Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-10
Il III q d u e. ~ 3, - y.
SECOND SESSION.
NEnNEspAy Dec. %, ISL.
UNITED STATES SENATE.
PROPOSED BOARD OF ENCHFOItFR

OF the Secretary Of the Treasury. giving IN detail the
plan Tor the establishment Of currency throughout the |
ned States. MIR. p said he called the attention Of the
Senate TO the subject not with any expcctation moving
further III IT. distinguished member Of tie Senate
would move It's reference 10 select committee. where II
would receive that examination due 10 the importance of
the subject.
Mr. z. expressed his earnest hope that something might
be done which might relieve the existing distress of the
country, and meet with general acceptance by the PEG
pie. lie trusted that the difference of views which had
heretofore prevailed might be found susceptible of com
promise aud would yield Il OF TIE pressure OF the
public necessities. In this plan the Executive had sub
mted 10 Congress plan OF finance which q handed its
serious consideration Without. at tins time, expressing
any opinion on the merits Of that measure he certainly
desired that this. something lke something the
place OF H. NIGH be agreed upon during the present sps
Sion. which should correct the disorders Of the currency
tend 10 establish the fallen credit of the country aud
give fepose to hepubilc mnd greatly and nu
tiousy agitaed Mr. p approached the consideration Of
the Executive proposition IN this spirit and ardenty no
ped that the united wisdom OF the co ordinate branches Of
the Government might be GUIDED results generally sat
lsiacioy lie dd not yet, permit himself 10 despair
Of such a contamination,
This Was not the proper time for entering uponauy in
ycstl9a N OF the financial system proposed the Socrc
iary srcp1r but he might be permitted to say OF that
II was efficient that II was str,ng thai 1t novel IN
many OF lis features and that proposed rearrange
the entire Treasury Department IN way which must
necessarily lead TO the most important and enduring
sequences, and III regard to which Congress had prect
dents to guide It's action OF deliberations. To HIM II APP
peafed To be composite cdce. constructed from various
materials, and To contain selections from different projects
heretofore presented, and 10 ama gamate them with other
features entirely original In acting upon it the highest
exercise OF prudence and caution nperousy demand
ed II must receive the coolies, aud delhi crate con
sIdcraton, and this he felt very sure ii would receive
Mr.. T., however, must confess that there certain
portloss OF the plan which staggered linn good deal ;
aud yet he could scarce see how nyhg better could be
substituted for them. The SUBJECT OF great mag
nude HIS own course as an individual must be of
Little consequence ;bu he might be permitted To say that
Il left 10 has own choice, he should act the general
principle that IN matters of finance Government should
confnc itself as far practicable to the existing osah
shmcnls and institutions OF the country, he did think
that by the Constitution the general subject OF the
rcncy had been absolutely condcd the discretion Of
Congress that II was empowered 10 create establishments
wholly new, but that ii should rather give direction 10
those already III beng. incidentally 10 aid the cur
rcncy and promote the general welfare. lie was ANXIOUS
on the subject Of the State institutions which had tccn
created by powers superior 10 the General Government
and he thought that n subordinate and limited Govern
mcnt deriving lis powcrs from the States. Congress
should not disregard the exercise If tholf power IN the
rccton Of these independent institutions. lu should IN
her aim a soguding and directing INCORPORATION 10
promote the general prosperity OF the whole Conledoacy
lie still adhered 10 the opinions he had often heretofore
expressed in favor OF the employment Of the State banks
and oiadaPtlng the Federal institutions 10 them He did
NV HDNFNtT CONCEIVE Udl llt Cstll stlf ol llc ttul
Try and fpubIic opinion authorized him 10 uss, upon his
own individual notions and preferences but that he. with
all others called 10 act in lib, raj enlarged cath
Ole spirit Of compromise togo for the country and for
the country alone To reject all narroweenps and party
idiSons aud make sacrifice of the whole upon the al
tar of our common country.
He concluded with moving that the report Of the Sec
rotary Of the Treasury the subject of Exchcgucr
Board. &c. be now taken up for consideration.
MrTAILAlADGE rose, under manifest indsposi-
ion pnIC Ike Inv,
be understood lie was loved 10 express his hope that
something would be done on the general subject of tho cur
rcncy, and that the report might be modified by
mttee as To render II generally acceptable. lie trusted
that in making motion for the disposition of the report.
he should not be suspected by gentlemen either side
Of the House OF putting hmsclfn advance Of the gentle
men far more able, lie hoped that the he had
pursued since he had enjoyed the honor of in
that Chamber would shield him lromany sspiclonso this
character He would now. then, that the report be
referred TO select committee Of nine Senator's 10 be APP
psintod by the Chair
In making this notion he did not feel it incumbent up
hun to offer any remarks upon the merits Of the plan
submitted IN the report the state of his health admun
shcd HIM 10 orbcar, was II called for ON mere mo
tlon to refer. As the subject was not now before the
Senate for its definite action. he should reserve what he
had TO say until the committee, should one be appointed
should have brought in its report.
| Mr. Bl CliANAN observed thai when this subject
had been up days ago it had been at that time his
intention 10 submit thoughts upon it and subsc
qucnt reflection had induced HIM TO believe that II was
his duty ~, at least TO express his general opinion of
the measure proposed in the report Were this merely
report from the Secretary of the Treasury containing
the individual views and opinions OF that officer alone,
Mr.. b. should not deem it proper, III this preliminary
stage OF proceeding, 10 90 into any investigation OF the
document. But such not the case the plan came
before tho Senate in novel and imposing form, they
told that it a in regard TO which the
Cabinet Were united in opinion. The bill which follow
cd the report had been drawn with the utmost and
accompanied with argument in its favor able
he had presented 10 Congress 1t clear in
its statements. logical in It's deductions from the premises
stated and well calculated to produce striking i'm
preston upon the country
Under such circumstances and particularly it had
been every where circulated that Mr. b. in favor Of
the plan was duty he owed to himself and not less
to the party with which il was his honor act. 10 state
briefly his opinions in regard to il. He could say, with
the perfect truth. that he had had and now had,
every desire to support any which should be re
commended by President Tyler for the collection, safe
keeping and disbursement of the public ;bocause
in common with Millions he felt that heoWed HIM deep
debt of gratitude for having arrested, by the two vetocs OF
the last session. the Fiscal Corporation, and the Fis
cal Agent" then presented to him for his sanction lie
had been sincere than when he had declared
himself ready to take any which the President
might recommend temporarily for the fiscal purposes of
the Government. He disposed TO put into his hands
carte blanche. provided he confined his recommendation
the constitutional Objects to he accomplished. But
when the President extended his plans beyond that limit
when he proposed to issue Government paper currency
and put the public money in jeopardy by placing IN the
hands Of spectators. lending 1t 10 merchants "r to any
body else the plan must encounter his determined oppo-
sition. 1t right that the country should know the