The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-01

talented, and highly courteous gentleman from, W..
gina, Mr.. DRoMGoOLE Butat the same time IN,
there was manifested in It able, In
effort, by special pleading TO DISC use the true obis
The bal, 10 mask those Objectionable features uSh
had caused the country again and again 10 rsectt
sun the substance, the object, the intent and H.
consequences Oft, were TO be the same as ,hoss
which the country had heretofore anticipated froD,
II, the nature and character Of which past experience
had sufficiently made known
His own reflections had brought him TO IN. con.
veIlon that there no imperative necessary n,
the introduction OF this BILL except in 80 far as zen.
tlemeh felt bound TO redeem their party pled1e,
! This measure a tried experiment He apors
! heDded 1t not 10 be passed because of liz In
trinse merits, but as the last resort Of game If
reckless financial experiments, instead Of Tesortine
again TO that financial agency which had been 40
long and successfully Tried. IL would be seen
on reference 10 the resolutions passed Al the Bali
j more convention, that there was one amongst N.
number debating the necessity Of this bill Thai
resolution had been endorsed, word for word by
| the President IN his message. Mr.. q. read The
exuset) With this endorsement there could b.
no hope as TO the rejection Of the bill. He I'M
g. did not intend 20 say that the resolutions Of m.
Baltimore convention were imperative, or that they
met With even respectful consideration by all IN,
members belonging 10 the democratic party; far
there were many classes Of our democratic friend,
and he did not know that all Of them came under the
denomination Of metac-currency democrats
Mr.. q. here designated the various classification,
Of the demoennc ranks, as he understood them
keeping the committee in pleasant humor, but sx.
pressing the embarrassment he felt ss to the par.
tieular branch Of the democratic family 10 which h,
should address his argument.
j lie then passed 10 a rather extended reyiex
OF the financial history Of the government from III.
date Of the act Of 1883 creating the Treasury De.
Plrtmeni, tracing il through all its gradalons
Vieisstudes and results, down to the explosion Of
the pet bank system, TO Justify the position he took
| that United States bank had been the best hnan.
| eial agent ever employed. lie cited facts with
the design TO show the rapid increase Of State hanks
and capital which had resulted from the policy of The
government in putting down the United States
Bank and substituting Stale banks in lieu Of il; the
| effect on the business Of the country in PRODUCING
overtrading; in initiating the price Of property; IN
turning the tide Of Importation against u.s. so tina,
we bought more than we sold and, finally, IN bring
ing upon US bankruptcy and Stale reputation.
He believed it to be impolitie and unjust TO sen.
arate the moneys Of the goyerenmsnt from the
money OF the psople-to have two euneneies one
for the government, and another for the peoples
proposed by the ball. IL would reduce the price OF
property, the wages Of labor, and the produce Of
farms. IL would be oppressive to the debtor
class OF the community injurious TO the literature
the morals and the benevolent efforts of the eoun
try. And the last and probably the strongest and
most commanding reason against il was, that il
would increase to great extent the patronage Of
He referred TO the opinions Of the Globe in 1894
and Of the then and now heads Of the democratic
party in opposition to this measure ut that time;
arguing that the evils which were predicted from il
then were not less certain 10 result now; and sub
hitting that in every form in which il had been pre-
| sented to the American people, IL had been con.
demned and repudiated.
The people whom he represented would never
sanction principle Of legislation which gave to the
government and its officers one currency and N IN.
| nfnnlR Of H.. a, 81 r
any preference was to be given, or any distinction
to be made they themselves ought to be the recipi-
ents Of it. In his estimation il was a papable alb
surdity to talk of giving one currency to the gov
eminent and It's officers, and another to the people
| Why was the government instituted For whose
benefit This was the government Of the people
designed in its influences and its consequences To
make, not the officers OF the government hsppy and
rich, and "silverheeld," las was sometimes said in
the West,) but TO awake the hope and chance Of
prosperity, and comfort, and competency, to all
alike. This view commended itself to the charity
Of mems hearts; IL was the view of that ENLARGED
benevolence which would like to see oU prosper
and most especially those who were left 10 their
own energies and enterprise. Gentlemen might say
that the effect Of the bill would not be to produce
two currencies; but II must necessarily do 90; and
we should see the price OF property 90 down one
half by Of the contractons rendered necessa
ry on the part Of State banks, TO defend themselves
from the specie drafts Of this sub. treasury; We
should see the wages Of labor reduced in like de-
gree we should the agricultural products of the
country fall to one-haf OF their present value; and
the indebted class Of the country compelled TO pay
about two dollars for every one dollar in discharge
| of their debts
By,reference to several sections of the bill gentle
men would see the extent to which it proposed to
| increase the patronage Of the Executive
AT this point Of Mr.. G.'s argument, the chair
mans hammer fell.
Mr.. HARMANsoN spoke at some length in ad-
o ppha
whose effect would be gradually and surely TO drive
the paper issues of the banks from the community
He deprecated the influence of these IRRESPONSIBLE
corporations IN every point Of view-political COM
mercia social, and moral and was willing to adop,
any measure which would eradicate them from our
social system. He would not speak Of their inAu-
ence under bad administration; under this all adj
mtted they were intoerabe; but under the best ad.
mnistration their evils were such rs would draw
down upon them the universal condemnation of the
community If they were made acquainted with H.
fundamental objection to them was that thew
usurped what the government had with the greatest
caution reserved to themselves, the power To coin
money and regulate its value Their issues were
tnree doars 10 one OF specie; hence upon any for
eign or domestic demand in order to save themselves
from suspension they would contract their currency:
and that in the ratio Of three to one of the demand
Their promises, upon this basis Of specie to pay on
demand were lies; II was impossible for them TO re-
deem the promises which they made to three times
the amount Of their means; and vet the government
was called upon to authorize the mandatory of lies!
he denounced the injustice of the special privileges
conferred upon the banks ofthe country, and passed
over many other considerations to show the mani
fold evils of this system, which, as friend Of equal
rights and privileges, he unqua6edy denounced
calling upon his friends to assume boldly this pos-
ton, and assuring them that when distinctly under
stood it would with certainty be approved and sus-
tanned by the people throughout the country.
Mr.. SAWYER followed generally in favor of the
bill, and particularly in remarks bearing on the ope-
Ta1on OF the banking system in the State Of OHIO
HIS speech in course of preparation, and will be
given hereafter
Mr.. DANIEL (Mr. McDowELL temporarily oc-
cupying the chair of the committee) said he was in
favor OF the resolution Of the gentleman from Vir
GINA, Mr. DRoMeooLEl to terminate the debate on
this bill tomorrow; he would however, have pre-
ferred three o'clock to one the hour There were
certain general rules of conducting legislative bus-
ness which he always wished to zee observed ire.