The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-03

sides the amount necessary for the banks the amour
OF revenue Of the government would be required il
gold and silver; hence, instead Of diminishing, i
would increase the specie basis.
He had only time, with IefereRea 10 the objection
that had been made that this bill would have thu
effect TO make two kinds Of currency, to say that thin
bill would not make any currency the currency
both for the government and for the people is goll
and silver If there is any currency this bill
Is not to blame, nor the constitutions It is the viciou
| legislation Of the States. We propose in this bill
not 10 interfere with themi We 90 on tho principle
Of non-intervention and Of State rights.
He also barely alluded to the cost Of exchanges
II could never considerably exceed the actual COS
Of transportation Of specie, and that with the in
creased facilities Of INSTRUMENTATION, was very
small. And as - the aid OF government in ex
changes, the government had no more right TO fur
nish him with a facility Of getting his funds from
New Orleans, than TO furnish him with Wagon
or cart to carry his produce to market Therefor
this bill did not propose TO iaerere with exchanges
Whenever they became deranged they would b.
regulated under the natural operation OF the laws o
trade, better than by any insshsrenes Of governmen
He wished to refer back Cor a moment, (for in In,
hurry Of attempting to discuss such a variety o
topics Ia 90 contracied TINA hia Tsmssks necsssa
rily became confused and desutory.0 In referenc,
10 The use ofspece In the transactions Of governmen
and individuals, the calculation made (he thought,
by Mr.. Crawford was, that the specie used would
be about dollar TO six of the amount of revenue
TO be expended. In other words, il you collect
s3OOOO,Oo0, s5,000,0OO at any one time is suf.
hcienI To perform this function; and the $50 900
OOO would not need 10 be distracted from the banks
TO leave them llfeless, and hopeless and baseless
he calculation in private transactions between
man and man. the dollar in specie answers the place
$50 in trade, exchange, and neighborhood business
uahsaetonsi and IN government revenues, that 81 10
specie answers the place Of So that il was idle
while we collect $50, 900 900, TO talk Of withdrawing
that amount from business and from circulation.
But one passing remark in reference TO the sllu-
sion Of the gentleman from Kentucky, to the pres
ent sound and heathful state Of the currency
which his friend was unwilling TO interrupt; but he
Mr.. DAVIS looked forward to the day, (Mr. d
did not say that the gentleman looked forward with
JOY to any disaster when the boated system (for
boated II would be, If there was no restriction put
upon the banks by public currency would become
exploded and burst like the toad that attempted to
swell as big as the OK; and then the gentleman
thought he should take advantage Of the crcum
stances to carry out his avorte scheme Of reyiving
the Obsolete idea" Of United States bank. The
gentleman had disclosed the fact that he looks for
ward TO that condition Of things; and might il moi
happen at any time' In time Of profound peace
on the Sd Of May, 1897, when il was though the
sky was clear, suddenly clap OF thunder came, and
universal explosion from one end Of the country
specie payment. How long before il may again
happen, and your finances be locked up, that you
cannot use one dollar No matter how sound may
be their present condition, is it safe prudent wise
or the part OF sagacious statesmen to leave things in
such condition as TO render probable, or even pos
sioIe, such calamItous explosion And using the
argument OF Mr. Van Buren, on this subject il these
have been, and may again be the calamtous conse,
quences in time Of peace Of the connexion Of the
government with banks, how much more disastrous
would It be, If We were engaged in war Preserve
your system of banks, with the Secretary of the
Treasury, without any limitation Of law to use his
discretion to which Of these favoriie institutions
he will make the repositories Of the public funds
and with your money scattered over these insiitu.
TONS throughout the land andlet come and they
refuse 10 pay. and explode. where then are your
sinews Of war? Where your bank currency Where
your revenue authorized under the constitution to
be collected not only for the general welfare, but for
the defence OF the country? You left powerless
unable TO maintain the rights Of the country, and
vndlcate its honor. Now is the time when the
banks profess to be sovent-when we are told they
are so now is the time to take the precaution; now
Is the time to return TO the constitution and the
Gent principles Of our forefathers.
Permit him to make passing remark to his dem
ocratic friends: they had heard limitations that
amendments were to be offered to this measure by
those who profess to be inimical TO it, Let them
adopt their own mode. They did not ask their
political opponents to assist them in perfectine a
measure under our peculiar care, and belonging To
the democratic party peculiarly. They wanted none
Of their aid. And let him say, also, to his demo.
cratic friends, to forbear offering any proposition
extraneous to this bil-such as establishing mints
&c. They are local questions, foreign to the bill
! and should not be mixed up with it.
We should pass this bill, (said Mr.. d. y and that
by triumphant majority. He paid high tribute
TO the far-seeng patriotism and consummate ability
| AL, h,,h M =
lion Of this system in his message at the called
sion of 1887. How gratifying Continued hey must
1t be to that eminent statesman in retirement to
that his principles have at last triumphed II is due
to the constitution, from whose principles we have
30 long departed-it is due TO the majesty Of the
popular Wilt is due to our own honor and prin.
cipes-faithfully to reflect the sentiments of our
constituency, who at last have expressed themselves
loudly upon it. With these considerations, 1t ID
predestined that this bill should pass by triumph
ant orty in both branches Of the legislature and
il is gratifying reflection that il is measure which
brings together in harmonious and patriotic co-ope
ration the whole democratic party-a unanimty
and cooperation which he believed to be brigh
harbinger Of the harmony to be exhibited on all fu
ture occasions.
| Mr. MARTIN, of Tennessee, said he had de-
signed to have addressed the committee briefly in
reply to the gentleman from Indiana, Mr.. SMITH ),
but owing to the complaints Of the opposition to the
ShOrtness OF Time allOueu LOT the ueDate on Inc oil
under consideration, he had waived his right, and
| yielded the floor to gentlemen who had manifested
much anxiety to get the floor, But as only ter
minutes was all that was allowed him, he woult
here remind gentlemen tina, they had done the Pres
iden injustice in regard to the constitutional treas
ury. In 1884, when the amendment was intro
dcced by Mr. Gordon, of Virginia, to the bill
brought forward by the friends OF the then admin
stration regulate the deposites in the State banks
the object of Mr. G. not SO much to secure tn,
passage of the measure as TO embarrass the ther
President of the United States. That fact was wei
known, and now believed to have been the desigr
of the advocates Of the bill. The government had
beheld the corruption and faithessness Of the Unite,
States Bank; she had brought herself in direct con
Aict with the government; she had proved herself al
unworthy agent Of the government; in fact she hat
bid defiance, and withheld the means of the govern
men in her Golfers, refusing to pay over moneys b,
her received, which she was legally and morally
bound TO do.
| What was the result To let her retain the de
posites was to sanction her corrupted and corrupt
ing disregard of law. The result was to reguat,
the deposies in the local banks, which banks wert
then solvent, faithfully redeeming their pledges ir
payment Of gold and silver for their paper. Unde
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