Lynchburg Virginian

TWENTY-FIFTH CONGRESS.

SECOND SESSION.

REMARKS OF MR. CALHOUN.

On the engrossment of Mr. Wright's bill, as amended by the motion of Mr. Cuthbert to strike out the specie section

Mr. CALHOUN said, as late as it is (10 o'clock at night) and exhausted as the Senate must be after sitting ten hours, he was compelled to trespass on their patience. The question was on the engrossment of the bill, as he could not possibly vote for it in the shape it had assumed he was constrained to renew his yesterday's; but he would do it in the fewest words possible. He said he was most anxious to vote for the measure. He had taken the deepest interest in it and felt deepest solicitude for its success; and if he thought that the bill, as amended, aided in the least the great cause for which he had strenuously contended, which, he would give it his vote But such was not his impression on the contrary, he believed that it was an entire surrender of the cause. He would go further: it was a renegade movement, and would leave the cause in a worse condition than it was So far from a divorce from the banks and a return to the constitutional currency, the bill, as it stood, would virtually restore the depository bank system again, with some features more objectionable than it formerly possessed ; which he would now proceed to show

On the motion of the Senator from Georgia, (Mr. Cuthbert,) the 23d section, which provides for the collection of the duties of the Government in specie, was struck out, with the aid of a few on this side, and the entire opposition on the other That section provided that the repeal of the joint resolution of July which authorizes the receipt of bank notes as cash in the dues of the public be. The effect of this will be, should the bill pass in its present shape, that the Government will collect its revenue, and make its disbursements exclusively in bank notes, as it did before the suspension took place, prior to Mr. Taney's last. Things will stand precisely as it did then, with but a single exception, that the public depositories will be made with the other officers of the Government, in steadof the banks. under the provision of the depository act of 1836 Thus it is certain All agree that such would be the tendency of the passage of this bill in its present state Now he had undertaken to show conclusively, that the difference between depositing the public money with the public officers, or with the banks themselves was merely formal, as to the operation and profits of the banks were concerned; that they would not make one cent less profit, nor issue a single dollar less in the deposits were kept by the officers of the Government instead of the banks. so effectually would the system be subject to expansion and contraction, and equally exposed to catastrophes like the present, in the one as in the other mode of keeping. He spoke of banks profits and bank issues generally, as derived from the deposit of public money—that the fiscal acts of all banks without reference to the distribution of the public money under the one or the other mode of keeping the public money, would show in a word, that the bill would not one jot divert the system from the banks, to return to the depositories than it would is it now stood, as receiving notes and going the credit and confidence dealers, and cash payments; and that it would vie them in equally miscible to the banks as they were before the reason in May Although this darong mg fsete sae sepre ati, i went Ieverytasy to Ine pln eeiv wond heiod sat. The plot which he had devised from the public lie depa tes, when their own n strs wera calleeted adtIasite, ds wuulie thrcsei the hul pssal in rsii seut foim. alses tr m the wethudriwig f her rotesfoim cneuatnn. Whule th wr n tes " m te osire,they reasceopleteiy withdrn tra eculatont r he tae, as f hrst, o dhestoyed. mi tie withadriw mk sasuuanto that ex ent in th cicuttio , wic ls to be fhisd up by new dsnn is ad o cote, mheeas bn-iness ad proh's;td ths is eqaaily wue whe hr the rotes witoirawn were depisited m certata hoaks as uude thedeposie aeto so, o in the hmls ol th recer yers geretal. atd other Exrcte offu rs, as prs yosea by this bil The proht depmled, mn tode gree, onthe fact wher thenr to'es were depsied: but en the aount wi tid awn aad dhe te gihoti me they nere keptout df cnculaton The largr tn hunt wnidawn a'nd ne longr Lept mnt, th eater the busit ss ad pre fis et the buks. N.r c t issiesexcre tho sunnocessy to hil tht veuim ore stored by the deposies, wi thr tiny e male witi t o I ias the us tyes, or the otheer ia trne. Whei she vnuun orcismed by ihe wit dewalis fiiled, whaever eseced,thatmust ttuno hebanswilont ied to the pweo dejosite, and chtk I rer lssuies Ir tollovsdl ar Iy trou ai thus, thath dep ste olt e ubie tuuts. u cotheeted m bak moes (as ir mused iy the bl as it now ut rt natelv tomls anere aed) ia the tustody ot the publr othccrs, would not m the I ist tfect the discotuts and the busuness of the baiks I'hey would be ds griat as it deposied witi ih hanks and woold keepihe circulaon ol bask note asmtehexpauder, ad sutj t tds " ry thuctd tons dod suueks. Icse propas tous he hel to be meontrovertle. Ie wouid be glad to hear any men ber r se m hs p'ace and attenpt to answer he. Nor would the Tre suiy Le a parcule mor male pend n oi the bu s, than mder the depsstte sys tem betore susprnsloa ol sp cie p sntits, Th revenue, as ne hind sald, wguld be colle tod unde tns ball, showit it jiss, ds it w is thog exclusively in buuk no es. wheson a other suspe tsion wonlt be just as worthle ss in the iiils of the othe ers i whhose custoly they might be deposied. as t ey wonld be na ihe brins themseves, dord. wheh, at course, would agin coipel the Gouern ent, in stuht an eveai, to iay is dehis m worhess rags, to its own gieat d redit, dit' the loss f Hscred tors, ar not pay tham I dil. Nor wotld it b foss ile, ahy more ihe mh tie jreseht mstance, to coilect its deiis m the legat curren y ot re country. snoli ud silver would is cet.snly disipjea dsc m- plet ly tm cuculstion under the opertioof ths mas itdriuader thsyste nof bs dposie that cxst d at the the of the lat suspen lon. But It it will have io ctec. in rendering the Treasuy mste mdepenlenteithe buks, tor ir lut tngauslg oprdosor prohsis i cey wid su hreie, he dsked. will i ditr from the late depus itesy tem uuder the aci ot '3o, ahuch this uli mten dedtusuperseie? Ihre is thd ca. be but unt point f ditlerehc, viz. m tie distrbutioi e the ro'ls trom the deposies. ard even that ditere ce, he wouldshow. ismotedpprent thau real. Wre e the re ve nue is depositra wil ceit in banks, s ected, ty the Secietny of the Ireistiry, ds under the act o 26. the prolts ot the do pos tes aecru's sluost ex- clucively to them. They di tount on ten, amd is- sue the notes ot oti er banks which they ho d to de posite, or driw specie tor thein, and thus mhereas. thenr business nd proht, withou mcuirgany akdr- tiouai hanl y, bat aher the depos tes are madt with the E cutive olhctrs, the prolls would ecrne, appatently to the lanks gent aiy. bie sand dj reutiy.toi it woula depnd wnoily on the ofheer noldi the depo ites. Thy ca at ple isur.te the protn to what baksthey pease,by holdm bah the b ies ot one babk, ohd disbursi the totes ot .nother, and tus hepig the roies outot cir culapon a d throvD the other mho circuation thhough ulsnuisieats, to returo outhe ba hissu ing thei. The eitees ot tois would be to give ont all the prohit tha it cout derive ho n beig a the posite bank, and stripping the oders alnost euttely of the advantage of having ts notes rece.ved i the dnes of Goverumont, Tahefor husiduce two bauks. in a place where the aver ge pubhe deposttes were a nullom ofdollars: 1 it uot clear. tire b.seeutve othcer would make st a rule to disburse the notes of one bank, and hokd back those of the othcr, 1 vo ld opperate in fict, as a stnding loan to that a monnt to the fhored hank? The result is, that m either cise the distubution of the profit resulung tron the publie depusttes wonld depend on the Execative Department wheth et male with the Executive ofhcers, or in deposite banks under the act ot Isl6 The Esecnuve w one case woald have he selection of the banks, and in the other the controd over the subor lmate othcrrs of his depiriment; with thus dilfereme, that when th bunk was selecteI u wonld, unler the aet ot Isag, b undi the cohtrol ad protectron ed Lau, but the oth cers would be coompleiely u drr the coutrol ot the he aud ot the de purtment at all umes. This is the sum total of the shith, rence. It you piss tis lull yon have the one, and it you deieat it. you kave the oth er Thus regarding It, and being opposed on cahsiuonal grounds to receiving any thoog bunt the le gof cuency of the coumty, oi Goveroment secun res in the publie ducs, and to the lucrease ot E xecu tive paton igt, ke could mot bousstbly vote tor the mll is amended. Ie was deeide dly oposed to all dhis cretionay powers, espccrally mn the L.xecuuvr bramch of the Governneat, a d ths bull would give gre ste than ay that has ever pissed. It would not ouly gioe the power to whuch he his alre ady alluded ot lavoning what hank it ple sed. bant the coutroling paacr ot demanding specie at pleasie of the I yee ulive, ot any hruk it might desue to oppttss ad shst amng troin demadingof those ittotebded toit vor. Paweissuchasthese he rrgudedas ieompa tihle w th ount tee system of Goverans nt, and be tot ohe could n t cobsent to Cobler them. But h ialolnr md msu,ou able odjections -In geving the b Hurigmaliy his supe ort, he was guvern tihy depem ti th the tat seun a the Govemuant md the h nhs was mdspn iile the te nly braevet tht we had reahed a p int where the sepuaton wis absolotely mecrssuy to ve both Giovensnt ad hmks. He w is uder stou mpessjnshu tebukigsystem hodeach ed a pont ot dectep ude—tht ieat aad mmpurrunt rhauges wee ncrssay to save 1 amd pievent con vul-tons, ad hat the tust step was a prrp'ua sepa rolton b tween them and the Gioveniment -But th te could be in hus upmoa no segaraonho di vorce withaut coilciig the pble dues m the leal and consitutonal cuieres ot the couutry. Wnh uut thit ad woud pose a peilect deluson, as ths bud wosl, shaiti n pass. we hed no cuustitution d n ht to neat th noes o nte iov de cotpos tons asch, tad i we dat nothiu. "uuld be doe. These views i d miy ohers sular he had o waty.sisl,to wuh ho giea hily o thn ga theminroad n hndema rd. Westalopaly pld ed ttim bitre the couniy md the wa We hd bunghi the hut le munt aly ani successlully The cans wis ond. and hav ng stood the trst shioch, notgw is necessay. but fumness; standing 1ist ol ou jo-j to chsue vitoy-4 re and glonas vairy in a nde ciua , whichwascaeula ted to eil t a me mupati t r tuatioy tthe condatonsso wiy thm ay m mr que. I1, to1 ue, coul not agreto atalnate all tho e mighy tthost, at thitsa dtneix ii sestun, by ieturung to tcom,lee aad p iireunonwat the hmksrth wo)stand msdantioa fon.H weuld mat he Ie all that he hod sat t nrd done, by votiog tor the bil asp mov stod menied, ad to termnee tht whch ws so ghorausy hun, i so miserahl a tant, He coal tei hat tI deeply disiputed. in w t he hai te tn to ajr heud would be ihe re suit; to ive all on clls and labn tt iwn dws. annd tie hupes ot tie coutry dsupnnted. A wauli be is,-a,- e cxpaessed lnscf too situngly. Be i e vot wiat it may, the dhseu slom wouli st at. Li nt hsd one sbooid. Tue puble mnd ied teenrous d,ton the fist tine, and dne ted to taisg a suojeet. Iin mntelngneeulthcountiv 1ey whrebusy a txoloung ts depths ad t tr c wies, aed would not ceast to movestig te till al itslahyrmnths were trued. Ihe seeithit hs bae. saw wi pou al ghow tot tuny-the mevoli tun tht has been begun will ga throgl, be oui cuuist whatit may. In alteinatve to the we ction sfthus bhil wonll he to lo motoung, whe h,tahis opnon, w ismtioitely peleraole. Itwod thow the respuasthehty trom tins un te uppusite sude. We wouli thius have dune all we could. dd it nothng be done thenrs would be Iwalt , aad the country would hold them respoushie. Bat to pass thus hui iHs prrsent toim woitld be to asse, tat unly the respoustbiaty of acting, bat ot leaviag thgs mn a worse conliiaon thaa we lad the t--lo stuke the dise ise decjtr mto the susten, and sendi i mne cone aled and dn gotou,whie the att top ot the pstient would h slt ilaan tor atme froin lls doger. It. on te coutar, we standlas mnoi olep s and ptes sionts. dud sull i th bhi to be lost r thee than to yieid oue principls. the puble .teutou would be dubly roused; he subjrct woubd be more fully and periectly mnvesigated and utderstood, annd the gieat cas we havesu toby supporied, would huelly and glorusly trjumpl. I.er otiers do ds thy may, he would maniati his posdtion, and stand wherehe sto in Iit, aund ever sihce. I couid hot be diven tunit wheu otherscane to i, and ngw he could no b drawnfrom it by their depar mg. To sland alone had no terros tor him. It was to hm no unustal.