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EDITED SY THOMAS IIAVNES.
VOf.. V. ».
< Iji' ■fHanbavb of
11Y P. 1.. IMJBI.NSON, Mute Printer,
And Ihtblisker (by authority) if tin J.un-xef the l States
OFFICE NKAR THK CORNER OF WAYNE. AM) FRANKLIN STREETS.
ISSUED EVERI Tl U.SDAY MORNING.
ITT TERMS.—Thr-e D<Mhrs per annum. N< taken tor h thru n
venr, and no pnper tbsconiinued, but at the option of the pnb’i her, until ail arrear
ages nre paid.
CHANGE <H' DIRECTION.—We .’'-he ■u» h of our tub crib'i sus may nt r.n
line wuh the tlirrvihm of their papers fix mi one Post Office to another, tn
inform us, m nil cn of the place to which they had beeii previouslv sent; n-- the
mere or<kr to forward them to a diiTer-'ut office, places it almost oat of our power to
coinp!y,*b«vau«e wo hn\e no means of asccitnininir th? o‘hc ' from w hich they are
•rder**d to be changed, but by a search through our whole subscription b.ook, con
taining several thousand names.
ADVERTISEMENTS inserted at the n-o d » te*. Sak* of LAND, by Ada -
nistrntors. Executors rr Guardians, are required by k.w loir' held en the IffMTucs
day in th? nicmth, between the hours of ten in th? forenoon and three, in the after
noon. at the Court House in the coni ty in which lb.' pivpcrt) is situ. !?. Node • o.
these sales must he given i:i a public gazette SIXTY DAYS previous to the day of
•ah*.
Sales of NEGROES must be at public mu tion, on th * firM Tn *s»<lnv < f the in nth
between the usual hour* of at the place of public «nlc< in th * county w here th *
letters t »«lhncut «rv,of A-IminiMn .'amor Gn ndi'. have b?c?j
givHtr SIXTY DAYS u -.'th- of, of th) j... 7“ of ihi? Sut.. .
and al ill* <b»or of th* Court I! rr+rto snrh sales arc to b? h?l 1.
Notice for th* *ale of Personal Property must be j,iv.:n iu like maimer, FOR i'Y
DAN'S previous to the day of j»<Jc.
Notice to the Debtors an 1 Creditors of an Estate must be published FORTY j
DAYS.
Notice that application will be made tot’ * Court of Ordinary for leave to sell j
LAND, must he published for FOUR MONTHS.
Notice for leave to aell NEGROES, must be published for FOUR MONTHS, i
before any order absolute *hnll be mad? by the Court thereon.
Notice of Application for Letters of Administration must be published THIRTY
DAYS.
Notice of Application for Letter* of Diami**ion from the Administration of an Es
tate, are required to b* published monthly for SIX MONTHS.
MILLEDGEVILLE JOCKEY CLUB RACES.
THE Spring Racca of the Mil- I
Jockey Club, w ill com- I
*■ inenue on the i*econd Tueaduy '
V*> (Dtbdnyjof April next.
Ul d- ’ : Co “*' Sweepalnke,
f'fty dollar* •nuance ; three or
r •XtfL n.crc to iauka a race. A th a
, . bu\ ?r CcLlet put up by the pi o
r. *.• 1 pri tors, worti. fC.
v du : . • beat—free
—■* «C. ■ 34 ( i n y i'ln e . mi).' hast*—free
for all. P irv. ....... SSOO
4ih dsy. b’onr iiiil* In »l«. Ire. - t"i u".l. I’. r‘ l; ’ ( ... SSOO
Othd.i,. Colt- - «i.lke—two u.ile h at'—s’.’sV ntrav.ee—for the Yomitf I'lr.ti-,v.orih
, «[„.«,h . nt..,.!. < :}«»! i ni.. th ..’ll. ' .. bn. xi. i,.. 1.. , b»r. uj
each day. 11. F. YO. .NG Co., !*«;;.ri torr.
January 93,183?. I—SalO
C'lEOll'B X .KICt 1.1'1.R.U. IViPI.I.CEVr MAM FAC JOKY AN!)
I Al ~1 af'A IH »'» 4\.i 10l N.>KY. corner <4 Jones and Cum
I'.i . • ««r■ 1., •wt .1 I r hi t* .. n r« f uel—i''i, « 1..- iib. r would eail
tb a e t - > 1 tin. iii i u ■,( .t <;iwij.Tiß4i.r»i-
FI.EM,. > I'. *■ m . I. i it* -m li al. >ii'i.|-un.; o! I'liiui h- of tile nm-t ap
pro, cd ■ iu.l. . J . UI k r ri.i/r , limn ti'la.m hare, tnhean timr-lmr* ; llill
aide and ■ *rd r.uj.li . -erd ria, r >.* i.m-hmcs. Corn Shellers
different ..id; ’-iih t.i ’, ... aii I rat ■ai tc !•; Ah at r mis Hominy Mill.,
Cvlindrie.l .1* • .5.1 ■■ <■ 4 in it * a■; also. ..ir, ~- ti. t >tr*i * Cntl'i -; Su
gar Milla, I'aii 1 —ill-. I hi in. i.'iiiie-. i ,o ,d»ir »r a.. I'. i, -l mimr Mm Isnc>. &c.
Il -i< ) ie, ar .1 to ... . ».y nu i rum , m any itt r work in hi. line nt short
antic.'.
I’h.. Ir.Hi a. I ini" > mini., .s i-. f b operation, hnvimr □ first tutewml.mnn to
M’. ii'.l'.m! hie bn ’> ; ..I a 'X a 1 i -1. .<•, i.f h; I t ; i_ r i: m ami <■.»;.! <m Im ml.
Th:i'..h»i:'l i m >.i> th i uindoi Ca t. : :u.av d.’> a! on their liein ;
well .Iml Inf . ! mill • .
<astm; :.,■■■■: • < a ami 1. nd ; al-, Vlil Iron .’.c.
s—tt R frJERI' FIIILIP.
<1 'iR \ I'' '! >!.L I'. I< i —.-••>, tts’. urn' ijeufnia.—Th<.
RT *|.rtiir rm . f 'tn. Ih ti.Hth.il. lor I S3.S will open on Monday,
f .iiii'ia 4 th. It .» ■•.ai i'»ic Mtilal atu.'cuU should l>* nt the
onu non -t 1.... . .ii lit h .t d;y id rhe t»- m. 'l'l.a- gowi niiient of
(hr ln»ti:ir'i... i- at. n I lul ,a.i.i oi - bi illy l.\ » lilt, n law. ai.il < on.fi
lotion wfi i-*i .-r ri, h?i . .'in.< rd. alter th., u.aiihi r ui the republican
—' Ac 1 ..... r,i , , i,t. . I tfii-country. Ap. n>| l.i< I. c.iiliiiiiiiiy fiii.t. <:u
hV.|i ,lr Film ,ti. n. i.ur a,stem of insli'iielioii. discipline. <Kc . will
•hi.rtlx l>- put I .h. d. a d .ent io all who may feci interested enough
t.. apply for it by letter, to the Principal
The bum’, f.i. iu'iru fmu me ru n day light till nine o’clock J’. M.
(..iiiiiitit.l in I w .liter) reHervilig four bottrs for meals and recreation.—
4hi s. turd iy. .tud uts are engaged only till uoon. The Lyceum, (a
literary and aci, i l lie Society.) i f which th. Piincip.il i... r.r officio. Pre
sident, meet Fieri Saiui.il, evening. Thia »<>< iely Iris been eataldish
ed hnf a feu muii'ti, and b»s already proven itself to be immensely im
proviug to file -intiix I .dm.
We < ledge ou’selvea to impart, in one year’s time, to any young la
,lv. u h > p.i.tewie* i .to >d in iid. and u bo can read fluently, a handwotue
handwriting, i correct knowledge of Gramm,;;', Arithmetic, Geography
and spelling.
A married gentl- titaii. from Smith Carolina, is engaged in the Draw
ing and I’ in'ing dep >r<ment. His woik iv i I compare ’vitli any artist',
in the Sctirliei u •.;.!< < Be.ide. the above I.ranches, he will »,•; ch
Portrait ami Mmom.c Panning, Gilding, Bronzing. Smalling, Traus
feniic' print.. F.iicv Work ui li periorated pi|ii.\c. <Vc. ii.themu
.'cildepa inn nt iii.tructii.u will l.e given on tin piui.o. glut’r, and
flageolet . . tores every on Human an ! com) a. .live i by,ki
lo v But ill \.fi oiiomy. Ilieme.il t >V‘ Ac.
Exer 1...>■ .e ’ ing m I.ie I > have . lergymau itt-a. boil to h i usti
mi on. w i. ii will ie eije. led with a. nt'.le d. lay a. possible, t‘A e have
I library >f SO. volume-.-- an herbarium of 2ui>o .peen » of plants, cml
mt'ed !>y ■•! ■' ii, ■p .1 i;tli|. St tie ui S >ii!i Ua.’i!t i a iptnai itHiru.
iiienis-- Ch-mica! apparatus mips, globes, g.>
The yo’itig l.idis are . cin r.l to tli’ii- ;.l. .1 v --n a to u ,
of ;ny ». - rt. an Int tu ttt a-! ii fl, m I pm’tie \a a. cuuma
• a ■ • .(Hil 1 h sjj ’ i '• J ;»-«< .• ri; <•» i t |tnd. '*) i Ii p., tp, it « ui
Ibi r rJi t »r »<x i>« t, • » u - • * ’ « ■ ,
<lr> nS pi<> ; r ia ’in-i ". >n'ie .
Board cm he hd in th v: ■ ge.
\¥e s.d.eit the patron.>ge of om■ S.i ,;h ,’n fricm:-. ulph ■ o.t
xelve, io labor to deserve it o u only aivitr. bit ..on! i J it
er! bv the vi-iis of all who m.iv fr» di-.pn-i-i to attend oil; eci.t'rs. i i
tionr. Jkc on ruv d iv or hour dii'm- the wi -k.
L. I.AT\-T['.
ANNA U LATASTE,
Prim i- n's.
Dec. 21
CAPITAL STOCK AHIO.Othi, all t > ril ,n.-~ i\! i{'>ti\ | ||\K
A'4-lit 'll illr of til.’ G'eurei’i In,mam’, md I'rtis-
Cii.npaiiy. will lake l ire an.l Marine Insn inn- .m th mu, r ,
wnoable terms. TJItfM \S S. ME IC Ai.l Pres t
AV u I'. < uh. i. Seer'y
(HfctorKof th’ lieor-'i'i tns'ir inceaml /'rust t oinj/rm,/. Nor. \tl.. |s’4'i
S'l'iun t Hull’. Hi ojmnin 11. Il'arrrn.
thrill ll' St. John, tlii. ha Morion,
Ailinn Johnston, Eduxtril Tho rns,
Jik’.oli \Joi.i<. Jamrx t‘. Ntunrt,
Nolo,non Kni'tiind. SumuM tt Tick,
H'li/s lloirilrr, tunic T. Ilrard,
Plmsnnt StovitU, II illiinn It. Morgan,
Artrnuts (louht, lliirjier C. Hn/son,
John hl. I'l tins. John P. (lowlinff,
Andri ip J. Millet. Edward Pud- Ifoul
Nov 17—41
ADJ! r»NT GEM RAL’S Of'l’fCE. I
CT AA t'lkcr Ci’inttv, V7t|i I'eb. IS3B.
WEN ER AL ORDERS.— In conformity to the 16th section of ihe
Militia law. am! in obi-dn nee to milers from tfi>. f'oinmander in-f.'liief.
the following wi'l bu the routine for the c.nven'iori of the Field. St fi'
f'otnpanx. mid Non ei>nim;«*mn< <! oflicet s. (Cn'fmrals included.) and
the Reviews of Inst ection. in the fl’h and 7th Division* of the Aliiiiin
In Maj. Gen. Hurney's llirision. Gen thml,ok': Hiighd".
lii F ivettv riiimn. on th. IVlth of Apri' and Ist of May.
11l Henry comity on >hc 2d ami Rd of Al.iy.
In Buffs county, mi t 1 e 4'b mid si|i of Alav.
Genera! Gordon't Hriteaile.
In Ja-per enmity, mi the 7i!i and of 'lav.
11l Jones comitv. ntt flic fall am] I if. of ’.lav.
tn M"j firn H ofl'i” d s flit inion.
In Forsyth cotmly, mi the jihh ’ml 17'1 • I Mav.
In Hall coutuy. mi the Isth 19th .'nil 2!-t of May.
In ILibeishmri county, mi the 22d. 23d mid 2!th of May.
In Kflhuii comi’y. on ihe'd.'i'li anil 2 l iih of Alay.
In I'nio’i coip'fr. on <h - 2 J th of ’lav. and
Li Lumpk.’ii on tin- 30th mid 31st of May.
By order of th" ' 'ninni inder-iti Chief.
DANIEL NEWNAN', Adj't. Gen
Written order in conformity to the above, h ive been ti’ansmitted by
Mail loGencril- Burney ts. Wofford 'Lin It 13. B.—4t
CA Al I ION . A'| por-ims ;>r" Tcrc! y csniipi). dag <inst trmling for a
! Bom! tiven by the »tth*criber to Hiiberi 'A me nr I .carer, for ti
ties to Im. „f UH ' er 120 and 121 in the 24tb DLlim I ai d 3d see
Hon. of ihe cmintv of < ri ki e « l.en mii’vimil. Imtno ■ Floyd Cmnity,
ns the .aii! Robert A' an baving failed to pa the cumidenition motley
at the limo Ks ei ift din , ; ( | bond. lam determined tint to male title, tn
«'>HI Jots of laml bat I . n-mli’ miselfreli a ed by law mid < eputy from
ll.e olit,/.mum c n amed n Kn i<| bond, and all pers- in me hereby fine
warned tr ’ipmsing on said ’on of land under the penalty of ihe
T y' < ’ n '* t’-iveu ami bears date the last day of Nov. last.
feh.27, o—lt. JAMES O. JI.LKS.
(ggjtowro
SPEECH OP MH. CALHOUN.
O/ .N'b'.'/A (.'urolimi. on the S b-Titusury Hill: delivereil in \
the S n tie i f the L'aite.l States, thlrnary 15, 1838. |
I .’l'g, i.’<! tin. tn ustire, w ncii p s Ir’eit so uincli ih’iioiinct d. .
a, v< ry little uiiirt’ tii.m .t.t atteinpi to cat t y out tin provisions
'i ! ' |l> j ■ * il.ition of 1816, ai .! iim tit pt silt act ol 1836 |
■ II" lor.mT I1 vi I; |t : Ino p, '.tn Hp.sn ol s.iecit’ pny itlt' I
btttks ’ll .’I bo .. IV. 1 ntn nt s■f th G ivt rntr.t it.' •• ■
the 1.1(.’.>|. .1 .( -u ) : j . t . . i. . ■ , .... I
public r. v nit- , ; >;., , , v - i( , ~ . i.
O'lHltl’li io 111 Ig ■p|,, ; | ~, ( ’.I ;.. ; e I Ip
S'is ( .f’ii<ion o| ,pe. p. p..v (i.ent,, -i . . sis ’P-. ;.. -mil. s
lowi’d, at’t’ordiiii> ly, on tT:e ,itsp< si i>. AJ . •. which ■ ■
la Iv Si’p.u Itlt’.l (he Goti I’htip til pi' i i iti.s. Hie. ii;e . v.
nites were lin o'nin tn h i . Ex . nti> ,v. n i it ha-
'iaci' r< in.'iineil nn inc i’s ■ x: ■ >, " . . i.
pros isi.in for its s.lfe-k .-pill.’. t'!i •><,:. t:i i.i !* It
supply this OU ission ;to th tlm j. nt y out Ol till’:
hand" of the Ex. < ttti vt an.l plat ii mi t .• tm tt.stotly oi ...i
lius, and to prt viiit ihe i<ii. w .10l a • . ~n. xi. .u which nil"
prt.veti so tndoriiiiriie to huth lit;’ Got t'l iinunt hip.l th. bunks.
B t it is thi" ttmasuie, oi ig iiiatiug in an < vi.px nci c <1 ! ■>
iitir ; v, ti acts, ami that silks to u<;d.e (Lt tuu*l s4' a clme.-
..# . •> r . .it.,~Ti;su .ui ol <;t<. ii’.juin.i to iciio
x ale, or Io make atuil in r e;>; eriincct, a» has been ci a . iieuiii',
if)iri seiilt (I, which has bn n ili uiiuiliTli under the name of the
Sab tri usury with sn h ttnexatupled biueimess.
Li hen ol this bill, an umcmlmcnt has bte:i offered, as a
substitute, |>y tin- Senator liom Vng-mia, furlht st from the
chair, [Air. Hives.] which he informs us is the first choice of
him t II ami those who agree w ith him, aud the second choice
ol those with whom Ic is ail ed on this question. If I mav 1
judge from appearances, whiihcan baruiy deceive, he mighW
have said their (ir*t t hoi t e, under exist tigi circumstances; and
have addl'd, th it despairing of a National B mk, the object
of their preference, they Ir.ve adopted bis substitute, a. the
only practical alternative at present. We have, then, the
question thus narrowed dow nto this bill and the pr. po-td sub
stitute. Lis agreed on ail sides, that one or the other must
be selected, aud that to adopt or reji cl the one, i* to reject or
■adopt the oilier. The single question thru is, which shall we ;
choose? A deeply im m< utu.is question, which we are now j
called <m io decid ia ia hdfof me Stales ol this Union, ami ,
on our decision tin ir future destiny must, in a great degree, !
depend, so long as their Union endures.
Li comparing the relative merits of the two measures, pre- |
parajory tn a de< i .imi, 1 shall touch very lirit lly on the prim ;
ciplvs ind det tils of ihe Lili. The former is well understood i
by the Senale ami the co’tulry at large, and the latter has j
been so ably and lucidly t xpliiim d by the Chairman of the |
Committee in his opening spc< ch, as to supen tde the neccs -i
--ty of further remarks on them ai this stage of the discussion, j
I piopose, tl’.eu, to limit myself' to a mere genera! summary,
accompanied by a few bri f .ibserx atiims.
The o"'j. i t <i| t|p’ bill, as 1 l ave already stated, is to take i
the public funds out of the hands of the Exicutixe, v.lierei
they iixxelieeu thrown by opt ration ol out ;.t is, aud to plact I
them on i r the < u tody ol law ; ami ic p;i v’nle for a uradmt!
am) s|. .v. bet .-. perpi lu I s. pai atioii le twet n the Government
and tin* h.inks. It pr .poses to extern! the process ol separatiii" :
to the tear 184.5. tcceivinjj during the first year of the s. ties !
the mites of sm h Lankas may ply specie, ami reducing)
thcreaftei’ th” titnouni receivatde in notes one-sixth annually, j
l II the separation shall be finally consumtn.tted at the period
i:t. ntiotied.
(he provision of the bill are the most simple and effectual i
th i' an able entnmittee cotthl devise. E.mr principal rect iters, •
a few ch rks, and a sufficient number of aueuts to examine th l i
stat ■ol the ptiblic hi ds, in order to see th it till is r'ujltt, nt j
an atintia! charge, not < xci ediii" forty or fifty thousand col- !
lars at most, constitute the addi’io al officers am. expenditures |
required, to perftnm all the fmiclio s h ri t”!nre discliartii d )
by the banks, as depositories of the public money andfi-cali
:iy> ntsof the Treasury. Tiii< simple apparatus vviilpime tin- i
guhlic Treasury on an iudep mh nt footing’, atid give to the |
Government, at all times, a certain ton maud of its tuml. t > I
meet its engagements, ami pt esci v e its ht.uor ami faith iuvio-|
l ite. L it be de irable to sepal He f rom li eLa ks, the Gov- I
* rum'nt must Lave stui e huh pemh nt ageu. yol its ow uyo ■
ket p aud di-btit"e the public revcni c; aud if it u»t liav h '
an am to y, tome, in uy opinion, c a; be d< t • d moie • mple ;
tn re economical, more t fit ctmd ami sale than that pnnidttll
bv this bill. It is the necessary i. suit ol die separation, am.! ’
to reject it, without pr. posing a In lit r, (if, indttd, a Letter'
ca i bi .) is to reject the st p nati -n itself.
I inrun w to he Ls Ijcel is dr. •> tlx tie :t- I
V' T". of ’ll t of th • mil. 1’ pr pos " i i. \ i.>. the league of '
Stall fiauks, uni to it m u our t>um xt n u’nii diem, ami)
W liieh all ucf tin aI. do < ti s . 0,. 11 i! n t. <■ ..... n ■ t; to t tit rug t Ihe i
coimmit.itv, a-ut to create a spirit for s>>- eu|;.t,.m, ten tob n
max | (i t . ..
'( in- .1. r ... f It. y,w>..'., erm.’, | ia c m'
1 A • «»’ •<» ! S 3 I
' ‘ ’ ’ " ’ ' .• r- . .w •.. i t , j. ,
.•» ti < t- sibl .; , <
: •• ’ . • > " - m- Wi d
■‘•o' 1,1 '’■ *” • ‘i ' ■ . I II ■ I ■
It r- that Ii iv •• f<dl< . i’.; . |,e m . x • i lt , . t. , , l(l ,;.,it, . tin 1
: dl‘"'. i" i' "I t I’ Us •io ■ msi <m .", a ia-n;, oi. Itm m.-a- .
•as not a i.. 11 11 i.i!. Ie ' a.o ti,..: t second eX|u Hint '
■ i v -m .r.■ i, aft ci ini. lit >. li.ts f jni. ti; ta t t lie St u .tor must )
ti. !• ,in t’ltirti, I iat ev ity failure must iieccssm dy .<.d.,
<’■ I !|. leuct . I >ol fl to 11 <’ t .\p, l aneu t<imll he tX a rimeitli i, He
c.rimit i.e m< ri conii lint m imiktii" this s,a oml tri d, limn
w :is 111 llm firs’ ; mid, If I dou 'med I lie Success i hill, and iu e- )
leered the Sub-ll easluy to bi* league of ba ks, lie imisl ex- )
mu’ me for still adhertii" to mt opinion, ami douming tin I
■net ess of bis M'lUHti trial. Nor ought he to’be surprise<l, |
th it those who joined Lint in the first -liotih! he rat hi r shy <>| )
trying the expel intent again, aft, r having been blown into the |
Hir, and Innui ami sc .hied by the < xj.iositm. But, if the Sen- '
at’ir has been iinforliiiiate in failing tn set lire the co-operation i
of those who aid (I him in the first trial, he has lit en compen- j
sated In seeming the support of those who were then opipused
lo him. 1 hey are now ids zealous supporters. In contrast
ing their course then and now, I intend nothing personal. I
make mi charge of incon-i'iem y, nor do 1 intemf to imply it.
My object is truth, and mil to wound the ft t hugs of wnv one, I
or any party. I know that to tn ike out a charge of im onsis I
it ncx, m>’ only the qm ‘lion, but all the mat. t ial cirt utustanct s [
must be the same. A change in cither, may make a t hangeo! )
vote mcessan ; and, with a material variation in circiimsiaii-!
’ C", we are of eit compt’llctl to vary our course, in order to )
preset ve mir prim iples. In this case, I conceive, that circtitn-I
s'tim e- :i" I o as the pr. sent allies of the Senator are cohcitii- |
id, hav !• matt rial'y changed. Tin it the option was between a I
le i Imrn r of the late bank, and a league til State banks; but I
now tin- (ormer is out of the question, ami the option is be |
'"eeii Ht< It a league and a total separation from the banks.— !
’[’bi being the alternative, they may well take that, wnich
th. y rjeclt d in 1834, without stilije< titig tltemselve- to the
< barge of imcn-ist, in y, m- jn-tly < xpnM> g llicmst Ives to the
imputation of ( hange of pi inciple, or opinion. ] acquit them,
llicm, of all -m h charges. 'l’hev douhljess think now, ns they
formerly did, ~f ,| |e m.-a-nre, winch they th< n denounced and
rejecti d, I,m wh clia clnytge of circumstances now compel
them to siippoi t. Bn i thus m quitting tin in of the < hmgt
of iucmisi-u ucv, they tmi-t ext use im ,if I shtml.l avail my seh
of the fai t, that th. ti. opinion rimains tnichanged, as an ai
gltnii in in favor of ihe bill—.gainst the substitute. The
< hoii t> is between them. They are in the pposi’e scales. To
take from the one is, ill < fl. < I, to add |<| the other; and any ob
jection against -he otic, is an argiiment equally strong in favor
of jl.e Otiit I. I then do avail u.y •, If n f many powt iful
idj.itimis in ’34 against the measure, which this substitute
proposes now to revive. 1 call to my aid, and press into rnj
TUIESDA¥ NOOINti, JUAESCSI 20, Bs«8.
O.z;. t rinuciiisec---Our
j "orvice vei v denttm i’limi they then ult< red, amt every t gu
)tn nt they t' ett so -ucc ssfully urged against it. They, in- \,t
--| (for I rt'in lll.’il, ts a >a, ii ft concih ably oppn-.ed to the ima-
>ur .) ch.' ' :i - t' 171 ' d what we liiat it
plated Hu ( ii-'.’ ami t«.»" ■v. < ,d in the same bauds; that it
■ wotdil I); ’.be source of bnii '.H, pa.’rimage and coiruptiou,
land fatal in its c.msi tpiem c- t> tt; t currcmy of the country •
; 1 I II m .vol mvs II til'timse, ami till other oljrictl ! lns, ,
i l. .■> j;g. i " i' l " 1 ‘ ‘ ■ ’l* >l. siust this Sl.b stil.lt.., as i;
■ .ti ' .• •’ to i.s ’ ia \ "nr pl i.’cs and l L jieat t. cm mm ;
cat.r <’, . s” m " •>' ittiiivu’.s, in t fiect, in fat tir of the
I ; ..ui on Hi-.-ii xtreiig li Icl im your vote in its favor, uti-
..!:>1 »t. : i ’ object: m> can be urge.l against it.
I y ’.liouger, be; ails'’ lime has proved the truth of ail that
■ was tjum said against i .c tm’a-uii’ now proposeO to be revived
IVth s substitute. W bat was then prediction is now fact.
H it wL avv’ i’ ohji t imiis Law Lc<ii, or tfiay be urged against
ti.s i. fit, im" ttr stia-ig ti ’A may appear in :.r: ament, rcniaitj
..it to b; i »t« t! t’V Ihe muiiit’g t; »t of time aty! expetiyTiet'.
\V liether they .hall e- 'be realized must be atiii.ita ;l_tieu by
those who may hive Ike greatest confidence in to b e aI
least luici ri in; 'am! ■ the I’ 1111 ') v> isdo.U'Xml prudence,
.i.j-.-thm, a,e ' ‘ diy s.’a iig aj;aiy»i<'lw<i measure*, v> ■
,t.l’ ' "filth i» yet ’ t vl.mtl U.«l-Uwu.
uid t .di ti. Against this cm clcs'i. lll th; rt is btri one escape.
Il may lie » ud, -bat w me someli.. t * compelled, in the midst
of the mi.iy extraordinu y < ireum-t net » in w hich we may be
placed, i.i prefer that, which i- of itself the more objecliouable,
to that wim h is !> »s so ; because the former may more probs
bly It ad, iu the eml, to smite di sired result, than the latte; .
To apply t e prim iple lo this case. It may be said that the
’substitute, llmiigh of itself objectionable, is to be preferred,
■>ecatise it would more probably lead lo the establishment of a
National Ba.ik, than the bill which y< u believe to be the only
certain iimedy I r all the disorder* lliat affeclihe currency. 1
admit the position to be sound u principle, but it is one t x
ce.di giy b .Id ami full of d.mger in practice, anil ought tie-.er
to be acted on, but in exlruue cases and where there is a ra
tional prospect of accomplishing ll>e object ultimately aimed
at. The application, in this case,4 iuu»t think, would be rusb-
> oe»s itself, it may be s fely assumed, that the success of eith
i ir, which ‘ver may be adopted, the bill, or the substitute, would
i;e fatal to the (Stablishmeiit of a National Bank. It can tn v
ier put dow na s ccesslul tin ttsuie to lake its place; and, of)
| courst, that w hiclt is most lif.e'y to fail, ami re-plunge the
| coo try into all the disasters c/ a disordered currency, is that I
which would most probably It id to ti.e restoration of a Nation- )
; al Bank ; and to prefer the sibstitute on that accmiut is, in 1
f .ct, to prefer it because it is.he worst of he. two. But are yo j
; certain that aimtherexplesiru would be followed by a bank ?
■ We have already had two ; vnd i; is far more probable, that the I
i third wimhi impress, ituivt fi’iily and indelibly,- on the public )
mint!, that th re :;s sonieliitig radically am! incurably w rong )
iin the system v> l iich would Umv up the whole concern, Nation- )
| al Bank ami all.
| Li may be perinit'ed to Ctr. .ss :ti opinioti, I would say, you
j | ur»ued a course on tlii,.subject mifoitunate both for yourselves
; aim country. You are oppuseJ both to the league of banks, aud th
ri usarv. You prefer aiA.uion.d Bank ; and regmd it as the
j only s:.te and certain legulalotof the currency, but consider it, for
; the present, out of the questiim, and are therefore compelled to
j clioose between the other two. By supporting the substitute, you
I wid be la id responsible for a’l the mischief and disasters that may
; follow the revival of the pct bank s 'stem, as it lias been called, with
the almost certain defeat of loin fust and cli.-ri-hcd c; oiee : and
those yo ! oppose vviil reap :;•! the benefits . f the power, patronage i
: and i> Ihiettce, which it may |l,sc> in tlieir hands, without incurring i
■ any portion o' the r.-sponsibitiy. Bn: that is not all. The success )
of th;' subs:ituie would be the defeat of’ the bi! l , which would, in .ike >
■ m.tmter, phtro on ymi ii:e rospo'isibi ! ily of its defeat, an 1 give tbo e ;
■ you oppose, al! the adv ant of <;ving supported it without any oi’!
■ tile responsibility, that wonk! liav belonged to it, had it been adop-
i ted. U.i.l a different course l/eett taken—had vou joined in aiding ;
j to extend the custody of t ie laws over the publ.c revenue, iu the ■
handso, the Executive, wh. re your own acts have placed it, aud for :
) which you, ol course, are responsible, throwing the blame at the satire j
' lime, on tii<i«e to whom y-.u attribute the present disardeu state t.-f
: tiie curreucy , tl.".’ burth a ol thi* res>.oti*ibility, you wcukl have stood j
i ready lo profit t.y events. It the Sub-tretisiirv, contrary to your an- i
: licip .’ior, sm .’Ccdt d, as [; Grints, y u.i would have cause lo rejoice iu i
tltt mie.\| ectevi go. d. it failed, you would have the credit of!
having antiiip.ted tfie re*..lt, and miylit then altera double triumph
of sa_ta iiy mi l lor; *'.g!:t, Lave Lrmight forward your favorite measure
wil!i a I t:r prosper t of' success, win a <■ ery other had tailed. By not '
lakh.g tfi.s course, you L.’ivc- !a t tl;'- . nix pio-pe t of establishiii’j’a '
Nammal Bank. ‘ ’
, Nor It's y ..ur course, in mv opinion, been for.imat. for the country. )
i Had it been dtfh lent, the emrenev qtiestimi would Lave been Jcc i- )
' fed at the c.! e i se* ’em ; ;* : >.j i|.- l( ] it been decided tin n, the com -
ry wm.ii! tt.isday havebeei; i a much better conditio’:: at b .is ’
h. ■ ma nufat t .1 .nti io* ■■ .mm i.'i'ii st ction to Hie Nori., wi.er' tb.
3 .’ratigemettt-3 the vurtent'. is f“ft lie nio-t ev rely. 1 iie South
I is cjtmparativ. 1. it> rm < asv condition.
•'' l! ’ ,r ‘' t'” di lic d ie, d). t t sta id di the wiv of the sulinitute at
. ver;, hrol , 1( . j e yoa ' vas.iy grea’er, is 1 snail now ;
if ' ’’’ 1 ‘ *” 'O'. L" i:tj ' ,a* I r.r’’ 1 s: ate I, is to levive the league 1
■ • ii ■ que itt i or: s.-nte.l fin’ consideration is, !
’ ” ’ ' - ’ ’ —how is th I l< lie firmed 1 mv stin.u- ■
ie. :.ed ; and vha: after it has been revived, ’
* ' ‘ ’ ii. ■; ■ i mt ruf ihe k gtic <,r coiid.iiiaticti ? To an-1
s . tm "<■ cju.’stimis w> must tarn to its provi-ioas.
i provi les, (j l( . .--ecix ir ol’ the Treasury shall select tweu- '
■ v-ti. e specie j ) t \ jpg banks, as the fiscal tigen s of the Government, i
a;: to oe respet t ildc and sul.-i.mt.td, and that the selt ction shall be
cm.fii med bv th< joint vi te of the two Houses. It also provides,that ;
vs'.nli lie nitric the depcsi'ories of the public money, and that |
! 11 " ■ i, ' s sliah lie teci'ivrible in the dues of the Government; and)
fiat in mrn, lor ti.ese advanlari s, they shall stipulate to pel form cer- |
tain ..mi-s, and coo.ply- with vara us cmidilim.s, the object of which )
is, to "ive to im S- cir t.irv of ti.e Tn asmy lull knowledge of tlieir I
condition mid Im-mess, widt me view to supervise and control their
ac>s, a* tarns the interest of file Govetinuent is coticettied. In ad
dition t>> tli’ sc, it emit tins miier 1 iinpertaiit provisions, which I
sh ill not enmwratc, her au*e they da inrt fall within the scope of
Ihe i.iijer; ions, that I propose to mge acai, st ihe measure.
Now I a.- k wliat does ad this amount to ? What but a proprisal on
the part of the (iovei ntn.- nt lo enter into a contract, or bargain, with
■ < et lain solei ted S.ate I.links, rm the terms and conditions contained,
i Have we the rigln tn make sitcit irbarguin is the first apn stion; and
i to that, I give a decided negu tie, which • hope to place on c<m«ti
i tutional grounds, that ci'niml be shaken. I intend to dismiss it,
j with other-questions growing .tn cf the connection of the Govern-
i merit with the banks, as a. new question for the first time presenter!
I lor consideration and decision; Strange as it may seem, the ques
tions growingont of it, as long as it tins existed, have never vet been
presente 1 nor investigated in reference to their constitutionality.
How this lias happened, 1 shall now proceed lo explain, prepar
atory to the examination of die question, which I have ptoposed.
i lie union of die Government and the banks was never k-gallv
sole eiiized. It originated shortly' alter the Govcinnu nt ven' into
<>| elation, not in any legal enactitient, but in a short order of the
. I reastiry Department of not much more than a half a dozen oflincs,
las if it were a mere matter of course. We thus glided import cpti- •
lily into a connection, which was never recognised bv law till 1816, i
I (if nty memory selves,) but which has produced, more important as-
I ter consequent ’ .*, and lias had a greater control over the destiny of I
I this coumry, than any one of the mighty q < stions, v. I.i It have so
, often and deeply agital; d the country. 'To it may be traced, as their
I scuii.’iai p: inciple, the vast and < .xtraordinary expansion ofotirbank
| mg system, our excessive import duties, unconstitutional and profuse
disbm seinents, the protective Tai iff, and its associated system for
spending what it threw into the Treasury, followed in time by a vast I
snrph’s which the utmost extravagance of the Governtm nt could not
dis ijiate, and finally by a sort of retributive jsstiec, the explosion of
the entile banking sys'eng and ihe mesent piostiated condition of the
currency, now the stibject of our delibciation.
How a measure fraught with siicli important consequences should
at fust, and for so long a time should have escaped the attention and
the inv c.’-t iga I ion ol the pel.lie, fit serves a |>assiug notice. Ii is to
lie explained by the false < on< < plion of the entire stilqei t of banking,
v.liic.i at that er.lv peiia.l unitetsaHy pit vailed in the community.
So ci i one ins was it. j bat a banknote was then identified in the mint!
of the public v. itli gold anti silver, and ad< posite in bark vas regar
ded, as under the must safe and sacred custody, that could be devi
sed. !he oi igina! itiipr’ s.-ion, derived from the bank of Amsterdam, )
where t very tmte, or cct tifit ate in ciriiilat it ti, was honestly i.’Pic
sented bv an equal mjtl specific quantity of gold or silver in bank,
and u here ev< ty dejiositc, was kept, as a saett d trust, to be safely
returned lo the depository, w hen dcniatided, was extended lo banks
of disrottni, down to the time of the fmniation of our Government,
with but slight modifications. With this imptetbion, it is not at ail
ex r letdi'iary, i bat the depo-ite <,! ilio revenue in banks fir safe kcep-
, ”d the receipt ol t heir notes in the public dues, slfimld be con
sidered, a matter ol comse, requiring no higher autliirity than a
* ’easnry order ; ami hence a emmet tion, with ali tRe important
questions b< hinging to it and now considered of vast magnitude, re
■ ecjv; •! SO lilth’ notice, till public attlmlioa was directed ho it by its
recent rupture. 'Flits total separation from th" system; in which we
now find ourselves placed, for the first time, authorises at d detnatids,
teat we shall investigate freely and fully, not only the eonseqiieace*
of the coi'.nectmn, but all the questions growing e'.’t of it, more es
pecially those of a constitutional character; and 1 shall in obedience
to tlii.-i demand return to the question from which this digression has
can ied me so far.
Have we then the right tomake the bargain proposed I Have we
the right to bestow tlc’.hGlvprivilege:;, I might say, prerogative:;, tm
| them of being m ide»dffffnTiq>ositor’ms of the public revenue, and of
i Slaving d and treated as gold and silvet in the dues
j'd th ’ GoV 't'miient and in all its liical transactions ? Have wo th: -
j ’’’gllLc.’do ali this iu order to bestow confiJcsce in the banks, with
die view ti eu tblo thorn to restimo specie pivman’s I What is the
I state of the case-! Tin; banks arc deeply iudel.tod io the country,
I 't;J arc unable to pay ; an.? we ar,, asked to give them these advau
| tag.s, in order lo enable them to pay limit’ debts. Can we grant the
’ boon > In answ.tri igthi, imn irtant question, 1 begin wi'.li the fact,
| that mtr Government i* one of limited powers. Lt can exercise no
1 i;ii I’m wfi’i l i* s.mcif: ally gra.iled ; n >.ln-,’., Unt c
Tect-mry and proper to carry such p A4ef’“TnTo"eilect. Tills small
pampi.L t (bolding it up) contains the Cons’.itutioit. Its grants of
[tower are few and pl <in ; and I ask gentlemen to turn to it, and'
point out the power, that mithm iz ’s us to do what is proposed to be
done, or to shew that, lo paxs this substitute, is necessarv to carry
any cf the granted powers into effect. If neither can be shown
wh it is proposed, cat not be constitutionally done ; and till it is spe
cifically pointed out, I am warranted in believing, that it cannot be
shown.
Our reason is often confounded by a mere name. An act, in the
minds ol many, may become of doubtful constitutional authoritv,
w lieu applied to a bank, which none w. mid, lor a mon'."’.'.', hesitate
I to prunoutu'e grossly unconstitutions!, when applied to an individu
al. To free ourselves from this illusion, I ask, could this Govern
meu: cunstituliou* ! ly bestow ou individuals, ora private association,
lhc t udvauiages proposed to Lo bestowed outlie selected banks, in
order to enable *ht mlo pay their debts? L there one who bears
me, who would venture to say, yas, even in the case of the most ex
tensive merchant or mercantile concern, such as some of those in
sew Yoik, or New Orleans, at the lite suspension, whose embar
rassments involved entire sections in distress? Bld, if not, on what
prmcq.L’ cmi a diserimmaiinn be mmb- m favor of the ban!, a ? 'i hey
')■’ '°y th( : f)l ’ l,,ra! purposes, cmn-
P fl ’'-‘•..‘■"C d l a.' 1 associations, of individual citizens, on uhorn the
l ’ j l s -Hate canhot confer a panicle of constitutional right mi
..ei this £ onstitntio’.i, that does not belong to the humblest citizen.
So far from it, if there be a distinction, it is against the banks.
1 oey ar;> removed farther from the control of this Government than
the in .iviilTmi citizens, who, by the Constitution, are cx'ptessly sub
j' , I '. to , ( ‘ !re '-l action of this Government in many instances;
v, moj the State banks, as constiluting a portion of the domestic in- i
sjit’ttions of the States, and resting on tlieir reserved rights, are en
tirely Ley oud our control; so much so, as not to be the subject of a
b i i.j'tipt law, although the authoritv to pass one is expressly grant
ed by t!:t; Constitution.
On wl.ac p. sstble ground, t!;.?n, can the right in question bn placed,
indeed, on the broad principle that these local institutions,
(‘.’•ended lor Slate purposes, have been so extended and have so con
nected llii’inselves with the general circulation and business of the
couniry, as to effect the interest of the whole community, so as to
make it th” right ind duty of Congress to regulate them ; or, in
short, on the broad principle of the general welfare? There is none
odier, that I can perceive : but this would be to adopt the old and
i-xplo.ied princip!;., at ali times dangerous, b it pre-eminently so at
this time, wlien such loose and dangerous conceptions of the Con
stitution are abroad in the land. If ti.e argument is good, in one
case, it is good tu all similar cases. If this Government may inter
fere with any one of the domestic institut oes of the i’jtates, on ’lie
ground ol promoting the genend welfare, it may with others. If it
niay bestow privileges to control them, it may also appropriate mo
ney u'.r tin' ...me purpose; and tints a door might be opened to an
mimferi.iw ;. :th :fate institutions,of which woof a certain section
t (. ~j 1..;- n> fie ;, c . little jealous.
I tie a /mu nt might be pushed much farther. IVe not onlv offer
to c.mfei great i.nd important privileges on the banks to be selected,
but, m ti.rn, a l* th.’iu to stipulate to comply’ with certain conditions,
the übje. t of which is to bring them under t,e supervision and con
trol of this Government, it might be asked, where is the right to
put chase or assume such supervision, <>r control? It might be repeat
ed, that tn ‘y are State iustitutimis, incorporated solely for State pttr
mi-.es, and to be etnir. lv under .State control, aud that all st.pervi
s:mi on om part is in violation of the rights of the Sta.cs. It might
uc arjuen that such .supervision or control, is calculated to weaken
too coi'.tiol ol the States over tlieir own institutions, and to render
them less subservient to their peculiar and local interests, for the
promotion ol wlii. h they wi re established; and too subservient to
oiler, an perhaps coiijjicting interests, which might feel but little
s> tupa . witii those of the .Suites. Bui I forbear. Other, and not
i * mg.’Ut o j ctions claim my attention. T > dilate too much on
wot-l.t m ce-.smily .sacrifice tl.ot laim of others.
• li 'fo' .1 t ial " halever may bo the right toenter into the pro
p is: ii ;in, tLe mode iii which it is proposed to make it istlearly
uncoii'titutional, il 1 i ightly comprehend it. lam not certain that
1 do; but, ii I tin !.’island it rightly, the plan is, for the Secretaiy
ol ti.e i ic.ismy lo select twemy-fivc State banks,as described in the
subsliiute, « l.i. h am to be submitted tn die two I! mses to be con-
‘ "> ' ’’ reycted, by tlieir joint resolutions, without the approval
’•g t.ie a:.iin i :e same mode, as they would appoint a chnp
' l)! ’ est ibli.- !i a joint rid .■ fm the government of their proceed-
in acting on the joint resohition, if what 1 suppose be intended,
eai'o ■ would have the right, of course, to strike from it the
name ol any bank and in ert another, which would in fit t vest m ti.e
two Hmises the micon’rollable right of making the selection. Now,
il this he the mode [imposed, as I infer from the silence of the
mover, it is a plain and [lalpableyiolation on the Constitution. The
obvious intention is, to evade lite veto power of the Executive,
v. Inch cannot be, without an infraction <:f an express provision of
the Constimtion. drawn up with the utmost care, and intended to
prevent the possibility of evasion. It is contained in the Ist arti
cle, 7llt sectimi, and the last clause, which I ask the Secretary to
tend :
[“Every order, resolution, or vole, to which the concurrence of the
Semite ami House of Represt motives may be necessary, (except on
a question of adjournment) shall be piesented to the President of
ti.e I nited Mates, an I before the same shall take effect, shall be ap
proved by him, i r being tlisapfiioved by );im, :,ha'.l he repiur-ed bv
tv.n thirds oi the St riate and House of Rt p,es.mtivive:., .’ccoi Ji.’.g
to the rules and limitations prescribed in ;he care of a i
ixothing can be more explicit, er full. It ia no n-orc possible to
evade the Executive veto, on any joint vc;e, ti;t:r. in the ; of
a bill. 'I he veto was vested in him m:’ only t.', [’.otect his ov.’ii pow
ers, but as an additional guard to ti.e Co ti’mion. 1 an*, not th"
advocate of Exi t n’ive power, wh ch I u. ■. ■ niter. < .mpei'e;!
lo resi'-t of lite, when extended beyeml i.t proper limit., > sir !!
ever he prepan dto du wh' ti it is. Noram ! i!.. n.’icm i:.- i.i Le
gislative or Judit ial. 1 stand ready to y.’;se<’t wit'i'm thi'j
spht re asmgnt dby tht Cmistitution, and to resist 'h; .a I ;". J.—
. ot!.i ; explit it an I c.i npreheitsive provision cf (ho, Cim.’liitition, in
paolection of the v ;-to, there is but a single exception, t . .iti. . , bv
necessary implication, (rmn another portion oi' i!m in. trt.m. nt, ... i
It ss explicit, which atilhm ize.s each House tn cstabli.'ii the rules ..fit.;
procci flings. L'n l'.’i this provision ti e turn I'm;s;-.s have iu!' ~nd '
imcontrcllal.le aiiilu i'uy within the limits of their resp<c;i,c -..r.1i , )
.■’nd over those subject to their authority, in their cfilcia! chm-art >;•. j
I o that extent, they may pass joint votes and resolutions, without
the approval of the Executive; but beyond that, without it, they am
powerless. ' •*
!lureis in this case special reasons why his pproval should not
lie evatled. The President is at the head of the Administrative De
partment ol the Government, anti is especially tesponsible for its
good management. In order to hold him responsible, he ought to i
have due power in the selection of ils agents, and proper contml |
ovei their con lucf. These banks would be by far the most [lowerlii! |
am! irifiiien ial ol all the agents of the Government, and ought not to 1
be si lectcd vv ilhout the concurrt lice of the Executive. If this sub
stitute should be adopted, anil the [novision in question Le regarded
such, as I ( tmsider it, llie;e can be no doubt what must bo the fate
of the measure. The Executive will be bound to protect, by the
intervention of its constitutional right, the portion of power clearly
allotted to that department by that insti llment, n hich would make it
impossible fitr it to become a law, u ith the existing division in the
two Houses.
I have not yet exhausted my constitutional objections. I rise to
hi h"i mid lo hmadi'f, applving directly’ to the very essence of Ahis
sulislitme. I d.’iiy your right ’o make a general deposi.e of the pub
lic t evenin' in a b ink. More than half of the errors of life may be
traced to fallacies originating in an improper use of words; and
among not the least mischievous is the application of this word to
bank transactions, tn a sense wholly different from its original mvari- (
P. L. HO!’ENSt>A, UMPRIETtHI
ing. Origin lly it meant a thing placed in trust, or pledged to bo
s it’ely ami sacredly kept, till returned to the depositor, without being •
used by the depository, while in bis pos-ess on. All this is changed
when applied to a deposite in bank, instead of returning the identi- ’
cal thing, the bank is understood to be bound to return onlv an equal
v .t.ue; and instead of not having the use, it is understood to have tlin
right to loan it out on interest, or to dispose of it as it pleases, with
the single condition, that an equal amountbe returned, when demand
ed, which experience has taught is not always done. To place,
then, the public money in deposite, in bank, without restriction, is to
give tile Iree use of it, and to allow them to make as much as they
can out of it, bi t ween th ■ lime of deposite and disbursement. Ilave
vve such a t iglu? The money belongs to the people,—collected from'
i -iK iit Im specific purposes,—in u Licit they have a general interest, ——
and fur tliatonly; aad what possible right can we have to give such
nseef it to certain selected corporations? 1 ask for the'provision of
tho Constitution, that authorizes it. 1 ask if we could grant the
use, ior simiiar purposes, to private associations or individuals? Oi
il not to them, to individual officers of the Government; for instance,
to the four principal receivets under this bill, sliotikl it pass? And
il tins cannot be done, tljat tin* distinction be pointed out.
If these questtfms be satisfactorily answered, I shall propound
others slid more d fbctilt. 1 sball then ask, if the substitute should
become a law, and the twenty-five banks be selected, whether they
would.not in tact.be the Treas rv? And if n< t, I would ask, where
would be the 'l retutuv * Btri d;... . ".-xrry-; Tu tn .
he money in bank would not be in the Ticas.iry? Anl if so, flow
can it be drawn limn it to be lent for the purpose of trade, specula
liot’, or any other use whatever, against an express provision of the
Constitution? Yes, as express as wotds can make it. I ask tht
tsei rotary to read the Ist article, 9di section, and the clause next to
the last.
“No money shall be drawn from the Treasury, but in consequence
‘ of appropriations made by law; and a regular statement and account
“of the receipts aud expenditures of all public money shall be pub
lished from time to time.”
How clem! How explicit! No money to be drawn from the Trea
sury but in consequence of appropriations made by law; that is
he object on which the exp m iilure is to be m t le, to tie ilesion.ited
by law, and the sum '.Hotted to effect it, specified; mid yet we have
lived iu the daily an I habitual violation of this great fundamental
provision, from almost .lie beginning of our polit’eal existence to this
day. Behold the consequences! it has prostrated and cngulphed
the very institutions, which have enjoyed this illicit favor, and taint
ed, above all other causes, the morals and politics of tlte whole coun
try. Yes, this must be traced, as one of the main causes,
L’e v. _;, z m system of excessive revenue, i xcesstve < xp( iidiiure,
and excessive surplusse.s; and to them, especially the last, tliedisas
lerous ovenhiow of the banks and the currency, and th:- unexampled
degeneracy of’ ptiblic and piivate morals, vvlficii have f. 11 .wed. We
have suffered tlte affliction, may tlie bb ssiug, which foliows chastise
ment, wb'j..t its j ; ,iice is coiifi ssed, com. in doe season.
Bitt I take a still higher ground. Ist tike at the reiof the mis
chief. I deny the ri. ht of this Government to treat bank no’es as
money in its fiscal ttans.icttons. On this gteat question, I never
have before committed myself, though not generally disposed to ab
stain from forming er expressing opinions. In ali instances, in which
a National Bank has come in question, 1 have invatii.blv taken my
ground, that if ths Government has the right to teceive and treat
bank mutes as money, it had the right, and was bound under th- Con
stitution, to regulate them, so as to make them tniform and stable as
a currency. The reasons fur this opmvon are obvious, and have been
so olteit and fully expressed on former occasions, that it would be
usoless to tepeat them now: but I never examined fully the right of
receiving, >r made up my mind on it, till since the catastrophe hi
May List, which, as I have said, entirely separated tire Government
from the banks. Previous to that period, it was an abst act ques
tion, with no practical bearing; as much so as is now the constitu
tional right of admitting Louisiana into the Union. Things are
now alter,-d. The connexion is dissolved ; and it has become a
[’t actical question of tho first magnitu le.
The mover of the substitute assumed as a postulate, that this
Government had a right to receive in its dues, whatever it might
think proper. I deny the position in tola. It is one, that ought
not to be assumed, and cannot be proved, and which is opposed by
powerful objections. The genius of our Constitution is opposed to.
the assumption of power. Whatever power it gives i.s expresslv
granted; and if pioof were wanted, the mimerous grants of powers
far more obvious and apparently much more safe to be assumed
than the one in question, would afford it. 1 shall cite tt few striking
instances.
li any powers might be assumed, one would suppose, that of ap
plying money to pay the debts of tl»e Government, and borrow
ing it to entry on its operations would be among th n> —yet both
are expressly provided for by the Constitution. Again, to Con
gress is granted tho [tower to declare war and raise armies and na
vies; yet the [tower to grant letters of marque and reprisal and to
makes rules for the regulation of the Army and Navy are not left to
assumption, as obvious as they are, but are given bv exptess giant.
W ith these and ether instances not loss striking, which might be
added, it is a bold step to assume, without proof, the far less obvi
ous power of the Government receiving whatever it pleases in its
dues as money. Such an assumption would be in direct conflict
with the great principle which the State Rights party, with which
the Senator (Mr. Rives) classes himself, have ever adopted in the
cimstruction of the Constitution. But, if the former cannot be as
sumed, it would be in vain to attempt to prove that it has been
granted, or that it is necessary and proper to carry any of the
granted powers into effect. No such attempt has been made, nor
can he, with success. On the contrary, there are strong objections
to the power, which, in my opinion cannot be surmounted.
I. once admitted, it would lead by consequence to a necessarv in
terf’ervnee wish individual and State concerns never contemplated
bv the Constitution. Let us, lot instatr’e, suppose that, acting on
the assumption of ti e Senator, the Government should choose to
select tobacco as an article to be received in payment of its dues,
which would be as well entitled to it as any other product, and in
whichthe Senator’s constituents are so much interested. Dieshenot
see the consequences? In order to make its taxes uniform, whi -h it i«
bound to do by the Constitution, and which cannot be done tr less tEb
medium in which it is paid is so, tho Government would have to as
sume a genet il control over the great staple in question; to regulate
ihe weight ol the hogshead or packagi ; to establish inspe. tions under
its own officers in orde l to determine the quality, and whatever
else might be nsci ssary to make the payments i.ito the Treasury
uniform. So likewise, il the still greater stajtle, cotton, be selected,
ihe weight of the b.tie, the quality of the cotton, and its inspection
would all necessarily fall under the control of the Government ; and'
does not the Senator see that thecxercise of a power that must lead
to such consequences—consequences so far beyond the sphere assigned
to this Government by the Constitution, must be unconstitution
al ? Nor docs the objection extend only to these and other staple
articles. It tqqiltes with eq 'al, if not greater force, to receiving the
notes of State banks, as proposed bv the substitute, m dm dues of
the Government and the ineuagt mrnt of its fiscal concerns. It mutt
inv.-lve the Government in the necessity of controlling and regulating
State banks, as t!:::; sub-itituO abundantly pieves, as well as the
whole history of ottr connection with them ; and it has been showa
that banks are, at least, as far removed from the control of thia
Government as tl>o cultivators of the soil, er any other class of citi
zen':. To this 1 might add another objection; not loss strong, that
for the G.oyernmcnt to receive treat bank notesas money in its
dues’ would be in direct conflict, in itSkeffect with the important
power -enferred expressly on CongWss of coining money and
regulating tiso value thereof: but as this will come in with more
[Mcprii tj in answer to an argument advanced by the Senator
fie t M issachnsetts, (AL- AVi’bster.) I shall now state his argument
and reply to it.
ilea cited again anti again, both nowand at the extra session,
tha! ii is the duty of the Government not only to regulate, but to
iti. i.isii a sound currency . Indeed it is the print ipal argument relied
on by (he Fenat ir in < jrposition to the bill, which he says abandons
this great limy. Now, if by curreacj be meant gold and silver
tlieie wiil be but liido <i lie re nee between him and myself. To
tiiut extent Government has a clear and unquestionable right by
express grant ; but ii he goes l.irthei’, and intends to assert that the
Government has the right to tn,ike bank notes a correncv, which it is l
i'tmtid to regWl.ite, then hts proposition is identical in effect, though
oifferetitly i'.’ipiessed, with that of the Senator from Vitginia, (Mr.
Lives,) and ad the arguments I have urged against it are equally
applicable tn his. I hold, on my pa t, that th ■ power of the Govern
ment ou this si hjc.ct is limited tn coining money and regulating its
v.’t'me.aim punishing t’.i.t countcrfiriting of the cnir. iit coins;—that
i;, of the coins made current I y law, the only nntney known to the
Constitution. It is time to make tt distinction between monov, or
currency, il you plea:,"—between that which will legally pay debts,
and mere circ illation, which has its value from i s promise to be paid
in the former; and under which classification, bank notes a* well as
bills or promissory notes of individuals fall. r I Itese are all in ti.eir .
nature private and local, and cannot be elevated to tin* level of
currency, or money, in the fiscal transactions of Government, with
out coming into conflict, mitre or less, with the object of the Con
ititutinn in vesting tho veiy [tower in Congress, which 1 shall now
proceed to show.
li will hardly bo qaostioned, that the object was to fix a standard"
in order to furnish to the Union a curren ty of uniform and steady
value, and was therefore united ta tits' startle
WHOIzEWO. 217.