Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-28

was therefore, stronger case presented-and he Wou
ask the Committee of Ways and Means It they woui
have the country salt for the next seven years, with
ont any LEGISLATION on the subject of the currency
and the safe keeping and disbursement of the puoI'
money because they cannot get bank of the Un'le'
States;
But, again: suppose bank charter q possible fact
within period of three years which it mother
there ,oas another point Of view in which! it must b
seen. could the stock be subscribed? lie assumed tina
il could no, be subscribed abroad where there was al
absolute horror of the credit of the United States AM
he assumed that could not be subscribed at home, to
there was growing disrust OF bank investments; ant
!, was period of time when they could not obtain loar
on the dit OF the United States al per cent interest
IT. then they could not obtain that loan, il prepos
ferrous 10 suppose that they could get capitalists TO oir
IN preat stock bank SO that, if cons,itu;ionay
a fact, i, was not financially possible fact.
But there might be another alternative, it was SAID
ard that was, the Sub.Treasury. But he would say
hat the peope of the u S. did not want the Sub Trea
sury and their objection to it had been manifested by The
elections Though the affirmative of what should be
the alternative for the Sub Treasury was not put in
issue, the Sub Urea itself put in issue; and &c
far as the elections decided anything, they decided
agains, the Sub Treasury.
But, independent of this, the people did not want
the SubTreasury, because it gave not depository Tor
teposors it was not instrumental as means otranser
it did not regulate exchanges; nor did It furnish cur
rency for the country; which things the wants oil the
people called upon Congress to grant Now, what vas
TO remain? II was to ask for some instrument or IN
stituion which SHALL in the first place be without Ger.
tain things against which the people of the U. s. had
decided and which should furnish certain things,
amongst which the means of depcste, the means
of transfer the means for currency, and the means OF
regulation Now it behooyed the committee to inquire
if 1t was not advisable TO provide instrument
or an institution which could be constiuonaly and
udiciousy established, and meet the affirmative wants
Of the people Of the u S. and avoid those things which
they had negatlyed.
Now, the plan OF the exchequer whether the plan of
The Secretary of the Treasury, fthe commtee) did
all that the people required Ii give them verything
in u. S. Bank which the people want; and avoided
everything in it which the people did not went, and
everything which was against the fixed financial feel
ings of the people of the u 5. The exchequer gave
what the people wanted, and all that they wanted
He had presented vast number of memorials in its
ayor, and he knew there the way
to the Capitol, praying for its adoption, without dis
tnction Of party. He informed that had been
signed by 5000 of the best and wisest of Boston.
He had assumed, them that the exchequer would meet
the exgencies of the Government and the wants of the
people, and he now proceeded to notice the plan Of It's
issues True, there differences between The plan
OF the Secretary Of the Treasury and The plan OF the
Committee; but the differences were mmateral and
did not affect the general idea; and if any portion OF
the House desired 10 change the amount of the is
sues, and other immateral portions of the BILL let
them do it in Committee. But he must be permitted
10 say that in portion Of The public press there had
bcen persevering delusion the subject of the
chequer scheme. The Evening Post OF New York had
msre presented the House bill but he would reply to
the objections 10 the exchequer scheme submitted BY
the Committee of Ways and Means. The Committee
objected, in the first place, that it not safe de
posory U. States Bank. There time when
he should have been ready TO concur in opinion with
The Committee of Ways and Means, that U. States
Bank nusmuch as it gave the capital Of the Bank
collateral security was the safer depository; but when
the gentleman from New York (Mf. FIlImore) affirmed
asa proposition of this day. that T. S. Bank was the
safer depository, he (Mr. Cushirg) denied The truth
Of the position. With the PROSTATE condition and the
ruin Of the L. S. Bank (Which was overthrow by
and lis capital squandered) before
them, it did not become them 10 say the safer depos
tory U. S. Bank The gentleman from New
York (Mr Fillmoe) admitted this tacty in his report
when he said that the IT, s. Government foresaw the
danger in TO withdraw the deposltes. In the
second place, the committee objected that the Exche
quer Government bank; but in what respect was it
SO? Why, it objected that the Sub-Treasury was
4 Bank. If the Exchequer Bank, because il re.
ceived depo.tes and bought bills Of exchange then
the Sub Treasury was Bank. But before they un-
derook to object 10 thing mere word it became
them 10 analyze it thoroughly. He denied that the
Excheqaer was IN any sense Bank. The essence OF
a Bank was great stock corporation for profit.
But, then, the Committee of Ways and Means OBJ
jccled 10 the exchequer, that capable of expan
sion. But how BY vote of the Congress of the U.
S. And what then, the proposition of the gentle
man from New York; Mr.. Fillmore.l Why, they
could trust the constitutional Government OF the
IT, s including the President and the two branches OF
Congress-; but they could trust corporation of merce
nary And was not that prePosterous? But agan:
the gentleman said the promises OF the excequer were
liable TO on-redempton; that vas, the Government Of
the u S. would not take Of its own honor and
dit and would issue its paper without the means of
Hore he thew
trust bank parlor directory in PhIladep hIa but they
could not trust the Government Of the u S. All these
aud other objections which he enumerated, which the
committee had raised TO the exchequer, he cone nded,
told with tenfold force against Bank of the U. s.
He pursued this subject at some length, and exposed
what he conceived TO be popular respecting u
S. Bank
He did not wish gentlemen 10 understand that, IN
thus presenting these facts the House, his idea
that paper should be excluded from the common trans
actions of men. Far from it, There was no more ne.
cessty for entirely excluding paper from the ransac.
lions of men, than for entirely excluding it from the
of The House But he repeated, we never
should have stable currency, until we separated the
faculty of making money from the faculty of lending
it. A member; 1.-THE exchequer proposes TO loan mo-
ney, and TO make it also. No, moi TO loan IT,
He saw illustration Of the idea he had advanced,
in what he had frequently observed during the progress
Of affairs in this county, and in the course OF hs read
ing about other countries. 1t this that IN all Tree
States there were two pares-the one in favor OF on
ward movement toward the future; and the other in
of the past The object of the Inter
party was 10 restore things which had existed This
the radical error of the Committee OF Ways and
Means, in making their report They forgot that the
world was not now where it was ten years ago New
facts had occurred, deas had been developed new
purposes ayowed. Forgetful oil the new facts derived
from past experience, the Committee of Ways and
Means would call upon The Government TO refuse all
legislation unless they could have restored an old fash
toned Bank of the United States.
At this point the hour expired, and
Mr.. BARNARD obtained the floor
MIR. T. F. MARSHALL was anxious that the gentle
man should be allowed to proceed, md conclude his
speech; but several members objected.
Mr.. BARNARD claimed the floor, and moved an
adjournment; which motion prevailed.
in SENATE.
Hednesday, january %, l543.
Mr.. CRlTTENDEN presented q memorial from
Ohio, asking for the creation of Government stock
Of $500, 000 to be distributed among the several
States and Territories according to their respective pc
pulations.
MIR. BAYARD, from the Committee on Naval AT.
L. M oh