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cxr???pm 8fid the longer the revision is postponed the larger will be the accumulation of debt, and the greater necessity will therei be for the imposition of high duties. But the regular session of Congress will take . place on the first Monday in December, when we will have an opportunity, with more information than we now possess, to settle this question with a due regard to the interests of all, upon a lasting basis. If the present bill is passed into n law, it will not probably relieve us from the necessity of taking the subject up again at the next session. I heard a gentleman from Maryland; [Mr. Kennedy,] a day or two since, speak of free trade as an ignis faiutis. The beneficial influence of free trade has been well illustrated in the increase of - m r?/*A tlio rft our commerce wun rruutc amu m? induction in the duties on hrr wines and silks, for which she pays for our cotton, tobacco, and other exports. I am aware that the tobacco planters,-some of whom are no doubt represented bv that gentleman, complain loudly of the heavy duty to which their article is subject in France, and in some of the conventions recently held in relation to that trade, have hinted at the propriety of retaliatory or countervailing duties being imposed on French silks and wines. Such injudicious legislation woulo he prejudicial to our whole commerce with France, but less so perhaps to the producers of cotton than of any other article of export. For, if by laying a heavy countervailing duty on French silks, we increase their price to such an extent as to render them too expensive as a common dress for our ladies, a beautiful and graceful substitute will be .found in French lawns, cambrics, and muslins, manfnetured, in part, of our cot. ton. And thus, although obstacles, to AvtAnt IV/UI lit ho 11 irnu-n in flip WAV JHMIig CAlCIIIl "VUIU till w " mmm ?..w -- ?^ " of our trade, the consumption cf thnt ar. tide might be increased. But on the to--bacco planter, if successful in the dan' gerous legislative experiment, which he '/ recommends, of compelling other nations by countervailing duties to relinquish their restrictive policy, the blow would fall with unmitigated force, and he would find himself in the uncomfortable condition, not only of being compelled to pay a heavy toll upon his article when it reached the foreign market, but also of paying an increased toll upon the commodity that he received in exchange, upon its arrival in this country. The cotton manufacture of France is . one of her.most flourishing branches of industry. A large portion of the raw material is supplied from this country, an-! I hone that we will not, by injudicious leg. islation, make it her interest to look at an early day to her recent African acqumiuqnr, or to any other quarter, for *i tnjpply. M - . .... . j Sinctf thfc commencement of this ses. j sion, T have also heard the corn laws of, England alluded to by a Representative j f . of a grain.growing Slate of the West, as | cause for the adoption of countervailing duties in relation to the productions of; that country. What are the corn laws I of Great Britain to the grain-growers of the West? Corn, wheat and oats, the only grains produced in the West, are heavy of transportation and subject to great injury from a long water passage, j If the corn laws of England were repeal, ed, her markers would immediately seized upon by the producers of rice in the Southern States, and the producers of grain on the Continent of Europe; and the farmers of the Northwestern States would prolwhly be in a great measure deprived of the opportunity of furnishing England, even with the limited supply which they now do through her possessions in Canada. There is, nowever, more than one interest in this country upon whose prosperity the repeal or modification of the Engl'sh co'n laws would have an important influence. The effect of such a mensure would be to cheapen the jwice of provisions in Eng^ thft iiAnoiin ntion of A mpfL l^LIIU, IllVICrtfC Hid wiioui' piioii vi ikiivi can cotton bv giving a now impulse to her manufactures, and make them more formidable competitors than they are, even now, of our own. I regretted to hear a gentleman from Ohio. [Mr. Stokelvy) at the last meetirg of this House, declare himself in favor of n protective tariff; in other words, the advocate of unequal laws. The interests of the West and the South are, in mv estimation, identical on tbo subject of free trade. The Southern section of the United States furnishes an important and constant market for the surplus grain of the West, which is first used in the raising and fattening of stock, that is afterwards converted into bacon and sent to Mew Orleans, whence it is shipped to other Southern ports for consumption, or ~ driven across the mountains in droves of tbog*. horses, and mules, to find a market i!i the Southern, Atlantic, , and Gulf ' States, (live us an open ocean; let us . ' have the markets of the world for the sale ' - of?ur products. and this trade will increase. Bat render the cultivation of our ?taple? ur?|>rofitaUle, we will turn our attention to the productions of those articles forwhich we now depend upon onr Northcrnand Western brethren. . Kor although the southern section of the United States does annually contribute millions to fructify the channels of internal.contmere'e throughout the whole Union, there is no ^people on the face of the globe more capable of living within-their own resources. . 'flelv U|)on it. the best policyjioth of the *,'?rth and West not to convert profitable *l" customers into s iccessfj.riva!*. What interest has the West io a protective tariff that will compensate her fbr'j its disadvantages ? Her salt am! iron arc i ' r -H ? heavy of transpojrtation, and with a mod' t erate revenue duiy, her distance from the r ocean insures her from foreign competion q in tliese article^. Does she want protec- 1 tion for her lead or hemp? Her prolific r mines and bountiful soil enable her , to I produce those articles with so much facil- ( itv that she needs no protection for them., a She now carries on a profitable trade with t the South mutually beneficial, and I will ask if all the advantages combined which r she can expect from a protective tariff, f will compensate her even for the partial ? injury of that trade ? She wants capital f and population?then,- why advocate a | system the effect ot which is to prevent t emigration and concentrate capital and t population in the old States? I trust j s that her Representatives will not aid in i 1 re-establishing an iron policy, the fetters of which have been broken so manifestly i to the advantages of the whole country, f l The same gentleman invited us to go I with him to the top of the Allegheny 1 ! mountains, and to look over the extensive i ! country beyond in want of protecting laws c ; to build up domestic manufactures. J ( am willing to accept his invitation. But ( jit appears to me that when we should < roach a point from whence we could be- t I hold the far-spreading West, I would say I j to him. nature has legislated for this noble f j reigrori more wisely than man can?she f has inscribed her laws upon your iertile ( valhes?she has declared that, to be pros- 1 porous, you must, for the present be agricultural and commercial. Let not her i Representatives endeavor to resist her j mandates. Let them not endeavor to in- t troduce into that beautiful country, a i young giant in size, a Hercules in strength, I a species of industry that requires a starv- I ing population for its support. Let them . not attempt to convert her hardy popula- i tion into spinners and weavers.* j The territory of the West is still im- I perfectly settled, many of her forests are I still uncleared, and much of her fertile I soil untrodden. In the cheerful walks of < agriculture, the husbandman finds suffi- i cient occupation and a bountiful reward I for his industry. Let hirn not be tempted j i to desert his smiling fields for the dust I i ? and gloom of a manufactory, or to ex- < change the comfortable conditio.*! of a i landholder for employment. < This state of things will not always i continue. When her forests shall have I yielded to the axe; when her territory I shall he generally settled, and population < shall have increased to an extent that the < people can no longer find profitable em- < plovment in agriculture, they will turn * their attention to less inviting pursuits, i and manufactures will arise without the i aid of protecting laws, and flourish with- ' ( out invino-other branches of industry for , I their support. i I I do not think it is necessary to discuss ,< at large upon this occasion-the principle j of a protective tariff. I trust that no pre. | vions legislation will ever induce us to re. I < turn tn .-?urh n nysfcni. Happily, we ilo . i not live under a Government of preced. | , ents, hut under a written constitution that | was intended to limit our powers; and if j | we discover that we have, on any previous j occasion, overleaped the boundaries of; < that constitution, or legislated for partial ;< objects, it should render us more cautious } not to do so a2?in. ? Other Governments are formed for the I most part from history and experience. I Under hem, the principal obstacles op. ? posed to encroachments on the rights of i the People, arp derived from immemorial c usuages, or such acknowledgements of : popular rights as have at different times I been extorted from the unwilling hands of < power. I n Governments having no other , 1 checks, it is essential to national liberty i that precedents should have the force of < constitutions. Not so with us. All the i powers that we can legitimately exercise i are derived from a written constitution. Here no abuse can he sanctioned by use,' | nor rendered by precedent a matter of j I right. j The most dangerous parties which can exist in (his Confederacy, are those that are divided l?v sections ; and, in a conntrv of such extended surface and such various interests, there is no assumption of power so much to be deprecated as that which assumes to regulate individual industiy. Sir, [ was a member of the 21st Congress. I was then a very young man. 1 hope never to see the scenes revived which I then witnessed on this floor. I hope never to see the day return when local interests will usurp in this Hall the place that should he consecrated to patriotism and virtue. Let us, in legislating for the American People, forget that we belong to particular sections. Let our motto he 44 our country." and, with this motto, we will advance under the banner of i i __! the Constitution to great anu enauriDg ; prosperity. Mr. [Campbell here gave notice that ! he intended, when in order, to propose two additional sections as amendment to the present bill, the effect of which uould be to authorize the Government dues to be j collected in conformity with the joint resolution of 1814, and sent to the Chair the following, which was read for information :"] " And be it further enacted, That the Secretary of the Treasury he, and he hereby is, authorized and required to cause, as soon as mav be. all duties, taxes, debts, or sums of money accruing or becoming payable to the United Slates, to be collected and paid in the legal currency of the United S;ates, or Treasury notes in the notes of hanks which are payable and paid on dern itid in the said legal currency . ? iU? rwt flint be be also '/i lilt; i; mui;ii i;unvi< , ...... authorized and required to demand of the bank* reflectively, *it least once in every ninety davs, pavment in specie of all bai- i ances of their notes that may remain in the Treasury of the United States. 44 And be it fur!her enaclcd, That so much of the 2()th section of the 4 Act to provide for the collection, safe-keeping, ( u . , y A ransfdit and disbursement of the 'public evenue,'approved Jul/"4th, 18.40, as re[tiires 4 that from and after the 30th June, 843/every officer or agent engaged in baking disbursements *00 accourntlof the Jnited States, or of the General Post )ffice, shall make all payments in gokltnd silver only,' be, and the same is hereby, repealed." " ; . ? .4 . Mr. C. said that, as under the stringent ulu which had been adopted during the iresent session, for the regulation of debite in Committee of the Whole, he would irobahly not have an opportunity of exjressing himself again on the proposition hat had just been read he would embrace he opportunity of submitting a few oblervations upon it during the remnant of :he hour to which he was entitled. I have endeavored, Mr. Chairman, said he, to argue myself into a thorough tdvocaey of the financial measures of the ate Administration, but, so strong have >een mv convictions of the inexpediency, n the present condition of the country, >f requiring specie exclusively in payment )f the public dues, that I have felt mv9elf compelled, in the conscientious discharge )f mv duty, to stand not only isolated on his door from the party with whom I lave generally acted, but, still m*re painul. to vote against what, at one time, npisared to be tiie almost unanimous voice >f the State that I have the honor in part :o represent. . ? The cardinal principle of thesub-Treajury?the separation of the Government unds from hanking or commercial purpoles, I have always thought to be correct n principle, and never entertained a doubt that, if fairly carried out, it would prove beneficial in practice ; and had the late Administration limited its action upon this subject to n measure so salutary and <o congenial with the spirit of our institu- J tions, I believe that it would now have been in power. For, without claiming for it an exemption from imperfections, I iefy you to lay your finger upon a single measure recommended by that Administration, except the rigorous one which I now propose to repeal, that was calculated to have deprived it of the support ofanv considerable portion of the great republicin party of <his country. And you must certainly have too much respect for the intelligence of the People, to believe that the singular speech of our late lamented 'ellow-member, [Mr. Ogle.] in which he irew an imaginative picture of the gorgejus splendors of the presidential mansion, br .his amusing account of dressing 'French tabourets," (lias " tabby cats," n damask silk, or the attempts that were made to induce a belief that so pacific and quiet a man as Mr. Van Buren designed hv a large standing army to usurp the li()?rties of the Union, with other efforts to excite prejudices, combined with the realiy ludicrous ar*l contemptible affair of the Florida ^ sedentary militia," were sufficient to have produced a result in a -iocuoof which ponied, not only the ascendancy of party, wt the future policy, ana pernaps piw pority, of the country. I say nothing of the distinguished inJividuals who were selected by the diff;rent parties us their candidates for the residency. One of thorn has already rone to his grave with the reputation of * man who had long and faithfully served lis country in peace and in war. Hi* tcts are recorded in her history, and his nemory is engraved in the hearts of his :ountrymen. The other is in retirement; ind although, when on the stage of public ife, he did not escape the censure of his opponents, I trust that he now enjoys the esteem and respect of all. They were both probably entitled to the coufidence of the People ; but whether so or not, the personal character of the President is of much less importance to the p.osperity of the country titan the principles of the party in power. He is indeed but the agent of the party that supports him ; and in our domestic relations, unnided by a majority in Congress, is impotent to do good or evil. It is in our foreign relations thai the individual character of a President is most important; and these, under the late Administration of if- Von Huron wore conducted so judi iTJ I T Oil kTMl .. ? ^ ciously and successfully as to secure to him the confidence of all parties. I need not lefer to his firm and prudent policy in our delicate relations with Mexco, in the ear. Iv part of his Administration. I will only point you to our journal, to show that immediately preceding the final adjournment of the 23th Congress, when war with one of the most powerful nations of the globe threatened, momentarily, to burst on our northeastern frontier, ten millions ofdolars were placed at his disposal, with a pro' isiouary power to raise a large military force, to be used at his discretion for the defence of the country. What triumph of a Roman general, with captive princes and the spoils of conquered nations led in his train?what civic honor, decreed by a grateful people to a benefactor of his race, ever equalled in moral sublimity this tribute, in which all parlies united, to the patriotism of this republican President! It was an act by which the peace of the country, the lives of thousands, and the prosperity of millions, were entrusted to one man. The result is matter of history?the peace of the country was preserved, and its honor. It gives me pleasure, sir, to remind you of this'ribute to the public virtues of Mr. Van. Buren, who, I believe, understood the true theory of our Government as well as any man wbo has ever occupied the presid?ntial chair I have said enough, at all events, to convince - * * 1 r - a - - 4t.. 1.4^ -1... gentlemen that lilt? ueteai in me i<ue eieoiu Ii is no', to be attributed to objections to him personally; and, unless we c in ff?d sonieotner measure of his Administration calculated to have produced the effect, tt is fair to attribute his downfall to that measure which we all know excited great apprehensions, which, whether exaggerated or not, whether imaginary or real, exercised an equally potent influence over public opinion in producing the result. In proceeding to discuss the amendment which I have given notice I would offer, I will as much us possible, avoiii a reiteration uf arguments winch "have at previous Congresses been presented upon this subject, and endeavor to pres.'at views to some extent orig ' . inal with,myself somepf which are particularly applitaUp to that Section of the,country which I immediately represent. Too much has been said of the effect which the requirement of specie exclusively in payment of,if?e public dues, is calculated to produce npon the circulatioif of bank notes?a medium that is universally received in this country in exchange for property and laborto render it necersary for me to dwell upon that point. All admit that the tendency of such a measure is to diminish their circulation. Many, however, believe that, in proportion as paper is driven out of circulation, the effect of this measure is to increase the quantity of gold and silver, and afford us a more permanent medium of exchange, not subject to the frequent fluctuations which have sometimes been so sudden as to put all reasonable calculation at defl- I ance, and involve many in remediless I ruin. I But where is this additional gold and ! silver to come from The mines in this | country will not produce it; and, if we * i | receive it at ail, it must tie in excnange i?r | our commodities from those countries with which we principally trade. The great staples of the South, particularly cotton, depend principally upon foreign markets for demand; and we cannot adopt a course better calculated to check its consumption, and consequently to reduce its price, than to abstract the precious metals to an inconvenient extent, from thosecountries with which we principally trade, and thus diminish their ability to consume it; for manufactures cannot flourish without a redundant capital. The recent commercial history of this country and England affords ample illustration of the position which I have laid down; for, let us differ as we may as to the ultimate causes of the great revulsion of 1837, we must ail admit that the severity of the blow was increased by the disturbance which had taken place in the equilibrium of the precious metals. More having been abstracted from our principal customer, England, than she could conveniently spare, her bank commenced a system of severe restriction, which produced an immediate effect upon the demand for our cotton, and in eight short weeks brought down the price of this great staple, which constituted one of the principal rounds in that ladder by which the whole country had risen in commercial prosperity, from 15. and 16 and 17, to 8 and 9 and lOcents'per pound. That the sudden reduction which occurred in the price of cotton is mainly to be attributed to this cause, and not as some have supposed to over-production, 1 think is susceptible of demonstration.? From 1833 to 1837, cotton was in active demand at generally increasing prices. During that time, its production was inI creased to an almost incredible extent. | but the demand kept even pace with the j production, at increasing prices not fronr.speculatrbn, but because consumption wa? equal to the production. If gen. tlenicn want proof, let them refer to the - 1 commercial statistics of this country aim of England. Free trade disdains to be fettered, even I with golden chains. And if the preciou? i metals are left without the regulation of i law, to diffuse themselves according to j the wants of commerce?if the tariff is permitted to remain at a moderate revenue standard, and the duties to he paid in a medium convenient to our merchant.* , 60 that the productions of other countries ! ryay be freely exchanged for ours, we have not much to fear from the over proj duction of cotton, which has now nearly j reached its maximum, at home, or from ! competition abroad. In support of this opinion, I will say the consumption of cotton may be much j increased, perhaps doubled, in the United ; States; but if Europe alone should consume, in proportion to her population, only as much as is now consumed in this country, her consumption would nearly ! double the average product of the United States. We are not, however, the onlr producers of this article. Partial supplies f are ftt.nished hy Egypt, the East Indies, i ?nrl Smith America ; hut we are now, , ? j and, notwithstanding the efforts of Gre*t I Britain to extend its cultivation in her ! East India possessions, will from the iature of our institutions, continue* with Texas and the Brazils, to bo the principal producers for the consumption of the whole world. Least of all we have to fear the competition of the indolent East Indian, although he lives upon a soil where cotton is indigenous, and where il has been known for n?ore than two thouI sand years. If the celebrated specie circular, issu. ed during the lost term of Gen, Jackson's Administration, produced de. rangement in the circulation?and foi this we have not only the high authority O of President Tyler, in his message at thf commencement of the present Congress but the still higher authority of experience ?how is it possible that a measure, jvhicl requires not that the public lands only, hut all that public duties, shall, after r . ..i-jn.'n limp, he naid for exclusively ir ! lUlii ?. p-, gold and silver, can prove a harmles: i measure 1 Attempt, sir, no quackery.? | Leave the precious metals to rcgulat* ! themselves according to the requirement: j of trade, and we will no doubt generally have our due proportion. All that w< want is enough to form the basis of ? sound circulation. It has been the habit of this Govern ment to consult the convenience of the taxpayer in the collection of itsdues, nnr to receive them either in specie or in th< notes of (specie-paying banks convertible into specie on demand. Why no continue so to recieve them? I'ndt . i i ' '' ' this system* we flourished' to a remarks- are degree ; so much so, that the brightest JJ? page in the annals of human history is for that which records the advance of this Go* self-governed People to their ellevated mei position among the commercial nations OM of the earth, under the fullest develop- ^.rl ment of the credit system that has ever existed amoug men. qUf Shall we run the risk of checking this * prosperity, because, forsooth, the Govern- I9' ernment ma r occasionlly loose a few dollars w'' by the depreciation of the bank notes? But, even of this, the probacifity is very remote; . and, in proof of this opinion, I will refer to House ot document \o. 10, of the first ses- ^ sion ot the 22th Congress, being a report of j the Secretary of the Treasury in answer to a wj' resolution of the House of Representative*, containing, among other things, a statement t of moneys expsnded and Jossess sustained un- * der each Administration, from 1769 to 1836, e(j inclusive. Fromthis document, it appears that, ga from 1821 to 1836, both inclusive, embracing jef a period of sixteen years, during the whole of which time the joint resolution of 1816 uathor- je izmg either specie or the notes 01 specic-j/oj- ^ ing bank to be recieyed in the payment of the a? public dues, was in full operation, except so 'j?. 'ar as limited by the Treasury circular ofI8JJ6 y and during which time, the receipts into the Trcasuiy exceeded the receipts of any other equal period of.our history, it is not ascertained that di: a single sent was lost by the depreciation of Qf bank notes. L;it it also be remembered tJiut, for cj, a part of this time, the United Slates Bank was , in no way the fiscal agent of the (Government; , l" that fluctuations in trude were unusua'lv great; be an I that the legal organization of the Treasury w Di pii tment was very imperfect. Have we any 'p reason to believe that, with such additional guaids ^ as may be imposed upon the Treasury, we will not be equally fortunate for the time to come? What shall bo those guards? First?I pro. Of pos jto.make it the duty of Secretary of the Treasruy to have setil inents with the banks for all b.ilanccsot their notes that may remain in the Treasury, at least once in ninety days. "I I am aware that it may be thought ,t! that a rigid requirement upon the hanks ar to settle up periodically with the Treasu- Pj rv, would have as bad an effect upon their circulation as the requirement of gold and silver exclusively in payment of the public dues. But that such would not he r, the case, I will now proceed to illustrate c bv a single examole. The Western gen o o tinmen at least know, that whenever [ rr there is an active demand for lands, the n public land sales are attended by thou- tl sands of individuals with a view of pur, d chasing, if they can obtain lands which they desire at prices that they are willing " to give. . Each one of these persons, to ' enable him to purchase, must be supplied j with the medium that the Government is j willing is willing to receive, to wit ; gold and 1 n 'silver only. This gold and silver must be o>. ( w tained principal!} from specie paying banks in j n exchange for their notes in circulation. Now I fj observe the operation. Of every thousand I j, persons who attend the land sales, with their p saddle bags loaded with specie, not more per'haps than a hundred will actually purcha-e, ? and not more than one dollar out of every ten, " , that is drawn from the bonks in specie may be a actually required. Thus, you see how, under ii >T.' -'(n.f.ln ?st *hij niLitBuic, twe otwhb mttwl-p neighborhood of land sales may be compelled, p i upon their approach, with a due regard to i their own preservation, either tocurian ineir ; circulation to an ex'ent that may be ruinous to tlie community, or to suspend specie paynicnti. On the other band, if you allow ?he * notes of specie-paying banks to be received in n i payment of the public dues and require a fet. t( ' Moment w ith them forthwith, the demand up- | f( j on them will only be commensurate with the | ! amount of their notes actually paid in'o the ! . 1 | Treasury If, instead, however, of requiring I ' them to redeem their notes with specie im- w | mediately, we were to do so at intervals of '' j ninety days, a large amount of their notes tl would be pud out to creditors willing to re- h * ceive them in the intermediate time, and the ,< balances remaining to be settled for in specie ? . I would generally be very inconsiderable. | It appears to me, by a regulation of this J sort, that all improner connexion between ^ 1 | the Government and the banks would be av- I g I oidi'd ; and that the danger of loss to the Gov. j i> ' *emmeut would be too inconsiderable to be : o ! I worthy of consideration in the decision of a I n I subject upon which such great interests de- j a i pend; that the convenience of the tax-payer j ( ' | would be consulted ; ihat trade would flourish ! i' ?the Government, by its fiscal action, neith- ^ l[ er interferring to stiinula'e nor to restrain i', '* 1 hut receiving the notes of specie-paying banks n !?not with a view to the interests of slock- v j holdeis or corporations, but with % view to a t je convenience if the community at large? j t ! allowing to its officers the same right to reject j the notes of a doubtful bank ihat any indivi- | dual lias in the management of bis own affairs. c 1 know it may be urged that to allow to the officers of the Treasury the power of dis- c criminating between the notes of ditferent c banks, would give them great opportunities j j of exercising undue favoritism. The objoc- : ( I tion, if true, is nftoo little importance to in. I fluence the decision of a question involving, ;c ! perhaps, the interests of trade and the pros* j * ? 1 peri ty of commerce. The oojection is, now over, more specious than real; for, if the of- t I fleers 01 the Treasury were to receive the , i notes ofpartieulfr hanks and refuse those of , ' othersfof equal 9tanding,|were all whore equal- !, )y current, the partiality would be so manifest 1 that they would he overwhelmed by a btorin , of public indignation. i do not design to interfere with the exis- 1 ting law fun her than to authorize the Govern, j > ' merit dues to be collected in conformity with i i " the joint resolution of 1816, and as a necessary r consequence, to rr?peal that provision which , makes it the duty of every officer or agent of the Government, after'he 30th June, 1*4 >, ' engaged in making disbursements on account ; ; of the United States, or of the General Post i offi< e, to make all payments in gold and silver only. I do notp'oposeto allow the arm of ( the Government to tie used either for ihc purpose of st mulatiug or restraining rpeeulation. 1 The enterprize m the country sliould be left j > unfettered ; its industry should be protected,} - but not regulated. , , To allow I he Government money to be used i for hanking purposes, or for any objects ol j private sp< dilation, as was the case both no. > j dmjth ? dynasty of the United Sia'es bank and ? I undei the pet bank deposite system, is lo ap , ply them to purposes not contemplated in the Constitution?to purposes for which taxes never can be legitimately collected. The unequal tiscal operation of this Govern ! J ment has hitherto arisen, not so much from ! ] inequalities m the collection anil disbursement j of the public revenue upon public objects, as j applied to different sections of the country, as j from having allowed the public funds to be1 1 'usediorp rposes of private speculation. Tins,' r supptue, !iy way of illustration, that $2,0(:0U00 i deposited in the banks of one State* and t only #50,000 are deposited in the bank# , mother, with the same privilege of neiof it commercial purposes until wanted by the verntnenf, is it not obvious that the com* A, rcial facilities of that State where the $2^ ^ 1,000 are deposited will be p orooted just y times as much by the operation as of that ' ,te where only $50,U00 are deposited? e inequality under such a system, will fat* ntly be much greater even than this. \nother evil of the general deposit# system, that the stockholders cf the banks* wrirfe otn the public deposites are made, are im* diately formed into an organized corps in or of high taxation. To effect the same oh- ' , t, their debtors would soon be enlisted, and, proponion as the public deposites increase* s evil influence w-uld be increased?an in* ence most baneful to the productive classes "vnaotha tares and r.OflfititUtP the tilM ,w f-J ? --- ? sis of the wealth and prosperity of the conn* r So far as the question ofdeposite it concern. we have but two thing? to consider?lit, fety of the public money, and, 2dly, conven. ice and economy in making disbursements, id whether the public money is specially posited in bank lor safe-keeping until wanJ, or kept in the custody of public officers* is provided for by the existing Independent reasurv law, is a question of mere .detail* inlying no principle. When the sub-Treasury bill was under scussion, it was evident that the ultras all parties desired to see the specie: ause inserted. The Democrats, because ey believed that without the law would * s valueless ; that it would be a thing ithout vitality?a body without a soul, he Whigs also regarded the specie clause iits only conservative principle not because ley thoght it would prove beneficial in its )eration but because they thought the iscision of the People would be against ; and that they would come into power >on the downfall of those who had been s chief promoters. And if the People e now, which I trust they are not, prei red to bend their necks to the yoke of the nited States Bank, it is because of the taction of sentiments occasioned by this 4 ieasure, which was so great that the hole country previous to the late election mg with the party warcry of "any hange must be for the better. I have often heard this measure recoratended to the support of the manufactujs, upon the ground that by diminishing le circulation of the bank paper and. pro- -< * ucing low nominal prices in this country would tend to reduce the amount of >reign importation, and give to them - ? .rl^mnof in mo If I was the repre it: uuiu?9t>v??.nv.. . entative of h manufacturing district, I o not know what influence this argument light have upon my mind, for it is oot without foundation. But it is an argument against which, as a Representative. . rom a planting State I protest; for it is a direct conflict with the principles rf reetiade upon which, at the South, we oppose that our interest depend. Even in port at inn*; so as to place the exchaige gainst this country, the tendnncv is 10 * ? ncreas the demand for and to raise the ITces of our exports; because, to pay or the surplus of imporations, our cotton, ice, and tobacocome into requisition, and be difference of the exchange is to he add r> the price of those a r'ides. 1 have a)o heard the specie requirement recommended to the support of Southern plan- ' srs upon pretty much the same argument r> wit: that its effects would be, by reduing the quantity of hank paper in circu. ilion, to lower in the domestic market here they purchased, while the price of eir staples would riot bo affected in e foreign market where they sold. I ove been surprised to hear such an arurnent advanced in the Face of so obvious proposition as that "restriction upon iinorta lions operate as a check upon *xpor* itions." But admit;.for the sake ofqr. , urnent. that the demand for our staple* < not affected abroad by restraints up. n importations, dobs "not every Southern cntiemnn known that there are coinpurtivcly few of our planters who can, oi? lieir own account, afford to ship their rop.s to foreign markets? AH our smaf! armors are compelled to sell at the villa#?1 narkets in their respective neighborhoods; vh< re the abundance or scarcity of money Iways increases or reduces the competi^,.. ion among the purchasers and either addst o*or takes from the probability of full pri~ :es. . '? The time has no^ arrived for the specie lause of the sub-Treasury to go into full iperation, but the time has arrived when t must be repealed. The People have lecided against it, and I invite my demo, rratic friends to unite with me in gifibg jfFicacy to their will. It may already be >00 late to prevent the evil, but. xeiy jpon it, if we refuse to repeat this oboox. ions measure we shall indirectly aid id the jstablishment of a United Stutes Banlr? in institution not necessary either to the collection, safe-keeping or disbursmeatof the revenue?an institution the direct tendency of which is to centralize capital it paiticular points to the disadvantage of large sections of the country?an institii. tion which, if chartered, notwithstanding the flag of repeal has already,.in wnticipa. k..pn snread to the breeze, will,be irrevocably fixed upon the country. For it will not only continue throughout the* whole term of its charter, but, With extensive means at command, it will intertwine its opperations with the business of the country soas to render it difficult ifnot impossible, at any future time, to refuse to if a recharter, without producing* commercial revulsion. Mr. Campbell contended that the adoption of the measure which he proposed would hold out an inducement to the solvent banks to resume specie-payments and restore a sound c rculating medium ta A- ' " fl-^nro eedine to show lite country, oim - ? r-- w (hat the present derangement in the car. rency arose from a concurrence of; eircum stances beyond the control of a tJnited States /lank, when the time allotted bv the rule recently adopted, which iimita the speech of a member to a single hour, expired, and resumed his seat.