Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-10

they told, forsaoth that this was an ..incrmo-
date measure so far from il. that with the sing o cx
ccplion OF the facility oirepcal, 1t an extreme mea
sure II went lar beyond the National Bank which his
party had always opposed being connected with the
Government aud sub Get in measure 10 It's ipfu
encc But here institution merely connected
with the Government. but IN all respects n complete
Government bank And We, the Senate were told that
this measure presented "a common platform which all
might unite" Would 10 heaven that il were All
Mr. BIS habits and feelings would induce him to rejoice
at the discovery Of measure OF tina, character aud he
would he one OF the very frs, to rush into union any
such common ground.
lie remembered well, he could forget. the
speech formerly delivered by the honorable and dsln
euishcd Senator from Kentucky (Mr CLAY) on This
subject printed report iihat speech before
hun The title page. MS 1t was very long one, he
should not read.
Nh CLAY here mtcrposcd to ask thai i, might be
read by all means.
Well. said Mr.. b. since the Senator desires il, will
read II, poet had said that 1.-THE world is all n title
page hut that remark would not be JUS, If applied
this speech Tor there IL great deal OF good reading III
II besides the title
He then read the title page III full the great lcngthof
which produced much laughter
There's title for you Now VIVA, principle had
the honorable Senator coniended that Mr. y and his par
" were IN favor Of a great Government Bank They
had not proposed To lend any money. 10 issue
bank paper Their plan contemplated bank Of issue
and what did gentlemen think the issue 10 hel-
Simply drafts hy the Treasurer Of the United Slaus
the repositories in different sections OF the country for
debts due the Government, practice which had pre-
vailed since the origin of the Government Yet the
honorable Senator. snuilinp danger in every tainted
breeze. considered these drafts forming the paper
rency OF u tremendous Government bank And although
the drafts were required 10 be paid within thrty days a
ter the date OF their issue. still II to be great GOV
eminent bank. What must the Senator now think Of
his old political irenlsl The Senator was thrown per
Iprily ihp uhndp Inst, ni draft
BILE IN thirty days. here regular issue OF paper
bills at the rate OF three dollar specie. with
complete system OF exchange would have resulted
from the adoption Of the Exchange Bank bill, proper
" vetoed nj the extra session. W hat became Of the
President, according To tins PLAN lie was the great
fountain ol authority; he was To be nj the head of n
great moncycd institution; and If the bill should succeed
the Spectators and politicians Of the whole country
would he coming here To court the President his See
Rotary Tor loans Jusi eagerly "a crowded 10
Washington for Offices Protesting always that no re
marks he should now make had the rcmotcst application
10 President Tyler, he put the of ambitious and
dangerous being ri the head oi the Government
an Aaron Burr being IN the Char-and let HIM have il
In his power 10 control the whole OF the public revenue.
let HIM have nj his disposal all the money of the People.
with which 10 purchase the services OF political part
the Of great Presidential election aud what
would become Of the national lbertyl All they had for
merry heard about union Of the purse and the sword
WINS mere idle defamation; but here that union in
reality. and without ycil All the money Of the Poo
pie 10 be subjected to the Executive disposal and
the President To become at the fountain Of po
litical power aud of individual wealth. The Treasury
Bank to be completely and exclusively under the
control Of the Governments and an able who should be
nj the time bad man, would he IN circumstances
BY the Of this double power. both political and fiscal
10 spread unbonndcd corruption throughout the comnHn
ty, - subsize the vcna 10 the purposes OF hls arb
ton and 80 10 corrupt and 10 impair the liberties o his
country, that they would be no longer worth PFC
serving.
MIR. b. went on to observe that il might perhaps be
god in reply, that by this plan the bills of exchange in
which the bank could deal such only bad but
thirty days 10 Very true, that the restriction
in the bill but let this great bank get fairly into opr
ration let the money Of the Government boconc the cap
ita Of the bank, and how easily might that limitation he
extended But as it now stood there much
danger To be apprchcnded il the bills allowed
ninety hundred and twenty days II said
that the dealings OF the bank 10 be confined 10 bona
fte business transactions; but that impossible utterly
impossible There attempt to do this on the face
Of the bill and II there II never could be carried
Vut in fact A man would so ~ the bank and present
bin of exchange Boston duly accepted, and get the
money for it, when the bill became due, the accepcr
would become the drawer Of new bill. and thus per
feet system of kite flying and race horse bills would take
place, us it would have done under the Fiscal torpo
ration bill The only difference would be that the kite
could fly for only thirty days at time, and there must
be little more trouble in drawing bills frequent.
Mr. B further insisted that the issues o the Exchcguer
bills would be purely Government iapertai and that
only Let this bank get fairly under way, and It's his
tory would be- the history of the Bank Of the United
States over aud again. The public treasure would pass
into the hands of he spectators. and the suspended
debt" within one year would amount 10 millions Mr..
b here quoted from the BILL to show Of what the issues
of the Board consist namely bills and Treasury
notes. signed by the Treasurer, connicrsgned by the
Secretary ofthe Treasury payable by the agencies of the
Board. and not To exceed 1000 III any one bill The
whole system he said, depended on the business Of nm
exchange bank In Illustration, he quoted the following
passage Of the Report:
'.llesc notes get into circulation and be kept in
it only in two ways; first by payment IN such notes OF
debts and demands the Treasury and second by buy
ing domestic exchange. And it is the last Of these modes
which is most confidently looked to furnishing
tive and continual circulation of this paper. When is
sued in Government payments, at distant points. the
general tendency Of the notes will be from these points 10
the great Atlantic cities. according to the of trade
thus leaving the place Of their first issue without the
benefits Of INSTRUMENTATION But il is evident that if the
agencies those distant points shall be authorized TO
purchase bills Of exchange OF the issue OF
sound circulating paper will be opcn and the exchange
thus brought would be RENTED, wherever the demands
of trade would call for it."
Now, these were called Treasury notes. but with
what justice or proprety2 What a Treasury note?
merely mode OF borrowing sum OF money by the Gov
crnmont instead of funding the public debt. Treasury
notes were issued to Government creditors or in pay
ment of a Government loan. But with what justice
could these issues be called Treasury notes? They were
payable on demand but dollar for dollar in specie;
but for every five dollars in the vault fifteen dollars worth
ofpapcr might issue, and they to be used to buy
bills of exchange They constituted in every respect
~ AnI, hat baI thu,