Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-15

10 inc Dendle III uue tlI1e IOT LnelT COuSlu-
Grafton In making this motion, he should
not be suspected of putting himself in adj
vance of others, as there were many gen.
temen present who were more able than
he was to take charge of the subject. His
uniform course, he hoped, would exempt
him from suspicion of that kind. lie
therefore moved that the report of the
Secretary of the Treasury be referred to a
select committee of nine, to be appointed
by the Chair. If this motion shonld pre-
vail, he would reserve the views which he
now entertained until more appropriate
occasion.
Mr.. BUCHANAN remarked that if this
were mere report Of the Secretary of the
Treasury, containing his own opinions
alone, he would not think it proper to in
vestigate it at this preliminary stage OF
business; but it came before them in a
most imposing form, and they were told
that it was a measure in which the cabinet
united. The bill was drawn with the ut
most care, and they had as able an argu
ment in favor of it as was ever presented
to the Senate; clear in its statements and
technicaities, and calculated to produce a
great effect upon the country. More espe-
cially did he feel it to be his duty, as an
humble member of the great party to
which he was attached. to speak upon this
subject. as it had been circulated every
where that he was in favor of this measure.
He could say with the most perfect truth
that he would willingly support any good
measure recommended by President Tyler,
for, in common with millions, he owed him
debt of gratitude for his vetoes of the
Fiscal Bank and the Fiscal Corporation.
Never did he utter sentiment with more
sincerity than when he said, during the last
session, that he would be willing to take
almost any measure which he might re-
commend for the collection, safe-keeping.
and transfer of the public moneys. For his
own part he felt disposed to give him a
perfect carte blanche, provided his plan
should be confined to the principles of the
Constitution; but when he extended it be-
You'd the objects specified in that instru-
ment, and proposed to make use of Gov
eminent paper currency, and put the public
money in jeopardy, by placing it in the
hands of spectators or merchants, to those
features of the plan he must give his deter
mined and solemn opposition. 1t was right
that the country should know their opinions
on this subject. Without such plan as
was here proposed, the energy, the indus
try, of the country were such that they
would soon relieve the people from the de-
pressed condition in which they were now
placed, and lift the country to its former
state of prosperity, if left to themselves;
but. as long as the people of the country,
instead of looking TO their own concerns,
depended upon the Government alone, their
energies would be paralyzed; and they
would be expecting relief whence no relief
could come. He had looked at this plan
in every aspect, in which it could present
itself to his mind, and could see nothing in
it but the plan of a great Government
Bank to be conducted exclusively by the
Government the paper issued exclusively
by the Government; in short, from first to
last, it was nothing but Government Bank
What were the functions of bank? Il
received deposites, circulated paper cur.
rency and loaned money, and dealt in bill:
of exchange and promissory notes. These
were the important functions of bank
And were these powers not possessed by
: the proposed institution Yet, they were
,, with apparent honesty, told by the Secre
tary of the Treasury, that this could moi
| be denominated Government Bank!
He then went into an examination Of tn,
I plan, with view to demonstrate the evil
which he conceived would result to thu
country from its operation, and its unfit
!, ness for the purposes for which it was de
signed; and he spoke of its dangerous ten
! denotes to Cypress the people, should dan
gerous and ambitious man, an Aaron Burr
be placed in the chair of State, who, b,
this plan, would possess the control of tn
1 revenues and the taxes collected from tn,
: people, and bring these influences to bea
upon important elections, and so corrup
the liberties of the country that they woul
: not be worth preserving.
4 Mr.. CALHOUN said that he had rea
;, the report with great deal of attention
t and he must say that it was simple, expli
e cit; and it was entitled to higher compl
t ment-it was manly in itself He regard
: ed the admissions made in the report as
5 triumphant vindication of the course pun
C sued by the party to which he was attach
: ed, for it admitted that National Banl
I, even if there were no constitutional obIeC
I tons TO such an institution, was not expe
| dent. He was of the opinion that the re
!, port had worn out much of the space be
i tween his friends and those from whom tn
II report came; and all they had to do was t.
II stand STILL and time and reason would brin
/ the rest. But Notwithstanding the adml
/ sions of the Secretary, this scheme contain
e ed fatal defects. They had been ably st;
o ted by the Senator from Pennsylvania.
II was a Bank not in effect, but in fact, and
G would create large debt. These obie,