Farmers' gazette, and Cheraw advertiser. (Cheraw, S.C.) 1839-1843, September 01, 1841, Page 162, Image 2
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.