The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-28
DEBATE ON THE RxCHEaUER.
REMARKS or MIR. WISE IN REPLY TO MR..
MARSHALL

he wished TO reply TO all there was OF argument in
the remarks Of the gentleman IRON kentucky (hlr.
MsrshalD yesler, az. That genten an had devoted
himself at three different times, TO delivering his
speech ia relation the Secretary Of State in rela-
ton The Was understood 10 say 10 the great party
principle which had led the Secretary Of State 10 at
zach himself TO the administration Of John Tyler
and 10 the great financial principles that had commit
ted the Secretary Of State 10 the measure of the Ex
chequer As this regular ''set-to" on the Secretary
Of state involved, he considered some OF the i'm
pOrtant principles contained in this Dil Mr. w. would
endeavor 10 discuss the points alluded 10 by the gem
tleman from kentucky, which the gentleman in
tended 10 convict the Secretary Of Staie-his master
on finance, his great mighty master mind the cur
rency-oi inconsistency The gentleman's oh lection
TO the proposition was that the Secretary of State
had advanced grea, priDciple-( which, by the by
he was not the first 10 advance, for Alexander Ham
Ion and the gentlemsns own illustrous uncle John
Marshall, had advanced il) That great principle
was discussed IN Washngon's cabinet IL was The
great principle in issue between jefferson and Ham
ilton, whether this Federal Government was sove-
reign To The iul extent Of lis granted powers In other
words, whether the General Government possessed
power on any subject whatever independently Of the
States assent or dissent
That principle was not only conceded by Jefferson
at that time, but by Hamilton also, ia the very first
debate that had occurred IA the Cabinet and II
was conceded IN the very first debate that had
red in Congress. II had been admitted by every body
from that day to this, well by the Secretary of
State. ! was an axiom, that whatever power the
GENERA Government possesses, was paramount aud
all-Pervading. That was conceded-thst II the Gen
erai Government had the power To grant an act OF
incorporation esving out of view the question he
Their II actually had such power,) that IL co-ex
tensive with the uttermosf limits of the Union
State assent could not give IT, and State dissent could
not take II away except by the mode pointed out by
the Constitution--by the power Of amendment Tha,
had been admitted by the Secretary of State had
been admitted by every strict constructonist well
every latitudnarian Taking some pains in three
cessve speeches, the gentleman had show that the
Secretary Of State had take this ground (Which as
he had understood the gentleman he had himself got
first from that MASTERY and on this power basing the
great power Of the Government TO create of in
corporation which, like that power itself should ex-
tend throughout the whole country, every State
whether asserting dissenting, and uniting with this
position the other position that the worst Of all posi-
BILE nsti utons Government bank, the gentle
man from Kentucky, intending to make out of
Inconsistency on the part Of the Secretary, had at
tempted TO establish the proposition that this
Government bank
Now let him refer TO this Evchequer-and, by the
by, he not talking about this very bill when he
was talking about the Exchequer-for, the gon,le-
man from Massachusetts MIR. Cushing had Justly
said, the EXchequer was an idea capable OF various
notifications. They had now two before them
first, the plan of the Secretary of the Treasury and
second, that reported by the select committee and
third plan, the plan ofthe Senate. 1t subject to
very various notifications, precisely the idea of
National Bank or as the idea of the Sub Treasury
plan But when he spoke Of the Exchequer he
spoke of the idea embraced by the amendment of the
gentleman from New Hampshire (Mr Alherton) TO
the resolution of the ma ority Of the Committee of
Ways and Means-the idea which proposed, first, by
provisions Of law to separate the public money from
individuals, to separate public funds from private
funds, and especially to exercise the great Legisa
tive power Of the Gu tody and control of the public
moneys-to be exercised as the Constitution int nd
ed, independently of the Executive; that was not by
stripping the Executive of the power which the Con
stituton put into lis hands but by binding the Exc
cutve power by the Legislative power, by the law.
III at was the idea OF an Exchequer. The gentleman
insis ed that this idea, modified proposed by the
Secretary Of the Treasury, (Mr w. was understood
to say he presumed as modified by the plan of the
select committee Of the last session, by the
mitee of the Senate that this idea in itselfa Go
vernment Bank. Mr. w. here took issue with the
gentleman. And first letlhim be permitted TO say,
tina although the gentleman had taken particular
pains reply to editorial article, which he believ-
ed in successive sentences contained the word "pre.
ese which he had emphasized precisely he had yet
been little precise in his definition OF bank
former occasions.
Mr.. w proposed to show that the gentleman's def
milton of bank yesterday would never bear the test
Of scrutiny What was III The gentleman had very
properly said that the nature and not the name of
thing constituted the intention, whatever it might be-
That was true. What, then, the ingredient
which he proposed should enter into the nature of
thing which he would call a bank The gentleman
had said that bank was, 4" iirs a moneyed insttu-
tion and second one which deals in money for pro-
fit" What, Mr.. w. would ask, the very power
of government, which now in question before the
House and before the country lie would take the
power as defined in the report Of the Committee OF
Ways and Means
1.-THE country has now been agitated for many
wears by the all absorbing questions Of finance and
he Il
nv into the best mode of collecting, keeping, trans
hitting and discussing the public revenue aud that
Of Gu rency into the best mode Of creating and regu-
lating the circulating medium Of the country"
That was the de6ni ion to which he referred. The
very power Of Government IN question before tins
House and the country was, FIRST the power OF finance
and then the power Of currency, as before defined.
Then, if this power of Government was exercised
at all il must necessarily be in the form Of in
stituiion Of Law which, " first moneyed insti-
tuition, and second, one which deals in money for
profit" whether it be institution Of law by act OF
Incorporation or Of organization.
The present system a bank under the gentle
mans dehniton--the present act OF l7S9 which or
ganized the Treasury Department Of the United
States and made the Treasurer Of the United States
keeper of the public moneys-yhich organized sys-
TEN OF collectors and receivers and then Of disburs-
ing officers united with the Treasurer Here was an
Institution Of law by organization first, moneyed
institution and second which deals IN money for
profit Was il not notorious that, under every adj
mnistration Of Government, from that OF Washing
ton down TO the present. in every month, every week
and almost every day, the Government had bought
and sold fur Government purposes, as often getting
a. paying premium, bills Of exchange for the trans
fer Of money
But this was a very limited view. There was q
much broader view connected with the act Of 1883
The intention Of that act was 10 provide way II
which the public money should most ofiaby be col
lected and kept There profit in its broadest, "
its most legitimate sensoproGt in the idea Of pre-
venting loss how the pablo money should be KEPT
to prevent loss. Not only was the present act o.
1859 bank under that idea of a bank but the Urea
sury Department itself was a bank for it was a mo-
neyed institution-(he spoke Of II organization
by act Of lava moneyed institution dealing in mo
ney for proft--for the profit Of Government liz