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

416 ABRIDGMENT OF THE H. OF R.] Purchase of Books for Members. [JANUARY, 1834. This, however, is but the commencement of will be well, as it was before the Treasury orevils still greater to follow, unless an immediate der relating to the public deposits was issued. remedy be applied by the action of Congress. But when the time arrives that money cannot And this leads to the inquiry what is the pros- be obtained in any form to meet outstanding pect before us? What is to be the condition engagements; when such a state of alarm shall of the country, if there be not a reaction, if exist as that the vaults of the local banks are business do not revive, confidence be not re- to be opened to redeem their notes; when specstored, the usual course of industry and enter- ulators in bank notes shall commence the purprise be not pursued, the currency be not re- chase of them at a large discount, to demand stored to its former sound and healthful state, their payment in specie; when this period arand active employment be given to the labor rives, then will most of the State banks be comof our citizens, with a reasonable prospect of a pelled to close the doors of their vaults, and fair and certain remuneration? the scenes of the years 1814 and 1815 again be That condition, it is to be feared, will be one witnessed. And though I believe the Bank of of general bankruptcy, and, perhaps, a suspen- the United States-that monster and tyrant, as sion of specie payments by most of the local it has been called, which was to crouch at the banks; the present state of things, gloomy and feet of the Treasury an humble suppliant for fearful as it is, cannot long continue; the favor-will ride out the storm without the loss pressure will be more severely felt; the causes of a spar, or a sail, or a yard, it is greatly to be which have produced it will not cease to oper- apprehended that the broken fragments of ate, but will accumulate strength, and produce most of the State banks, which will be seen still more deleterious effects; the cord is fast everywhere floating, will evince what desoladrawing to its ultimate power of tension; in a tion and ruin have befallen them. few months it will part. And what will be the result? Will it not be one which will jeopard the capital of the State banks, or com- FRIDAY, January 31. pel them to refuse the redemption of their notes Purchase ofBocsfor lembers. in coin? Can the local banks redeem their circulation and pay their deposits, without call- Mr. SPEIGHT asked the unanimous consent of ing upon their debtors to make frequent and the House to offer a joint resolution. Leave large payments? They have not the power to being given, he offered a resolution for furnishcoin money, nor can they raise it on their cred- ing to the new members of Congress certain it. And can these debtors pay without effect- books of reference which have been furnished ing loans elsewhere, or obtaining money by the to the old members. sale of their crops or their manufactures? Mr. WHITTLESEY objected to the form of the And are these the resources which are at hand? resolution; and, after some conversation, it was, The banks, instead of loaning, are curtailing on the motion of Mr. POLK, verbally modified, their accommodations; private capitalists will with the consent of the mover, so as to read as not lend; sales of the products of labor cannot follows: be made. In what manner, then, is provision Resolved by the Senate and House of Representato be made for the payment of bank loans? tives, That the members of the present Congress, And if none can be made, the local banks must who have not heretofore received them, be supplied resort to other means than collections from with the same books that have been ordered to be their debtors to provide for the redemption of furnished to the members of the 22d Congress; the their own debts-and they will look in vain cost thereof to be paid out of any money in the for any such means. It is also not to be forgot- treasury not otherwise appropriated. ten that the whole system of banking opera- Mr. WAYNE wished, before voting, to know tions in this country has its foundation in pub- what the books were which were referred to, lic confidence and credit. It is well known and whether some might not now be out of that the banks cannot redeem all their issues in print, so that the resolution might, in effect, coin, if demanded at once; but the community be authorizing a reprint of them. feel a security in the integrity, and intelligence, Mr. SPEIGHT explained, and stated that his and prudence of those who have the manage- object in offering the resolution was to furnish ment of these institutions, and a certainty that such members as had not been supplied with the notes will subserve all the purposes to them with Gales & Seaton's Register of Debates, which they wish to apply them, and thus be and the Documentary History of Congress. equivalent to coin. While these feelings of The resolution was ordered to be engrossed security and certainty continue-while all the for a third reading. banks are disposed to be liberal and friendly to The SPEAKER stated to the House that an each other-while the business of the country oversight had been committed in passing to a is carried on with its accustomed industry and third reading the resolution offered by ~Mr. prosperity, and the revenues of the Govern- SPEIGHT. That resolution involved an approrrent are disbursed equally for the benefit of priation of money, and must, therefore, first be all, and the domestic exchanges continued with considered in Committee of the whole House. their usual frequency and rapidity, and without On motion of Mr. SPEIGHT, the House went loss, and the currency is preserved pure-all into Committee of the Whole on the state of tho

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Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 416
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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