sed
and II adopted, Congress would have the entire
control. And what may Congress not do. when
backed by the Exeeutivel II may increase the On
pital Of The Bank Fifteen millions Of dollars in
Treasury notes, and fifteen millions IN certificates
OF deposiio, would be found very inadequate to the
public wants. This appetite tor paper money grows
by what it feeds upon
MIR Buchanan, (in his seat) "Tha, is truelpI
Suppose, (conunucd Mr. MorehendD In the r., en-
OF war, in the absence Of national bank. Won
could not rely upon State banks No man relied
upon them at such times. They could no, meet III,
public eIgcnces OF the country. But supposipo
some such evil should come upon US. and that IN,
little cloud, now no bigger than a mans hand. sb1l
oyershadow the land-to your fifteen YOU ygoulf
add fifteen, and hundred millions OF dolrs 10 Tim,
Congress could also give TO this great Govern.