Abridgment of the Debates of Congress, from 1789 to 1856.

DEBATES OF CONGRESS. 289 MARCH, 1834.] Rechartering Bank United States. [SENATE. control, which presents the great difficulty ex- est enemies and the advocates of an exclusive perienced in devising the proper means of effect- specie circulation, must make it a part of their ing the remedy which all feel to be so desirable. system to tolerate the banks for a longer or a Among the means which have been suggest- shorter period. To suppress them at once, would, ed, a Senator from Virginia, not now a mem- if it were possible, work a greater revolution, a ber of this body, (Mr. RIvEs,) proposed to apply greater change in the relative condition of the the taxing power to suppress the circulation of various classes of the community, than would small notes, with a view of diminishing the the conquest of the country by a savage paper and increasing the specie circulation. enemy. What, then, must be done? I answer, The remedy would be simple and effective, but a new and safe system must gradually grow is liable to great objection. The taxing power up under, and replace, the old; imitating, in is odious under any circumstances; it would be this respect, the beautiful process which we doubly so when called into exercise with an sometimes see, of a wounded or diseased part, overflowing treasury; and still more so, with in a living organic body, gradually superseded the necessity of organizing an expensive body by the healing process of nature. of officers to collect a single tax, and that on an How is this to be effected? How is a bank inconsiderable subject. But there is another, to be used as the means of correcting the excess and of itself a decisive objection. It would be of the banking system? And what bank is to unconstitutional-palpably and dangerously so. be selected as the agent to effect this salutary All political powers, as I stated on another oc- change? I know, said Mr. C., that a diversity casion, are trust powers, and limited in their of opinion will be found to exist, as to the agent exercise to the subject and object of the grant. to be selected, among those who agree on every The tax power was granted to raise revenue, other point, and who, in particular, agree on for the sole purpose of supplying the necessary the necessity of using some bank as the means means of carrying on the operations of the Gov- of effecting the object intended; one preferring ernment. To pervert this power from the ob- a simple recharter of the existing bank-anject thus intended by the constitution, to that other, the charter of a new Bank of the United of repressing the circulation of bank notes, States-a third, a new bank ingrafted upon the would be to convert it from a revenue into a old-and a fourth, the use of the State banks, penal power —a power in its nature and object as the agent. I wish, said Mr. C., to leave all essentially different from that intended to be these as open questions, to be carefully surveyed granted in the constitution; and a power which and compared with each other, calmly and disin its full extension, if once admitted, would be passionately, without prejudice or party feelsufficient of itself to give an entire control to ing; and that to be selected which, on the this Government over the property and the whole, shall appear to be best-the most safe; pursuits of the community, and thus concentrate the most efficient; the most prompt in applicaand consolidate the entire power of the system tion, and the least liable to constitutional obin this Government. jection. It would, however, be wanting in What, then, Mr. C. inquired, what other candor on my part, not to declare that my immeans do we possess, of sufficient efficacy, in pression is, that a new Bank of the United combination with those to which I have refer- States, ingrafted upon the old, will be found, red, to arrest the farther progress and correct under all the circumstances of the case, to comthe disordered state of the currency? This is bine the greatest advantages, and to be liable the deeply important question, and here some to the fewest objections; but this impression is division of opinion must be expected, however not so firmly fixed as to be inconsistent with a united we may be, as I trust we are thus far, calm review of the whole ground, or to prevent on all other points. I intend to meet this my yielding to the conviction of reason, should question explicitly and directly, without reser- the result of such review prove that any other vation or concealment. is preferable. Among its peculiar recommenAfter a full survey of the whole subject, I see dations, may be ranked the consideration, that none-I can conjecture no means of extricat- while it would afford the means of a prompt and ing the country from its present danger, and to effectual application for mitigating and finally arrest its farther increase, but a bank-the removing the existing distress, it would, at the agency of which, in some form, or under some same time, open to the whole community a authority, is indispensable. The country has fair opportunity of participation in the advanbeen brought into the present diseased state of tages of the institution, be they what they may. the currency by banks, and must be extricated When Mr. CALHOUN had concludedby their agency. We must, in a word, use a Mr. BENTON expressed his satisfaction that bank to unbank the banks, to the extent that the Senator from South Carolina had restored may be necessary to restore a safe and stable the debate to the elevation that belonged to the currency-just as we apply snow to a frozen Senate; he did not mean to descend from that limb, in order to restore vitality and circula- elevation, not of sentiment, thought, and style, tion, or hold up a burn to the flame to extract to which he had no pretension; but in the the inflammation. All must see that it is im- mode of conducting the debate, descending to possible to suppress the banking system at no personal or partisan object, but keeping once. It must continue for a time. Its great- solely in view the great interests of the counVOL. XII.-19

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Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 289
Publication: New York, [etc.]: D. Appleton and company [etc.]; 1857-61.
Subject terms: United States -- Politics and government

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Abridgment of the Debates of Congress, from 1789 to 1856.

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