SEPT. 13, 1837.] Fourth Instalment-Treasury Notes, &c. Mr. BUCHANAN submitted to the gentleman whether any inconvenience would be sustained if the subject were deferred until the next session. Mr. CLAY explained that the business would be delayed for that length of time. [SENATE. Mr. WRIGHT, from the same committee, reported a bill authorizing the postponement of the payment of duty bonds. Read once, and ordered to a second reading. [This bill provides that the extension of credit for duties now outstanding shall be six months from the time the original bond became due; and making the condition in each case to depend on the same conditions as to additional se Mr. SEVIER begged to offer an amendment, so as to embrace the State of Arkansas, and to insert, after the word Alabama, "and to the district court of the State of Arkan-curity, interest, &c. prescribed by the Treasury Departsas." Mr. S. explained the necessity of the adoption of this amendment, on the ground of the delay that was occasioned. In that country there were frequent murders of the whites by the Indians, and of the Indians by the whites; and in all cases they had to remain twelve months in prison before trial. The amendment was adopted, and the resolution as amended agreed to. FOURTH INSTALMENT. The bill to postpone the fourth instalment of deposite with the States being taken up Mr. WRIGHT said that, before the bill was read a second time, he would ask the indulgence of the Senate to make a short explanation in regard to the Committee on Finance. Yesterday morning, when the bill was reported from that committee, he took the opportunity of stating that, in all probability, they would report further this morning. They, however, found themselves unable to do so, partly in consequence of being unable to prepare the labor ed details before them, and having found at their meeting this morning two members of the committee unexpectedly absent. The one, as he was informed since he came into the Senate, was called away by business, over which he had no control; and the other was so indisposed as to be unable to attend either the Senate or the committee. He mentioned these facts as an apology for not fulfilling his promise. He felt a confident hope, from the best judgment he could form, that the committee would be able to report in full on Thursday next. The bill was then taken up, read a second time, and, On motion of Mr. HUBBARD, the further consideration of it was postponed till to-morrow. On motion of Mr. BUCHANAN, the Senate spent some time in executive business, and then adjourned. WEDNESDAY, SEPTEMBER 13. Mr. WRIGHT, from the Committee on Finance, reported a bill authorizing the issue of Treasury notes. Read a first time, and ordered to a second reading. [This bill authorizes the issue of Treasury notes to an amount not exceeding — millions of dollars, and of de nominations not less than $100, and provides that the notes be redeemed by the United States, at the Treasury, after one year from their date, to bear interest for the said term; rate of interest to be fixed by the Secretary, not to exceed six per cent. per annum; the faith of the United States to be solemnly pledged for the redemption of said notes. Also, that the notes be signed by the Treasurer of the United States, and countersigned by the Register of the Treasury; separate accounts of the number signed to be kept by each officer as a mutual check. These officers are by this section also authorized to employ such additional clerks as these duties may render necessary; their salary to be fixed by the Secretary of the Treasury. Section 4th authorizes the Secretary to issue these notes to all creditors of the United States who choose to receive them at par, and also to borrow money on the credit of such notes. Section 6th enacts that such notes shall everywhere be received in payment of all duties, taxes, &c., and for public lands. Section 9th makes it felony to counterfeit said notes, and fixes the penalty on conviction.] ment to the extension of revenue bonds since May; and not to include any bonds where the parties have not given additional security, or made part payment, or are (by the proper officers of the Government) considered insolvent or unsafe security for their bonds. Section 2d provides an additional credit of six months granted on all bonds which may be given during the period of one year from and after the 1st of October, 1837. Also, that, where the security in any bond postponed is satisfacbeing the same for other bonds, though the first bond be tory, the principal and sureties shall not be disabled from not yet paid.] Mr. WRIGHT also reported from the same committee a bill adjusting the remaining claims on the late deposite banks; which was also read, and ordered to a second reading. [Section 1st provides that the Secretary of the Treasury be authorized to withdraw the public moneys remaining in any of the late deposite banks, in as convenient a manner to them as may be suitable to the interests of Government. No bank having met, or which shall meet, the requisitions of the Department, to pay any further interest than that required by the depocite act of 23d June, 1836. Section 2d provides that, in case of neglect or refusal on Secretary of the Treasury, then such banks shall be sued the part of the banks to comply with the requisitions of the at law, unless bond with security be given, providing for payment in three instalments: the first instalment after two months from the passage of this act; the second, after five months, and the remainder after eight months from the same period; interest being paid at the rate of six per cent. per annum from the time of default, and damages to be paid accruing from protests or other causes. FOURTH INSTALMENT. The special order of the day, being the bill to postpone the fourth instalment of the deposite to the States Mr. CALHOUN said he hoped that this bill would not now be acted upon. It was his wish that no action should be had on any of these measures proposed by the Committee on Finance until a report had been made. He hoped, therefore, that the chairman of the committee [Mr. WRIGHT] Would consent to a postponement until all the contemplated measures should have been reported. subject, other than to expedite, as far as was possible, the Mr. WRIGHT said he had no strong desire upon the business before the Senate and Congress. He was not aware that any bills yet to be reported by the committee would affect the question on the present bill; he, however, felt no strong desire to press this bill in particular, as he hoped the committee would complete the business before it to-morrow. On motion of Mr. CALHOUN, the bill was then postponed until to-morrow; and The Senate adjourned. THURSDAY, SEPTEMBER 14. FINANCIAL AFFAIRS. Mr. WRIGHT, from the Committee on Finance, reported the following bills, which were severally read and ordered to a second reading : 1. A bill to authorize goods and merchandise to be deposited in the public stores. [This bill authorizes the deposite of goods in the public stores, under the requisite precautions, allowing them to be transported to other districts, or to be exported, on certain conditions; to be sold, if requisite, at the end of three years, so far as to pay the duties, storage, and other necessary expenses.] 2. A bill imposing additional duties, as depositaries, in certain cases, on public officers. [This bill provides for the receiving and safekeeping of the public revenue, by the various receiving officers, postmasters, &c., until regularly called for by the Department The bill contains many details, especially of precaution, to secure the faithfulness of officers having the custody of the public money.] 3. A bill to revoke the charters of such banks in the District of Columbia as shall not resume specie payments in a specified time; and for the suppression of small notes in the District. [This bill requires the payment of specie on all notes of and under ten dollars, in sixty days from the date of the bill; and on all notes of a larger denomination, in six months. It provides for the appointment of three public commissioners, in case of failure; not interrupting, however, the due course of law. It forbids the issuing notes under five dollars; and requires that within thirty days all notes of individuals and private corporations, under five dollars, shall be neither issued nor passed, under the penalty of a fine of not more than fifty dollars for each offence-one-half to the prosecutor. The banks to forfeit their charters for non-compliance with the provisions of this bill.] Mr. HUBBARD offered the following resolution, which lies over one day: Resolved, That after this day the daily meeting of the Senate shall be at ten o'clock, instead of twelve, till otherwise ordered. FOURTH INSTALMENT. The Senate proceeded to the consideration of the special order, the bill to postpone the payment of the fourth instalment of the deposites to the States. Mr. RIVES said he understood that this day the Committee on Finance expected to make a full report on the subjects which had been referred to them. But there was one subject most interesting to the country, on which they had not reported at all; they had reported no bill to designate the kinds of funds in which the public dues are to be received. As Mr. R. had understood it to be the general sense of the Senate that no action should be had on any measure till all should be reported, he would now move that the Senate adjourn. Mr. WRIGHT said the Committee on Finance had taken up the message of the President and the report of the Secretary of the Treasury, had given them a full consideration, and had now reported all the measures which they proposed to report, or which they deemed it their duty to report. They had considered the subject mentioned by the Senator from Virginia, and had concluded to let the law on that subject remain as it is. Mr. RIVES said, that, not having an opportunity to know the views of the committee, he had taken it for granted that they would report on every subject embraced in the message and Treasury report, both of which, he believed, had suggested that it ought to be determined in what kinds of funds the revenue should be collected. It was now announced by the chairman that no communication from the committee would be made on the subject. Mr. R. would therefore proceed on the assumption that the committee intended to leave the laws on that subject as they now are; and, that being the case, and Mr. R. believing that all the measures proposed and to be proposed would have a mutual bearing and dependence on each other; and believing it to be infinitely more important to the country that what Congress should do should be well [SEPT. 14, 1837. done, rather than done quickly, Mr. R. moved that when the Senate adjourned it should adjourn to meet on Monday next, that all the bills reported on the subject might be examined, compared, and carefully considered by members before the Senate came to act on them. Mr. R. said it was as inconvenient for him to remain here as it would be for any one; but whatever the inconvenience, he preferred that all measures should be duly and amply considered. Mr. NILES said that he regretted the honorable Senator from Virginia [Mr. RIVES] should have felt it his duty to ask for a further delay of the business before the Senate, by a motion for adjournment until next week. When the first bill was reported by the Committee on Finance, several days since, the Senator from South Carolina [Mr. CALHOUN] suggested that it would be inexpedient to act on that, or any single measure, until we had before us all the bills which were to be expected from that committee, relating to important subjects, presented in the message of the President. The necessity of this course, although he believed doubted by some, was generally acquiesced in. Since then, the committee have reported a number of bills for carrying out all the great measures recommended in the message, which they deem it important to be acted upon during the present session; and the chairman has informed us that they do not intend to report any more bills. If his distinguished friend from Virginia, or any other Senator, thought that the bills reported did not cover the whole ground, they would of course have an opportunity to supply the deficiency. But (said Mr. N.) the whole subjects are before us; if not in the bills reported, they are submitted in the message. Our whole work is before us; we now see what is to be done, and he thought that it was our duty to enter upon it without further delay. We are now in the last half of the second week, and have done nothing; and it is proposed to adjourn over to the third week before we enter upon the business for which we have been convened. He did not complain of the delay so far, but on the contrary would say (for he thought it due to them) that the committee to whom the grave and important subjects contained in the message had been submitted had been remarkably faithful and industrious in the discharge of their duties. They had performed their service, and it now remained for us to enter upon ours, which he hoped would be done without further delay. Congress had been assembled at an extraordinary conjuncture to perform a special service, and he hoped, now we had the work before us, that we should enter upon it, and continue our labors with diligence and perseverance, so as to despatch the business, and close the session as soon as was consistent with the full deliberation and reasonable discussion due to the important subjects before us. But we are told by the honorable Senator from Virginia that the several subjects are so connected, that we cannot with propriety act upon one, without an opportunity to examine and compare them, and make up our minds upon the whole. He wishes time for examination, reflection, and consultation. But he (Mr. N.) thought there had already been sufficient time for these purposes, and he did not consider that there was much connexion between the bill for postponing the fourth deposite to the States, which would be acted upon to-day, and the several bills that the honorable chairman of the Committee on Finance had just reported. Sir, (said Mr. N.) we have been called here at an extraordinary emergency, when the business of the country was deranged, and the public mind in an unsettled and feverish state; the expectations of the people are excited; the eyes of the whole country are upon us. At such a time, and under such circumstances, Congress cannot remain in session without a prodigious influence for good or for evil; and he greatly feared it would be the latter. A protracted session, he was persuaded, would tend to agitate and disturb the public mind, already sufficiently unsettled, that could hardly fail of increasing existing difficulties, which depend much, if not mainly, on a general want of confidence. Would gentlemen prolong the present, so as to run it into the regular annual session? He hoped no one was disposed to do this; nothing, in his opinion, could have a more injurious effect. He was sensible of the great and momentous importance of the subjects before Congress, and was as desirous as any one could be that time should be allowed for their full consideration and reasonable discussion; but he believed it due to the country that we enter upon this at once, and continue our labors with diligence, so as to bring the session to a close as soon as possible. He therefore hoped that the Senate would now take up the bill for the postponement of the fourth instalment to the States, which was the order of the day. Mr. WRIGHT said it was but justice to himself and the committee to say that it was not their purpose to press any measure unkindly, unnecessarily, or prematurely upon the Senate. And even if such had been their disposition, it was not in their power. But Mr. W. had been requested by the members of the committee to say that the committee had already reported all that they expected to report on the subject. The committee had had free and full consultations with the Secretary of the Treasury on the subjects referred to in the message and the report, and had now submitted to the Senate all the measures which it appeared to them proper to propose. The facts before them showed a high necessity of speedy action, on the two first bills at least, with which the latter bills had no intimate connexion. Mr. W. would, therefore, ask that the first (the postponement of the deposite) bill might be considered this morning, and to this effect several Senators had expressed to him their wishes. Under these evidences of such a disposition in the body, no one could suppose that he (Mr. W.) had any desire unkindly to press the action of the Senate upon any subject. Mr. RIVES said he did not attribute any unkindness to the Senator. He knew too well his accustomed parliamentary courtesy to suspect him of such a disposition. But that hor.orable member, as well as the honorable member from Connecticut, must perceive that there were other members whose situation was materially different from theirs. They from the first had free access to all the documents on the subject, and the advantage of free communication with the head of the Treasury Department. But such was not the case with all the members, and it was not so with himself. He and others had not been aware of the character of the President's message till it was communicated; and they had not prepared themselves to act on an assumption of what it might be. Mr. R. therefore now asked the privilege of time to consider the subject for himself; and not for the purpose, as had been intimated by the Senator from Connecticut, of private consultation. Mr. R. was determined to act on his own responsibility, without private consultation; and if there had been, or was to be, any such consultation, it was not by him. The expectations of the constituents of the Senator from Connecticut were different from those of Mr. R.'s constituents-that they should merely set the machine of Government in operation, and then go home. Mr. R. was not sent here for the relief of the Government merely, but for the relief of the people first. And especially Mr. R. did not wish to cast the slightest reproach on the Committee on Finance; but they would permit him to say that he did not perceive, in the measures which the committee had proposed, any thing to relieve the sufferings of the community. They were merely convenient for the Government, and were so far important. But Mr. R. felt bound to his constituents to provide some remedy, if any [SENATE. Such a measure Mr. R. was desirous to see; and if it should appear from no other quarter, he would take it upon himself, humble as he was, to offer some measure having a tendency to produce that result, and relieve the distresses of his bleeding country. Gentlemen had compared the economy of a short session with the great interests of the country. But Mr. R. thought, if economy alone were to be considered, it would be more economical, and save the mileage of a double session, to hold but one session instead of two, and to go at once upon the general business of the nation. Mr. R. had no disposition to remain here; his private interests demanded that he should be at home. But he would sacrifice every such interest, and every personal convenience, on the altar of his country. Now, if ever, was the time to restore confidence; and now, while the elements of national relief and prosperity were lying dormant before them, and only requiring the breath of Congress to put them in action, he called upon gentlemen not merely to think of providing facility for the operations of Government, but to look to the great interests of the people. Mr. R. believed something might be done for the good of the community. If the Government could do harm, it could also do good. He meant no reproaches-all Governments were capable of doing harin, as well as good; and it was peculiarly incumbent on ours, at the present crisis, to do what it could for the good of the country, and to the full extent of its power. But they ought not to act on trust. However others might act, Mr. R. could not act to his satisfaction without examination by himself. He repeated, that he deemed it infinitely more important for them to act well than hastily. He might not be so happy as to comprehend these subjects as readily as others; but he deeply felt their importance, both to the present welfare, and to all the future destinies of the country. Whether the session should be long or short-whether continued to the next or not-depended on the wisdom and responsibility of Congress. But if these great and important subjects could not be well and deliberately disposed of before the first of December, Mr. R. would, by all means, remain; and he felt now ready to take the oath of the members of the French convention, not to disperse till the country should be relieved. As yet, Mr. R. had not seen one measure proposed for this purpose. Mr. CALHOUN was deeply impressed with the magnitude and danger of the present emergency. It, however, had not taken him by surprise, nor was it unlooked for by him. In his humble opinion, of the many difficulties through which the country had passed within the last fiveand-twenty years, this was by far the most distressing and overwhelming. Seeing and believing this, he had come here with a full and fixed determination to do his duty, despite of all personal considerations and party feeling; for, when his country was in danger, he knew but one impulse, and that was to perform his duty. He had been looking forward with the most intense anxiety for the remedy which would be proposed. Fixing two great points in his mind, he had observed the most strict reserve until he saw the plan of the administration. Having now seen it, he felt that the only feature in the message, and in the report of the Secretary of the Treasury, which gave character to the present bill, was to be abandoned. For himself, while he was ready to act on this understanding, he must say that, with regard to the other measures, he regarded them as nothing-as perfectly immaterial. And he would tell gentlemen that this was not a crisis for weak action. They had a difficult scene to go through, and, if they did not meet it with promptness and boldness, they would find it no easy matter to overcome. He professed himself prepared to act immediately on the bill before the Senate. Mr. WEBSTER said he felt himself bound, in pursuance of his pledge, to give as early an opportunity of considering the measures proposed by the Committee on Finance as was consistent with considerate legislative deliberation. That which governed him in this case, to a great degree, was the apprehension which he felt (perhaps it might be erroneous and unfounded) that no measures were likely to be offered to Congress, under the recommendation of the message, or Treasury report, which would meet with his approbation. In the mean tirne, Mr. W. was as ready as the Senator from Virginia [Mr. RIVES] to stay here till May next, if necessary; but whatever procrastination was indulged in here, was a protraction of the evil oppressing the country. He hoped, therefore, the Senator from Virginia would agree to consent that the measure first proposed by the committee be now brought before the Senate, and be now examined, because there are other measures dependent upon it. The first step, as it seemed to him (Mr. W.) the most proper to be decided upon, was, whether the payment of the fourth instalment should be postponed; because the period was now near at hand when that instalment was to have been paid. This question ought to be settled one way or the other. They were bound, in consideration of the great suffering and distress now oppressing the country, to make trial of some measures. Mr. RIVES said that, as it appeared to him there was a disposition in the Senate to take up this bill, and as he understood the Senator from Massachusetts [Mr. WEBSTER] felt a personal interest in its immediate consideration-intending to deliver his sentiments on it to-day-he (Mr. R.) would withdraw his motion. It was, however, his decided opinion that the action demanded of them on all these measures was not simply and merely to put the Government in motion again, but to provide effectual and immediate relief for the people, in preference to affording aid in the first place to Government. This object he (Mr. R.) thought not very likely to be promoted by taking up this bill; but, in compliance with the general opinion of the Senate, he should withdraw his motion. | [SEPT. 14, 1837. the local currency, and a serious obstruction and difficulty thrown in the way of buying and selling. A third want is, the want of an accredited paper medium, equal to specie, having equal credit over all parts of the country, capable of serving for the payment of debts and carrying on the internal business of the country throughout and between the different and distant sections of this great Union. These three evils, though they are co-existent and cognate in their being, cannot be met by the same measures of relief. If relief is given to the one, it does not follow that you will relieve the others; if you replenish the Treasury, and thus bring a remedy to that evil, this brings no relief to the disordered currency. And again if the local currency is relieved, it does not supply the other want, namely, that of a universally accredited medium. It has, no doubt, struck the country generally that the most important objection to the message is, that it says nothing about relief to the country, directly and mainly; the whole amount of the proposition it contains relates to the Government itself; the interest of the community is treated as collateral, incidental, and contingent. So in the communication made by the Secretary of the Treasury, the state of the currency-the condition in which the commerce and trade of the country now are-is not looked at as a prominent and material object. The Secretary's report, as well as the message itself, exclusively regards the interest of the Government, forgetting or passing by the people. The outpourings of the Secretary, which are very considerable in quantity, are under seven heads-the exact number of the seven vials of which we read. But the contents of none of these are concocted or prepared in reference to the benefit of the community; all the medicine is intended for the Government Treasury, and there is none for the sickness and disease of society, except collaterally, remotely, and by-the-by. It is, however, to the credit of the President that he has given, in an unequivocal and intelligible manner, his reasons for not recommending a plan for the relief of the country; and they are, that, according to his view, it is not within the constitutional province of Government. I confess (said Mr. W.) this declaration is to me quite astounding, and I cannot but think that, when it comes to be considered, it will produce a shock upon the whole country. This avowed disregard of the public distress, upon the ground of alleged want of power; this exclusive concern for the interest of Government and revenue; this broad line of distinction, now, for the first time, drawn between the interests of the Government and the interests of the people, must certainly present a new era in our politics. For one, (said Mr. W.) I consider Government as but a mere agency; it acts not for itself, but for the country; the whole end and design of its being is to promote the general interests of the community. Peculiar interests, selfish interests, exclusive regard for itself, are wholly incompatible with the objects of its institution, and convert it from its true character, as an agency for the people, into a separate dominant power, with purposes and objects exclusively its own. Mr. WEBSTER then rose, and said that the importance of the present crisis and the urgency of this occasion was such as to lead him earnestly to desire that some measures of adequate relief might come from the quarter which alone had the power to effect any thing, by the majority it commanded. Much as I differ from them, (said Mr. W.) I would be glad to accept any measure of substantial relief which they might bring forward. I think, sir, I see such a necessity for relief as never before, within my recollection, has existed in this country, and I regret to be obliged to say that the measures proposed by the President, in his message to Congress, and reiterated by the Secretary of the Treasury, in his report to the same body, only regard one Holding, Mr. President, opinions on this subject, and object, and are, in their tendency, only directed to one being prepared to stand by and maintain them, I am cerbranch of partial relief. The evils, however, under which tainly rejoiced at the clear shape which the question has at the community now suffers, (said Mr. W.) though related, | last assumed. Now, he that ruts may read; there are none and of the same family, are yet capable of distinct consider- but can see what the question is: is there any duty incumation. In the first place, there are the wants of the Treas-bent on this Government to superintend the actual currency ury, arising from the stoppage of payments and the falling off of the revenue. This is an exigency requiring the consideration of Congress; it is an evil threatening to suspend the functions of at least one department of the Government, unless it be remedied. Another and a greater evil is, the prostration of credit-the interruption brought upon all business transactions, arising from the suspension of all the local banks throughout the country, with some few and trifling exceptions. Hence has proceeded a prostration of of the country has it any thing to do beyond the regula tion of the gold and silver coin? In that state of mixed currency which existed when the constitution was formed, and which has existed ever since, is it or is it not a part of the duty of the Government to exercise a supervisory care and concern over that which constitutes by far the greater part of that currency? In other words, may this Government abandon to the States and to the local banks, without control or supervi | [SENATE. sion, the unrestrained issue of paper for circulation, with gentlemen who are opposed to all paper money, who would out any attempt on its own part to establish a paper medi- have no medium whatever in circulation but gold and silver. um which shall be equivalent to specie, and universally ac- Now this, at all events, is an intelligible proposition; but credited all over the country? Or, Mr. President, to put as to those who say that there may be a paper medium, and the question in still other words: since this Government yet that there shall be no such medium universally receivahas the regulation of trade, not only between the United ble, and of general credit, however honest the purposes of States and foreign states, but between the several States such gentlemen may be, I cannot perceive the sanity of themselves, has it nevertheless no power over that which is such views; I cannot comprehend the utility of their inthe most important and essential agent or instrument of tentions; I can have no faith, sir, in any such systems. trade the actual circulating medium? Now, Mr. Presi- Now I would ask this plain question: whether any one imdent, on these questions, as already said, I entertain senti-agines that all the duty of Government, in respect to the ments wholly different from those which the message expresses. It is, (said Mr. W.) in my view, an imperative duty imposed upon this Government by the constitution, to exercise a supervisory care and control over all that is in the country assuming the nature of a currency, whether it be metal, or whether it be paper. All the coinage of the country is placed in the power of the Federal Government; no State, by its stamp, can give value to a brass farthing. The power to regulate trade and commerce between the United States and foreign or Indian nations, and also between the respective States themselves, is expressly conferred by the constitution upon the General Government. Now, it is clear that the power to regulate commerce between the States carries with it-not impliedly, but necessarily and directly-a full power of regulating the essential element of commerce, viz. the currency of the country-the money, which constitutes the life and soul of commerce. We live in an age when paper money is an essential element in all trade between the States; its use is inseparably connected with all commercial transactions. That it is so, is now evident, since by the suspension of those institutions from which this kind of money emanates, all business is comparatively at a stand. Now, sir, (said Mr. W.) what I maintain is simply this: that it surely is the duty of somebody to take care of the currency of the country; it is a duty imposed upon some power in this country, as is done in every other civilized nation in the world. I repeat, sir, that it is the duty of some Government or other to supervise the currency. Surely, if we have a paper medium in the country, it ought only to exist under the sanction and supervision of the Government of the country. Now, sir, if the General Government does not exercise this supervision, who else, I should like to know, is to do it? Who supposes that it belongs to any of the State Governments, for example, to provide for or regulate the currency between New Orleans and New York? The idea has been thrown out that it is not the duty of the Government to make provision for domestic exchanges, and the practice of other Governments has been referred to; but, I think, in this particular a great mistake has been committed. It is certainly far otherwise in England: she provides for them most admirably, though by means not, perhaps, altogether in our power. She and other nations, however, provide for them; and it is plain and obvious that, if we are to have a paper medium of general credit in this country, it must be under the sanction and supervision of the Government. Such a currency is itself a proper provision for exchanges. If there be a paper medium always equivalent to coin, and of equal credit in every part of the country, this itself becomes a most important instrument of exchange. Currency and exchange thus become united; in providing for one, Government provides for the other. If the Government will do its duty on the great subject of the currency, the mercantile and industrious classes will feel the benefit through all the operations of exchange. No doubt some modes of establishing such a currency may be more favorable to exchange than others; but by whatever mode established, such a currency must be useful to a great extent. The question, therefore, comes to this: whether we are to have such a medium. I understand there are VOL. XIV.-2 currency, is comprised in merely taking care that the gold and silver coin be not debased? If this be all its duty, that duty is performed, for there is no debasement of them; they are good and sound. If this is all the duty of Government, it has done its duty. But if Government is bound to regulate commerce and trade, and, consequently, to exercise oversight and care over that which is the essential element of all the transactions of commerce, then Government has done nothing. I shall not, however, (said Mr. W.) enter into this question to-day, nor perhaps on any early occasion; my opinions upon it are all well known; and I leave it with great confidence to the judgment of the country, only expressing my strong conviction that, until the people do make up their minds, and cause the result of their conclusions to be carried into effect by their representatives, there will be nothing but agitation and uncertainty, confusion and distress, in the commerce and trade of the country. I shall now (continued Mr. W.) confine myself to a few remarks on the bill before us, and not detain the Senate longer than will be strictly necessary to give a plain statement of my opinion. This measure is proposed in order to provide for the wants of the Government. I agree that this is a necessary object; but the question is, whether this bill is the proper mode of making such a provision. I do not think it is, though others may think differently. If this is indeed the best mode, I should wish to see it carried into execution, for relief is wanted both by the Treasury and by the country, but first and chiefly by the country. I do not say that by the law providing for this deposite the States have any fixed right to it; I prefer to put the matter entirely on the footing of convenience and expediency; and when it is considered what expectations have been raised-that this money has even been already disposed of in advance by the several States for different purposes, such as internal improvements, education, and other great objects-it becomes a question of expediency whether it would not be better to supply the wants of the Treasury by other means. Another consideration of great importance in my view is this: There are already many disturbing causes in operation, agitating the transactions of society in all the various ramifications of business and commerce. Now, I would ask, sir, is it advisable, is it wise, is it even politic, to introduce, at such a time as this, another great disturbing cause, producing a reversed action, altering the destiny of this money, overthrowing contracts now entered into, disappointing expectations raised, disturbing, unsettling, and deranging still more the already deranged business transactions of the whole country? I would ask, is it worth while to do this? I think not. We are to consider that this money, according to the provisions of the existing law, is to go equally among all the States, and among all the people; and the wants of the Treasury must be supplied, if supplies be necessary, equally by all the people. It is not a question, therefore, whether some shall have money and others shall make good the deficiency. All partake in the distribution, and all will contribute to the supply. So that it is a mere question of convenience, and, in my opinion, it is decided |