The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-02-04

effect loan of ten millions in the first in
stance by an issue of Treasury noes, and five mil
lions afterwards by an issue of sclip. so that, in
fact, there is in this project IN assumed power to
keep and dSbursc the public moncy-to deal in
private exchanges with that pnblic noney--to re-
ccI0e and keep private money on drposite, or hay
lng received it, and ewing it 10 individuals, to issue
three times lis amount rs paper currency; and
in the fourth place, to borrow fifteen millions of
dollars. Here, then, were four colossal powers
With regard 10 the FIRST, although he might have
differed from Of his friends in 1887, it was on
what he conceived good grounds, and on those
grounds he was IN favor of separating the power Of
the custody of the public money from any possible
connection with the currency of the country lie
was then, and he still remained, in favor Of plan
lndispnmbly constitutional and safe from contact
with the currency-that ofHn Independent Treas.
ury And had the act Of 1887 been confined Ia
those legitimate functions, it would now stand or
the statute books Unlcpealcd, But the hue and
cry was raised against it, aud it was made so IN
popular that il WAS repealed On account Of the
very features to which he had at first objected.
Now, rs Tar rs the mere recGN iug, saicECCpir.
and discussing Of the public money goes, the plan
under consideration il in accordance with the indie
pendent Treasury system, which the gentlemen
who have the majority IN congress, repeated last
session-he would moi say whether wisely or not.
lie had the same faith in that plan how, us he had
in 1887, and he believed ii was the only tue and
safe system that could be devised. lie regretted
its repeal at ALL and particularly that it was repeal
ed without cnacting some law equally constitutions
al as substitute He could not hope, he feared, that
the act repealed last session would be rcnslaiCd
on the statute hook. lie opposed lis repeal then.
because he knew that it ought not 10 lie repealed
without constitutional substitute vas ready to
take lis place.
A false issue had been got up on the prctence
that the various Interests of The industrious classes
of the community were affected by the manner Of
keeping aid discussing the public money. 1t is
merely II political question. i he manner Of keep
ing the public money has nothing 10 do with the
agricultural interest, or the manufacturing interest
of the country, except in relation which the whole
community bears to the faithful exercise ola trust
to the General Government. lie was in favor of
doing something ms suggested by the Senator from
Rhode Island-of arranging il it can be agreed up
on those provisions of the proposed bill on the
great principles o!lhe nc, Of 1859, Not hecusc he
helic, ed that under tia, act the Executive, at any
time, or even now, could take Il dollar out Of the
Treasury not appropriated by law; for he consd-
cred that this thing Of the union of the purse and
litcal orators, was merely theoretical aud not pruc-
teal. No President eau extract dollar, or even
the value Of pin from the Treasury, without Il
legal authority to do it. 1t was not the mere Gus
lody Of the money that constituted the real union
of the purse and the sword; it was the power of
the Executive over the appointments and removals
of bank directors, having possession Of the public
money; and the act Of is36 gave no such power 10
the Executive; but the bin before the Senate GER
talnlv did. lie had no belief lha, the committee
to whom this bill .niaht he referred would rrcom-
mend re-enacmcnl Of the law Of 1896. And he
could not help regarding the proposition TO create
Board Of ENchequel, with from one to two hun
drcd officers, and having agencies in every State,
as an alarming increase Of the Government patrons
age. i'any plan could be reported back iom the
committee; aud therefore hn anticipated no result
from the report which may be made. The gentle
man on the opposite side, no doubt consricnously,
believed Bank oftha United States constitutional.
he and his friends believed il was not. 7 he gen
tcuen opposite had no scruples--no doubt oi'lae
consruiunality of an Independent Treasury. He
aud his friends stood by it us the only constitutional
measure for the isca! operations Of the Govern
ment. No sacrifice oil conscientious scruplcs was
required liom the other side 10 adopt that measure;
hui insupcrabe objections existed ON the part of
was evident, therefore, that concession should come
from the opposite side, because nothing wovd be
sacrificed by it.. The Senator from Rhode Island
{ Nlr Simmons) had inferred from the clause in III.
Constitution giving power 10 the General Govern
menl TO regulate commerce. That it included the
mower to regulate exchanges and cUrreHCy. This
he (Nr Wy denied. lie denied that any such
principle had ever been acted upon by even the
most dCsp0lic Governments Of the Old world. and
MS long MS the project submitted 10 Cougless con-
ians this feature Of assuming power in the Gov
eminent TO deal in private exchanges he feared
nothing could be done. II was Il proposition so
utterly unconstitutional, that could not receive.
under any modification, his support II was con-
sidcrcd 81 dangerous and Unconstitutional that the
convention which framed the Constitution not onl,
would recognise the principle, but expressly rcpu-
dated it, even US regarded foreign exchanges -
Was It ever before heard that the clause in the
Constitution TO regulate commerce meant the deal
ing in exchanges with the public money, and that
buying and selling private bills Of exchange was
meant by the power 10 regulate the commercial in
tercourse with the State! 1t was monslrous
interpretation and in his view, and that Of his
friends, wholly untennhc and unconstitutional. It
might as well be said that the clause Ia regulate
commerce empowered the General Government to
take Tie tonnage OI tOHlcTcC mo Ills own lnbd-
10 regulate lnanulacturerS--to take the business
of manufacturing into lis own hards--and the pow
er to regulate agriculture was a power 10 send Of
fcers TO take hold of the plough and cultivate the
land.
!, is supposed fifteen or twenty millions must be
appropriated To the bn,iag Of exchanges; but it j.
10 sell as well rs 10 buy, aud in this way
the amour, may be considee ed unlimited Not with
ont dwelling on the obvious unconSiitutonality Of
this point he would advert moment TO lis inCXpe-
diency. What genelal good could he affected in
this dealing in exchanges with the public funds
And he would claim the attention Of the Senator
fiom Kentucky to the expedency Of the PROPOSE
ton, even If the Government had the power. Sup
pose. under this bill, the exchanges should not
exceed two per cent-or that OF the mere cost .!
specie. It is thought this would be a
great gain, and in this way the country wonld he .
relieved. Now, he would turn to a New York |
paper quoting the present rates Of exchange, and it
would be seen that the exchange between St. \
Iouis and New York at the present moment is less
than Two per cent.
Tllr Benton remarked that this morning the quo
iation WIS one aud halfper cent? Yes: only