money. Their menus would bo-l ited to their salary, whia' ho felt In the co1n eryret wonlil be the caf wit a4i olfleers. and stockholders of te banks. " They, 'ofr -al persons, are by fia- the most influential in the comnmunity. A greater number depend on them for accommnodation and favor, and the success of iheir business n'hd prospects in lift-, than any other elass in society; and this would be especially true of the'banks connceced with the Government. It .only remnins now to compare the ex. Snjof thej control that may be exercised by tle.Government over the two,. On order to conilplete tie comparison ; and'.here again the preponderance will be found to be strik ingly on the saine side. The whole amount of*-ependittre under thefhill wouki not ex 'eeed $30.00) Sr $10,000 annuilly at the very fatohest; od tis constitutes the whole amout of control which the Government can exercise. There would lie no perquis'. iies, no contracts, jobs or incidental gains. The oifices and salaries Would be all. To that extent, those who mny hout tlem, would be dependent otn the Government, and thus far they inay he controlled. low sinds the-account on the other side I What value shall he put on the public deposites in the banks? What ont the receivability of their it*t*s, as cash, by the Government? What otn their connection with the Govern tmtetit, as their -iscal agent, which would give so gront a control over the exchanges and bitsiness of the country? [ow Inanty nmillions shall these be estimated at, alid how insignifientit must the -paltry stim of .Q,30,000 or .540,000 appenr to those conn less iniUions held under the provisions of the substitute at the pleasure of the G'ov ment! lIlIaving now finished the comparison as tn the relative patioiage of the two menasutres, I hiatll next compare them as fiscal agetntsol the Government; atnd here let me say, at the outet, that the disetissinn has corrected nti error, which I once entertained. I hadt supiosedli that the hazard of keepin2 thr plit e to montey under the custody of ollicer 4tf flte Governttment, would be greater, than in hank. The Senators frot N. lilamp at;re and ConItecticut, (Messrs. Hubblyd atd Nilev) bave proved fi'om the record, that tlie hazard-is ott the other side; and thatwe have lost more by the banks, than by the collecting and disbursing oflicers comibilited. Whtat can be done to incroase the security by judicious selection of officers, and toper or;anization, is strongly illus traed by the fnet slated by the ehairman (Mr. Wriglt.) in hisopening speceb;-tthat in the \Var Department, there has been no loss for 15 years,'-fromn '211 to '3i,-on ati expenditure certainly not less than $100,. 000,000. 1 take somie pffle in this restlt of an orgaization, w. hich I originnted and eq tablished whet Se rerary of Waa aginst the imost ihrnmidable opposition. As to the.relative expense of the two a gcncics, that of the bill, as small as it is, if we are to judg v the appearances, is the greatest; but if by fIcts, the substitute would ie ntch the miost so, provided we charge it with all the advantages, which the lianks would derive from the connection with the Coverntnent, as ought in fairness to be done, ndvantage as fiscal agents. They would be lhe more convenient. To this they are en titled, and I wish to withihold from thei no credit Which they ttmay justly Claim. TI*e Senator from Virginia (Mr. Rives) apinred to have great apprehension, that the collection of tho public duc itt specie mti'~lht leatd to htoarditng. lie nity dismniss htis fears on that head. It is not thte gentius ofC muodernt and civilized Goverinmetnts to honrdl; atnd if it we re, thte banks. wilr' take care, that itere shatll be no extraordinary neeunmulation of cash itn the Tlreasmry. P'ass the bill, and I. under-wr'ite, that wse shalh never hav'e agaitt to complain of' a surpltts. It woul rarely, it' ever int peace untd settled titmes, exceed three or fouru titillions att the outside. .Nor is his apprehecltnsiona that that btoardihag aifspiecie wsoul comie to wvar, less grountdless. The dhanger is in atnother qutar tetr. War is the harveqt of biatnks, w'hen they are cotnnected with Goveranent. Th'le vnst intctreae of reCvemttc and expendi tuores, anid thle etnormotns putbl ie lintns,whicht niec'ssarily entire mainly to their' advantage, swell thieitr prtonfts in watr to thle ttumst lim-) its. Untt separate themi ftrom Govrntment, andI war wotuhl then lie to them, a state of fannute, for r'easonis wh'li 1 must he~ nppatrent tafter wshtat hats beent saidl,which wotld tharows teir wveighat ott the side of peace against war: jtust as crtaintly, as I htave shownt, that the separationn would throw it on the side of tax pnyers, atnd againtst the tax con sttmers., I cotme now to the cotmparisoni of the ef feets of' the two measu.res gin the curtreney of' t he coutiry. Int this respect, the Senator front '*irgitiia (Mtr. flives) seemed to thtinkc, thtat hiissttbstittute wsonhl hlure a greatt supe nionity over the bill; but his reaisotns wrae to me .wholly untattisfacetory. If we are to jutdi,; frotm experience, it onght to be prm nouncttted as the worst possibile measure. It hats been itt operationt but twice (each for' bta few year.< sitnce the comcrnnttotett of thme Governmtaent; atnd it hams so htappentedl that thte otly two explo~iions of the curren cy. occutrred dutrinig those periodls. Utt wnithout rely ing on these d isastriotus occrt tectes, we htave seen enugh to satisfy the miost incredulous t hat therte are greatt antd radical det'ects in our biatnk cirenlattiont,whtiech nio retmiedy hieretolore applied. hans beetn abile to retmove. it origitntes in thte exess of patper, compared to specie, and the only eleetive cttre is to mierease the hatter ant'h rcetuec the ftarmrer; and this the stthstitto itselfipiehdly ackntowledges, by proposing a retmedy that woutld prove wvholly inopera tire. It. proposes that, afte~r a certain pe riod, mentionied, tiotne of the batnks to be se. lected, to) inuernotes tinder 10 dlollarm. The eeets would cleatrhy be, ttotat dimnintutioni ot ttt ciretationa of stmalh notes, but a tnew division of the~ batnking buiness,~q itt wh ich the isstue of large notes wsould full to the lot of the selected bank. atnd the statll to the oithers, withotut restrieting', itt thte least, the aggregatc samounat of paper circulation. Butt whiat thec suibstitute would foil to do, thte hl would effectually remedy. Nonte dlonht, bt time separation frotm the bantks wvould gteatly itncreaqo thte proportiott of spei('i to p~aper; buat the Senaitor' from Va. (Mtr. Itivos) apprehendls, Itat its opmerationI wonil hn too powerful; soe much . itn hmte, that specio would always be at a premium, i that.it would be impossible for the -bpnks t?,o bplpessongavithut was the.cpe." His r4arrerounad loss. What' he- drads voulkt, be but-4 temporary evil. Ther-very fact, that specie wiould boar a pre imium would have the double effect, to di minish paper ciretation, and increase the importation of specie, till an equilibrium between the two will be restored, when they would be at par. At what poiat this would be effected. is a little uncertain; but the fear is that with our decreasing revenue, in stead of the speeie being incrensed to excess, it would not be increased snficiently to give the desired stability to the currency. In this.connection, the Senator urged an objection against the bill, which I regarn as wholly grouillcss. ilesaid, that the pay mn'mt of the dues of the Governmenr.t in spe cie, woutl cremie a double detnand; a do me-tic, as well as foreign; the eli-cts of which would he to increase greatly. its flue ttingio; atid so deeply was ie impressed with the iden. that lie drew a vivid picture of its alternate flow from tihe coast to the in. terior, and from North itn Smth anid alinck ngain- All this is the work of imaguinnion. The efTeet woull he directly the reverse. The more nunerois the deimonda , the less the fluctuation ; so much so, tlat tie great est stability woul be. where it exclimvelv performed the ftmetion of- circulatim, nn'd whwro each individual musi keep a portion to mcet his dlaily demlaitnls. This is so ob vious. that I shall not nudertake to illus. trate it. But the superiority of the hill over the glibstituto would not be limited only to n more favourite proportion betweei'i scpcic and paper. It would lanve namtlier imnor tant advantage ttit Clot he well ive'-es. timated; it woutld unke a practieal dis tinction between eurrency mid eirentation. -between the cnriency of country. nml private and local ebenlationt. noltler- " lir I head hank paper would he ncotpreheoled, The effect would be, to render a general explosionl of the circulation alhost imttpos. sible. Wliatever derangemet might oc. eur, would be lonal and confiined to some one particnlar commercial sphere ; 1nml even, wiitin its limits, there would lIe .n sound currency to fall haek oni, tint partak. ing of the shock, anad which wontl greatly diminish the intensitv and duration (of the distress. In the uneai time, the genieral business and finnuees of thie country .wontthl proceed, alost without feeling the deracc ment. With a few remarks on the comparativc eliects of the two meaures on the iidustry and business of the country, I shall con ide their comparison. Wh lat has been said of their relative efi-ets on the eurrency goes far to decide thie question of their reln live efflects on btnsiniess and inlustry. I hold a sound and stable currency to hc .among the greatest encouragements to in dustry and husiness generally. atid an tn sound and fluctuatingy one, now expanding nand now contracting, so tint no honest 1an enn tell what to do, ns among the greatesi discourngemcnts. The dollar and the en gle are the merisure of value, as the vard and tle bushel ire of guantity ; and what.Iaa would we think or the incorporation 01 companies to regulate the latter-to ex - - - anmwrgf TO seli by tle conmtractcd or shortened, atI li y b, tho ex panded or lengthened? Is it not seen a at it w-oild plIce thie whole indlstry and husiness of lie cotuitry tuider the control of such comipanies! 11tt it would not more certainly ellect it. thian a similar control possessed by the moeoy-ed institutions of the country, over the value of meaure. -But 1. go furalher, and neert confideantly, thait the excess of paper einrrency, as w.ellf as its untstendiness, is un tfav.outrable to the idust ry and business olt lie countr-y. It raises the price of every thling, andl conse' ,gently iinerens~es thae price (of piroductionu and constump~tion; atnd is, in the end, hostile to every brainch of inaduistry. I hohj that specie andim paper have each their firoper sphecre; the latter for large and( distatnt tranisnetionas, anid tihe fitarmer for all oters ; mnal liat the tnarer our eirem-au titnapproachtes gold atwl -if'.er, coinsistentt ly w'.ithm coniv.enienice, the better fior thle in dluttry antd busi ness aif ii:.n tatntry. Th'e -mnore speciat thme bet ter, till thait piniit is reachledl. When natainled, it w.mialh ombine~i mi the greatest possile degree..e, soninfes amid fiscilitry, anad wvuld hIIe fa vou rab le to lhe produet i'e einlsses genierally; I mnn mien oft buness, pilaniters, itmat t, amlr imiann fheturer-s, ns well as opert~tive. Ii wouldf be partuintarly favottrablle to lie Soumth. Ou)ar great smaples :are* cnsh arieales ever-y w..here', :nnd it wvas wevll reilimarke by lte Senator fr-omn.Missisippi, (Mdr Walkeia.) nt the extra sessiontat we sidhl at en.h pricies, anid bontght at papler piCces: that is, s'mhl low andia botight highi a.The i ma niufnetmn commniere-ini anal naigaiting~ interests, wonma!d atlso fir-I its benettfic-ial 'si'etsr. It would chn eat prodnaetiont. annil hcla tnnmanufnetir ers in lie-i, of a lotec-tivea twaill'. its ef fietls womndl be to enale thena tie meiet for eiren cosutioni, not by ralising Prices bay haigh dtieis, but b'y etialingr to sell ats ebenap or eeper tan the forc-iier-, wh' Iish w.oul hiarmonize every interes t, anal phace our manuafaca mres on time most solidl basis, ft is laht only amode by whtich the fo reigni marke-t enni ever he cotmmaamleda; atnd commnandaed it wonld he, withI a souinl and mnoderately (expmalet'Id enrrentev. Outtr inigeminaity, invent tiomi, amid miniftr tyre egnmial to anmy peoptle; tandi all our lmlaiturers wanit, ia na samil e-nrmrency anal an evet ebmaner, to mieet co slimptioni willh success any w..here, at home nodia a broad., limt wvithi n bloateda a flne atntinig patper circuilam ion, this wvill be iam- a paosibile. Amaong~st its draawbaeks, it levies nn enomoents tax mim thme conatatuntity. I htave nelremtly statedl thait the comni-it niuty is estioteditt tom havto been indebhtedl to thme banaks $475,000,(I00 at tha suspenisioni of specie paytmen-ts. Th~e inlterest oni this seam, if estiiimtedl at six per a-emit, (it oughat to hae higher,) w.oulkt give ant tanimml income to those instiltttitin of tupwlads of thirty maullions; and1 this is thme sum ydarly paiml by the conmluity foi-rm an necomnodaa tionst, to) the excess of whaich we own orr blanted and tamstable ciretalationi. Never-i was a cirenlbam on so worathless, furanished at so dlear a rate. Ilow. mtchm of ti vast itt comeia nmy ie conisiadered as initerast ona real enpfirtl , it is dilhienit to estimate; but it w.ommhm, I siupplose, bt aimp ,le to set doawni ten imiliois to that head, wichmil wenahd leave atpwarnls -of wenaty mnillionis nmunly, as the proufits derived fromt banking pirivileges over andi abovo a fair enmmeati.,;,.. r~ th caplital invcsted,- which somne bodr itaIt pay, whidh must ultimately fall on the in dustrf Pnd'husiu qof the cuntury, But this enormous ex asoam of the -systegma not nstomsihing ; so great is the stinulus ap plied to its grow th. Ingenious nen of other Pags, devoted themselves in vain to discover tie art of converting the baser motall4nto gold and silver; but we have conferred on a portion of the community, an art still higher-of converting paper to all intents and purposes, iuto tihe precioms metals; and otght we to be surprised that an article so cheap to the na actuirers. and so dear to tihi rest of time commnunity, should be so greatly over supplied, ad withouit any re terence to the interebts, or to the wants of tIe coamnnataity ? If we are to believe the Senator fron Virginia, and others on the same side, we owe: almaost ail our improvements and pros perity to our banking systemi-and if it shmold fall, tie age of 'barbarism would again rettrn. I hadl supposed that tihe basis ofotir porsperity were oumr liee inmmtitutions; ile wide spreamd and fertile regions 1e or cupy, amid the heredimry intelligence amnd enerlly of time stock. from whichii we are desceemled ; but it seem 1, ht II all tse g 1;ar notihlag, and that the b1 ak1s are evei-v thing. I make no war n themm. All I inl Sist onl is, that the Goibernmeit sil .sep. a raie frotm aihem, which I hlelieve to be in dispensable, for the ecgsons I have assignlel, both now and formerly. lint I erannnot cona cur inl attribming to them otur improve amcnits anad prosperity. Th~at they contri buted to give i strong amimplIse to industry and enterpriso in time early stages of their operation, I doublt not. Nothing is more stimulating than an expandinag and depre eiatini currency. It eretes a delusive ap pearance of' properity, which puts every tlimng im mnotioma. Eery onea feeis as if lie was growing ricHer, na pricesr aIld tha he has it in his pover, by fore--ight anad ex ertionl, to namake his fortune. But it is time nmture of smtimlts. inoral as well as phtysi cal, to geite nt first, and to frepress after warde(. The drauagit whiulh at first causes unimnatuir-al excitemalent a1nd eergy is sure t terminate in correpondiig depression antd weakness: inor is it less ceain that tle stimuluamias of, a enrrency, expanading baeyomd ia- proper imits, follolws the same law. We have had time exhailarnion. and time dle pession has succeeded. We laive hall time pleasure or geming domnk, atl n1o1w expe rience the ptain of becouming solber. Thie good is gone and tle evil has sncceeded, am-i on a fair ealctlation, the litter will la round to be greatet than time former. Wiat ever ianpulsc time banking system was cal culated to give to our improvement and prosperity, has alrendy been ;iven; andl time reverse ei'ect will hereafter f-llow, unless the system shoulti unidergo great andl radi cal chanices; ime first stei towards wihicha, would le the adoption of time measure pro posed by this bill. I have, ar. President, finished what I inateiled to say. I have lng tanticipated tie present crisis, himt didl not expect its ar rival ina imy time. Whena I saw its approach, I resolved to do0 lmiy duly, be th conse queces mo me what they might, an-I o'ea: my tmianks to ime Atior of my that I ias given ile ti e tesoblninai 1 to ln twit ml uty oil tilts great stliject. How the a