Newspaper of Burlington Free Press, April 27, 1838, Page 1

Newspaper of Burlington Free Press dated April 27, 1838 Page 1
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NOT THE GLORY OF CiESAU BUT THE WELFARE OF ROME. BY II. B. STACY. FRIDAY, APRIL, 27, 1838. VOL. M n . W H B S T B fl ' S S P K ECU. CONTINUED. This brings me, sir, to tho second in quiry. ,, Is" tins measure. Mr. President, a jul exercise of i Ins powers of Congress, and lines it fulfil nil nur duties ? )p Oir, i nave so unuo ui-ti.".. 1 have so constantly insisted, for several vrarj nnst. nn the constitutional obligation nf Hnnirrnss in take care of tho currency, that t lie Senate must be already tired nf the speaker, if not weary of the topic ; and yet, nfier nil, tins is the great and para mount question. Until this is settled, the agitation ean never bo quieted If we have not the power, wo mus' leave the whole subject in the hands of those who have it, or in no hands, but if wo have the power, wo are hound to excrete It, and every day's neglect is a violation of duty. I therefore again insist, ihat we have the power, and 1 again press its exercise on t tio two Houses of Congress. I ogam assert, that the regulation of the general currency of the money of the country, whatever actually constitutes that money is one of our solemn duties. The constitution confers on u. sir, the exclusive power of coinage. This must have been done for the purpose of enabling Congress to establish one uniform basis for the whole money system. Congress, therefore, and Congress alone, ha" power aver the foundation, the ground work, of the currency ; and il would be strange and anomalous, having this, if it had nothing to do with the Ktruc.i ure, the edifice, to be raised on this foundation ! Convertible paper was ulready in circulation when the constitution was framed, and must have been expected to continue and to increase. n... A:.n.iUimn fif rinnnr lends tn dis inn nit; uii "" r-r-- place coin; it may banish it altogether: at this very moment it has banished it. If, therefore, the power over the coin does not enable Congress to protect the coin nnd to restrain anything which would supersede it, and abolish its use, the whole power becomes nugatory. If others may drive out the coin, and fill the country with pnper does not represent coin, of what ose.Mlcg to know, is that exclusive povviver coin and coinage which is givviiio C"iigri's by lh" cmt-tnufinn? Gentlemen on the other side ndniii that it is the tendency of paper circulation to expel coin; but then they say. that, for that very reason, they will withdraw from all connection with the general currency, ond limit themselves to the single and nar row object of protecting the coin, and providing for payments to Government. This seems to me to be a very straugo way of reasoning, and a very 6trange course of political conduct. The coinage power was i given to be used for the benefit of the whole country, and not merely to lurnish a medium ior mu uuiiuuiumi m . The object was to secure, for the general use of the people, a sound and safe circula ting medium. There can be no doubt, of this intent. If any evil arises, threatening to destroy or endanger this medium or this currency, our duty is to meet it, not to retreat from it; to remedy it, not to let it alone ; we are to control and correct the mischief, not to submit to it. Whenever paper is to circulate, as subaidary to coin, or as performing, in a greater or less de gree, tho function of coin, its regulation naturally belongs to the bands which hold the power over tho coinage. This is an admitted maxim by all writers; it has been ndmitted and acted upon, on all necessary occasions, by our own Government, throughout its wholo history. Why will wc now think ourselves wiser than all who have gone beforo us ? This conviction of what was tho duly of Government led In the culablir-bmcnt of tho bank in the administration ol licncrnl Washington, Mr. Madison, again, acted imnn the same conviction in itSIC, and rjomrress nnlirnlv agreed with him. On former occasions, I have, referred the Senate, more than nnco, to the clonr and rmiibntic on'mion and language ot M Madison, in all his messages in 11315 nnd HUG. and thov ought tn bo repeated again and imam, and pressed upon tho public attention. And now let mo say, sir, that no man in our history has carried the doctrine farther, defended it with more ability, or acted upon it with more decision and effect, than the honorable meuiuer irom anuui Carolina. His speech upon the Hunk bill, on tho 2Gih of February, iHiu, is strong, mil, anil con elusive, lie has heretofore said that soim part of what he said on ihat occasion does not appear in his printed speech; but whatever may have been left out by acci dnni. ihat which is in tho speech could not have got in by accident. Such accidents do not hannen. A close, well conducted. nml pooclusive constitutional argument .is not tho result of an accident or ot chance; nnd his argument on that occasion, as it Fecma to mo, was perfectly conclusive. Ho founds tho right of regulating the paper currency directly on tho coinage power. "The only object," he says, "the (Vomers of tho constitution could have in view, in giving to Congress tho power to coin money, regulato the valuo thereof. and of foreign com, musi huvu oeeti to givu o Btoadiness and fixed valuo to the currency of tho United States." The Btato of things, ho insisieu, exisung at mo uniu lbo adoption of the constitution, afforded tn argument in support of tho construction. There then existed, bo said, a depreciated currency, which could only bo regu ?.P And made uniform by giving apower, br chat P"rP08C' 10 1,10 Ge"eral ant Tio' nroccoded to say that, by a sort of Ho proi- f Conress tn ft.e.U,ih , Vow of the country had tved i. t ... exerc sedt ho right of making monev fu- and in I he U Stales. "For gold and silver (he itM-ded) are not the only monev ; but whn'ever is the medium ol'inirchi-o and .-!'; m whieh hank paper alone whs now eiiii'.-ol, and hail, therefore, bocoui" the money ol the country " "Tlio right ot making money," ho added "an attribute of sovereign power, n sacred nnd important right, was exercised by two hundred and sixty banks, and scat tered over every part of iIk U w'ed Suite-. " Certainly, sir, not lung can be clearer than this language; and, acting vigorously upon principles thus plainly laid down, ho conducted the Bank bill, through the II use of Representatives. On ihnl occa sion, ho was the champion of the power of Congress over the currency, and others wore willing to follow Ins lead, Hut the I'm I; hill was not nil. The honorable gentleman went much farther. The bank, it was hoped and expected, would lurnish a good paper currency to the extent of its owii is-ucs ; hut there was a vast quantity of bud paper in circulnlmu. and it was possible that the mere influence of the bank, and the refusal to receive tins bad money at the Treasury, might not, both, bo able to banish it entirely from the country. 1 ho honorable member meant to make clean work. He meant tnai neitnor Government nor people should suffer the evils of irredeemable paper. Therefore, ho brought in another bill, entitled, "A bill for the more effectual collection of the public revenue." By the provisions of this bill, he proposed to lay a direct stamp tax on the bills of State bunks; and all notes of non specie paying banks were, by this stamp, to be branded with the following words, in distinct and legible characters, at length "not a specie note." ror the lax laid on such notes, there was to be no composition, no commutation; but it was to he specifically collected, on every single bill issued, until thoso who issued such bills should announce to the Secretary of the Treasury, and prove to his satisfac. lion, that, after a day named in the bill, all their notes would bo paid in specie on de mand. And now, how is it possible, 6tr, for the author of such a measure as this, to stand up nnd declare, that the power of Congress over tho counirv is limited to the mere regulation of the coin ? So much for our iiithoritv, as it has heretofore been ndmii ted and acknowledged, under the coiuuge power. Nor, sir, is the other source of power, in my opinion, at all more questionable. Congress has the supreme regulation ot commerce. Tins gives it, necessarily, a superintendence over all the interc.-is, agencies, and instruments ot commerce.' The words are general, nnd they confer the wholo power. When llio end is given, all the u-ual means are given. Money is the chief instrument or agent nf commerce; there can. indeed, be no commerce without it, which deserves the name. Congress must, therefore, regulate it as it regulates other indispensable commercial iniere.-ts. If no means were to be used to this end but such as are particularly enumerated, the whole authority would be nugatory, because no means are particularly enumor ated. We regulate ships ; their tonnage; their measurement ; the shipping articles; the medicine chest ; and various other things belonging to them ; and for nil this we have no authority but the general pow er to regulate commerce; none of these, or other means or modes of regulation are particularly and expressly pointed out. Dut is a ship a more important instru ment of commerce than money ? We pro tect a policy of insurance, because il is an imnortant instrument of ordinary commer cial contract; and our lows punish with death any master of a vessel, or othets, who shall commit a fraud on the parties to l his contract by casting away a vessel. For nil this wo have no express authority. We infer il from the general power of re-Milaliug commerce, and we exercise tho oower in tins case, becau-e a policy of iii-uranci! is one of the usual instruments, or means, of commerce. Hut how menu. stderahle and ouiuinori ant is a policy of insurance, a he means or an uii-trnim m of commerce, cmnpnied with the whole circulating paper of a country .' Sir. the power is granted to us, and granted without any specification of means; and, therefore we may lawtuiiy exercise all the usual means. I need mil padicu larizo these means, nor slate, ut prenni. what they are or may he. One is, no doubt, a proper regulation of receipts ni the custom houses and land oflicos. Hut this, of itself, is not enough. Another is a national bank, which, I fully believe, would, even now, answer nil desired pur poses, and reinstall the currency in ninety days. These, I think, oru tho means to be first I riud; and if, nol wil branding these, irredeemable paper should over whelm us, others must be resorted to. We havo no direct authority over State banks; but we have power over the currency, and wo must protect it, using, of course, always such means, ir they be found adequate, as shall be most gentle nnd mild. Tho groat measure, sir. is n bank; because a bank is not onlv able lo restrain tlio excutivu issues of State banks, but it is nblo also to furnish for tin, nmuilrv a CUrrCIICy ol Mill. unrsnl ereilil. nml nf noiforill value, This ia tho rrrand desideratum. Until BUCll currency is established, depend on il, sir, what is necessary for i ho prosperity oi me country can never bo accomplisneu On tho nuestion of nowor. sir, wo nave a very important and striking precedent 'Tlio members of tho Senate, Mr. Presi dent, will recollect tho controversy between Now York and her neighbor States, fifteen of sixteen years ago, upon tho exclusive right ot steam navigation. Now York had fronted an exclusive right of such naviga tion over her waters to Mr. Fulton and his associates; and declared bylaw, that no vessel propelled by steam hIioiiIiI navigate the North river or llio Sound, without license from these grantees, under penalty of confiscation. To counteract this law, the Legislature of New Jersey enacted, thai if any citizen of hers should be restrained, or injured, in person or property, by nny parly acting under the law of Now York, such citizen should havo remedy in her courts, if tho offender could be caught within her terri tory, and should be entitled lo treble dam ages nnd co-Is. New Jersey called this act a law of retortion', and justified it on the general ground of reprisals. On the other side, Connecticut took fire, ni.d as no steamboat could come down the Sound from New York to Connecticut, or pass up from Connecticut to New Yoik. without, a New York license, she enacted a law. by winch heavy penalties were impo sed upon all who should presuoie to come into her ports and harbors, having any such license. Here, sir, was a very harmonious state nf commercial intercourse! a very promis ing condition of things, indeed! You could not get from New York to New Haven by steam ; nor could you go from New York to New Jersey, without Iran shipment in the bay. And now, sir, let me remind the country, that this belligerent legislation of the States concerned was justified and defended by exactly the same arguments as those which we havo heard in this debate. Every thing which has been said here, to prove that the authority to regulate commerce does not include a power to regulato currency, was said in thai case, to prove that tho same authority did not include an exclusive power over steamboats or other moons of navigation do not know a reason, a suggestion, nn idea, which has been used in this debate, or winch was used in the debate in Sep tember, to show that Congress has no pow. er to control the currency of (he country and mnku it uniform, which was not used in this steamboat controversy, to prove Ihat the authority of this Government did not reach the matter then in dispute. Look to the forensic discussions in New York! Look to the argument in tho court here ! You will find it every where urged that navigation does not come within tho gen eral idea of regulating commerce; that steamboats are but vehicles and inslru uieiits ; ihat tho power of Congress is gen oral, and general only; and that it does noi extend to agents and instruments. And what, sir, put an end to tins state of things? What stopped these seizures and eoufi-catinns ? Nothing in the world, sir, bill the exercise of the constitutional pow er of ibis Government. Nothing in tlr' world, but the decision of the Supreme Court, that the power of Congress to regu Into commerce was paramount ; tlint il overruled ony interfering State laws; and that these acts of the Slates did interlere with acts of Congress, enacted under its clear constitutional authority. As to the extent of the power of regula ting commerce, allow me to quote a single sentence from the opinion of one of the learned judges of the Supreme Court, de livcred on that occasion ; a judge always distinguished for the greal care with which he guarded Siato rights; I mean Mr. Jus tice Johnson. And when I havo read it, hit, then say, if it docs not confirm every word and syllable winch I have uttered on this subject, either now. or nt tho Septem ber session. "In tho advancement of soci ety," said the judge, "labor, transporta tion, intelligence, care, nnd various means of exchange, become commodities, and en ter into commerce ; and the subject, the vc hide, the agent, and these various operations, beromethe objects of commercial regulation." These just sentiments prevailed. The decision of the Court quieted the danger ous controversy ; nnd satisfied, and I will add gratified, most highly gratified, the whole country. Sir, may we not porceivo at the present moment, without being suspected of look ing with eyes whose sight is sbupened by too much apprehension may r.c not per ceive, -ir, in what is now passing around ps, the possible beginnings of another con trnverv between Stntes, winch may be of greater moment, anil followed, if not arrested, bv still more deplorable consc .iiionnp. 5 Do wn see no dnmrer. no distur banco, no contests ahead ? Sir, do we nol behold excited commercial rivalship, cvi. denily exiting between great States and great cit ins ? Do wc not sco an emulous competition for trade, extcrnil and internal? Do wo not see the parlies concerned en larging, and proposing lo enlarge, to a vast extent, their plans of currency, evidently in connection with these objects of trade and commerce? Do wn nol seo Slalos them selves becoming deeply interested in great banking instiluiinns ? Do wo not know thai, already, Hie notes and bills of snme Slates ore prohibited by law from circula ting in others ? Sir, I will push these questions no far ther: but I loll you that it was for exactly such a cruis as this for this very crisis for ibis identical exigency now upon us that this constitution was framed, and this Government established. And, sir, let those who expect to get over this crisis without eflbrt nnd without action, lot thoso whose hope it is llmt they moy bo borne nlong on tho lido of circumstances and fa vorable occurrences, and who ropnso in tho denial of their own powers and their own responsibility-let all such, look well lo the end, For ono, I intend lo clear myself from all blame. I Intend, this day, to freo mysell of tho responsibility of consequences, by warning you of llio dangor into which you aro conducting our public affairs, by urging and entreating you, as I do now urge and entreat you, by invoking you, as I do now invoKo you, oy your love of country, and your fidelity to tho constitution, to abandon tall untried expedients; to put no trust i ingenuity and contrivanco ; to havo done with projects which alarm and agitato the people ; to seek no shelter from obligation and duty; but with manliness, directness, and true wisdom, lo apply to the evils of the times their proper remedy. That Prov. idence may giudo the counsels of the coun try to this end, before even greater disas tors and calamities overtake us, is my most fervent prayer ! Mr. President, on tho subject of tho pow er of Congress, as well as on other impor tant topics, connected with tho bill, the honorable gentlemen from South Carolina has advanced opinions, of which I feel bound to take some notice. That honorable gentleman, in his recent speech, attempted lo exhibit a contrast bo tween the course of conduct which I, and oilier gentlemen who act with me, at pre sent pursue, and that which we have hero lotore followed. In presenting this con trast. hesaid he intended nothing personal ; his only object was truth. To This I could not object. Tho occasion requires, sir, Ihat I should now examine Aw opinions; and I can truly 6ay, with him, that I mean nothing psrsonully injurious, and that my object, also, is truth, and nothing else. Hero I might 6top; but I will even eay something more. It is now five and twenty years, sir, since I became acqua'nted with the honor able gentleman, in the House of Rcprcscn lalives, in which he had held a seat, I think, about a year anJ a half beforo I en tered it. From that period, sir, down to tho year 1 024, 1 can say, with great sincer. iiy there was not among my political con. temporaries, ony manfor whom I entertain, ed a higher respect, or warmer esteem. When we first mot, vc were both young men. 1 beheld in bin a generous charac-, tor, a liberal and cmrurehensive mind, en grossed by great objmts, distinguished tnl cut, and, particularly, great originality and vigor of thought. Tlat he was ambitions, I did not doubt; but that there was any tiling in his ambitior low or sordid, any thing approaching to a love of the mere loaves and fishes of office, I did not then believe, and do not now believe. If, from that moment down to llio lime I have al ready mentioned, I J i flu red with him on nny great constitutional question, I do nol know it. But in 1824, events well known to the Senate separated us; and that separation remained wide and brotd, until tho end of the memorable session winch terminated in March, 1033. With tde events of that pes. sioo, our occasions of difference had ceas ed; certainly for the time, and as I sin cerely hoped, forever. Before the next meet ing of Congress, tho public depositee had been removed from their lawful cu-to-dy by the President. Respecting tins ex erase, of i he Executive power, the honor able gentleman and myself entertained the ame opinions, and, in regard lo subsequent transactions connected wish that, and growing out of it. there was not, so far as I know, any difference of sentiment be tween us We looked upon all these pro ceedings but as so many efforts to give lo the Executive an unconstitutional control over the public moneys. Wo thought wc saw, every where, proofs of a design lo extend Executive authority, not only in derogation of ihe just powers of Congress ; but to the danger of the public liberty. We acted together, to check these designs, and lo arrest the march of Executive pre rogative and dominion. In all this, wc were but co-operating with many other gentleman here, and with a largo and in. telligent portion of the wholo country. The unfortunate result of these Execu tive interferences with the currency had made an impression on (ho public mind. A revolution seemed in progress, and tho peoplo were coming in their strength, as we began to think, to support us and our principles. In this state of things, 6ir, wo met hero nt the commencement of the September session: but we met, not as we had done ; we met, not as we had parted. The events of May, the policy of tho President in relerenco to loose events, the doctrines of the message of September, tl.o principles and opinions which the honorable gentle man, boih to my surprise and lo my infinite regrot, came forward then to support, ren dered it quite impossible for us to act togeilmr, for a single moment longer. To the leading doctrines of that message, and to the policy which it recommended, I felt, and still feel, a deep, conscientious, and irreconcilable opposition Tho honorable gentleman supported, and still supports, Here, then, wo part. On these questions of constitutional power and du'y, and on theso momentous questions of na tional policy, wo separate. And so broad and ample is llio space which divides us, and so deep does the division run, touching even the very foundations of the guvcrn. ment, that, considering the time of life to which wo have both arrived, il is not prob able that we are to meet again. I ray this with unfeigned and deep regret. Behove me, sir. I would most gladly act with the honorable gentleman. If he would but come back, now, In what I consider his former principles and sentimonts; if he would place himself on thoso constitutional doctrines which ho has sustained through a long scries of years; and if, thus standing, he would exert his acknowledged ability to restore the prosperity nf tho country, and put an end to tho mischiefs of reckless ex. periircnts and dangerous innovation, I would not only willingly oct with him, I would act under him; I would follow him, I would support him, I would back him, at cvory step, to the uttermost of my power and ability. Such ia not lo bo our destiny. That destiny is. that wo hero part t and all I can say further is, that ho carries with him tho samo feeling of personal kindness nn my part, tho same hearty good will which have heretofore inspired me. Tucrohavc been three priucipal occa sions, sir, on which Ihe honorable gentle man has expressed his opinions upon tho questions now under discussion. Thov are, his speech of tho 15th September, his published letter of the 3d November, nnd his lending speech at tho present session. Theso productions are all marked with his usual ability; they aro ingenious, able, condensed, and striking. They deserve an answer. To somo of tho observations in tho speech of September, I made a reply on tho day of its delivery ; there are other parts ot it, However, which require n more ui-nuurnie examination. Mr. President, tho honorable gentleman declares in that speech, "Ihat he belongs lo me state lliglits parly; that (hat parly, from the begitnng of the government, has been nppoind to a national bank as uncon stitutional, inexpedient and dangerous, that it has ever dreaded the union of Ihe politi cal nnd moneyed power, and the central action of the Government, to winch it so strongly tends : that the connection of the Government with the banks, whether it be with a combination of State banks, or with a national institution, will nccessarrily cen tral. zc the action of the system at the prin cipal point of collection and disbursement, and at which the mother bank, or the head of (ho league of State banks, must be lo cated. From that point, the whole system through the connection with the Govern ment, will be enabled to control the ex changes both at home and abroad, and with it, tho commerce foreign and domes tic. including exports and imports." Now, sir, this connection between Gov crnmcnt and the banks, to which he im pntes such mischievious consequences, he describes to bo "the receiving and paying away their notes as cash ; and tho use of the public money, from the tone of the col. lection to tho disbursement." Sir, if I clearly comprehend the honora ble gentleman, he means no more, after all, than this: that, while the public reve nues are collected, as heretofore, through tho banks, Ihey will lie in the banks be tween the time of collection and tho time of disbursement ; that, during thai period, they will be regarded as one part of the means of business and of discount possessed by the banks, and that, as a greater portion oft he revenue is collected in large cities than in small ones, these large cities will, of courso, derive greater benefit than the small ones from these deposites in the banks. In other words, that, as the impor ling merchants in a great city pay more duties to Government than those in a small ono, 60 they enjoy an advantago to bo do rived from any use which the banks may make of the moneys, while on deposit with them. Now, sir, I would bo very glad to know, supposing all this to bo true, what there is in it either unequal or unjust ? Tho benefit is exactly in proportion to the amount of business, and to the sums paid. If individuals in largo cities enjoy the inci. dental use of more money, it is simply be causo they pny more money. It is like the case of credit on duty bonds. Who ever imports goods with the benefit of giv ing bond for duties, instead of making pro sent payment, enjoys a certain benefit ; and this benefit, in a direct sense, is in proper tion to the amount of goods imported: ihe large importer having credit for a large sum. the small importer having credit for a smaller sum. But the advantage, the benefit, or the indulgence, or whatever we call it, is, nevertheless, entirely equal and impartial. How, then, does tho collection of revenue through the banks "centralize" the action of the commercial system? It seems to me, sir, the cause is mistaken for the effect. Tho greatest amount of revenue is collected in the greatest city, because it is already the greatest cily; because its local advan tages, ils population, its capital, and cuter prise, draw business towards it, constitute il n central point in commercial operations, and have made it tho greatest city. It is tho centralization of commerce by those just and proper causes causes which must always exist in every country which pro. duce a largo collection of revonuo in the favored spot. The amount of capital is one very importnnt cause, no doubt; and leaving public moneys in the banks till wanted, allows to merchants, in places of largo import, a degree of incidental benefit, in just proportion to tho amount of capital by them employed in trade, and no more. I suppose, sir, it is the natural courso of things in every commercial country, that some place, or a few places, should go nheod of others in commercial business importance. This must ever bo so, until places possess precisely equal natural advan tages. And I suppose, loo, ihat, instead of being mischievous, it is ralher for the common good of all, that there should be somo commercial emporium, 6omo central point, for exchanges of trade. Govern ment, certainly, should not seek lo produce this result by the bestowal of unequal priv ileges ; but surely, sir, il would be a very strango nnd indefensiblo policy which should lead the Government lo withhold any portion of tho capital of tho country from useful employment, merely because that, if employed, while all enjoyed tho benefit proportionately, all would not en joy it with the samo absolute mathematical equality. So much, sir, for concentration, arising from depositing the revenues in the banks'. Lot us now look to tho other part of tho connection, viz; the receiving of bank notes for duties. How in the world does this "centra hzo" the commercial system? Tho whole tendency and effect, as it seems to me, is directly tho other way. It conn, tcracts centralization. It gives all possible advantage to local currency and local pay ments, and thereby encourages both imports and exports. It tends to make local money good every where. If goods bo imported into Charleston, the duties aro paid in iviioncsiun notes, nqw York noles are not demanded, Nothing, certainly, can bo thn xnr.1 lmn.. I,...,,. tlic duties collected a Government paper whnlnviir. If llw. , noi sec centralization crnmcnt paper, in lbo wlint nnints will il Innil ? certainly, to the greatest two thirds of the duties bo New York, it will follow, of ceivcd for duties will bo there uuosisi i ii no ruuu vuu iv an i mm i c ,r,M M nv.ct .1 r. ll. I Treasury notes? Are they abundant Georgia, in Mississippi, in Illinois, or New Hampshire? No sooner issued, than they commence their march toward tin place where they are most valued and tnost in demand; that is, to tho place of the greatest public receipt. If you want con centration, sir, and enough of it if yo : desire to dry up the email streams of com merce, and fill more full the deep and ai. ready swollen great channels, vou will nr.! very wisely to Ihat end, if you keep out of tho receipt of the Treasury all money bu; such paper as the Government may lurni.-n and which shall be no otherwise redeeninblu than in receipt for debts to Government while at the samo time you depress tho character of the local circulation. Such is the scheme of tho honorablo member in its probable commercial effect. Let us look at it in a political point of view. The honorable member says he belongs lo the Stale rights party; that party pro fesses something of an uncommon love of liberty, an extraordinary sensibility to all its dangers; and of those dangers, it mosc dreads the union of the political and money power. Tins we learn from the nnthcntic declaration of the gent leman himself. And now, oh transcendental consistency ! oh, most wonderful conformity of means and ends ! oh, exquisite mode of nratifvitiir high desires ! behold, the honorable mem. her proposes that the political power of tho State shall take to itself the whole function of supplying the entire paper circulation of the country, by notes or bills of ils own, isMiod at its own discretion, to be paid out or advanced to whomsoever it pleases, in discharging the obligations of Goyernment, bearing no promise lo pay, nod to be kept in circulation merely by being made re ceivable at tho Treaty ! The wholo circulation of the country." excepting only that which is metallic, and which must always be small, will thus be made up of mere Government paper, is-tied for Gov ernment purposes, and redeemable only in payment of Government debts. In other words, the entire means of carrying on tho whole commerce of the country will be held by Government in its own hands, and made commensurate, exactly, with its own wants, purposes, and opinions; the wholo commercial business of the country being thus made a mere nppendage lo revenue. But, sir, in order that I may not misrep resent the honorable member, let me show you a little more distinctly what his opin ions are respecting this Government paper. The honorablo member says sir, Ihat to make this Sub-Treasury measure success ful, and lo secure it against reaction, somo safe nnd stable medium of circulation, "to lake Ihe place of hank notes in the fiscal operations of the Government, ought to bo issued;" that, "in the present condition of the world, n puper currency, in some form, if not necessary, is almost indispensable, in financial and commercial operations of civilized and extensive communities ;" that "the great desideratim is to ascertain what description of paper has the rcquibito qualities of being free from fluctuation in value, and liability lo abuse in the greatest perfection ;" that bank notes do not possess theso requisites in a degree sufficiently high for this purpose." And then he says, "I go farther. It appears to me, after be stowing the best reflection I can give tho subject, thai no convertible paper, that is, no paper whose credit rests upon a promise tn pay, is suitable for currency." "On what, then, (ho asks,) ought a paper cur rency to rest ?" "1 would say," ho an swers, "on demand and supply simply ; which regulate the value of every thing else tho constant demand which Govern ment has for ils necessary supplies." Ho then proceeds to observe, "that thoro might bo a sound and safe paper currency, founded on the credit of Government ex clusively." "That such paper, only to bo ucd to those who had claims on I lie Government, would, in its habitual stoto, bo at or above par with gold and silvei ;" that "nothing bnl experience can determine- what amount, and ot what denominations, might bo safely used; but that it might bo safely assumed that tho country would absorb an amount greatly exceeding its annual income. Much of ils exchanges, which amount lo a vast sum, ns well as itd banking business, would revolvu about it : and many millions would thus bo kept in circulation beyond the demands uf tho Government." By this scheme-, sir, Government, in its disbursement, is not to pay money, but to issue paper, this pnper is nol otherwiro payable or redeemable, than ns it may bo 'received at tho TrcaEury, It is expected josa insw"v""

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