The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-28

can have Il sound specie currency maintained IN
competition with FIVE dollar notes. We have here
,ofore been struggling for years to raise the STAN
dard; to have twenty dollar notes established as inc
lowest point, and to have the smaller circulation
all in gol,. and silver. But we are down to five
dollars here and the issue more extensive, by hVe
millions than tina, ofhs Bank Of the United States,
Mr. Benton (from his ssat,) yes and they VIII
soon have it down to one dollar.
Mr. Buchanan: Yes, we may 90 to one dollar
notes: But, sir, should he alarmed at tho prospect
Of the passage of this bank if supposed there were
INV danger Of that, but for one thing believe, IN
nv soul, ns fnancer measure, it will wind itself
M in less than six months For every dollar in the
Treasury you will issue three, Where will the
centre Of this circulation be! East, West, North,
o, South And where will it finally cenlre' Where
bat in Wall street. AL the exchanges are in favor
OF New York. 1t is the settling place of the whole
Union, and the principal point Of export There
their notes will be paid by every Western H!er-
chant ana every Western man, because they
necessarily pay debts in New York They VIII
there also pny the dues OF tho Government incur
red all over the Union. Let there b. demand
for spec.e abroad ,pnd by whom will the demand be
first met? Banks will protect themselves against
it as lar as they Caa. They will hoard these Tfea-
sury notes; aud the FIRST ran must inevitably be met
by the Government of the United States And in
what condition will the Treasury be to sustain
run for SPECIE after il has issued fifteen millions Of
paper, with but Ave millions Of specie in It's vaults?
Sir the Government would be blown up. The
Treasury scheme would be destroyed, And in
this way, Captain lNar would be heldel more eff
fectnally than ever The cry would be, We have
given you your cxch9quer Bank; it has been blown
SKY high and now there is nothing else Tor II bnt
10 give Us good old fashioned Bank OF Inc Cuhed
States The five millions in reserve would not be
enough 10 Sustain it. However, there Is one event
in which Uncle Sam would be perfectly sale; he
cannot be saed [I.aughrer,l do not know that
he can take the benefit of the Bankrupt law; but
that law my be useful in another way-,ho spec
uutors may get their bills cashed by the Treasury,
and when they are involved in debt irre,rievabiy,
the Bankrupt law may come into play. The two
plans will worl, admirably together Our party has
long made war on the principle of allowing tue
money Of the people to be used for any purpose
but to pay the debts Of the people We have slrus-
gled agals, lhi, principle. What ruined the de-
posile banks but the use ofthis money, IN loanlns
il 10 individuals! And yc, what was done then
through the ins,rumentuty Of the dcposie banks,
we propose to do now through board OF Govern
ment Directors, men high in Office land eau we e.
pect that shall not lose great part oil the leans
we make, as al. other institutions throughout the
country have done. And yet, in this very able
letter, it is made one Of the creates, recommends
tons Of the system, that the money of the people
is not to be locked up from the people but to I've
loaned out for their use and benefit. Sir, with all
my respect for the President 0tlhc United States,
confess that view this scheme with dsmlY What
is it That has impaired the morals Of the people and
above al things, injured the character Of the conn
try drought the world Does day pass that you
do not hear of bank frauds and bank dcpyedatiOns'
They have become so common that they have ccas-
cd 10 produce any sensation whlteyer. And where
are the men who have been guilty OF these breach
cs Of trus.' Are they in your prison3 No, sir
They are walking uhou, throughout the land, and
such ia the general effect Of this system that they
are received into society rs though they had never
been guilty OF any crime. Sir, The subject would
he proper one for the ,hunders Of the pnpt The
vice has become so universal that we seem uncon-
scous of the enormity the crime. And should
we, at this moment, when the whole country Is
grooming under the ruin which the inquiles OF the
Bank of the United States have brought down up
on thousands Of individuals; when that Bank has
robbed the widow and the orphan, and the revenue
has been punierel By it, shall we commence to
establish Il new National Bank on principles as
basaless aud ini1uous' ! trust not, sir
A few word. moro, sir, and am done. Where
i the warrant in the consultation for such an IN
si,ution VIII any Senator poIn! out TO me whaIc
il Isl Does the EXchcquer Blnk proceed from The
good old school Of Virginia abs,racons' Is II IN
accordance with he principles OF the ever Inahorl
be Resolutions Of l75S and 80! On what mode
Of construction can yoa establish sdch bank NJ
this: Is it necessary to carry into effect any Of the
imDortnnt functions or enumerated powers oil the
Government?
Sir this Bank was shldowed forth on this floor
in the nonlh Of September. 1881, but lneh re-
sisted the giant intclcc, wh,h brought II iorward'
it was then coniended TINT the government OF inc
United States had right and that 1t was thsr da-
~ 10 issue paper money, ana 10 cohuo' inc c"e"-
la,ion OF the State banks Yes, this very plan was
then shado%od forth by The great cSpounder OF ihs
Cons,itu,on-onc who had earned the title by The
rtmos, latitude Of consrucon which could be pat
upon that sacred instrument. On that OCCASION,
was proud to have the support oI the senator HON
Ken,uclSy in opposing it on the ground Of It's uncon-
s,ilutioaali,y. We coa;aadad iht 1t was not IN
the pawar Of the goyarnIncn, Of tn, United States
to issue such currency. Where u ms conslllh.
tonol doctrine now! it is no, in tho message Of
III, President Of the United States; but II u n the
report accompanying this bill. II IS not asserted
that the question has no, been !GJy argued. Ia
1887, denied that tie power to regulate the cur
r, ncy was to be found in the Constitution. 1t was
at the time con,ended that ttc powcr 10 regulate
commerce gave that power. AM wnM E!nd OF
construction Of the Constitution would ihi, BEL
Our fathers were jealous Of Federal power. Ihey
deal. ont their sovereign power 10 the Federal Coy.
eminent with n5gard hand. Inc history OF the
.onyen,iou which IIomed the Constitution, and par
tcu.arly tina. of the convention whi'h amended it
inform; us Of their extreme caution and jealousy
The power to regulate commerce was granted sun
ply for this reason; different States Of The Conled-
Grafton had imposed rates Of duty on the importa..
ton of foreign articles, and the States whose tar
was lowest Introduced tn, goods from abroad, and
then pushed them into those States whian eyicted
higher duty; and thus there was continual war
Of custom houses going on. Besides this VIC were
unable 10 make any commercial treaty with for
eign nation, because the General Government had
no power to enforce s observance. This was the
reason oithe power to regulate being added to the
r,wers granted by the Constitution. | ask now
sir, wnai would those Jealous patriots have SAID OF
thought if they were then told that in granting
power to regulate commerce they were creating a
power to make a great Governmen, Bank a