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spectable minority of the members in this House repre- and purposes a Treasury bank. Now, sir, which of those senting the party in power, which has been understood to

two systems is to be supported by the party in power for the be as widely separated as the polls of the earth from their future, or, if neither finds favor by itself, how much of one political allies and the President himself in principle and is to be combined with the other, and carried out by this doctrine upon the subject of the currency, and the new administration? Have we not a right to some explanations fiscal system recommended in the message; yet we find upon this subject? Have not the country a right to demost of the gentlemen who compose this niinority, the mand an explanation of these mysterious declarations ? most thorough, prompt, and vigilant supporters not only What are the real designs of the administration ? Have of the administration generally, but of the measure under the conservatives made terms with the President and those consideration in particular. How am I to reconcile this who sustained him in his message? Have they been promcourse of honorable gentlemen with the principles they ised that their banks and bank notes shall not be molested ? profess? How can I come to any satisfactory conclusion that they shall be saved from the general wreck which has as to what is the real intention of the Executive in asking been threatened to the banking system in this country? this extraordinary supply of money, and in the extraordi- From my personal knowledge of the character and princi- . nary shape in which it is proposed to be granted, when I ples of many of those gentlemen, I do not believe them find those I would have supposed as most hostile in inter- capable of compromising the general interests of the counest, the most decided and determined in its support? We try, and acting upon a compromise so narrow, selfish, or all know, sir, the power and influence of the Executive unworthy. But do they not owe it to this House and the upon every great measure of policy about wbich there is country to avow the real principles of the compromise, if any difference in this House or in the country. It is not they have made one, and I must suppose they have ? only the personal influence of station, but the great amount Have they agreed that they will give their support to any, of patronage connected with it, which insures this influ- and, if any, to what extent, to the issue of a paper circu

The constitution, no doubt, contemplated some de- lation founded upon the credit and revenues of the Gov. gree of influence of this nature. I was struck with the ernment, or, in other words, of a Government bank ? and, justness and force of a sentiment expressed by the distin- | if they have, what securities have they taken for the fulfilguished gentleman who sits before me, (Mr. Adams,] ment of the engagement on the part of the administration, shortly after he took his seat upon this floor, and after the or of that portion of the party in power which has been close of his administration of the Government. It was understood to favor the doctrines of the message ? Sir, I that, by the constitution, it was not only ordained and in- know I have no right to demand an answer to any of these tended that there should be three co-ordinate departments questions; but I refer to the subject which gives rise to of the Government, but that they should also be co-oper- them because I am bewildered—I am amazed by what I ative. The due degree of Executive influence designed see and hear of late connected with this subject, and I wish by the constitution, I do not object to. I subscribe to the more light. At one time I am led to suppose that a fiat propriety of it; but, acting upon this principle, how are has gone forth for the utter annihilation and destruction of we-how ought we, in common candor, to regard the the whole banking system, as it has been practised for the measure under consideration, and those connected with it, last half a century ; at another time, and looking to the which found their way into this House under Executive course of the same party, I cannot resist the conclusion sanction? How otherwise can we regard them, without that State banks are to be suffered to exist upon the terms disparagement to the Executive, but as the ways and means of permitting the establishment of a Government bank to of carrying into execution, in the most active and effectual supply a portion, at least, of the circulating medium of the manner, the doctrines and policy laid down in the mes country; and again, sir, I am not at all satisfied that one sage? and so we must regard them, unless we are disposed of the parties to the arrangement are not to be the victims to make a direct attack upon the President, and charge of their confidence in their political friends, and will find him with insincerity and double dealing. But it is not that they are duped when it is too late to repair their steps. only the course of those gentlemen in this House, who are Under all the circumstances of the case, the perplexity denominated conservatives, which perplexes me upon this and mystery in which the whole subject is involved, I am point. In the semi-official organ of the administration, or constrained to act upon my own best judgment, with such rather of what is considered the orthodox and largest por- lights only as chance and observation have thrown in my tion of the party in power, (the Globe,) published this way. For myself, I regard this bill.as one and by far tho morning, I find the extraordinary declaration and avowal most important one of that series of measures which has which I will read to the House :

been deliberately planned and brought forward, with a view “We have been requested by our political friends in to wage a war not only against banks and bank paper, but different parts of the country to give a place to accounts of against the whole system of trade, credit, and finance, democratic meetings approving the inessage and the Secre- which has raised this country to its present elevated rank tary's report on the finances in the warmest terms, and among nations; and I regard this as the bill of supply—the pledging vigorous support to the administration and its

money bill to carry on the war. Pass this bill, and you friends in carrying out the doctrines set forth in those ad will enable the Executive to carry out and put in practice mirable state papers."

whatever system of policy he pleases, whether it be the In the same organ I saw, but a few days ago, the senti pure sub-Treasury scheme or a Treasury bank, or a comment avowed, that the recent votes in the two Houses of bination of both. I have from the first regarded this as Congress give strong indications that the dynasty of banks, the most important, in every point of view, of all those both great and small, approached its end." What, sir, are measures upon which we are called upon to act. I care we to conclude from these annunciations, but more partic- nothing, comparatively, for any other. It is the pivot upon ularly when we connect with them the course of the con. which all the plans of the Executive, whatever they may servatives of this House? What are those doctrines of the be, turn. This bill, or rather the supplies anticipated from message and the roport of the Secretary of the Treasury it, may be justly regarded as answering all the purposes of which are to receive the vigorous support of the alleged the party in power with equal effect to the pou sto desired democracy of the country? The doctrines of the message by the famous Greek mathemutician. Give the adminispropose the sub-Treasury cheme, and reject the idea of tration the aid which this bill proposes, and they will be giving credit to banks and bank paper at any time. The able to move this House and this nation at will. It is, in report of the Secretary, among other things, gives us a de- every point of view, such a measure—one involving so tailed plan of a fiscal system, which is to all important ends' many important results of a mischievous character-that

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Oct. 7, 1837.]

Treasury Notes.

(H. of R.

the maxiin obsta principiis applies with peculiar force. record his vote in favor of this bill, that he thereby sancHere, then, I plant myself; here I take my stand, and I tions this arbitrary and unjust policy of the administration, will maintain it until I am driven from it by the force of and draws the line between the Government and the peonumbers. I earnestly invite and invoke all those who ple! Pass this bill, and the Government is put above and think it safest to meet danger on the threshold all those made independent of the people; those in power will have who prefer old and established institutions to new and un the means of carrying out their policy in defiance of the tried expedients-all who prefer a paper circulating medium popular will, at least until the people shall again have the to the evils of the proposed experiment of an exclusive privilege of interposing through the elective right. I have gold and silver currency-all those who prefer a national seen it stated, that this objection, that any distinction is incorporated bank to a bank connected with the Treasury, made by the present course of things between the Governand founded upon the revenues of the Government-all ment and the people, has been refuted, if not in this House, those who prefer bank paper to bills of credit or a Govern- in another place; but, sir, I have not seen or heard the ment paper money, to come and do battle with me against argument by which it was done, nor do I believe it to be in this bill.

the power of argument to do any stich thing. Again, sir, Mr. Speaker, has any one fully and duly considered, whoever gives his support to this bill endorses and becomes how many, how vast, and how overwhelming are the con responsible for the present course and future policy of this siderations connected with this question, and the conse administration, in relation to the currency and every other quences that may grow out of a measure of this nature at interest connected with it. And let no one delude himself this particular juncture? I concur most heartily with the with the idea that there is nothing to be apprehended from sentiments expressed by the gentleman from South Caro- the men in power, however mischievous or wicked their lina, (Mr. PierENS,] the other day, in speaking of the designs. Let us not underrate the genius and ability of new Treasury schemes which have been recommended for those who possess the guiding influence over our public afour consideration. I do heartily and truly believe that the fairs at the present juncture. They are profoundly versed destiny of this country, for good or for evil, will depend in the knowledge of men and of the motives to human acgreatly upon the decision of the questions which they pre- tion. They are also distinguished for great caution, secrecy, sent. The mind fails in an effort to grasp the whole of and skill in effecting their purposes. They possess another this important subject; no powers are adequate to do full great advantage over must inen who have attained their injustice to the great issues which are involved. The argu- Auence and station in Government and society. They are ment embraces in its range the fate of the federal consti- for the most part entirely reckless of all consequences, extution, of free Government itself! Of all the causes which cept such as relate to themselves, and affect their interests. in modern times have deeply excited, agitated, and convuls- Such persons--such advantages, are not to be slightly reed a people, but few had a more certain, rapid, and fear- garded by those who desire to restore the country to quiet ful tendency to engender a spirit of opposition to the laws and prosperity. Can we who sit here any longer Joubt the and to revolution, than a debased and disordered currency. skill of the administration in carrying their measures ? I need not refer to the examples which past history affords Have the opposition yet succeeded-—is there any probability of this nature. I will not even revert to the deep feeling, that they will succeril

, in effecting a single modification of the intense excitement, which manifested themselves in any one measure of all those which were no doubt preour large cities, at a recent date, in connexion with this pared before we sat out from our homes, which have been subject; but I will say, that such instances of popular ex submitted to us merely, as it would seem, that we might citement, upon such occasions, ought never to be lost sight confirm by our votes what long since had been resolved of by the statesmen of this country, nor will they be either upon and fixed by the Executive Department of the Govtauntingly referred to, or slightly regarded by any man ernment ? No facts, however stubborn or important--no who has any just claim to the rank and character of one. reasoning, however conclusive and unanswerable-have the What I fear upon this subject is, that we have only ar least effect; the measures must, and, it seems, will be carrived at the first stage of this disorder-that greater embar- ried. Although, sir, I am not in the habit of relying upon rassments, and yet wider spread mischiefs, await us in the rumors which I hear out of doors, yet I have heard it progress of it; that the state of the currency is yet to be stated from such respectable sources this morning, that the come a subject of deeper and more permanent discontent; Secretary of the Treasury has had such entire confidence that the blindness of party prejudice, the obstinacy of party in the success of every measure proposed at the opening of interest, and the infatuation of power, will defeat every the session, and, among others, the bill now under discusprudent remedy, and bring on a crisis of open resistance sion, that the plates for printing the notes have already been to the laws, and leave the institutions of the country, both engraved, and perhaps the notes actually struck off. fi local and general, a prey to anarchy. This, sir, is my do any injustice to the Secretary, I will openly acknowledge fear; and I regard this bill as one of the forerunners of a it the moment the statement shall be denied upon his autrain of measures, on the part of the Government, which thority. But, sir, if this be the fact, how idle, how absurd, are well calculated to lead to this last and most fatal ca are all our discussions here ? Every thing is fixed and lamily which can befall a country. Mr. Speaker, I warn settled by an influence and power beyond our control. My gentlemen that, if this administration shall be so infatuated honorable friend from Kentucky [Mr. UnderWoon) was as to persevere for any lengh of time in the policy of re not aware of the ground upon which he was treading last quiring the public revenue to be collected in gold and sil- evening, in proposing his amendment, and in what a diver, and disbursed among the officeholders, contractors, and lemma he would have placed the Secretary of the Treasury others, dependent upon the Government, while the only if he had carried it. money in use among the people is bank paper, or any But, whatever may be the destiny of this bill, I will not other paper of less value than gold and silver-if the dis- forbear to show that it is founded upon a pretext which is tinction shall be attempted to be kept up much longer be- utterls unfounded. Sir, there is no deficit in the Treasury tween the Governmeni and the people--gold and silver for which it has not been the policy of the administration to the Government and its trains of officials, and a deprecia- produce-which they have not designedly created, and ted paper for the people, resistance must and will come. which they cannot amply supply without the aid of this It is not in the blood of the race of freemen which inbabit bill

. I say, sir, that there is no evidence before us, or bethis free country to submit long and tamely to so unjust, fore the public, that there is, or is likely to be, any defiexacting, and oppressive a course of policy. And let it be ciency of means in the Treasury to meet all the demands borne in mind by every member in this House, who shall 'upon it during the remaining quarter of the year, except

Vol. XIV.-83

H. of R.]

Treasury Notes.

(Oct. 7, 1837.

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this bill; by which it seems that ten millions of dollars are the terms of the treaty, they are still entitled to use in the
required by the administration for the public service. Every same manner! Now, what are we to think of an adminis-
other circuinstance in the conduct of the administration in tration which could sanction such a proceeding, at the
dicates an overflowing Treasury. At the very moment, and very moment when its advocates in this House are put-
during the entire period, within which it might be sup- ting their inventions to the rack, to prove that there is not
posed this alledged deficiency of means in the Treasury money enough in the Treasury to carry on the Govern-
would be felt or apprehended, what has been the uniform ment during the remaining quarter of the year? And what
course of the administration ? One of uniform extrava are we to think of the sincerity of men, who say, that we
gance and profusion, as far as the expenditures of the pub are bound, in duty to the country, to vote this supply of
lic moneys are concerned. Need I refer to the evidence ten millions ? Sir, I have no personal acquaintance with
furnished by the report of the Chief of the Engineer De- the Secretary of War. I am informed that he is a gentle-
partment, which has been laid upon our table, that'special man of learning and ability, and far above any improper
instructions had been issued last spring that the moneys design, either in assembling the Indians here at the pres-
appropriated should be expended as speedily as possible ? ent juncture, or in making unnecessary and extravagant
Need I recapitulate the facts, that four millions of dollars treaties with them; but from my knowledge of the condi-
asked at the last session for the support of the Florida war, tion of the Indian tribes on the upper Mississippi, and the
are stated to have been already exhausted, and one mil. policy recommended by the most prudent and able men in
lion and a half more are demanded, and yet the campaign the public service in that quarter, I am bound to say that
has not opened; that, judging from the accounts which the honorable Secretary has been grossly abused and mis-
we see in the public papers, and from rumor, seven or led in this business, and that the true interests of the coun-
eight thousand troops are about being collected to oppose try are wholly overlooked by those under whose counsel
some fifteen hundred hostile Indians and negroes? Does and advice more than one-half these treaties are made.
this look like an exbausted Treasury? But we need not So much for the practical evidences furnished by the ad-
go so far for proofs of the true condition of the Treasury. I ministration of the exhausted condition of the Treasury.
Look around you, sir, and reflect upon the scenes that are But I will show, in a still more conclusive manner, thut
passing before our eyes almost every day. How many the pretext for the passage of this bill is not well founded.
delegations from far distant tribes of Indians have we seen The respectable and honorable member from Maryland,
during this short session, decked out in all the extravagant and who is also a member of the Committee of Ways and
and fantastic trappings of savage pomp and vanity, come, Means, (Mr. McKim,) has told us with a manly candor,
sir, for the purpose, and according to a now well-establish- worthy of all praise, that there will be a surplus of means
ed system of policy, of supplying the deficits which have in the Treasury at the end of the year, after satisfying all
lately heen seli in the cuffers of some favorite officeholders, the actual demands upon the Treasury up to that iime, of
jobbers, or agents of some kind, which swarm upon your four millions of dollars. (Mr. McKin explained, and
northwestern frontier? We know, sir, that this has been stated the surplus at three millions eight hundred thousand
regarded as a great abuse for the last ten years, yet we see dollars.] Well, sir, let it be só reduced, and it is still
it daily increasing. So imposing and pompous an exhibi- quite large enough. But it is due to that gentleman to ad-
tion of bands of savages from our Western frontier, I be- mit, that he further stated, that of the funds taken into bis
lieve has never before been witnessed in this city, as during estimate, he supposed five millions would be unavailable ;
the present short session. We have regular and formal but why are there five millions supposed to be unavailable?
bulletins announcing their movements in all the daily pa- Simply because that amount was due to the Government
pers of the city ; and thousands of the resident and visiting from the deposite banks in the Southwest. Sir, is it not
population are frequently entertained by public councils in the power of the Government to pay its creditors in
held with them by the Secretary of War, in some of the drafts upon these banks, in the same manner that it has
public buildings in the Court end of the city. It is even heretofore done? Is not a protested Government draft up-
left doubtful, whether the interest got up by these exhibi. on a bank in Louisiana, Alabama or Mississippi, as sale-
tions has not surpassed, for the time, that inspired by the able in the market, as one drawn upon Philadelphia or
proceedings of Congress, weighty and important as the New York, or any of the Eastern banks? [Mr. McKim
matters are which brought us together. Well, sir, what said no one would take a draft upon the Soutbwest, if he
has been the result of all this parade and these inventions could get any thing better from the Government, because
for popular entertainment? I can only answer, by refer- it required some length of time to have it protested for
ring to such sources of information as are within my reach. payment at so great a distance, and he would have to lie
I observe a statement upon this subject in the Globe a few out of the use of his funds in the mean time.] I am
mornings ago. With permission I will read it for the ed again indebted to my respected friend from Maryland for
ification of all true reformists, and all those, especially, his candor. He has only stated what I knew before ; but
who are disturbed at the idea that the Government will not no gentleman who supports this bill has been brought to
have money enough to keep it together unless we vote this admit so much before. The facts are too plain for denial

or cavil. These protested drafls, the gentleman from New “ The councils that have recently been held with the York informed us yesterday, were within one per cent. Sioux of the Mississippi, terininated in the conclusion of a of being at par with specie in New York. They are selltreaty, by which it is at present only proper to say, their ing at a premium of four or four and a half per cent. in title to about five millions of acres of land was extinguish- currency, and specie at only five. Now, what is it that ed for a consideration of one million of dollars. The tract constitutes the value of these drafts ? Not, surely, that they thus acquired lies east of the Mississippi river, and has are drawn upon one hank in preference to another. No been used as a hunting ground, the dwellings of the In-matter upon what bank they may be drawn, it is known dians being on the west side of the river. They still re they will not be paid by the bank on demand. It is their tain the privilege of hunting on the land they have ceded, being receivable for customs and for public lands which 60 that there is but little reason for the sentimental lamen- constitutes their true value. If they were drawn upon the tations that some writers on the subject have indulged in.” man in the moon they would be equally valuable. It is

So it appears that we have given a million of dollars to equally plain that the only difference between a draft upon the Sioux, who reside west of the Mississippi, for their a bank in Mississippi or Alabama, and one upon a bank occupant right to a tract of land lying east of that river, in one of the Eảstern cities, is founded upon the difference which they have heretofore hunted upon, and which, by of time required to present and protest in the one case and

Oct. 7, 1837.]

Treasury Notes.

(H. OF R.


the other. Let the officers of the Government, then, only It does seem to me, Mr. Speaker, that there is a great say to its creditors, if the truth be so, that they can no and prevalent error abroad upon this question. I mean longer draw upon any bank, but some one in the South- that the acquiescence is too general in the opinion, that west, and the whole difficulty is solved ;, the Government Government may be permitted to reject the circulating will have ample means to pay all demands upon it, and medium of the country in the collection of its taxes, and upwards of three millions of a surplus! Why shall the coerce a payment in a species of money which is not curGovernment not avail itself of these means to pay its debts? The reason for this forbearance and acquiescence is Why will it not ? Simply because it is its policy at pres obvious. A set of men, desperate and daring, and claiming ent, to have the power of throwing ten millions in Treas to act in the name of a great and dominant party, have ury drafts into circulation. As to the wants of Govern- pushed their ultra doctrines so boldly and confidently that ment, I repeat, it is an unfounded pretext.

ihe moderate mon of their own party, as well as the oppoBut, sir, there is a much better way yet of supplying sition, have felt too happy at the prospect of closing with any possible deficiency of means in the Treasury, and at them upon terms quite short of their own wishes or views the same time of relieving the people as well as the Gov. as to what the country requires, merely because they apernment. I have said there is no deficit in the Treasury pear well and good when contrasted with the antagonist but such a one as the adıninistration, in the exercise of scheme. Even so much gained, or rather saved, from the their discretion, and to further their schemes of future pol- reckless and mischievous control of those who are now at icy, had created. I have already shown that, by continu- the head of affairs is looked upon as a victory! But of what ing the practice of drawing upon the deposite banks, as worth is such a victory? What do the conservatives 6eheretofore, the deficit vanishes; but, say the friends of the cure to themselves or to the country if they shall succeed administration, we want to supply a medium of exchange ; | in getting their amendments adopted upon the sub-Treastwe wish to put into circulation a species of paper, in the ry bill reported in this House ? Sir, I would not give one shape of Treasury notes, which will be a relief to the coun copper for all their amedments put togother. What, if try just at this time. My remedy for any real or pretend they shall get it enacted that the notes of specie-paying ed deficit in the Treasury, and the one which is certainly banks shall be received in payment of Government duescalled for by the suffering condition of the country, is to what, though it shall be provided that the public moneys compel the Government to recognise and accredit the only shall still be kept on special deposite in the banks—all their circulating medium which bas any existence in the coun apparent guards will only enable the Executive, if he is try, by receiving and disbursing the public revenue in it. so disposed, to execute his policy under safer disguiscs. And the most surprising feature in the history of the times, Through a thousand channels, impenetrable to this House is that a whole people would so long submit without tumult and the public eye, the numerous collectors and receivers and open violation of the order of the Executive requiring of public moneys can be compelled and constrained in such all dues to the Government to be collected in gold and sil a manner as to stop any bank the moment it opens its ver. Gold and silver no longer circulates--they are only vaults. The policy of the administration may be to make to be acquired by purchase and by paying a price regulated its attacks, upon the United States Bank of Pennsylvania, like ary other article of property, by the proportion between with a view to stifle its operations or destroy it altogether. the supply and the demand. They are articles bought and If success shall attend that operation, all the others will folsold just like any other commodity of trade, and have, low in detail, if such be the policy or purpose of those in moreover, been rendered scarce and high by the great de- power. It may be, however, that the vast power which mand which has existed to pay foreign debis, and by being the Executive will possess through the sub-Treasury hoarded in banks and by individuals. An example of equal scheme will only be employed in making war upon such of Jaring, on the part of the administration of a Government, the local banks as shall be disobedient, or under unsuitable does not exist on record. The most arbitrary and despotic influences, and in this way make the entire State bank monarch that ever sat upon a throne would not have dared interest subservient to the political views of the party in to issue such an edict as went forth from the Executive of power. In no way can you escape the power of the Exthis Government after the deposite banks suspended specie ecutive in carrying out his plans, whatever they may be, payment; nor would the power of any such tyrant have if you arm him with sufficient means, and among others been safe under such an experiment. It is only in a Govern- the power of supplying a circulation from the Treasury, as ment at least nominally free, and claiming to act in the name it is proposed to do. Mr. Van Buren was never in more of the people, that such a measure could be sustained at danger than he was at the commencement of the session. all; and, but for the interests of party, which have for some The danger was that some of his followers would separato years been paramount to every other in this country, even from him before he had time to explain. They might supin this free Government the administration would have been pose that he meant to act upon the doctrines avowed in his compelled to have convoked Congress, or to have permitted message, and before he had time to give the proper assuthe public taxes to be paid in the circulating medium of the rances in a safe manner, his party might be dissolved. But country within one month from the commencement of a the gentlemen from New York were soon satisfied, or at different experiment. The present bill proposes to sustain least pacified with the assurances that their favorite safety this gross outrage upon the people ; the attempt to collect fund association would not be injured. What other asa a revenue of twenty-five or thirty millions of dollars, not in surances they may have received I know not, but I warn the circulating medium of the country, which the Govern them not to be too easily quieted, or to take it for granted ment rejects and spurns, but in an article of traffic, in a that all will be well. I have been a looker on here too long species of property which must be bought at any sacrifice, not to gather something from the signs of the times.

It is and when it is collected is to be poured into the laps of a quite evident to ine that the party, whatever may be its favorite and preferred class. No other Government could strength, which is sincerely disposed to destroy all banks, stand under such an experiment sixty days. I call upon and provide a gold and silver currency, or a currency conthe House, by rejecting this bill, to compel the administra- stituted of Government paper, or onc compounded of the tion to abandon this unjust, and before unheard-of policy. two, seeing that they are foiled for the present, and that

I have seen it stated in a beautifully written and specious they cannot succeed iere, have determined not to press the essay upon this subject, that principle is on the side of the question for the present. They want another trjál before administration on this point. I deny the position. The the people, and our good conservatives, when they least eternal principles of equality and justice are on the other expect an onset, may feel themselves overwhelmed by what side.

is denominated the democracy of numbers.

H. or R. )

Treasury Notes.

(Oct. 7, 1837.

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But to return to the question. What I contend for is, this same depreciated currency?. And this they are forced that the Government, at every point where its disburse to do, not by any default of their own, but by the gross ments are to be made, shall pay in the currency or bank blanders and mal-administration of that arrogant Governpaper which is there current and receivable at par in the ment which now assumes the power to discriminate, and payment of debts, or for property and provisions at cash affects the right to be discriminated, in this respect, from prices. If payments are to be made abroad, or to Indian the people. But are the obligations legal or constitutional tribes, which are placed upon the footing of foreign nations, resting upon this Government-the confederated Governlet the gold and silver be bought for these disbursements, ment of any higher or more sacred character than the ob. at the charge of the Treasury, as it is fit; it being much ligations of the same nature which bind the twenty-six better that the people should pay this premium for specie States of the Union, and the people in their individual cain these instances than to be taxed and harassed tenfold pacities? I call upon gentlemen from every quarter, who by the policy now in operation. If the Government shall are disposed to uphold the character and influence of the do this, there will be an end of all Treasury embarrassments. States--I call upon the gentlemen of the South; I call upWell, why shall not the Government be compelled to this on the gentlemen who represent that ancient and renowned course? Is there any practical inconvenience in the plan Commonwealth, Virginia, to step forward and maintain the proposed? We shall see.

equal honor and respectability of that State-of the old Our greatest disbursements, at present, are in a quarter thirteen especially, and to vindicate all the States and the where, it is said, we have the largest amount of unavaila- | whole people from this attempted disparagementthis gross ble funds in the vicinity of Louisiana, Alabama, and Mis- slight of their just pretensions. Before the administration sissippi-growing out of the Florida war, and to subsist of the Government of the United States attempts to set an the Indians west of the Mississippi. In that whole region, example of constitutional conformity, and of strict honesty or upon the borders of it, the notes of the Georgia, Ala. in the payment of its debts, let it first restore to the States bama, Louisiana, and Mississippi banks are current at par. and to the people that sound condition of the circulating The same state of things exists on the northwestern fron- medium, and those ample facilities for effecting their extier. The notes of the banks of Illinois, Indiana, Ohio, changes, which enable them to keep their faith and mainand Missouri, are current throughout that region. If you tain their integrity and punctuality, and which they enjoy. want to disburse moneys upon the great rivers of the inte ed before the mischievous and baneful project was conceivrior, or upon the great national road which is being con. ed of reforming the currency, by putting down banks and structed through the States of Ohio, Indiana, and Illinois, bank paper, and substituting gold and silver, or a Govern. or upon the harbors of Lakes Michigan, Erie, and Ontario, ment paper circulation. Let them do this, and the adminthe notes of the banks of Illinois, Indiana, Ohio, or New istration may urge with some propriety the obligations of York, are current in every part of those districts. If dis- honor and good faith, to pay their debis in gold and silver ; bursements are to be made at any point upon the Atlantic, and, until they shall do this, whatever they may profess, at your navy yards, upon your fortifications, or in this city, the world will conclude, and justly too, that the whole benat all these various points the local bank notes are current efit to be derived from this strict regard to legal obligation at par, in payment not only of old debts, but for property will accrue to the officeholders, and others who happen to at reduced prices; for, the principal amount of debt in be creditors and dependants upon the General Government. every section is owing to the banks, and the great demand That favored class will receive ten per cent. in addition to is for bank notes, and not for specie. Thus it is demon- their just demands upon the Government. Under the strated there can be no practical difficulty in the exten present state of things, the disbursement of thirty millions sion of the policy called for by the best interests of the of dollars annually in gold and silver among the officeholdcountry.

ers, contractors, and other creditors of the Government, Will there be any injustice done the creditors of the Gov. will put into their pockets thirty-three millions of dollars, ernment by this course of policy? The very idea that there in a currency which will pay their debts at par, and enable can be any injustice, under the circumstances, to the pub- them to acquire more property than an equal amount of lic creditors, is an absurdity. An officer or creditor, under gold and silver could have done during several years past. existing circumstances, who receives specie from the Govo This will be the mighty result of this new born, puritanic ernment, gets notoriously ten per cent. advance upon his spirit, which appears now to actuate the administration in just and equitable demand. Equal right and justice, in all complying with the obligations of the Government. Their such sudden changes in prices, produced by a curtailment policy will confer upon the officeholders and others, who of the circulating medium of the country, would require compose the trained bands of the party in every part of the that all past contracts for the payment of moneys should Union, a bounty of three millions of dollars; and by this be scaled and reduced according to the appreciation of measure their allegiance will be secured, and their energies money and the depreciation of property which has taken duly stimulated, to sustain an administration so generous place since the date of the contract; and our laws do not and munificent to them. require this, not because it would not be just, but because But does the Government pledge itself that, if this bill of the evils attending a fluctuating standard of money passes, no more bank or other paper of less value than gold value. But the truth is, that bank notes are, at this day, and silver will be offered in payment of any of the creditors worth more-they will buy more provisions or property of of the Government? I do not understand that the Gove any kind, at cash prices, than an equal amount of gold and ernment comes under any new obligations in this respect; silver would have commanded at any time within the last and after we shall have passed this bill, we have no secuthree or four years. It is no injustice, then, to compel rity that some of the public creditors, as heretofore, will not the public creditors to receive bank notes in payment of be compelled, at the discretion of the Treasury Department, their demands upon the Government.

to take depreciated paper, or get nothing, antil it shall suit But it has been said that it would be unconstitutional the convenience of the Treasury. Unless the administraand illegal for the Government to pay, or offer to pny, its tion shall come under some higher obligations of principle officers and creditors in depreciated bank paper. Very well, than they have heretofore recognised in practice, it does sir; and suppose this to be true, does the Government of not appear but they may still pay one class of creditors in the United States stand upon any higher ground in this re gold and silver, and another in bank' paper, or other paper spect than the millions of freemen for whose benefit, and below par. This power of discrimination between different by whom the Government was established, and who are classes of creditors, I regard as one of the most dangerous compelled by a moral necessity, both to receive and pay in 'extensions of Executive patronage in our power to sanction,

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