Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-10-04

There were Other causes OF tho tronbles and while
they remained. even Il the Treasury had been full
and the Tariff and Protective policy undis,urtc1
Vet Ill provision wss made for be,er currency
81 universal valtity throughout the land the gteai
cause would DOT be removed
Attic Special Session CT Congress the Secretary
OF the Treasury, MIR EWING submitted to Con
gress plan for a National Bank, founded upon
the idea OF large capital made up by private sub
| serip,lons and saving the power to extend iis
| branches ali over the country. oe-d not adver,
10 the circumstances OF It's presentation TO Congress
| IL had received the appreciation Of tho President
and was eoneurrcd in by every member OF cabinet
as the best that could bs done; fir said Ct =
ecms;anees had placed IN the FIRST place the cen .
TEN m whom We all thought GOO enous n Tor the
| eond-and his opinions different from ours
| but hxed: aud we deemed IL the part Of wisdom
| and prudence 10 see how we could get along as
| well as might be under the circumstances. Mr..
| twing's plan was sent 10 Congress as u hiss been
described-excep, that the bank could not es,ab
sh branches IN tn, State without the OF tho
States. Now had no idea myself that there was
any necessity Tor any such provision It was ut
mns' mere theory-though never would agree in
any case with :he doctrine that the omisson TO ex
| ercise n power is a surrender of the power. What
was donei Doubts were expressed as TO whether
the institution could go into operation; many were
doubtful as TO obtaining subscriptions. What did
We dol We sent to the commercial cities, the prn-
cipal towns in the country and asked gentlemen Of
known skill aud capital 10 come nn1 consult with
us about:t. They expressed doubts, but hopes
also anu picdgcu thcmscNcs TO DO tue bcSt they
| could; and as thc community was interested in il
! and the administration was fresh and populir-
they were earnest to have the bill tried. What
was the result Il WAS sent TO the Senate and re
jected. Another bill was brought in--divctici of
this theore,e difficulty, i, dseussd two months
and then It was found that It would not pass Wig
Senate.
will not pursue tho unhappy narrative OF the
session OF lS4l. Men grew angry and rescn,(u.
saw the storm arising, and underworld. rs far as
| could, 10 hush il. expressed my opinion freely
to the two Senators from Massachusetts,, and adj
vlsed them to give men time To cool-to let con.
Citation take place and harmony be restored il pos.
siole. am bound TO suppose my advice was not
good II certainly was not followed, and the conso>
quenees need not tell you.
The subject came up again At the last session,
and the Presidsnt sent in to Congress the plan OF
! ENchequcr. The measure received but li,te favor
and 1t is necessary for me- lest the whole burden of
dispeasure should fall on others, to say that it met
my hearty, sincere and entire approba;ou.
Gentlemen, hope have not, during my puSlc
| life, had On oyerweenins confidence in nay own
judgment or been unwilling to defer to the better
judgment OF my friends But there are some sub
jecis in which, | confess have some rcspcc, for
my own feelings. The subjec, Of the currency has
been the study OF my lf,. Thirty wears 400 n
little before entered the councils OF Congress, the
question OF the nature Of a mixed currency and the
! relation oil specie in a currency became with me
matter Of consideration. And discovered O
debate upon motion introduced into Par
| Lament by MIR Vansitlart, during the suspen-
sion OF the Bank OF England, and while her
notes were l per cent below par; it WAS that the
bank note wa, worth just much as its face pur-
ported 10 promise; that the bank had no, deprecia
ted, bu, that the bullion hal risen. Lord Liz
erpoo Lord Castereash, Mr. Roe, and other mem.
bets OF Parliament espouted that side Of the qles
ton; and on the other side urrsyei the strong
reasoning powers and IN. logic Of Horuer and the
practical good sense OF MIR Alexander Bring now
Lord Ashburion. | confess tina, the study OF these
papers made me a buliionist. | concluded that pa,
per notes could circulate safely only while they con.
iinued TO be redeemed IN s1 and silver the coun.
ter wherever they were Issued.
The next year. Congress, a, its session. found tho
finances OF the country IN a deplorable condition.
believe had read every valuable work on thu
subject on either side OF the Atlantic, and had close
ly observed the laws Of paper currency as exhibits
cd during the different epochs in this country
from ISL, 70 the present time. | had erpress-
ed my opinions a. various times in Congress
some OF which had not been falsifed by suhse-
quent events; and must DC permitted TO enter
tain quite as much confidence on that subject in
my own opinion, as in the nippant paragraph in
newspaper, or the hasty ebullition of a debaier-
And take the responsibility OF saying that the
measure then submitted TO Congress was ths hes,
and the only measure for the adoption of Congres.
and trial by the People. am ready to stake nv
reputation-nnd II IS all have TO s,ake-upon il
and tina, if the Wing Congress will take the mea-
sure and give Il fair trial, within three years IL
will be admitted by the whole American People
TO have proved the most beneficial institution ever
established, the constitutional loan only excepted.
Understand me, take 1t as il is-ss il came from
the consideration OF the Cabinet, not 1t hfer
Congress had begun 10 work upon il. For when
they struck out tue power Of governing exchanges
Il was not worth 4 rush-nOl worth the parchnaen n,
on which the law would have been ensrossed. The
great desire, the urgen. necessity ~ the country is
cIrreney-ioci.iiy Of exchange. You work for the
people OF Ala bama-they plant for you, and YOU
want common medium. to equaliza debt and ere.
dit with the same velocity steam transports men
and machinery. You have not GOT it-you can't
get 1t but by the authority and permission of Go
vernment-never, never. You want n large and
liberia! provision for exchange, and without this you
cannot reach the goal a, which you aim. How will
you do I7 l need got say by Bank of the u.
States based upon Private subscription: for i, i,
follows an obsolete idea. Suppose a law should
establish Bank, with capital OF fifty millions;
who will subscribe to III what will you give for
1haresl II Is entirely out of he question. Take IT,
then, for purposes of local discount-say in State.
street: do you want this untaxed pa TO make you
dscounts7
Wei, what shall we ever have7 for repeat il.
many gentlemen propose to do nothing-but 10
postpone every thing till the incoming OF the Jews
Is nothing TO be attempted When the Excheousr
was presented 10 Congress il was assaied from ali
quarters. believe one gentleman did get courage
10 say IN its favor that he did not know but after all
by some possibility some good might come of it, |
But il had many different classes of opDonnnts
-
would not move AZ all; Others said IL would have bv
far too much life; it would answer the purpose of lis
creaton-ahd that was 10 increase Executive power
One found Il King Log and the other King Serpent,
One indicted II as a terrific giant of enormous mag
nitue, sirding and crushing the liberties OF the
country; It would therefore, break the Constitution
and therefore they would oppose u. These oppos
ing agents confadicted, II they did not refu,e each
other, and convinced me that the plan could not be
adopted nor even temporarily considered. One was
afrad 10 do one thing lest he should break the Con.
siiiution, and another afraid do another les,
he should break It; and so they did nothing. One
man would not vote for a bank which had not the
power 10 establish branches, lest he should break
the Constitution; and another would not vote for
one which had, lest that should break il. They
acted Ike boatmsn, who. ~ the midst Of rocks, |
and shoals, and whrpOols should refuse 10 pull one
stroke for his safety, lest he should break his oar
But they stood looking forward TO the timo when !
restored confidence should enable the bank TO 90 !
into operation. When will this BET When pros
perity returns TO the country. That is when the
emergency IS over. Meantime they intend to do
nothing to save the ship from sinking till the chan
ces OF wind and wave shall Dive her safely on the
shore. That's the policy.
lie - more sanguine than am, who can see any
time when the Wings Of the country will have
more power 10 work, 10 effect the grand object
restoration Of the cufrency-than now. This very
moment-at the nppro aching Session, the country
calls IN the loudest voice upon tho psirot not 10
put of-Boi TO postpone, but 70 make the best uso
Of the means 10 our hands Here is measure 70
which tho President Is pledged and his advisers
approve. Why not try IL and Al AZ fails LOT the