Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1842-01-07


had read It with great deal of care, and must
say that the arguments set forth were able
and learned, but not satisfactory to his mind.
1t admitted in the first place that the arguments
used by his side of the house were correct, as
that stock in U. S. Bank conld not now be
taken. He thought there could be no period
within the present generation when it could.
It's credit was gone, and gone forever. No
sensible man would ever again take stock in
such an institution, either in our country or
abroad-the directors of such an institution are
the least responsible of all others, and no bank
could be sale where such was the fact Of all
the banks in this country, the most safe in his
opinion were those of the great commercial
cities, and the Stockholders were present to
look after their own interests In 1889 when
he had touched on the system of banking, he
had contended that the union of this issue and
discount was incompatible, deadly error, and
must prove fatal to the system of banking. They
should be separated, and in this document he
had that important fact admitted. He per-
celved with far more pleasure than pride the
progress of truth-what march had it made
all they had to do then, was to stand still, and
time and reason would do the work. He thought
the present plan contained fatal objections-it
was bank in fact, SO far as exchanges were
concerned an entire bank, and the whole scheme
must OF necessity run down as proper machine.
Guard them as they might, the tendency was
always to excess. When it was seen that small
piece OF paper not worth two cents, with two or
three names attached, to be made to represent
money, it was expecting too much Of mortal
man to suppose that such system would not be
abused. lie would agree with no plan, which
should shake the ground on which the party
with which he was associated, stood. They
would adhere to their original principles, and
none were disposed to yield.
Mr.. Rlves felt called upon to say word in
reply to the remarks from the Senators from
Pennsylvania and South Carolina. He thought
they might have spared themselves the trouble
for he took upon himself to say, that his friend
from New York would recommend nothing like
Government Bank; they had better therefore
have reserved their observations until they
found the subject in the responsible shape in
which it would be placed for their action. The
idea suggested by the Senator from South
Carolina, of his views in 1887, about separating
the powers of issues and discount, was not
original. Long before that period that great
writer on political economy, Ricards, had sug-
gested the danger of the union between these
powers, and it had been fructfying ever since
in the public mind. He, (Mr. r. would con-
TESS that his own mind had been brought thor
oughly to the conclusion that the power to issue
must be separate from that of discount Mr.. R.
here went into an analysis of the cons,itu-
tonal bearing of the views of the two Senators. |
Mr.. X. was disposed to lean on the State Bank
system, but as that had been rcpudiated, to-
gether with the U. s. Bank and the Snb-Treas-
ury, he was anxious TO do something that would
bring relief in the present awful condition OF
things, and help the country to rise again to its
wonted prosperity. This let alone policy of the
Senator from S. c. would not do for him. He
should like to see the man come before them in
| the present disastrous state of things, and say
that nothing was to be done. lie at least would
not enlist under his banner. If he could not
get the best system, he would take at least the
best that was practicable under the circum-
stances. As the plan then stood neither he nor
friend (Tallmadge) could give it their unqualified
support-it would have to be changed, material
ly changed, and that could be done when the
subject were properly before them. Mr.. Rives
spoke at great length. Mr.. Mangum will have
the floor tomorrow, and Mr. Buchanan will
make brief reply to Mr.. Rives. Adjourned.
HOUSE OF REPRESENTATIVES,
WEDNESDAY, Dec. 20.
REPORTS.
The House consented to suspend Temporarily
the debate on the reference of the Message, in
order that the Committees might be called for
reports Many were made, but all of private
character, except as is hereafter mentioned.
Mr.. Jeremiah Morrow, from the Committee
on the Public Lands, reported a bill further to
extend the time for issuing Military Land war.
rants to the officers and soldiers of the RevoJu.
tIonary army--which was read twice and COM
| mltted.
Mr. fastF4f0m the Committee on Public
Expenditures, reported a resolution, which wa.
adopted, authorising that Committee TO send fol
persons and papers.
FOREIGN RELATIONS.
Mr.. Adams, from the Committee on Foreign
Affairs, reported resolution providing that the
Message of the President referred at the last
SessIon OF Congress, and-Ret-titen reported or
by them, be again referred to the said Commit
tee. Adopted.
FRENCH SPOLIATIONS.
Mr.. Gushing introduced bill to provide 70
the satisfaction OF claims due to certain Anne
rlcan citizens for spoliatons on their commerce
J prior to the 3lst of July lS0l.
} The bill having been read twice by its title
! was referred to the committee of the whole -
the state of the Union, and with the accom-
panylng report, were ordered to be printed.
Mr.. Pendeton, on leave, introduced a bill il
} relation to the U. S. Courts in Ohio which wa
referred to the Committee on the Judiciary.
Mr. Pope, from the Committee of the Ter
ed, calling on the Postmaster General for stat ,
J ment of the amounts OF money paid for the us
4 OF railroads and other public roads Throughout
! the U. States.
,, GENERAL BANKRUPT LAW.
4 An effort was made by Mr.. Hopkins, of.Vir
ginia, to introduce bill, of which he had on
former day gwen notice, providing for the repea
OF the General Bankrupt Law.
The Speaker having stated that the Bill cou
only be introduced by the general consent
the House
Objection was made by Mr.. John C. Clark
, T, and others.
So leave to introduce the Bill was not granted
DIFlCIT IN THE TREASURY.
Mr.. Fillmore, chairman of the COMMITTEE
y of Ways and Means, said that the Secretary c
. the Treasury, in a communication this day mad
q to the committee, had informed them that ther
= was present deficiency in the Treasury
!; meet the demands upon it, of upwards of tw
:, hundred and fifty thousand dollars--and tha
:, unless this money was provided, the Govern
ment must be dishonored. He appealed to tn
house, therefore, to go by unanimous conser
: into committee Of the whole on the state of tn
i, Union, in order to take up the bill to amend tn