Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-29

Delivered in the House Of Representative April I, $780,
LcoScIUDEDs
Hr j. continued: Anotberreason why the people /
Of that day wished 10 rid the country Of paper 4
money wss that they had themselves experienced i
the evil Of it; and whilst l am not myself repus
distoE would say to gentlemen who talk about I
Mississippi Reputation and who denounce her, aud
every other Slate that is not able TO pay her debts
that their lips ought to be sealed until they have
redeemed the pledges aud promises of the Govern
ment which they now in part represent.
But, Ar. Chairman, if there we're no eonstitu-
tional barrier in the way; if this Government was
authorized to make bank; and if there Ws7e no
2 constitutional prohibition TO the States 1st
creating banks and putting paper money into kleu-
latiOn--I for one, should still be the uncompro-
missing opponent and enemy of every attempt 70 put
into circulation hat which, without possessing any
Of the characteristics and attributes OF money pur-
I ports TO he money. What DO you attain when you
have gold and silver for q currency! ana why IS
] it that gold ard silver coin are worth the amount
stamped upon them2 Ills not because they bear
upon them lie stamp, or the coat OF sTms OF any
particu az Governmeni;-it IS because the5 are the
/ representaliyAs OF so much human labor Although
we cannot produce or create the material ITSELF yet
il has been wisely placed by the God OF Nature IN
the bowels Of the earth 10 answer this very pur-
pese and The price oft is the same that Was placed
upon the bread that was to sustain hIe 8nen Aaain
I was FIRST driven from the garden oil Eden Inc
Drice il human labor: and when you give man
dollar for SO much labor il is but the tair reiurn
and eouiyalent Of that labor. And hence its value
R,,t many gentlemen contend That this Governs
ment has the power 70 mako uaitea states Bank,
aud. If to make one, 1 suppose 10 make thousand
I banks or as manya II may think proper There
is no doubt upon one pon-tbatis to say, that this
| Government has the power to coin money out OF
/ gold and silver I ask the advocates OF bank of
/ The United States whether this Government can
4 delegate fhat power to a eeTporationf Can Con
eress delegate 70 corporation created by itself the
power to coin money gold and silver and to regu.
late the value Of coin? Surely not. If this Gov
eminent should continue 10 exist, as trust it may
through al time, such a thing will never be heard
Of az an application by an association of men for
4 power as a corporation to coin money. And the
reason is obvious If they have the power TO coin
money, they must give something that has value in
exchange for the material out OF which to make the
money. But when they come here and ask this
Government to constitute them into corporation,
to allow them to make bank, and to issue paper
promises, for the redemption Of which their own
private property is not to be made liable, they know
they are asking for privileges to be conferred upon
them without any equivalent; they know that they
are asking for power 10 make that pass as money
which, in fact, is not money, aud which is to take
the place Of money, which they can make without
toll labor or expense Of any kind to them. And
thus-Whilst the toiling millions Of the country
in pursuit of their honest and audable av0cstiOns
fewof these gentlemen are TO be invested by this
Government with the enormous power Of manufac-
turing enough in enc day of these paper promises
TO buy the aggregate products of the labor of all
the people Of the country. Is that the spirit which
aetuated the founders of this Government? This
Government, as / understand 1t, is, In theory at
least one of equality of political rights; and such
ii ought to be in practice. But how this equal
ty be preserved if the millions to be forced to
toll for their daily bread. whilst few special favor
ties of the Government shall be invested with power
which will enable them, with their agents and Off
GERS TO manufacture, in twelve hours, paper money
enough to buy the aggregate products Of the Unien
for twelve months?
/ understood the gentleman from Pennsylvania
1Mr J. r. Ingersoll] yesterday, in defending the
Bank Of the United States to say thatit failed under
its charter from the Safe Of Pennsylvania.
Mr. ] r INaERsoLL said he had so stated
Mr. JoEBs. would like the gentleman to state
whether he believes OF desires to make the impress
sion on this House or the country, that the man
agement of that institution which finally resulted in
it, overthrow and destruction, commenced only
with the date Of the charter granted by the Legs-
laure of Pennsylvania.
Mr. J. R. INGERsoLL. l believe that the course,
management, and direction of the bank were very
much the same at all times. But the investments
which finally collapsed, and oceasioned the destruc-
ton of the interests the stockholders, were made
subsequent to the charter by the Legislature of
Pennsylvania.
Mr. JoSEs We viii not disagree about facts
believe, on reference to the report made by the
pundered stockholders, it will be found 10 be their
opinion that the system Of policy and measures
which eventually led to the destruction Of the bank,
was adOpted some time before the expiration Of the
original charter The charter granted by Congress
expired for all active business operations, on the
4ih Of March, 1885, and, if mista not, the peri
cd Of two years allowed TO wind up its concerns
The bank did not live through these two years. 1t
may therefore, be safely asserted, that it did ex
plode or at least that IL would have exploded under
its charter from Congress it the charter by the Leg
islature of ausylvania had never been granted;
for in the month Of May, 1887, being fourteen
-TE ~. ,,NAh H.
gressiona charter, but within the two years allowed
for the winding up Of its affairs The bank did sus
pend specie payments from which il never again re-
covered. My opinion is, that from the first of
January, 1917, the day which the bank went into
operation il never did, during the whole period of
its existence, the day or the hour when it was
able honestly and faithfully, to discharge its liza
biities. If we TO its history IN the years l6
10, 20 and 81 find its notes at depreciation
in the streets of PhadePhia; not the notes issued
by the principal bank in Philadelphia, but that
bank issued its proclamation TO the world that the
notes of it's branches would not be received on de-
posiie nor in payment of debts due to the bank.
The branch OF New York, the branch 81 Boston, and,
ii mistake not, the branch at Baltimore, issued
similar circulars that they would not receive on de-
posite nor in pRymant Of debts, the notes Of any
other branch, nor of the mOthOr bank itself And
the consequence was that during the years have
mentioned, The notes Of every branch Of the bank
we're at discount in the streets Of Philadclphia.
Another fact in the history of that institution
was that application was made Congress to repeal
that provision of the charter which made their notes
receivable in payment Of Government dues. That
bank was created pretty much like all others. You
may search the history of hanks in this country,
and, far can learn, you cannot find one soli-
tary instance in which they have been organized &C.
cOrdiDg to the provisions and acquisitions of their
charters. How vas it with this very Bank of the
United States? An account of that matter has been
given by 80 individual who lived recently believe,
at Cincinnati, and whose name is Thomas. He says
that about the time when the bank went into opera
tion when subscriptions TO the capital stock were
being received he concluded to take portion Of it.
He supposed it to be fine opportunity for invest
meut. II had provided himself with the means to
take fifty thousand dollars worth Of the stock, or
more. The charter required that the capital should
be paid in in three instalmsnts at the organiza-
lion or at the election of officers; the second in
six months; and the third in six months thereafter
On the first instament if mistake not, it was re-
uured that five dollars should be paid in gold and
silver, and the balance in United States six per
cent stocks. The other two instalments we're to be
paid in proportions Of ten dollars of specie and the
balance in United States stock. As the time ap
preached for paying in the first instament specie
and the six per cent stocks advanced in the market
and Mr. Thomas says, that, supposng still further
advance might take place, and that it might be diff
cult for him procure the sort of funds required
by the charter TO pay the second and third install
ments, he declined to take any of the stock But
he says that those who understood the matter better