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and it will lead to the rankest corruption if it is permitted to continue.

It is said the credit of the Government will be affected if depreciated bank paper should be offered to the public creditors; and it is pretended that the passage of this bill is necessary to preserve the credit of the Government. What credit do gentlemen allude to? If it is pretended that the credit of the Government has not already been tarnishedif it is alleged that its credit is not every day stained by offering depreciated paper in discharge of public debts, it is notorious that the facts are against the argument. Bank and other depreciated paper has not only been offered, but in many cases it has actually been put off upon a portion of the public creditors, and some of them the most deserving. A portion of the volunteers of Tennessee were not only tendered, but actually paid in bank paper, depreciated fifteen per cent. below the par of specie, during the last summer, and when, at the same time, federal officeholders, residing just across the line between Tennessee, Alabama, and Mississippi, received their salaries in gold and silver, which commanded a premium of fifteen per cent. in Tennessee currency! After this, let no one say that there is no difference established, under the present order of things, between the governors and the governed-between the Government and the people; nor let it be pretended that this Government has maintained its credit untarnished by the contact of depreciated paper. But, sir, I affirm that the credit of the Government, in a financial point of view, has not been impaired by the payment of bank or other depreciated paper to its creditors. I mean to say, sir, that the credit of this Government, so far as that credit is the result of the public confidence in the resources of the country and the disposition of the Government to pay its debts, stands as high at this moment as at any time heretofore.

This Government can now borrow whatever money may be necessary to its wants at as low a rate of interest as at any time of its existence. [Mr. SERGEANT said lower.] The gentleman from Pennsylvania, who sits near me, says that the Government can now borrow money at a lower rate of interest than heretofore. Then it is clear that the Government has sustained no loss of credit by having paid out depreciated paper up to this time. Why not, then, continue the practice? Why not make it uniform? Why not at once raise all the paper of solvent banks to the same standard of value, and pay all the public creditors in the same medium? There is no reason why they should not, except the determination which exists with the administration to persevere in their fatal course of experiments.

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West, and particularly in the Southwest; and, if the administration should be well disposed, every solvent bank in the Union could resume specie payments in a few months. The demand for specie having ceased, the Government being no longer in the market bidding for it, every serious impediment to the resumption of specie payments will be removed. With the crops of the present year in the Southwest, and with proper indulgence and assistance from the Government, the banks in that quarter need not be long in the rear of the Eastern banks, if at all. Sir, I repeat that this Government, if it is so disposed, can promptly restore the present circulating medium of the country to as sound a condition as it was in before the late suspension. Many of the States would no doubt guarantee the safety of all the paper of the banks within their limits now in circulation. Every solvent bank would furnish satisfactory securities, and all would come under such conditions as would guaranty, both to the Government and the country, that no advantage would be taken of the credit thus given to their paper by adding to the amount already in circulation. Then, sir, we should no longer see in this free country the Government harassing and oppressing its citizens by collecting its taxes in gold and silver, to be distributed among those who have the good fortune to be engaged in the public service, while the great mass of the people have no other currency in use among them but bank paper; a state of things which, for the honor and character of free Government, ought not to be permitted a day longer than a remedy could possibly be applied.

Then, sir, as a measure of coercion against the administration-as a measure of compulsion-I would reject this bill. We know the administration is hostile to the present circulating medium of the country; that hostility is avowed distinctly in the message. In the newspaper organs of the party, and from a hundred different sources besides, we learn that it is the policy of a large party in the country to make banks and bank paper as odious as possible among the people, and finally to break them down. It is, then, the policy of this party to prevent the banks from resuming specie payments; it is their policy still further to cripple the operations of the banks. To compel the Government to take the course, therefore, which the public good requires, and that is to improve the condition of the present circulation of the country, I would withhold my vote from this bill, if there were no other reason in my mind to justify that course. Withhold the aid required by this bill, and all will be well in ninety days; the Government will be compelled to receive and pay out bank paper, and that is all that is necessary, under proper limitations and precautions, to bring about a general resumption of specie payments by the banks.

What, Mr. Speaker, is this depreciation of bank paper, which, it is said, is an objection to the policy of receiving it in the collection of the public revenue? Suppose this administration were disposed to restore the currency of the country, and should resolve to receive in payment of all The chairman of the Committee of Ways and Means public dues the notes of all solvent banks upon such con- has informed us that one object to be accomplished by this ditions and securities as shall make the Government per- bill will be to supply a medium of exchange, a species of fectly safe, what would the depreciation amount to? By paper which we will find very convenient, and a great rethis act of the Government the demand for specie would lief at this time in the West. I can inform the gentleman cease in every part of the Union in a great measure; and, that he will do a much greater service to the West by when the foreign debt shall be paid, the difference in value taking Eastern bank notes and disbursing them on our between bank paper and gold and silver would be more Western frontier. These notes would furnish a cheaper nominal than real in all the larger cities. The gentleman remittance than any Government paper that can be created, from New York [Mr. CAMBRELENG] has told us that in and they answer all the purposes we desire. But, sir, I the city of New York, the great emporium of our trade, know but too well the real grounds upon which this bill is and the centre of exchange, bank paper is now only about urged through Congress. It is not because the Governfour and a half or five per cent. below par. Let the Gov- ment cannot get along without it; it is not because there ernment, then, resolve to take it in payment of the cus- is any particular interest felt in relieving any particular toms, and from that moment it will assume nearly par section of the country. It is because, by this measure, and value, and in less than sixty days all the Eastern banks this measure alone, the administration can venture upon can resume specie payments. The merchants then could any new experiment upon the currency and finances of the pay their bonds; they would ask no more indulgence. Mil- country. 'This is a principal motive. Another one is, Jians will immediately be poured into the Treasury. The beyond all doubt, to furnish a medium of exchange beGovernment would be able to indulge the banks in the tween the different sections of the Union, so as to silence,

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[Oct. 7, 1837.

I must say a word or two to those gentlemen in this House who are understood to differ with the President in his views upon the subject of the sub-Treasury scheme, although they belong to the same political party; if they mean to be the protectors or conservators of any thing else but the contemptible and paltry interest of money and bank' stock, they will not, upon this question, desert the interest of the great body of the people, and especially of the debtor or weaker class, and unite with the enemies of both. It is not certain if in their zeal to come to some compromise of the threatened scism of the party, and by agreeing to exclude all bank notes from this time forth, unless they are convertible into specie on demand, they have not already sacrificed the darling interest of bank stock and bank dividends. They certainly put it into the power of the avowed enemies of the banks, (I mean the gentlemen now at the head of affairs,) to manage and control the new fiscal system, with whatever modifications it may be adopted, so as to make it produce the result most favorable to their wishes; and, rely upon it, if they continue hostile to the banks and to bank paper, the new Treasury machinery, whatever it may be, will be so managed as to bring both into disrepute. Let gentlemen take warning of the fate of the deposite act of 1836. That act, unfortunately for the country, was committed to its enemies to execute, and the whole country has been made to suffer, that those who foretold evil therefrom might acquire credit for sagacity. Nothing can be more certain, in my judgment, than this proposition, that the banks cannot resume specie payments at all while the administration, or, which is the same thing now-a-days, while the Government continues hostile to them. It is my opininion that, without the active interposition of the Government-without actual aid from the Government, the banks cannot resume; but, sir, suppose a majority of Congress shall agree to pass the sub-Treasury scheme in such shape that the collectors and receivers of the public revenue shall be compelled to receive the notes of specie-paying banks at par, if it shall be the policy of the executive department of the Government still to carry on the war against banks and bank paper, and especially if it shall enter into the plans of the Executive to convert these sub-treasuries into branches of a great central office in this city, which is to supply a circulating medium founded upon the credit of the Government, can a doubt exist as to the perfect ease with which the banks may be managed or controlled either way? If it shall be thought best that they never shall resume the payment of specie, what power will exist in the country to counteract the secret orders of the Executive, acting upon and through his dependants and creatures in every collection district? and what bank would be able, in the face of such a powerful enemy, to resume the payment of their notes in specie? But it may become the policy of the foes of the State banks to favor the resumption of specie payments, that they may the more easily prostrate them; it may become necessary to the execution of their plans, that the banks should resume, that their vaults should be opened, that those of the sub-treasuries may be filled, If the banks should resume, and the Government should continue hostile to them, no support they could extend to each other-no combination of interests on their part, could prevent the Government from shutting up the vaults of one after another until all shall have failed. There is no escape from the designs of the Gov

if possible, the clamors of those who are continually declaring that we must have a national bank. The first great measure of relief which the country requires, is to restore the existing paper currency to a sound condition. There can be no substantial relief until this is done. need not tell gentlemen how this can be done. They know well enough how it could be done. As to the question in what manner and by what agency the exchanges of the country are to be regulated, and a suitable medium for this purpose supplied, it need not now be discussed. Upon the subject of a national bank, although I am prepared to give my support to the establishment of one whenever it shall be wise and expedient to make the attempt, yet I am by no means so sanguine as some of my friends upon this floor, that such an institution will be established, at least for a long time to come. Although I represent a section of the country which suffers great embarrassments for the want of an institution of that nature, yet I have felt it to be my duty to advise them that they were probably destined to suffer still greater embarrassments before their wishes could be realized in this respect. As for any relief of that nature from the present Congress, I informed them, before I set out for this place, that there was no hope. The state of partics-the various conflicting interests in the different sections forbid the expectation. My opinion of the remote prospect which exists of the establishment of a national bank, is strengthened by the circumstance that the States of Virginia, South Carolina, Georgia, and Alabama, have so united and combined their financial interests with their respective banks, as to create a general opposition to any institution which threatens to diminish the profits of local banking, and thereby curtail the local revenue. For these various reasons I have not relied upon a national bank as a means of relief at the present time. I am prepared to go all proper lengths in the support of such measures as in my judgment will bring present relief, without entailing upon the country permanent evil; of this last description I regard the measures proposed by the present administration-such I regard the bill under consideration to be. To attempt a relief by the issue of a Government paper, I believe will be a fundamental, a fatal error; not, sir, because the Government cannot supply a very good circulating medium for the present-not that the Government cannot administer present relief to any extent that may be desired, but because I feel the strongest conviction, that more intolerable mischiefs will grow out of this mode of relief ultimately than any we now suffer. Yes, sir, I believe this Government can supply a circulating medium, cheap, convenient, safe, and abundant. I say safe in a mercantile sense; the paper in the power of the Government to issue might answer all the purposes of currency and exchange, without the danger of pecuniary loss; at all events, until the power to issue paper money should be abused by exceeding the demand; but, sir, in every other sense that can occur to the imagination, such a currency would be utterly unsafe-unsafe to the purity and economy of this Government-unsafe to the rights of the States-unsafe to the constitution-unsafe to the liberties of ourselves and our posterity. But still the Goveroment can give present relief. Yes, sir, it can supply a perfectly sound medium of exchange. It could, if the administration were desperate and wicked enough, and it should continue as heretofore to be sustained by a dead majority in both Houses of Congress-it could issue Government, if it shall continue hostile to the present banking ernment paper sufficient to supply the entire circulation of the country; and whether such a design be already formed or not, it is because I see in this bill, and its natural tendencies, enough to put us upon our guard; enough to awaken our suspicions that the administration are meditating such a policy, and that this bill is intended to be the precursor of others more objectionable, that I would set myself against it, whatever relief it may hold out for the present.

system, until the people shall change the administration, or unless you refuse to grant the supplies necessary to the war, or, in other words, unless you reject this bill and reduce the Government at once to the necessity of resorting to the use of the same currency which the people are obliged to put up with.

I desire it to be understood, that I stand here the supporter, not of the banks, but of the country, in making

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opposition to this bill. As for the bank stock interest, and those whose course is dictated by the grovelling policy of preserving the State banks, for the sake of themselves, or for the sake of individual interests, I know not whether I would most pity or despise them. If I were to consult my own personal feelings, I would not suffer an incorporated bank to exist; but, sir, it is the various interests with which these banks are connected; it is the general interest; it is the interest alike of merchant, farmer, and manufacturer; of the laborer as well as of the capitalist, that they shall be protected against the hands which are now uplifted to destroy them.

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I regard the proposition to issue Treasury notes, to supply any alleged deficit in the Treasury, and at the same time to supply the circulation of the country, at this particular period, as one of the most mischievous and wicked projects that could be resorted to under any circumstances. The bad tendency of it cannot be doubted, and the bad results are almost as certain. In the first place, this is a resort which ought to be reserved and held sacred for those high emergencies which happen to all nations, at some period or other in their history; emergencies growing out of a state of war; such as threaten danger to the liberties and independence of the country. Then, and then only, should the Government exercise the power of making money, or availing itself, at once, of its power and its credit, by issuing its own notes. The example, in time of peace, is a bad, and may become a fatal one. The object now to be accomplished, and which need not again be pointed out, is sufficiently objectionable, but the consequences which may, and probably will, follow from it are appaling. If there is any member in this House, who considers that economy in the Government ought to be cherished and supported-if there be any who hold that there is any thing in the idea of reform but a mere name, a catch word, to mislead the people; if there are any who think that there is any danger to be apprehended from the increase of Executive patronage, I call upon them to reject this bill. I appeal to the gentlemen of the South-I appeal especially to that portion of them who are the advocates of States' rights, and who would maintain their due influence in the confederacy, to oppose this measure. call, more especially, upon those who believe that the greatest danger which threatens our system, is a concentration of all power in the General Government, to unite with me in going against this bill. Has the idea of consolidation lost all its terrors? Have all fears of such a result subsided in this House? If there are any remains of that spirit yet left, which in former times filled this hall with remonstrances upon this subject, it is time it should arouse itself. This bill is prepared under the most artful disguises, and the avowed object is attractive and seductive; it is urged as a measure of relief to the people as well as to the Government; it is said that it will furnish a medium of exchange, which will tend greatly to relieve the interior and Southwest. I for one, sir, was not taken by surprise by the introduction of this measure. I foresaw the probable attempt to establish a Treasury bank, and I warned my constituents, during the summer, that the administration might seek to repair the mischief their folly had done the country, by the establishment of a Government bank. I had the high gratification of addressing a large assembly of freemen of my district, not. long since, when I took occasion to state to them, that, although no relief could be anticipated from the early establishment of a national bank, yet that the embarrassments which they labored under could all be removed by the administration, by the party in power, if they thought proper; but when I explained to them the means by which it might be attempted; that it would be by issuing a Government pa. per, and, in effect, by establishing a bank founded upon the credit of the Government; and when I appealed to

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them in behalf of those higher and dearer interests which would be put in jeopardy by such a measure of relief, and called upon them to say whether they were not prepared to suffer still greater evils than those which now oppressed them-whether they were not ready to sacrifice half their estates and property, before they would accept present relief at so much risk to the constitution and public liberty, the general exclamation was: "we will sacrifice the whole first!" Of such materials are the farmers and mechanics, whom it is my pride-nay, sir, my glory, to represent upon this floor.

We hear the severest denunciations pronounced against a paper currency every day upon this floor, yet we are about to add to the stock of paper money now on hand in the country; and while the whole Union is filled with the clamor which has been artfully excited against all banks, the nation, in my opinion, is upon the eve of seeing established, under the disguise of sub-treasuries, at every important commercial point, branches of a great central bank, located in this city, founded upon the public revenues, and under the control of the Executive Department of the Government!

I happen to know, Mr. Speaker, from a source entitled to the highest confidence, and I presume you, sir, know quite as well as myself, that the war commenced upon the Bank of the United States in 1829, by the late President, was entered upon with a determination to establish a bank upon its ruins, founded upon the revenue and credit of the Government. I happen to know that the election of a highly distinguished gentleman of the State of Tennessee to the Senate of the United States was urged by a high public functionary, upon the ground that he would be highly useful to him in executing his plans in relation to a new bank. How long these original views of the late President continued to operate I cannot undertake to state. I had sufficient reason to hope that in 1832 the original design of the President was laid aside, or considerably modified. Judging from certain letters which appear to have emanated from the Hermitage, of a very late date, I would infer that the policy of establishing a Treasury bank had been wholly abandoned in that quarter; but, sir, even as late as last summer, there were some symptoms of an abiding determination to carry out the scheme which was commenced in 1829. The tone of one of the leading journals in that State, and more particularly the course of a gentleman long a member of this House, in his canvass during the summer, were striking facts, and they did not pass unobserved. The gentleman to whom I allude has been reputed to be in the confidence of the late and present administrations, and he openly avowed his, intention to support a bank founded upon the credit and revenue of the Government. But, why should I refer to circumstances, to conjectures, when, by referring to the report of the Secretary of the Treasury, we shall find the idea of a Treasury bank fully developed and openly recommended, not in name, indeed, but under such feeble disguises that none can mistake the true object? I will quote, in confirmation of what I have said upon this point, a single paragraph from the report of the Secretary of the Treasury. After stating that it is in the power of Congress to furnish "some paper medium of a higher character and other than what now exists," and which can be readily secured without treading upon the debatable ground of either the power or the policy of chartering a national bank," he proceeds to state that "certificates, not on interest, but payable in specie to bearer or order, as well as being receivable for all public dues, could be authorized to be given in payment to the public creditor, whenever preferred by him, and sufficient specie existed in the Treasury. This kind of paper would be very convenient in form, and would differ very little from the drafts now in use on banks, except being drawn on a known specie fund, and expressing on its face not only

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this, but its being receivable, in the first instance, for all public dues. It would possess the highest credit allowable in society."

Sir, after this development of the plans which have been considered at the Treasury, who will be found hardy enough hereafter to deny that a Treasury bank is not to be-will not be, supported by the party in power?

[Oct. 7, 1837.

generally, and to benefit the people, as well as to furnish immediate aid to the Treasury; as one which has been viewed in that light by all parties in and out of this House, and even till within the last forty-eight hours, I did not consider that there was any serious opposition to an issue of Treasury notes, or Government stock, in some form. On my journey to this city, I frequently Regarding it thus as the settled policy of a large and heard it suggested that such a measure would be eminentpowerful party to establish a bank connected with the pub-ly calculated to give relief, and one which Congress should lic Treasury, and to supply a circulating medium of the adopt by all means, if practicable: and, what is worthy country with paper issued directly by the Government, I of remark, these suggestions, in almost all instances, shall consider the republic in danger until this crisis is past. came from the opposition-from the political friends of If, sir, you do no more than pass this bill, you set an ex- those who are now opposing this bill on this floor. After ample of the most dangerous nature. Once establish the my arrival here, the project was frequently spoken of, and practice of supplying all real or alleged deficiencies in the always with favor; in fact, a sentiment decidedly friendly Treasury by issuing Treasury notes, and it cuts off all hopes to the measure prevailed here, so far as I heard any expresof retrenchment-of limitation or moderation in the public sion on the subject, (with one or two exceptions,) until expenditures. When an appropriation of money shall about forty eight hours ago, and after this bill had been hereafter be asked for some new and extravagant work of some time under discussion, when suddenly it seemed that internal or other improvement, we shall have the objection new light had broken in upon this matter. Yesterday no longer urged upon this floor that the state of the finan- morning, Mr. Speaker, we heard from New York that ces will not admit the expenditure; that there is no money specie had fallen in that great commercial mart--that Treasin the Treasury. Every one will know that the fact is not ury drafts were worth as much all to about 1 per cent. as so; that, for the cost of the plates and paper, the Govern- specie-stocks rising and trade apparently reviving. There ment can make as much money as we desire for every pur- was also, Mr. Speaker, every reason for the public then to pose. The argument that we are in want of money will suppose, not only that this bill would pass, but that duty be clamored down. We shall be enabled forthwith to buy bonds would be extended, and further time given to the deall the Indian lands between the Mississippi and the Rocky posite banks to pay the balances due from them as provided Mountains-to enrich all the agents, jobbers, traders, and by the bills on your table. Now, sir, it is a little singular other favorites upon the whole Western frontier. We can that on the receipt of this news, and when it would seem construct as many artificial harbors upon our lake and At- that better times were dawning upon the country, when lantic borders as we desire. We shall be able to erect a business appeared to be reviving, and when this and other chain of artificial fortifications upon our whole frontier measures recommended by the Executive, which it might boundary, on such a plan as to defy the approach of a for- be supposed would pass this House, appeared to have the eign enemy. We shall be able to place all our public es- effect to allay excitement and restore confidence-I say it is tablishments upon a scale of magnificence and grandeur singular, sir, at such a moment, that a most vigorous efcorresponding with our great name and boundless resources; fort is suddenly made to defeat this bill, and prevent the for there will, for a long time, be no want of money in the issue of Treasury notes, which, on all hands, so far as I Treasury. We shall, indeed, have a splendid Govern- have understood, has been viewed as a measure so well calment, and be able to challenge the admiration of all the culated for the relief of the country. We have heard nations; but, whether our wisdom or our folly will most much, sir, on the subject of the Government taking care astonish mankind, I leave it for the advocates of this bill of itself without any care for the people. The measures to determine. Whether we shall long remain a free peo- recommended by the administration have been denounced ple will soon cease to be a question. Sir, when we shall on this floor as having a single eye to that object, and it once have set the example of replenishing the Treasury, has been made matter of complaint here that no measures upon any alleged emergency in time of peace, by issuing of relief, for the people were proposed. This, however, Treasury notes, the practice will become permanent. In has been looked upon as a measure calculated to relieve the a Government like ours, we shall never be able to retrieve people as well as the Government; as a measure that would a false step like this; we shall never be able to correct a throw into circulation ten million of dollars, which would policy which will be entwined with so many interests, until be equal to so much addition to the specie capital of the a revulsion shall come, which shall shake, ay, prostrate country-furnishing great facilities, either as remittances the now seemingly solid columns which support the fabric or domestic exchanges, particularly to all classes of the of our liberty in the dust. commercial community. And yet, sir, the moment there is a prospect that this measure will be adopted, and carried too as an administration measure, the whole opposition party are arrayed against it; and unless I have entirely misunderstood the scope and tenor of this debate, their hostility to the measure, if it did not originate on reception of the news from New York above alluded to, it did, at least, then assume a more vigorous, obstinate, and powerful shape, so much so as to impress upon my mind most strongly the belief that there was some connexion between the cause and effect.

Mr. BELL made some remarks upon the subject of the connexion between commerce and the banking system in this country, and showed how much of the prosperity of the country depended upon the credit system; and concluded by moving to strike out the enacting clause of the bill. Mr. CAMBRELENG asked for the yeas and nays; which were ordered.

Mr. BRONSON said he felt unwilling that the question should be taken on the motion now pending, and that the bill should finally pass from this House, without giving his views upon the measure under consideration; and, from the peculiar character which this debate had now assumed, and particularly since the remarks of the honorable gentleman from Tennessee, Mr. BRONSON said he felt more strongly impelled to state some of the reasons which would influence his vote, and which rendered it clear to his mind that the bill under consideration should become a law. I have (said Mr. B.) regarded this measure as one peculiarly calculated to relieve the pecuniary distresses of the country

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Did gentlemen of the opposition suppose that if this bill passed it would immediately give relief, restore confidence, and redound to the credit of the administration? That such will be the effect, to a very great extent, I have no doubt; and I had hoped that this consideration might not be entirely overlooked by the opponents of this bill; or, if noted by them, that it would not add zeal to their opposition. I hope it has not.

Mr. Speaker, I have listened to the debates on this bill,

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and given thein all due attention; and the various objections which have been raised in the progress of this discussion against an issue of Treasury notes, have received from me attentive consideration.

I was in favor of the project from the first, if the state of the Treasury was such as to warrant it, and I have heard nothing yet which to my mind is a sufficient objection against it. Let us look for a moment to the ground which we occupy in relation to this matter, and the point at which we have arrived in this discussion.

Is it not, sir, a conceded point that the Treasury is nearly or quite exhausted—that in a short time it will be necessary to raise money, either by loan or otherwise, unless the unavailable funds now in hand can be realized? I shall not here go into a review of the financial condition of the country, or the state of the Treasury, as exhibited by the Secretary's report, or the various explanations of that report, which have been made on this floor. I assume the position that there is no money in the Treasury, or that such will be the case very shortly-and that money is needed to carry on the operations of the Government. We are told so by the Secretary of the Treasury, and by the chairman of the Committee of Ways and Means. The whole of this debate has proceeded upon that supposition; and with the exception of the honorable gentleman from Tennessee, [Mr. BELL, and perhaps one or two others, such has been allowed to be the true state of the Treasury by all who have addressed the House on this subject. There can be no question that such is the fact, and the point that is now presented is simply, in what manner shall we replenish the Treasury; I say merely the Treasury, and not an exhausted or bankrupt Treasury; for, sir, we have ample resources, as soon as they can be realized, without resorting to taxes or duties. It is only necessary to resort to some temporary expedient to enable the Government to go on and to furnish the Treasury with the necessary means, until the debts due to the Government, and the ample but at present unavailable means which we have, can be realized without unnecessary distress or pressure upon the people.

By the strong vote in this House last evening on the subject of selling the United States Bank bords, it was unequivocally determined that we would not adopt that measure. We must then call upon the deposite banks for the immediate payment of all balances due from them, and also upon the merchants for the instant payment of the duty bonds, or a resort must be had to the issue of Treasury notes or Government stocks for a short time until those claims can be realized. Can gentlemen devise any other course? You have now, sir, upon your table a bill postponing the payment of duty bonds nine months, and another allowing time to the deposite banks to pay the balances due from them, neither of which are yet acted upon in this House, but both of which, so far as any opinion has been elicited, meet with universal favor. In fact, sir, I doubt whether there is a member on this floor who is not prepared to support both of those measures; and gentlemen opposed to the administration and to this bill, are supposed to be particularly favorable to those. Can gentlemen of the opposition, then, fail to see the effect that the defeat of this bill must have upon those measures? Are they sincere in desiring a delay upon the duty bonds, and the allowance of further time to the deposite banks, and yet oppose this measure, which if defeated must necessarily result in the defeat of both those bills? Are they willing to assume the responsibility of denying any extension to the banks, or on the duty bonds, which must be the inevitable consequence of refusing to pass this bill? I apprehend, sir, that gentlemen have not duly weighed these considerations, and yet it would seem impossible that they can have overlooked the fact that, by exacting immediate payment of the duty bonds and bank balances, not only the security or safety of the debts might be endangered, but that increased pressure and Vor. XIV.-84

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distress must be felt through all the ramifications of society; and yet, sir, how can that result be avoided if this bill is defeated?

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But, sir, another and more weighty objection is now urged to this bill. After it had been debated nearly two days, it was suddenly discovered to be an enemy in disguise; a scheme fraught with all sorts of mischief to the country, and danger to our institutions; in short, an incipient step towards a Treasury bank, as an entering wedge towards a permanent national paper currency. The changes have been rung upon these words, in all forms and shapes, until the ear is weary of the repetition; and, like the old United States Bank, which the gentleman from Massachusetts insisted had become a kind of "stalking horse" in this House, sir, this idea of a "Treasury bank, "a Government paper currency," has become a kind of "stalking horse" to this bill, which is led in upon this floor by every speaker of the opposition, to frighten members out of their votes in favor of this measure. Now, sir, I am as much opposed to a Treasury bank as any of the gentlemen who oppose this bill; and I would go as far in opposing any measure which would be an incipient step towards such an institution, or towards the establishment of an irredeemable Government paper currency, as the most patriotic of them; but, after a very candid examination of the subject in all its bearings, and after a careful perusal of the bill, I cannot discover the lurking dangers with which other gentlemen seem to think it is fraught. I am not able to perceive any foundation for a Treasury bank or for a permanent Government paper currency lurking about the bill, or incident to it. It is, sir, a very plain, intelligible bill, just what it purports to be on the face of it, and meaning nothing more than is expressed; a mere temporary expedient, to enable the Treasury, by an issue of Treasury notes to a limited amount, to fulfil its obligations; thus anticipating the moneys due to the Government, and at the same time to do it without laying any taxes or new duties. The issue of Treasury notes is confined to ten millions, beyond which amount no issue can be made; and, to make assurance doubly sure, I will myself propose the amendment offered in Committee of the Whole, by the gentleman from Maryland, [Mr. JOHNSON,] limiting the time within which these notes shall be issued to the first of June, 1839, or some other shorter time, so as to throw around the bill all those safeguards necessary to render it, as it is intended to be, and as it purports to be on the face of it, a measure merely temporary. By the passage of this bill, we shall, sir, be able to extend all reasonable indulgence to the Government debtors, at a time when it is not only the interest but the duty of the Government to do so; we shall furnish a temporary circulation which may and will be used, not only as a remittance to Europe, but between the different parts of the Union; which will have a tendency to equalize exchanges, retain our specie from foreign exportation, restore commercial confidence, and in every way relieve the country, without injury to the Government or danger to our institutions. I say without danger to our institutions; for, really, sir, I cannot see the least shadow of foundation for the apprehensions of gentlemen on that point. This is a measure which has before been adopted by this Government, and without any objection as to its constitutionality. It is no new experiment, sir; no trifling with the supposed powers given us by the constitution; but the judicious exercise of those powers clearly granted, and an exercise sanctioned as well by authority of a former Congress, as by sound discretion and a just regard for a suffering country.

But, Mr. Speaker, before resuming my seat, I feel bound to notice more particularly some of the remarks of the honorable gentleman from Tennessee, [Mr. BELL.] That honorable gentleman, sir, addressed himself to vari

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