The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-05

not an opporune time to discuss this bill he fel
that he had duty to discharge to that respectedve
nerabe commonwealth which sent him there, ano
his desire was he could not vote tor this PROPOSE
ton, that his State should know his reasons
WHY. For thisl reason, then, he asked The IN
diligence OF the Senate for short time. One
of the early acts of the venerable patriot (Gen ar
rson) who was raised to the high office ct thePresi
dent of the United States, by the free suiifaees OF
free people, was to atx his signature to pToclama-
ton, which convened Congress to deliberate en- the
great which called for the exercise OF the
powers of Legislation, and amongst them none were
more prominent than the finances, the currency, and
| proclamation Congress assembled in the month OF
and Justly too, was called "he good Presi-
dent" was not here the hand of Providence
land OF the living; his body. was moulderng 10
Wonder receptacle for the dead, and his spirit
was gone to God. But the wisdom OF our ances;;
tors had made provision for such an emergency, and
the distinguished Individual who was elected TO the
second office IN the country by lhe suIases OF he
same free people, found here exercising the Of
flee of President Of the United STATES; ana on ihe
their attention to ihe fsubjeci which now form
ed part of the, features OF this bill. Congress
then, was is duty, took up that subject and con;
| and believed would answer the purpose intended,
but il did not meet the views Of the President, and
| consequently il did not become law, They then
| made another BILL but that also did not succeed He
would not go over the circumstances connected with
these measuresI he would simply observe that they
exercised their constitutional duty, and the Presi
dent exercised his constitutional right and they
adjourned with intimation that during the
| nterval-atter time had been given for repose
| and reflection, some plan would be marked
| cut which would not be obnoxious to consiiu.
tonal scrupes, and would be free from objections on
account OF lnexpediency, and while it was wise and
sautary, would al the same time restore to sound
ness dsordered currency, bring back exchanges
to un'erm level, and lift up and uphold the labor
and industry OF the country. They went to their
homes, fearing that no PLAZA commensurate with
| such ideas could be devised, though they ardeny
wished it might be So. They, however, hardly ex-
pected that any such plan could be proposed which
would be safe and saluary, and constitutional but
they hoped tor the best, and he could say for one
hathc-and he believed he could say for others that
they-had come here hoping and ardent!y wishing
that the dsordered condition of the currency the
wretched state Of the exchanges the depression of
the labor and industry of the country. which were
now paralyzed, might cease, and that they might all
unite on some measure. which shouldbe constitutional
| IN itself, and wise and expedent. Such were the
sentiments with which they came there, and such
had been their feelings from that time to the pre-
sent They came here, the plan which ia the IN
they had read it, they had caused it to be printed,
they had treated it with the respect to which do
cument coming from such source was entitled;
| they had examined it with sincerity, they had had
| II before them; at least its outlines nearly u
month, and that was the plan which was accompa-
MED by report drawn with consummate ability
report which was calculated to produce deep and
lasting impression on the country-it was this
port and this bill which he proposed, with the leave
| OF the Senate, now to examine. What did they
| find deprecated paper medium in every portion
of the country They found their exchanges ruinous
| to those who were in business they found labor and
| Industry not meeting with an adequate reward they
found confidence IN State securities lost and general
depression pervade every part Of the land; aud I'M
country, relief for portion o" those evils, this
BILL entitled, bill amendatory of the several acts
! establishing the treasury department" This maa-
| sure was proposed for adoption to those who for
| twelve years had been contending against executive
patronage, and against executive power, and execu-
| tive experiments it was presented to those who
had felt these things severely, who had severely felt
scented as psnacea for a disordered currency and
exchanges. His friend from pennsylvania M I'm.
chanan) minated the other day, that this system
| was shadowed forth by distinguished member who
spoke here i'll 1887 about that, he (Mr. Huntingdon
knew nothing personally, yet he begged TO
remind that Honorable Senator that It was
Swallowed forth long before that-it the
plan of former chief magistrate OF this country and
he sHllszro that at te snsc "a win little
favor from any BODY. Now, he was opposed to any
such exrerments as this, and he proposed 10 exa-
mine II with reference to the relation il sustans TO
| The government, and to the exchanges, 10 the cur
rency, and 10 the revenues Of the country. and he
intended TO look at its political aspect. And In the
first place, respects It's governmental relation ia
| his judgment, it Is highly dangerous and unsafe;
| and as regards its effects on the currency and
| nnances, ne reared IL would be InelilcaciOus
| but to It's. political aspect, he considered
| that IT would be destructive. Then as a
governmental affair, in the first place, this
| b proposest TO create Government Institution; and
| with the Senator from Pennsylvania he would siy
that it proposes to establish a Government Bank He
knew by some 1t was not considered bank for some
purposes; but what were Its powers and distinctions
| its qualities, and its elements twas bank OF
issue, and bank of deposites, and bank of ex-
changes; II did every thing that bank did, except
dscounting promissory notes II received gold and
silver on deposlie, TO the amount of Is millions, and
| it was TO receive all the resources of the United
States deposite; that, it was TO take Them into
their keeping, ast as bank would take them, sub.
cct to be dsbufsed according TO the order of govern
ment. II was also proposed TO receive bank notes
in the payment OF debts, so that as bank of depose,
| it took from individuals coin and bank notes. aud
from the Collectors OF the revenues of the country
| And what more did Banks dol 1t was also a bank
OF issues; II used paper money, which was called
treasury notes, and certificates Of deposite-certf
Gates for which the faith of the government was
pledged, which we're intended to circulate Ii was
also 10 be bank OF exchanges, and through its
M board here, and Its agencies elsewhere, 10 trade
and traffic in bills Of exchange with the money OF
| the government, TO any amount. He was aware
| that time and distance were prescribed, but the
amount was unlimited, and 1t received a premium
on those operations. This, them was the nature Of
the institution, and this bill might have been enti-
| tied, Bill to establish Bank Of Exchequer He
knew the report said 1t was not bank because
private capital was not employed in it, but was il
necessaryto employ private funds to stltutc a
bank 1t was equally bank whether the c.
pral was public or private During the last
session, il was objected TO the fiscal agent that
| it would encourage kite flying, but this bill
would give much facility 10 kite flying -
| Was not this, then bank But that not all
| it was a government bank, and tina, to his mind
OF its most Objectionable features In the
first place It's capital belonged to the government,
and it pledged the faith OF the government for its
certificates of deposits; and was not that then,
| government institution II also authorizes its
| agents to buy and sell bills OF exchange, and was
not the government responsible for them But far.
ther still, the revenues when collected were TO go |
into this institution. This institution, then, was TO |
!? be invested with authority the revenues of
the country, and the credit of the government
whose object as professedlY 70 give good currra