Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-31


one from the city of Cincinnati alone contained 5000
signatures lie presumed that he had received all the
petitions that came from his scctioa OF The conn,ry
of which in favor of the Presto: n! plan,
and some IN iayor OF the Congressional plan he ad
vccates of the latter. however comparison with the
former, were exceedingly few The gentleman who
brought these petitions TO the city, and delivered them
TO him, Informed him that they contained but 200
names BE this as il might, amcng those names he re
cognsed many of his personal friends of both political
parties, whose wishes and opinions were entitled to
receive from him The most respectful consideration
Shortly about 10 r. tire from public fe to his
associations with these very petitioners he might be
permitted Ia say. without giving offence that That as.
socintion would be agreeable TO his tastes and
habits thsn anything he could find here. r =. rlosi
anXous 20 think with them and recGnce ~
accordance with their feelings and wishes to para.
mount duty which he owed 10 his country. Before he
could give such vote, found il necessary 10 examine
the repor. ct the Committee OF Ways and Means lie
approached that argument With every disposition 10 be
able TO draw different conclusion from it, He had
amined it with the utmos. care, aud he frankly
confessed hat, Nth all The scrutiny he had been l5ie TO
give it, with predisposition against it, yet he could
find no part Of it with which he could conscentiously
differ.
After other observations he turned TO the report
OF the Committee OF Ways and Means, and ennmera-
ted the plans Of finance and currency in that document
set fcrlh TO which hc added others; thus placing in
opposition the SubTreasury, The United States Bank
the Executive EIchequer plan, the project of the Sc
lect Committee, and the State Bank system. Oh the
State Bank system, he said, there none nov 20
contend 70. i; and YET it system which President
Jackson, his annual messages, said had been ascer
tanned and proved TO be The best and most valuable and
entirely successful He sracls from four of Pre-
sIdent Jacksons messages on the SUBJECT. But, after
all, that system failed and now, found It's
advocate. He then traced the history of the SubTrea
sury, of which some future committee would there
willing TO be It's friends The people had de
nounced 1t by larger majorles than they have ever
before rejected any public measure; and that being dis
posed OF, he wond look ct the Exec uyes plan of
Exchequer. and compare il With the condemned Sub.
Treasury. The Sub.Treasury provided ply fiscal
agent for the collection, ssieke e?ing transfer, aud DIS
bursemen of tie public revenue; the Exchequcr pro
posed &c do the same thing, end substantially in The same
way But, in addition to this, the Excheguer proposed
to furnish and national currency Til. had
been told that there too much bank capital in the
country; but lie conenced that capital wanted 10
deve!ope their and carry their produce to
market He illustrated al some length, the mode OF
doing business with bills Of exchange
lie then went into comparison Of the Sub Treasury
and The Exchequer The provided that all the dues
of the Government should be paid in specie. The
other provided that they should be paid irs in specie
second, in certificates of deposite third treasury
notes; and fourth, in The notes ofspece paying banks
Now, what was the difference between tie two? In the
matter of specie payment, they we're the The
second mode of payment, according to the Exchequer
waS By certificates Of deposite, representing bullion ar
gold and silver. Tha was, in fact, the same thing
paying i'll specie. But certificates Of debt 10 be
given to the public creditors; and these were TO be
ceived in payment of public dues This, then, was
but substitute for coin. lie moreover, opposed tie
principle of giving certificates TO creditors Of the Co.
rernmcn measure only resorted 10 by spsndhrili
Governments. The third mode Of payment IN
treasury notes; but did The Exchecler bill provide fer
an issue of treasury notes; Certainly not. although
il made them receivable The fourth mode in the
notes Of specie paying banas This would DO good,
because il would compel the specie 10 be locked up III
the vaults of the banks Hence he argued that the
scheme would tend increase the currency Ct the
country, and vas but complex piece Of machinery
He sso argued against the provision by which certf-
Gates Of deposie 10 be gwen to those who lat
depose specie at any point Such deposites, he con
tended, would, whenever they Of any advantage,
cos. more than would to transport specie from place
10 place.
In relation 10 the provision requiring the assent OF
the States the establishment, OF branches within their
several mi,s, liz urged that the question of the cur
rcncy entered into the elections all the country
and The consequence would be- that branches would he
permitted in the States, accordingas this tia. party
obtained the ascendency lie agreed with the gentle
man from Kentucky, [Mr. A,arshall,l that should
no, depend upon State legislation in determining upon
plan OF finance In matters Of e1pedIency, he
would be willing In yield any man. but he could
not, question like this surrender great power
After urging, as further objection to the bill that it
would furnish two kinds of currcncy-goid and silver,
and national paper currency-Mr. P. cut off by
the expiration o! his hour.
Mr. WISE next obtained the loor, and said TINT lie
should not speak, but Tor his limit OF tune, III
which he cnuld compress what lie had 10 say on the
subject. lie should, however, avail himself OF the
opportunity TO throw oil Of the preliminary mat
ter before The House should resolve Itself into Com
,n,.ee Of the Whale, when he should again speak
If the question had be decided to day. las had been
intimated by The Chairman of the Committee Of Ways
and Means lie wished, before sundown, to reply 10 all
that there ui argument in the speech OF the gen
tlenan from Kentucky yesterday. The gentleman had
de ocd his time, three several occasions when ne
had addressed the House. 10 the Secretary OF State,
and the views OF that iupc oansy upon matters OF II
nance As this reana. set 10 the Secretary of State
involved important principles, lie should edeavor 10
discuss those parts of the Cencmins speech N which
he had sought 10 convict The Secretary whoni he called
his masterj Of Inconsistency. The gentleman seemed
to ,h.nk that the Secretary of State had, or the list
time advanced great principle, which he Cdr. Nj
had dwelt in his speech He would ray 10 the gentle
man. that Mr. Webster had not advanced the principle
for the first time-nnt the first By uad!ed for IT
first advanced by Alexander Hamilton, and afterwards
by the centlemans illusrious unce-John Mar
shall This great principle discussed in the first
meeting of the cabinet Of General Washington and
The issue was made between Jefferson and Hamilton,
whether the Federal Government sovereign 10 the
full extent Of its Federal powers whether if the Fede-
raj Government possessed power, il possessed 1t IN
depcndenty and separately. 1t was then contcnded
that State assent could not give power which before
was not possessed; State dissent could not take
away power which was possessed 1t was then not
only conceded by Jefferson, bnt admitted by all flor
the question whether the power had been granted
or no) tina whatever power granted and did ex-
ist, was paramount and all pervading. This was con-
ceded If then, the power of incorporation had been
given, it held that such power was co extensive
with The limits of the Union. and bounded only by its
jurisdiction and territory. Thus, then 1t became az
axiom, that, as the State assent could not give, SO,
aso the State dissent could not take away, a power,
except By amendment of the Constitution, made in
the prescribed form.
The gentleman from Ken!acky having takea rains
to nsis, three several tunes that e Secretary of STATE
first advanced this ground:hat the power OF inco!fo-
ration would extend the Union-and then, assum
ing that Government bank was the worst OF all 'ns
iu,ions, having gone 10 prove that The ExcbeGuer
was Government bank, hi (air w proposed to dis
cuss that question. Is the Exchequcr Government
bank,
In the first place, it not definite idea to talk Of
the exchequer, because as his friend from Massachu-