Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-03

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general principles Of policy, ADD not by the slight.
est possible disrespeet to the ptesen, Chief Msgis
tratc.
What he had stated was, however. the smallest
objection to the bill; for 1t went to effect perfect
concentration in the hands of tho Executive OF
both the political aud the money power How
could II possibly DO supposed that any honorable
Senator belonging 10 the party with which i; WAS
Mr. BIS happiness to act could ever adopt plan oi
this dcscrip,ionl That party had always been
strenuously opposed to Bank of the United States.
And whyi Because the United States were largely
concerned in its stock; because the President APP
pointed portion of the directors; and because these
directors wcro at Washington, and under tho i'm
mediate Influence of the Government. They had
always condemned the connection Of n great mo.
ney power with the political power of the Govern .
menI. But here IN this bill all masks were thrown
| oil. Here was Government bank, not owned in
part or controlled IN part by the General Govern
ment, but belonging altogether to that Government,
and having ell its officers 10y Government appoint
mon'. And yet they were told, forsooih, that this
was an "intermediite measure" So far from it,
that, with tho single exception OF the facility of re
peal, II was an extreme measure; 1t went far beyond
the National Bank, which his party had always
/ opposed as being connected with the Government,
aud subject in some measure To its influence But
here was an institution not merely connected with
the Government, but in all respects complete Go
vernment bank And yet the Senate were tod
that this measure presented "a common platform,
on which all might unite" Would 10 heaven that
i
induce him 10 rejoice at the discovery of a measure
OF that character, end he would I've Of the very
hrst to rush into union any such common
ground
He remembered well, he never could forget, the
speech formerly delivered by the honorable and
distinguished Senator IRON Kentucky (Nir Claw on
this subject. printed report OF that speech was
now before him. The title page, as it was u very
| long one, lie should not read.
MIR Clay here interposed 10 ask that il might be
read by all mcans.l
We'll, said MIR b., since the Senator desires il. I
will read II. poe, has said that ';hc world is all
title p'sc;" but that remark would not be Just II
applied to this speech for there is q great deal of
good reading in 1t besides the title.
lille then read the title page in full, the grea,
length of which produced much laughterl
There's title for you! Now, on what principle
had tho honorable Senator contcnded that MIR h.
and HIS party were in favor of great Government
Banki They had not proposed TO lend any money,
nor TO issue any bank paper. Their plan conten,-
plated bank oiissue, and what did gentlemen think
the issue was to bel Simply drafts by the 'rrcasu-
rer OF the United States on the dcposi,or,es in DIFF
erent sections OF the country for de ts due the Go.
vernment, practice which had prevailed since the
origin OF the Government, and must continue as
long as II was Government. Yet the honora hlc
Senator, shutting danger in every tainted bre,ze
considered these drafts forming the paper cur
rency OF n tremendous Government, bank And
although the drafts were required be paid with.
III thirty days after the dite OF their issue still il
WAS 10 he great Government ba,k. VIVA, must
the Senator now think OF his old political friends7
The Senator was thrown perfectly into the shade
Instead oil treasury drafts, payable IN thirty days
here was regular issue oil paper bills At the rate o
three 10 one dollar III specie, with rs comrle.e n
system OF exchange rs would have resulted from
the adoption OF the Exchange Bank BILL so properly
vetoed ut the extra session. What became of III.
President, according 10 this planl lie was the great
fountain of authority; he TO be at the head of
great moncyed institution: and # the bill should
succeed, the spectators and politicians OF the whole
country would he coming here 10 court the Presi-
dent or his Secretary for loans just eagerly as
men now crowded 10 Washington for offices. Pro-
testing always that no remarks he should now ma Ike
had the remoest application to President Tyler he
put the case OF an ambitious and dangerous man
being at the head OF the Goyeunmcnt-an Aaron
Burr being in the Chair-and let him have II in his
power 10 contro. the whole of the public revenue:
let HIM have at his disposal all the money of the
People, with which 10 purchase the services of poll
cal partsans on the eve OF great Presidential elec
uon and what would become OF the national libcriyl
All they had formerly heard about q union of the
purse and the sword was mere idle declamntton
but here that union in reality, and without n
VEIL All the money of the People was to be sub
leced to Executive disposal, and the President was
To become at once the fountain Of political mower
and of individual wealth. The Treasury Bank was
to be completely and exclusively under the control
OF the government ani an able who should be at the
same time Il bad man, would be IN circumstances
toy the use of this double power, beth political and
fiscal, to spread unbounded corruption throughout
the community, TO subsdize tho vGual TO tho puopo
sos Of his AMBITION and so TO corrupt and TO impair
the liberties OF his country, that they wculd be no
longer worth preserving.
MIR b. went on to observe that il MIGHT perhans
be urged in reply, tina, by this plan the bills of sx
change in which the tank could deal, were such
only us had but thirty days TO run. Very true
that was the restriction IN the bill but let this ercn,
bank once get fairly into operation let the money OF
the Governmen, become the capital of the bank and
how easily might that limitation lie extended Bot
even as II now stood, there in fact Gs much dan.
ger TO be Appreciated il the bills were low ed to
run ninety one hundred ard twenty DAYS |,
was laid that the dealings OF the bank were tn no
confined 10 bona nde business transactions: but Tim,
was impossible; utterly impossible. There was no
attempt TO do this on the face of the bill and ifhere
were, it lever could be carried out in fact. mar
would 60 to the BANK and present bill OF exchange
on Boston duly accepted, and get the money for i.
when the bill became due, the uccsptor would be
come the drawer Of bill, and thus n ps,fect
system OF kite. aying and race.horse bills wonld
take place, Just as II would have done under the
Fiscal Corporation bill The only difference would
be that here the ae could Ay only for thirty days
n time, and there must be little more trouble in
drawing bills more frequent.
MIR Il. further insisted tina. the issues of the Ex.
chequer bills would be purely Government paper
that, and that only. Let this bank &c; fairly I'm
der wnY and its history would be the history of the
Bank Of The United Stiies over again. The public
treasure would pass into the haudu of SPECTATORS
anu the suspended Geb" within year, would
amount to millions. Mr. b. here quoted ftom the
bill, TO show OF what the issues thc Board were to
consist, namely, bills and Treasury noes, signed
by the Treasurer, countsrsisned by the Secretary Of
the Treasury, payable by the agencies oil the jasd
and not to exceed $1,000 10 any one bill The
whole system, he said, depended on the business Of
an exchange bank. In illustration, he quoted the
following passage Of the Report;
"Fhese notes can get into circulation, and be
kept IN IT, only IN two ways: first, by payment in
such rotes Of debts and demands on the Treasury;
and, second, by buying domestic exchange And il
Is the last OF these modes which is most confidently
looked TO as furnishing active and continual cir.
cu!ation o! this paper. When issued in Govern.
/ mont payments, at distant points, tho general ten
dency OF the notes will be from those points to the
great Atlantic cities, according to the course OF rride
thus, leaving the place Of their first issue without
! the benefits OF their circulation. But il is evident
that II the agencies at those distant points shall be
authorized to purchase bills OF exchange, a new
source for the issue Of sound circulating paper will
/ be opened, aud the exchange thus bought would be
RENTED, wherever the demands of trade should call
| fof IT,"
Now, these were called Treasury notes; bu, with
| what justice or ptopfietyl What a Treasury
| note! merely mode Of borrowing a sum of money
| by the Government instead of funding the pubic
debt. Treasury notes were issued to Government
creditors or IN payment Of Government loln.-
But with whit justice could these issues be called
| treasury noiesl They were payable on demand,
Tut not dollar Tor dollar in specie; but Tor every ave
dollars IN the vault fifteen dollars worth of paper
might issue, and they to be used to buy bills
OF exchange. They constituted in every respect a
! Government paper money. And what had the past
history OF the world invariably demonstrated to 10