Farmers' gazette, and Cheraw advertiser. (Cheraw, S.C.) 1839-1843, September 01, 1841, Page 162, Image 2
and the longer the revision is postponed J!
the larger will be the accumulation of <
debt, and the greater necessity will there j <
be for the imposition of high duties. But j
the regular session of Congress will take j
place on the first Monday in December, i
when we will have an opportunity, with !
more information than we now possess, to j
settle this question with a due regard to
the interests of all, upon a lasting basis. .
If the present hill is passed into a law, it I
will not probably relieve us from the ne- j
cessity of taking the subject up again at
the next session.
I heard a gentleman from Maryland;
r?*_ it 1.. t ? j?? ?r fi?n ainff. ?rw>ak
| iir. ivemicii^j n uay m ?
of free trade as an ignis fatuus. The
beneficial influence of free trade has
been well illustrated in the increase of
our commerce with France since the re.
duction in the duties on her 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 gentle,
man, 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 1
at the propriety of retaliatory or conn. !
tervailing duties being imposed on French
silks and wines. Such injudicious legislation
woulo he prejudicial to our whole
commerce with France, hut less so per- (
haps 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 thein too ox- '
|>ensive as a common dross for our ladies,
a beautiful and graceful substitute will
be .found in French lawns, cambrics, and
muslins, manfactured, in part, of our cot.
ton. A ^d thus, although obstacles, to
someextei 'volild be thrown in the way
of our trade, .he consumption cf that ar- i
ticle might he increased. But on the to- j
- - hacco planter, if successful in the dan
gorous legislative experiment, which he
"/ recommends, of compelling other nations '
bv rnuntervailinir duties to relinquish [
"J : P
their restrictive policv, the Mow would
fall with unmitigated force, and he would
find himself in the uncomfortable condi- j
tion, not only of being compiled to pay j
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 I
its arrival in this country.
The cotton manufacture of France is j
. one of her.most flourishing branches of
industry. A large portion of the raw ma- |
terial is supplied from this country, and I j
hope that we will not, bv injudicious leg. j
islation, make it her interest to look at
an earlv day to her recent African ac- j
ofPfflpy ptht'r nnartor. for i.
Since thfc commencement of this session,
T have also heard the corn laws of
England alluded to by a Representative
f of a grain.growing State of the West, as
cause for the adoption of countervailing
' duties in relation to the productions of
that country. What are the corn laws
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 1
great injury from a long water passage, j
If the corn laws of England were repeal.
ed, her marke's 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 prolmhly be in a great measure de- ;
prived of the opportunity of furnishing
England, even with the limited supply
which they now do through her posses- '
sions in Canada. There is, nowever, i
more than one interest in this countrv ,
upon whose prosperitv the repeal or !
modification of the Engbsh co* n laws !
would have an important influence. The ?
effect of such a mensure would be to
cheapen the price of provisions in Eng- i
land, increase the consumption of Ameri- j
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. Stokely,] at the last meeiirg
of this House, declare himself in favor of
a protective tariff; in other words, the ad- I
vocate of unequal laws. The interests of
the West and the South are, in my esti- '
nmtion, identical on the subject of free 1
trade. The Southern section oftheUoi- (
ted States furnishes an important and j
constant market for the surplus grain of '
the West, which is fir*t used in the rais- j j
iiitf !inrl fVi nrr r\C cfnr-lr (K.-if lc o Ptur
wards converted into bacon and sent to !'
New Orleans, whence it is shipped to oth- '
<er Southern ports for consumption, or
" driven across the mountains in droves of
W*. horses, and mules, to find a market | ^
in (he Southern, Atlantic,. and (iulf'
/ : |
States. Give us an open ocean; let us i
have the markets of the world for the sale ! (
of our products, and this trade will in- j
crease. But render the cultivation of oiir
KtauW** unprofitable, we will turn our at.
.fcniioti to the productions of those arlicles
dbruivhich we now depend upon our N'orth- i J
crnand Western brethren. . F.or although '
the southern section of the United States ,
does annually contribute millions to finetify
the channels of internal commerce
Throughout the wholw Union, there is no
<t>eople?n the face of the glob# more ca- 1 j
of living within-theif own resources. '
fitly upon it. the best poliryjioth of the
J.orth and West not to convert profitable *
71 '' customers into s iccossf..l.riva!s.
What interest has the West in a pro- i
tective tariff that will compensate her for'j
its disadvantages? Her salt am! iron arc I
M ?
' *' ? . *' . Vti?
jaavy of transpojtation, and with a mod.
irate revenue dufv, her distance from the
* 9
icean insures her from foreign competion
n these articles. Does' she want protecion
for her lead or hemp? Her prolific?
nines and bountiful soil enable her , to
produce those articles with so much facility
that she needs no protection for therw..
She now carries onn profitable trade with
fhe South mutually beneficial, and I will
jsk if all the advantages combined which
*he can expect from a protective tariff,
will compensate her even for the partial
injury of that trade? She wants capital
?i 1_<:? iUn whv advocate.a
itllU population?mbii) '- j.
system the effect of which is to prevent
emigration and concentrate capital and
population in the old States? I trust |
that her Representatives will not aid in
re-establishing an iron policy, the fetters
of which have been broken so manifestly
to the advantages of the whole country.
The same gentleman invited us to go
with him to the top of the Allegheny
mountains, and to look over the extensive
country beyond in want of protecting laws
to build up domestic manufactures. I j
am willing to aceept his invitation. But
it appears to me that when we should
reach a point from whence we could behold
the far-spreading West. I would say
to him. nature has legislated for this noble
reig.'on more wisely than man can?she
has inscribed her laws upon your fertile
valhes?she has declared that, to be prosperous,
you must, for the present be agricultural
and commercial. Let not her
Representatives endeavor to resist her
mandates. . Let them not endeavor to introduce
into that beautiful country, a
young giant in size, a Hercules in strength, a
species of industry that requires a starving
population for its support. Let them
not attempt to convert her hardy population
into spinners and weavers.The
territory of the West is still imperfectly
settled, manv of her forests are
still uncleared, and much of her fertile
soil untrodden. In the cheerful walks of
agriculture, the husbandman finds sufficient
occupation and a bountiful reward
for his industry. Let him not be tempted
to desert his smiling fields for the dust
and gloom of a manufactory, or to exchange
the comfortable condition of a
landholder for employment.
This state of things will not always
continue. When her forests shall have
yielded to the axe ; when her territory
shall he generally settled, and population
shall have increased to an extent that the
people can no longer find profitable emplovment
in agriculture, they will turn
their attention to less inviting pursuits,
and manufactures will arise without the
aid of protecting laws, and flourish without
taxing other branches of industry for
their support.
I do not think it is necessary to discuss
at large upon this occasion the principle
of a protective tariff. I trust that no prem*
m Io ti*ir a l'?rt.""iwfrpw* ??+
not live under a Government of precedents,
but under a written constitution that
was intended to limit our powers; and if
we discover that we have, on any previous
occasion, overleaped the boundaries of
that constitution, or legislated for partial
objects, it should render us more cautious
not to do so asain.
Other Governments are formed for the
most part from history and experience.
Under hem, the principal obstacles opposed
to encroachments on the rights of
rhe People, are derived from immemorial
? i -1
USU.'IJJCS, or ?<UCM I1CKIIUW HJllgt-illcina wi
popular rights as have at different times
been extorted from the unwilling hands of
power. In Governments having no other
checks, it is essential to national liberty
that precedents should have the force of
constitutions. Not so with us. All the
powers that we can legitimately exercise
are derived from a written constitution.
Here no abuse can he sanctioned by use,
nor rendered h- precedent a matter of
right.
The most dangerous parties which can
exist in this Confederacy, are those that
are divided by sections ; and, in a country
of such extended surface and such
various interests, there is no assumption
[)f power so much to be deprecated as that
which assumes to regulate individual inJusfiv.
Sir, I 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
:lie place that should he consecrated to pat.
lotisin and virtue. Let us, in legislating for
he American People, forget that we beong
to particular sections. Let our moto
be 44 our country." and, with this moto,
we will advance under the banner of
he Constitution to great and enduring
irosperit v.
Mr. [Campbell here gave notice that
le intended, when in order, to propose two
idditional sections as amendment to the
jresent hill, the effect of which would he
o authorise the (lovemment dues to be
collected in conformity with the joint reiolution
of ISM. and sent to the Chair
he following, which was read for in fornalion
:"]
44 And be it. further enacted, That the
secretary of the Treasury he, and he iiere>y
is, authorized and reouired to cause, as
oon as mav he. all duties, taxes, debts, or
nuns of monev accruing or becoming
invahle to the United States, to he collected
and paid in the legal currency of
ho United S;atos, or Treasury notes in
~ whir*fi aril nnvnhh>and ;
lie III IKM.UO '? U.V.. M. W I#.. .
laid on (Icrn mrl in ihesnid le<ral currency I
f the United Slates ; and that he he also
ijnthori/.ed and required to demand of the
ianki respectively, at least once in every
linety divs, payment in specie of all bah
noes of their notes that may remain in
he Treasury of the United States.
44 A/i.7 be it further enacted, That so
ruich of the 20th section of the 4 Act to
rovide lor tlic collection, safc-kecnin^,
' AW
< '
traosflfti and disbursement of the 'public '
revenue,*approved'Jul}T4th,.l $46, as re- 1
quires 4 that from and after the 30th June,
1343/every officer or,agent engaged in ,
making disbursements On accotrnt.-of the ,
United States, or of the Generar Post (
Office, shall make all payments id gokl- i
ijnd silver only,' be, and the same is here- 1
by, repealed." 1 .
Mr, C. said that, as under the stringent
rule which bad been adopted during the
present session, for the regulation of debate
in Committee of the Whole, he would
probably not have an opportunity of ex
pressing himself again on the proposition
that had just been read he would embrace
the opportunity of submitting a few observat.ions
upon it during the remnant of
i the hour to which he was entitled.
I have endeavored, iMr. Chairman,
said he, to argue myself into a thorough
advocacy of the financial measures of the
late Administration, but, so strong have
been mv convictions of the inexpediency,
in the present condition of the country,
of requiring specie exclusively in payment
of the public dues, that I have felt mvself
compelled.in the conscientious discharge
j of my duty, to stand not only isolated on
j this door from the party with whom I
have generally acted, but, still m^re painful,
:o vote against, what, at one tinie, appeared
to be the almost unanimous voice
of the State that I have the honor in part
to represent. ,v ,
The cardinal principle of thesub-Treasarj?the
separation of the Government
funds from banking or commercial purposes,
I have always thought to be correct
in 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
so congenial with the spirit of our institutions,
I believe that it would now have
been in power. For, without claiming
for it an exemption from imperfections, I
defy 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 of any
considerable portion of the great ijepublican
party of -this country. And you must
certainly have too much respect "for the j
intelligence of the People, to believe that
the singular speech of our late lamented
fellow-member, [Mr. Ogle,] in which he
drew an imaginative picture of the gorgeous
splendors of the presidential mansion,
or .his amusing account of dressing
"French tabourets," elms " tabby cats,"
in damask silk, or the attempts that were
j made to induce n belief that so pacific and
i quiet a man as Mr. Van Buren designed
; bv a large standing army to usurp the liI
b'-rties of the Union, with other efforts to
J excite prejudices, combined with the really
ludicrous at*l contemptible affair of
i the Florida ^sedentary militia," were
ded, not only the ascendancy of party,
but the future policy, and perhaps prospority,
of the country,
j I 9av nothing of the distinguished inI
" '
; dividuals who were selected by the difT1
erent parties as their candidates for the
presidency. One of them has already
gone to his grave with the reputation of
a man who had long and faithfully served
his country in peace and in war. His
acts are recorded in her history, and his
memory is engraved in the hearts ul his
countrymen. The other is in retirement;
| and although, when on the stage of public
j life, he did not escape the censure of his
j opponents, I trust that he now enjoys
, the esteem and respect of all. They
were both probably enliiied to the confidence
of the People; but whether so or
not, the personal character of the President
is of much less importance to the
I p.oe>perity of the country tiian the princi!
pies of the party in power. He is indeed
but the agent of the party that supports j
him ; and in our domestic relations, unaided
by a majority in Congress, is impotent
to do good or evil. Il is in our for
* ' f I - 1 _!
| etgn relations thai tne innivmuai cimrauicr
| of a President is most important; and
i these, under the late Administration of
Mr. Van Buren, were conducted sojudiciously
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 wilh Mexeo, in the ear.
Iv part of his Administration. 1 will onlv
point you to our journal, to show that itnmedI
iately 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 pronstouary power to raise
a large unitary force, to be us? d at his discretion
for the defence of the country. What
. ,.i. .. p.im in n-r>n??ral u.ifh rnntive
I IIJUMIJJIJ Ul r\ lIUUi'Jlll 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 I
J of thin republican President ! 1t was .in ad j
! by which the peace of the couu ry, the lives
| of thousands, and the prosperity of millions, j
j were entrusted to one man. The result is j
I matter of history?the p?-ace of the country j
I was preserved, and its honor.
I It gives ino pleasure, sir, to remind you of)
this tribute to the public virtues of Mr. Van. i
Huron, who, I believe, understood the true j
theory of our Governmen' as well as any man
who has ever occupied the presidential chair J
I have said nough, at all events, to convince
qenflemen that his defeat in the Jate election \
is no', to be attributed to objections to him (
personally; and, unless we c in find some otii- j
er measure of his Administration calculated to !
have produced the effect, it is fair to attribute
his d ownfall to that measure which we all
know excited great apprehensions, which,
whether exaggerated or not, whether imaginary
or real, exercised an e?jtially potent influ.
ence over public opinion inpro.uciug theresuit.
In proceeding to discuss the amendment
which I have given notice I would offer, I
will as much as possible, avoid a reiteration
of argument* winch have at previous Congresses
been presented upon this subject, and endeavor
to prcs.'H'., views to some extent orig.
J? - .
?a???o?????
^ t ~
inal wit^ myse^ somp'-of which are particularly
appl?ahif to tjiat Section of the,country
which I immediately represent.
Too much has been naid of the effect which
die requirement of specie exclusively in payment
of jihe public dues, is cahmlated to produce
upon the circulation" of bank notes?a
medium that is universally received in this
country in exchange for property and labors
to render it necersary for me to dwell upon
that point. AO 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 somet mes been so sudden as
to put all reasonable calculation at defiance,
and involve many in remediless
ruin.
Kut where is this additional gold and
silver to come from ], The mines in this
country will not produce it; and, if we
receive it at all, it must be in exchange for
our commodities from those pountries
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 pre.
cious metals to an inconvenient extent,
from thosecountries with which we princi
pally trade, and thus diminish their ability
to consume it; for manufactures canno
flourish without a redundant capital.
The recent commercial history of thii
country and England affords ample illus
tration of the position which I have laic
down; for, let us differ as we may as t<
the ultimate causes of the great revulsioi
of 1837, we must ail admit that the se
verity of the blow was increased by tin
disturbance which had taken place in th<
equilibrium of the precious metals. Mon
having been abstracted from our princi
pal customer, England, than she coul<
conveniently spare, her bank commence!
| a system of severe restriction, whicl
produced an immediate effect upon th
demand for our cotton, and in eigh
short weeks brought down the price o
this great staple, which constituted on
of the principal rounds in that ladder b
which the whole country had risen ii
commercial prosperity, from 15. and 1
and 17, to 8 and 9 and 10 cents'per pound
That the sudden reduction which oc
curred in the price of cotton is mainly t
| be attributed to this cause, and not a
some have supposed to over-production,
think is susceptible of demonstration.Frotn
1833 to 1837, cotton was in activ
demand at generally increasing price.'
During that time, its production was ir
creased to an almost incredible exten
but the demand kept even pace with th
from* speculation, but because consumj
tion wa? equal to the production. Ifger
tlenien want proof, let them refer to th
commercial statistics of this country an
ofEngland.
Free trade disdains to be fettered, eve
with golden chains. And if theprecioc
i metals are left without the regulation c
j law, to diffuse themselves according t
the wants of commerce?if the tariff i
permitted to remain at a moderate rev<
ntie standard, and the duties to be pai
in a medium convenient to our merchan'
j so that the productions of other countric
j r^iay be freely exchanged for ours, w
; have not much to fear from the over pr<
j duction of cotton, which has now ncarl
i reached its maximum, at home, or froi
} competition abroad.
In support of this opinion, I will sn
j the consumption of cotton may be mue
j increased, perhaps doubled, in the Unite
I States; but if Europe alone should cor
siirne, in proportion to her populatior
only as much as is now consumed in thi
country, her consumption would nearl
I double the average product of the Unite
j States. We are not, however, the onl
j producers of this article. Partial supplic
j are fu. nished hy Egypt, the East Indie.1
j and South America ; hut we are now
| and, notwithstanding the efforts of Grei
i Britain to extend its cultivation in he
! East India possessions, will from the na
ture of our institutions, continue, witl
Texas and the Brazils, to bo the principa
producers for the consumption of th
whole world. Least of all we have t
fear the competition of the indolent Eas
Indian, although he lives upon a soi
where cotton is indigenous, and where i
has been known for more than two thou
1 sand years.
I If the celebrated specie circular, is.su
I ed during the last term of Gen
Jackson's Administration, produced de
rangement in the circulation?and fo
this we have not only the high authority
of President Tyler, in his message at th<
j commencement of the present Congrcs*
! hut the still higher authority of experience
?how is it possible that a measure, whicl
requires not that the public lands only
hut all that public duties, shall, after ;
certain time, be paid for exclusively ii
gold and silver, can prove a harmles
measure? Attempt, sir, no quackery.?
Leave the precious niclals to regulati
themselves according to the requirement
of trade, and we will no doubt gene rail}
have our due proportion. All that wi
want is enough to form the basis of i
n
o.-tim/t nirrtilsif inn.
It has been the hal>it of this Govern
ment to consult the convenience of th?
taxpnyer in the collection of its dues, anr
to receive them either in specie or in th<
notes of ^specie-paving banks convertible
into specie on dero.and. Why no
continue so to recievo them.7 l:ndt
1
this system* we flourished'to a remarka- ?
degree : so much so, that the brightest 1
page in the annals of human history is f
that which records the advance of this (
self-governed People to their ellevated r
position among the commercial nations J
of the earth, under the fullest develop- ?
; ment of the credit system that has ever *
existed amouginen. (
Shall we run the risk of checking this
prosperity, because, forsooth, the Govern- 1
ernmentma; occasionIly loose a few dollars |
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 'No. 10, of the first seesion
ot the 22th Congress, being a report of
the Secretary of the Treasury in answer to a
resolution of the House of Representative*,
containing, among other things, a statement
of moneys expended and lossess sustained under
each Administration, from 1769 to 1836,
inclusive. Fromthis document, it appears that,
from 1821 to 1836, both inclusive, embracing
t ,a period of sixteen years, during the whole of
, which time the joint resolution of 18J6 uathorizing
either specie or the notes of specie-paying
bank to be recieved in the payment of the
1 public dues, was in full operation, except so
'ar as limited by the Treasury circular ofI836
and during which time, the receipts into the
; Treasuiy exceeded the receipts ofany other equal
period of.our history, it is not ascertained that
~ "'?lo -> <?? ln*t hu the depreciation of
u 3 4/<?*<, 0< / ? W/WV _ .
notes. L-t it also be remembered liiat, for
a part of this time, the United Slates Bank was
( in no way the fiscal agent of the Government;
that fluctuations in trade were unusually great;
r on 1 that the legal organization of the Treasury
Department was very imperfect. Have we any
t reason to bolieve that, with such additional guaids
as may be imposed upon the Treasury, we will
3 not be equally fortunate for the time to come7
What shall bo those guards? First?I pro.
pos-i to. make it the duty of Secretary of the
' Treasruy to have setil rnents with the banks
i for ali balances ot their notes that may remain in
j the Treasury, at least once in ninety days.
I atn aware that it may be thought
that a rigid requirement upon the hanks
" to settle up periodically with the Treasurv,
would have as bad an effect upon their
circulation as the requirement of gold
j and stiver exclusively in payment of the
j public dues. But that sucli would not be
^ the case, I will now proceed to illustrate
bv a single example. The Western gen0
? P I o
t tlemen at least know, that whenever
f there is an active demand for lands, the
public land sales are attended by thousands
of individuals w ith a view of pur-i
chasing, if they can obtain lands which
g they desire at prices that they are willing
I to give. . Each one of these persons, to
enable him to purchase, must be supplied
with the medium that the Government is
0 willing is willing to rece.'VP, to wit; gold and
18 silver only. This gold and silver must be o <.
1 tained principal!) from specie paying banks in
_ exchange for their notes in circulation. Now
e observe the operation. Of every thousand
persons who attend the land sale6. with their
' saddle hags loaded with specie, not more per'haps
than a hundred will actually purcha-e,
t, and not more than one dollar out of every ten,
e that is drawn from the banks in specie may be
, actually required. Thus, you see how, under
? ? "i mis uicnourc, urc vnitnn trt inr
y~ neighborhood of land sales may be compelled,
I- upon their approach, with a due regard to
e their own preservation, either to curtail their
j circulation to an ex'ent that may be ruinous
to the community, or to suspend specie payments.
On the other hand, il you allow rhe
n notes of specie-paying banks to be received in
rs payment of the public dues and require a set)f
Moment with them forthwith, the demand upon
them will only bo commensurate with the
, 'amount of their notes actually paid info the
18 | Treasury If, instead, however, of requiring
J* them to redeem uieir nowrs wuu spei h- i?u(I
mediately, we were to do ?r at intervals of
fs ninety days, a large amount of their noteswould
t?e paid out to creditors willing to re~
's ceive them in the intermediate time, and the
e balances remaining to be settled for in specie
). would generally be very inconsiderable.
v) ft appears to mo, by a regulation ot this
^ 1 sort, that all improoer connexion between
the Government ar.d the banks would be avI
oided ; and that the danger of loss to the Gov.
y j crnment would be too inconsiderable to be
h i worthy of consideration in the decision of a
j J subject upon which such great interests depend;
th.it the convenience of the tax-payer
would be consulted ; that trade would flourish
N ?the Government, by its fiscal action, neiths
J er interfering to stimulate nor to restrain i',
v i but receiving the notes of specie-paying batiks
j ?not with a view to the in tercets of stockj
holdeis or corporations, but with % view to
7 > t ie convenience if the community at large?
s ! allowing to its officers the same right t<> reject
! the notes of a doubtlul hank ihalany individual
has in the management of his own affairs.
' 1 know it may be urged that to allow to the
* officers of the Treasury the power of diar
I criminating between the notes of different
. i banks, would give them great opportunities
( j | of exercising undue favoritism. The oijecj
i tion, if true, is of too little importance to in.
fluence the decision ol a question involving,
0 I perhaps, the interests of trade and the pros*
o 1 perity of commerce. The objection is, how.
t ever, more specious than real; for, rf the ofII
ticers oi the Treasury were to receive the
notes ofparticul ??r banks and refuse those of
othersfof equal standing,|were all where equal*
.1-? ko an mi!.! tf'St
1 CUrrCIlI| LflC? Urtiny wuui\i i'v c*/ ? ?
tha* they would be overwhelmed by a storm
. of public indignation.
1 do not design to interfere with the exis'
; ting law further than to authorize the Govern.
i
* merit dues to be collected in conformity with
r the joint resolution of 1816, and as a necessary
y consequence, to repeal that provision which
p makes it thedu'y of every officer or agent of
the Government, after 'he 30lh June, 184',
'' engaged in making disbursements on account
e of the United states, or of the General Post
li office, to make all payments in gold and silver
only. I do notp'oposeto allow the arm of
the Government to he used either for the purpose
of st mtilatiug or restraining rpeculation.
^ The enterprize o; the country should be left
s unfettered ; its industry should bo protected,
- but n-?t regulated.
'' innnnv 1ft lip lu.r/f
P 1 O aj!O.V lilt' \fijvi-; iiiij'.iii ...1,... J ? ...
for hanking purposes, or for any objects ol
s private sp> filiation, as was the case !>o'n nn.
r (imjth dyri i.-t v of the United Sia'e* b; nk and
2 undei the pet bank deposite system, is> io ap1
ply Il?en? to purposes not contemplated in the
Constitution?to purposes for winch taxes never
can be legitimately collected.
The ui.equal fiscal operation of this Govern
J ment has hitherto arisen, not so much from
| inequalities in the collection anil disbursement
of the public revenue upon public objects, as
applied tod.flerent sections of the country, as
from having allowed the public funds to he
I usedlorp rposes of private speculation. Thus,
r suppose, by way of illustration, that Sr^OCOQOO
re deposited in the banks of one State, and
hat only $50,000 are deposited in the bankt
>f another, with the same privilege of using it
or commercial purposes until wanted by the
jovernment, is it not obvious that the com- 4
nercisl facilities of that State where the
MX),000 are deposited will be promoted just
orty times as much by the operation as of that *
State where only $50,000 are deposited?
Fbe inequality under such a system, wiQ fre*
juently be much greater even than this.
A nother evil of the general deposits system,
s, that the stockholders cf the banks-with i
ivhom the public depositee are made, are immediately
formed into an organised corps in
favor of high taxation. To effect the same oh.
ject, their debtors would soon be enlisted, and,
in proportion as the public depositee increafe,
ik:? **" ' infl?on/?o W'.-uld be increased?so in*
IllIO CV 11 Uiuuviiw ?? ? _
fluence most baneful to the productive classes
who pay the tares and constitute the true .
basis of the wealth and prosperity of the coon*
try.
So far as the question ofdeposite it concerned.
we have but two things to consider?-1st,
safety of the public money, and, 2d!y, conven.
ience and economy in making disbursements.
And whether the public money is specially
deposited in bank tor safe-keeping until wanted,
or kept in the custody of public officers
as is provided for by the existing Independent
Treasury law, is a question ofmero .detail, involving
no principle.
When the sub-Treasury bill was under ' .
discussion, it was evident that the ultra# - - ; ;
of all parties desired to see the specie
clause inserted. The Democrats, because
they believed that without the law would
be valueless ; that it would be a thing
without vitality?a body without a soul.
The Whigs also regarded the specie clause
asits only conservative principle not because
they thoght it would prove beneficial in its
operation but because they thought the
descision of the People would be against
it; and that they would come into power
upon the downfall of those who had been
its chief promoters. And if the People
are now, which I trust they are not, prepared
to bend their necks to the yoke of the
United States Bank, it is because of the
reaction of sentiments occasioned by this 4
measure, which was ao great that the
whole country previous to the late election
l rang with the party warcry of "iny
change must be for the better.
I have often heard this measure recommended
to the support of the manufactures,
upon the ground that by diminishing
the circulation of the bank paper and. pro.
ducing low nominal prices in this country
it would tend to reduce the amount of
foreign importation, and give to them
the domestic market. If I was the representative
of a manufacturing district. I
I do not know what influence this argument
! might have upon my mind, for it is not
j without foundation. But it is an arguj
raent against which, as a Representative . .
I from a planting State I protest; for it is
| in direct conflict with the principles c.f
i freetiade upon which, at the South, we
! suppose that our interest depend. Even
importations; so as to place the exchaige
against this country, the tendancy is to
! increas the demand for and to raise the
j prices of our exports; because, to pay
for the surplus of importations. our cotton, >r
rice, and tobacocome into requisition, and
the difference of the exchange is to be add
to the price of those articles. 1 have also
heard the specie requirement recommended
to the support of Southern plan- '
| ters upon pretty much the same argument
' to wit: that its effects would be, by reducing
the quantity of hank paper in circu|
lation, to lower in the domestic market
; where they purchase!, while the price of
I their staples would not be affected in
J ti e foreign market where they sold. I
.'have been surprised to hear such an ar.
gnrncnt advanced in the face of so obvious
a proposition as that "restriction upon in>.
portal ions operate as a check upon *xpor?"
tations." But admit;.for the sak* 0f%r? v
jgument, that the demand for out' staple*
J is not affected abroad by restraints upj
on importations, does not every Southern
! gentleman known that there are compur!
ntively few of our planters who can, oi?
j their own account, afTord to ship thogr
croj)s to foreign markets? AH our small
farmers are compelled to sell at the village1
markets in their respective neighborhoods
wh re the abundance or scarcity of monev
; always increases or reduces the coinpeti*,..
| tion among the purchasers ami either adds
to'or takes from the probability of full prices.
\ : . ' *'
The time has no^ arrived for the specie
: clause of the sub-Treasury to go into full
i operation, but the time has arrived when
; it must be repealed. The JPeopte iwive
i decided against it, and I invite my demoI
cratic friends to unite with me in gifffig
I efficacy to their will. It may already he
j too late to prevent the evil, but, xeltf
! upon it, if we refuse to repeal thisohaox,
ions measure we shall indirectly aid in the
j establishment of a United Stutes Banlr?
'an institution not necessary either to the
' collection, safe.keeping- or disbursmeetof
the revenue?an institution the direct
tendency of which is to centralize capital
' at paitictilar |>ointsto the disadvantage of
i large sections of the country?an institui
lion which, if chartered, notwithstanding
1 the Hag of repeal has already,.inanticipation.
been spread to the breeze, will,he
irrevocably fixed upon the country. For
it will not only continue throughout \he|
whole term of its charter, but, With extensive
means at command, it will intertwine
its opperatmns with the business of
the country soas to render it difficult ifnot
I impossible, at any future time, to refuse
to ir ? recharter, without producing a com- i
| morcial revulsion.
Mr. Campbell contended that the ad;
option 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
the country, and was pro ceding to show
that the present derangement in the curI
rcncy arose from a concurrence of[ cir
? ? - irr
curnstanccs beyond the control or a unij
ted States Hank, when the time allotted
| by the rule recently adopted, which Hmits
j the speech of a member to a single hour,
expired, and resumed his seat.
*. > '\:i Jf
i&t*' f