Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-02-02
Mr.. WISE sPEgcmoN THE ExCuEouER.


". Vt
gentleman had devoted himself, thr,e different times
delivering, M. speech relation the Secretary 1T State
in relation hc understood saw the great party pn
crc which had led the Secretary ct State attach himcl
Ia the Ut John rier, and tn the great nsR
ca principles that had committed the Secretary OF State
the measure ct the Excbccuer A. this regular sei to-
the Secretary IT State involved, lac considered
the important, principles contained in this bill, Mr.. W
would endcsvor discuss the points alluded 70 by the gen
tlemsn from Kentucky which the gentleman intended
convict the Secretary OF Stahls master ON finance, his
great mighty mind on the eurrencyof inconsistent
cy. The geRtcmans objection 10 the proposition tina
the Secretary Of Stsic had advanced great principle
(which by the by, he the first advance, for
Alexander Hamilton and the gvntcnlan's iusifioIs
uncle John Marshall had advanced it, That grcsi prin-
ciplc discussed In washngton's cabinet Il the
great principle n issue between Jefferson and Hamilton.
whether this Federal Government sovereign 10 the fall
extent ct its granted powers other words whether the
General Government ss~sed power on any subject what
ever, independently OF the States
That principle only conceded by Jefferson at
that time but b, Hamilton also, m the very rs debate
that had occurred IN the Cabinet, and conceded
IN the very St debate Congress Ii had been admitted
by body from ihlt DAY t well ssby the Secrc
OF State. IL was axiom, that whatever the
General Government pesscs>- paramount and all
vading That conccded- that II the General Govern.
had the power grant act incorporation eavns
out in view the question whether actually hsdsuchPowet
that with the utefmosi limits a. the
Unon State could give and State dissent could
take swsy except by the mode pointed vutby the Con
stiuuon-by the power amendment. That had been ad
nitied by IN, oil State had been admitted by
every consructions well every laindnsisn.
teman had hsN that tn Secretary OF State hsA taken
this ground (Which, he had undert Dod the gentleman
he had himself got rst from that MASTER and this power
basing the great power OF the Government q
Incorporation which like that power ITSELF should extend
IN, oughout the whole county, every STATE whether
asserting di=Scu ung, and uniting with this position the
other position. hat the Of al possible institutions
Government Bank the gentleman irom kenucky, intend
ing make out nj Inconsistency the part OF the
Secretary had attempted establish proposition that this
! was Government Bank.
Now let him refer this E1chequer-and by the by,
he talking about ih. bhI when he wss talk
aug about the EIchequer-oT, as the gentleman iron Mas
sachusctts M Cushing bad jIs;y said, TIC EXchesuer
idea capable OF yarCus notifications. They had
beiors Ihem first ia. plan Of the Secretary OF
the Treasury, and second that TepUcd BY the SeectC ON
mres, and third PLAN the plan OF the .Ssnsts. Ii
sub,ct various notifications precisely the idea
of National Bank the idea OF the Sub Treasury plan
But when he spoke Of ths Eschequer, he spoke OF
the dee embraced rs the amendment OF the gentleman
New Hampshire (Mr Ath,Iton' the resolution oi the
majority OF tie Committee u Ways and hesns-he idea
which proposed, fret by provision Of Law scpsse the
public money from individuals separate public funds
from private funds and especially great Lee
gsatye power OF the custody and control at the public
moncys-to DC exercised the Constitution Intended
dependenty OF the Executive; thst was, BY stripping
the Executive Of the power hch the Constitution put
his hands but BY binding the Executive poer by the LIE
gisauNe power, by the law. 1hbt the idea Of the
EIchequer The gentleman insisted that this idea mOdif
ed proposed by the Secretary OF the Treasury, Mr.. w
understood say he presumed modified bv the
plan OF the Select Committee Of the last session. by the
committee OF the Senate that this idea IN itself Co
And Est let hun b. permitted say. although
the gentleman had taken particular pains reply ed
tonal article which he believed IN successive sentences
contained the word precise which he had emphasized
precseiy he had yet been htte prccc his definition
Of n bank former occasions.
Mr. W. proposed show that the .entlemans definition
Of bank yesterday would bear the scrutiny
What was ~ The gentleman had properly said that
the nature and the name Ji thing constituted the in
: Ienton whatever 1t might be. That What,
then, the Ingredient which Ice proposed should enter
into the nature oi thing which he would call bank
The gentleman had said that bank was, "frs,, moEird
institution, and second which deal, ~ money for ps.
mt What, Nh. ". would ask, the very power Of Go
vernment which qnei lion before the House and
before the country lie would takc the power defined
the report Of the Committee OF Ways and Means:
the country las now been agitard for many years by
the all absorbing questions OF ERaHrs and currency. The
question OF EHaTcr Involves inquiry into the best mode
OF collecting, keeping, transmitting, and Disturbing the
public revenue; and HAT OF currency the best mode
creating and regulating the circulating medium OF the
, country"
power OF Government question before this House and
tc country .t the power Of fRaHce and then the
power Of currency, IA before defined.
Then, tbs power OF Government exercised NJ all
u must necessarily be IN he form OF institution of
law; which, 'rs monied institution, and, second
which deals for profit" whether l- an in
suutOn Of lHw by act Of Incorporation Organza-
ton.
The present system was a bank under the genteman's
deiniton-the present OF 7s9 which organized the
Treasury Department Uf the United States made the
Treasurer OF the T. States keeper Of e public MONEY!
which organized system Of collectors and receivers and
then OF disbursIng officers united with the Treasurer-
Here was nn institution o law by organizations flint
moneyed institution, and, second which deals IN mo
ney for profit" Wss it nutoro. Dist under every ad
nilnstTstInn OF Government from that # Washington down
20 tire present. IN month, week and almost
every day, the Government had bought and sold Tor
yeinment purposes az often getting paying premium,
/ bills Of e1chang' for the transfer Of money
I But Tins Il ven limited view There was 4 much
broader view connected with the Of 1889. The
ton Ot that provide way IN which the public
frftIu
was pIoiIi Do It's bfoacest, IN IT. legitimate sen-pO.
III IA the idea % preventing los--hoN the public money
should be kept prevent loss Not only the present
act o l1s9 bank under that idea Of bank bute Urea.
suy Department -eif was bank, ruol6d in.
su;luOn spoke II il organization by act Of law
moneyed institution dealing money for proft-fur
the proht OF Government lie d-hed the gentleman n
create, 10 define ~ fancy fact any institution winch
should weld tie power O finance and tie power u
reney the money power, the power Of collecting keeping
Disturbing aud trn TIE very creating power, without
bracing the ycy idea which he ssd entered into the nature
aud Construction Of q bank.
WHIST, then, wa- tie Distinction The gentleman had
very truly said that bin zht or might not be incor
porated; that il might be opposite and not u issue
OF of issue aud OF dep1ste that myht BE- Of sol.
Who merely the ordinary OF life tool discount
add shaved, s. banker! No. And Vet the same nd
Ndisi DID nothing more of less than te thing under
different aspect without Oh act q Incorporation.
- IT Vas With the Government. Government he'd ~ do
iis money business iOr ITSELF Ist individual had IL
was broker, yet mad 10 collect IL money ., Keen H.
and 10 disLise 1t ~ pay debts. Aud all this Il might
egtnnsi'y 10. ." Long II kept it,ci within the limit Of
uOs- pO~ets conferred upon BY the Constitution in
hhe manner might make loans, aud do oil other things
entrusted " ~ ir Con'ttuon do under i power
orer hnanre bnd the currency but the moment il emf
beyond these linit-- Tsiscended ts.e DOW
es, either direct OF cJyateta directly or iudeety--h,
Donent II dealt IN money Tor money. al. 4, nal. !
profit on, Of IT, ihen indeed gentlemen might usdy de
. IT,
alter sOno remarks, TO insuupisdiy heard hy the Re
P2fier ~ be gwen 40 connected form, Mr. wen
oh "a ask who they were who complained this E1che
9 qnef Boud wss Government bank, and drnounoing
Io'efnment bank u was hs gentleman from Keniucky
LhJ Marshall and his associates. And Who were the,
J. Bank men, oil u hon. They wanted tho Government Il
have bank that their chief desire And should il h
On objection, ~ Their mouths that the Erchequcf wss
i bank II not only q bank but a national bs,k -
b. An but then u was Government bank" Well ON
What was The difference, In plfiance between
National bank and Government bank He wished zen
tsrnen % mark fc gentleman first p1siuon that the Gov
ID eminent poet finance end he currency was entr
power whole powera sovereign md nfeyondsnt pow