one.

who talks about merchants spending their is a function which paper cannot perform. time in counting piles of dollars, one by The measure of values must itself possess If masses of specie are to be paid, intrinsic value, and must itself be free from it is done in bulk, in kegs, or bags, or by sudden or material variations of value. It weighing, or by a transfer of credit on the must have a uniform, and a universal vabooks of a bank. Bills of exchange, re- lue. As well might you attempt to make ceipts, or certificates, representing masses a measure of lengths out of that which of cotton, tobacco, rice, grain, flour, beef, has no length, a measure of weights out pork, lead, cattle, &c. make the great pay- of that which has no weight, a measure of ments. So far as large mercantile opera- quantities out of that which has no capacity tions are concerned, specie is but an inferior to hold any quantity, as to endeavor to make part of the means of payments. With the a measure of values out of that which has body of the community, it is different. no intrinsic value. The precious metals Specie is, or should be, the main part of alone can constitute a measure of values; their payments, and with every Govern- paper money can measure the value of nothment, it should be the sole instrument of ing, not even of itself; its own value is payments. As to banks, it is in vain for eternally measured by its relation-by its them to expect to live upon confidence. convertibility-into specie. Its want of inThose that attempt it will share the fate intrinsic value, its liability to be made in of the Irishman's mare, which her master any quantity, or to be diminished in any undertook to make live upon a straw a day. quantity, and its liability to total destrucOne-third in specie, for all its liabilities in tion, entirely disqualifies it for the high circulation and deposites, is the rule of the function of a measure of values. Bank of England. With less than that proportion the bank holds herself to be unsafe; with that proportion in hand, she expects to make up the other two-thirds, if ran upon, out of the debts due her, her credit to borrow, and Government aid in Exchequer bills. Scarcely a bank in the United States undertakes to come up to the Bank of England standard of safety. The Legislature of Louisiana is the only one that I have seen attempting to establish that standard.

There is a concerted attempt at this time in the United States to decry specie; to ridicule it, to vilify it, to suppres it, and to banish it. Gold, especially, is the object of the vilification of this party-that gold which stands first named in the constitution of the United States, and which, from the earliest records of the human race, has been the chosen money of the world. I do not envy that party their assiduous labors in the defamation of the precious metals. I do not fear the success of their exertions. I do not fear even that they will ever succeed in making themselves turn their backs upon the smallest piece of gold or silver which is offered for their acceptance. The necessity of an adequate supply of the precious metals is known and felt by the whole human race. It is the only money which it is safe for the body of the people to handle. It is the main basis for the operations of a bank; and it is the only standard or measure of values. One of the highest functions of money is to measure values. That

The Constitution of the United States has vested Congress with authority to prescribe a uniform standard of weights and measures for the whole Union. Congress has not exercised that power; but the common feeling of the people has supplied the defect of Federal legislation. In all parts of the Union, they use the same weights and measures. A pound is a pound, a bushel is a bushel, a yard is a yard. from one end of the country to the other. The Constitution has also vested Congress with authority toregulate the value-not of currency, for there is no such word in the Constitution, nor any word which can be made to include paper currency-but to regulate the value of the coin of our own mint, and also of foreign coin. This power, for fortyfive years, that is to say, from 1789 to 1834, was so erroneously exercised as to undervalue gold six and two-thirds per cent. The consequence was the total exclusion of gold from our circulation. In 1834 this error was corrected; and the consequence is, that gold is in the full process of restoration to its constitutional place in our currency. With respect to foreign coins, instead of making: them current, as the Constitution intended, they were nearly all excluded from circulation by the act of 1819. This false legislation was also corrected in 1834; and foreign coins now enter largely into our circulation. The year 1834-the second year of General Jackson's second Presidential term,. be an era, a proud and glorious era, in the history of our constitutional currency.. It will be the era of the reformation of the me

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tallic currency. The year 1836, the last year siderate man, invested with no legislative of General Jackson's second term, will be character, may say, that paper money is another glorious epoch in our financial his- lighter than gold and silver; that paper will tory. It was in that year that the promis- buy any thing that gold and silver will buy,. sory notes of a corporation ceased to be a that he does not care what his money is lawful tender to the United States in dis- made of, provided it will pay his debts.. charge of all taxes, debts, and duties due to The unreflecting man may talk in this way; her. The year 1836 is the epoch of this but the statesinan must look at money in deliverance of the Federal Treasury from its exalted character of a measure of values; the dominion of a corporation; but the year and if that measure is lost or destroyed by. 1832 divides the honor with it; for in that his management, he commits a great error, year was the blow struck-the heroic veto and inflicts a great injury upon the entire applied-which effected the deliverance. community. We have lost that measure.. Three noble acts have been performed; but The Federal Government has occasioned a fourth remains to be achieved to consum- its less. The use of paper at the Fedemate the duties of the Federal Govern- ral Treasury has banished coin-has set ment in relation to the currency. That er an example which has been followed by all ror of Mr. Madison's administration, at the the States, and by every individual-until expiration of the existence of the first paper has banished coin, and made itselfa Bank of the United States, must not be re- forced tender in every payment. Paper peated. The notes of the local banks must money is now the actual currency of the not be made a nat onal currency! The er- land. It is the medium of all payments; ror ruined the currency in 1814 and in 1819, and, being no measure of values, there is no and the repetition of it again ruined it in stablity of prices. Every thing fluctuates. 1837. Three times in twenty-five years, Trade is subjected to the hazards of gamb-has that error deprived the Treasury of its ling. The remedy for this evil-the means revenues, the country of a measure of va- for the re-establisment of the measure of lues, and rendered nugatory the uniformity values-is for the Federal Government to of weights and measures, in which the use the true measure itself. In supplying whole Union had agreed. The effect upon, itself with the true measure, it will cause the community has been the same as if the whole country to be supplied. No naevery seller had possessed the privilege, tion can saturate itself with gold and siland had exercised it, of altering his weights ver more easily than the United States.. and measures at his pleasure; lengthening The hundred millions of exportable proor shortening his yard stick; enlarging, or, ducts, annually sent abroad, to say nothing reducing his bushel; diminishing or increas ing his pound weight with every sale, and precisely as it suited his own interests in every instance. This is an enormous and a crying evil, the parent of unnumbered imposititions upon the whole community, and especially upon the weaker part. in paying double for the necessaries of life, Mr. B. would examine some of the obthe effect has been precisely the same as if jec.i ns to the proposed bill. The able the purchaser had received but half a pound, speeches which had been delivered by the half a yard, and half a bushel, when he numerous friends of the measure abridged paid for a full pound, a full yard, and a fuli his labor in this respect, and he should conbushel. But, sir, I drop this disquisition. fine himself to brief notices of a few of the The pursuit of it wonld carry me too far, principal points. At the head of these objecat, the present moment,, into the workings itons, stands the imposing assumption that of the paper system. I drop it with re- the rassage of, the bill will inflict a severe marking, that the arbitrary debasement of wound upon the State banks, and entirely. the current coin, formerly practised by disable them to resume specie payments. some European Kings, and latterly by This assertion is made by the whole body, some Turkish Sultaus, was innocent and of the speakers on the opposite side; but harmless, compared to the mischief done they deal in assertion only. No explana in our own country by the loss of a mea- tion is given to justify it, and to show how sure of values, and the consequent, or it is, that an array of eight hundred banks equivalent, destruction of all the measures is to be thus mysterious y and powerfully of quantities. The thoughtless and incon- affected. The amendment of the Senator.

of domestic mines, and the supplies brought in by emigrants-will bring back an annual supply of 12 or 15 millions. We have but to invite its presence, by rea ing a de-. mand for it, and & or 10 millions of this amount will annually remain with us until the national supply is full and complete.

from Virginia [Mr. Rives] only proposes to distribute the deposites among twentyfive banks, so that seven hundred and seventy-five would remain unprovided for, and; consequently, subject to ruin under that plan. But there is a readier answer to this objection. The bill only proposes to remit these banks to the condition they were in under the dominion of the Bank of the United States. They were then in a complete state of divorce from the Federal Government, having no share of the public deposites, or any share in the privilege of paying the Federal revenue with their notes. They were contented with that condition, and affirm that they flourished under it; and such of them as wish for the establishment of a National Bank, are still in. favor of that condition, and of being divorced from the Government. The only difference is that they will submit to a divorce imposed by the by-laws of a Federal Bank, but will resist it coming from Congress. This answer is enough to explode the objection. It not only puts an end to it, but makes it ridiculous. No further answer is necessary to be given; but a further answer is at hand, and will be given. It comes from an authoritative source. The report of the committee of the banks of New York, on the resumption of specie payments, made on the 28th of February last, and approved in a general meeting of the banks of the city, holds this language:

"In contemplation of the resumption of specie payments by the banks of the city of New York,. on or before the 10th of May next, and under the uncertain contingency of a simultaneous or early resumption by the banks of some of the other great commercial cities, it is incumbent on those of New York to adopt all the measures within the limits of their resources, which may enable them not only to resume, but also to maintain specie payments."

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"The fall in the rate of foreign exchanges, now considerably below par in our city paper, renders it absolutely certain, that no exportation of specie can take place, and more than probable that a considerable influx may be expected. This fact, now indisputable, must have an effect on public opinion, and ought to remove the apprehensions of those who may have believed our ef forts for an early resumption premature.. Secure as all the banks in the United States are, against foreign demands we are justified in expecting their co-operation. If this is obtained, we do not perceive any obstacle to an early, easy, and safe resumption of specie payments.'

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“A continued suspension, on the part of some of the other great commercial cities, can alone render the resumption on our part difficult, and may prevent a free application of the legitimate resources of New York. Yet, such is the favor

able relative state of the balances between this and the other parts of the Union, that for the pre sent, at least, but litle need be apprehended from the effect of natural causes. Of deliberate acts of hostility, as there could be no motive for such, there should be no apprehension on our part. We trust that, supported by the community of thin city, and by the State, the banks will be able to surmount all obstacle, and on or before the tenth of May to resume and maintain specie payments"

From this authentic report, it is seen that the banks of the city of. New York have determined to resume specie payments on or before the 10th of May next; that they ask nothing but the co-operation, or forbearance, of other banks, and are afraid of nothing but the deliberate hostility of some non-resuming banks in other cities, that is to say, Mr. Biddle's bank in Philadelphia.. This is the language of the banks in New York. They ask nothing, and they fear nothing, from the Federal Government.. They fear nothing from the Sub-Treasury bill. They declare their only danger to be in the conduct of the non-resuming banks. of some neighboring cities. Now, which is entitled to most credit in this contradiction of opinion, the New York banks, or the politicians on this floor? Certainly it is a case in which the opinion of the banks must prevail. They know their own condition; they know the condition of others; they have the work of resumption to perform, and they say they can perform it. If they can, all other banks must be able to. do it likewise, or must have imposed falsehoods upon the country when they stopped payment last May; for all then declared. that they did not stop from their own weakness, but from the example of New York; and that they would be ready to resume whenever her banks did. This was the language of all, and of none more publicly and positively than that of Mr. Biddle's

bank.

The banks, then,. upon their own. showing, are all able to resume, and it is not for politicians, who cannot be admitted to know the condition of the banks as well as the banks do themselves, and who have their own political objects to accomplish by prolonging the suspension-it is not for then to discover excuses for the future failure of the banks in the acts of a Gov-. ernment, the whole of whose acts are, in their eyes, full of folly and ruin. Even if these politicians stood before the country as sound judges, their judgment could not banks. But they do not so stand; they do not come in competition with the opinion of the stand as sound judges, but as frail and falli ble partisans, whose habitual vaticination of ruin from every act. of the Government,,

whose thousand and one mistakes heretofore committed; whose burning desire to get into power by destroying the credit of those in power must reduce them to the condition of permanent prophets of woe, predicting destruction, as a matter of course, from every thing which their adversaries do.

The establishment of a Treasury bank is the next objection to this bill. It is declared to be a Treasury bank; and then a fright ful picture of the evils of such a bank is drawn by each speaker, and held up to terrify the people. I thank them for this objection; it kills off four others which this party have made against this administration, and on each of which they have insisted with all the vehemence with which they now urge this one. It kills off the whole charge of intending to establish a National Bank in New York; the whole charge of intending to impose the safety fund system upon the whole Union; the whole charge of intending to govern the country, by a corrupt league of pet barks; and the whole charge of intending to impose an exclusively metallic currency upon the country. The establishment of a Treasury bank is inconsistent with these four charges, and being the last charge, it kills off the others. In this, it does us good service. It shows what stuff the gentlemen's charges are made of. It kills off four of their most serious charges at a blow; and now we will kill it off, and so finish five together. This can be done with two words; in the first place, there is not one feature of a Treasury bank in the bill; in the second place, I pledge myself to vote to eradicate it, if gentlemen can show me a single feature.

ing of the banks, than in the custody of the officers appointed by the Government to keep them. This is an objection which both reason and experience rejects. Reason teaches us that a number of men acting together, will do that which each one of them, individually, would scorn to do. Thus, a board of bank directors would do an act which each member of the board, in his own individual case, would spurn to do. Take the case of the thirty millions of public deposites in the hands of the banks in May last. They were in the custody of boards of directors; and, as boards, the directors acted in refusing the restitution of these deposites to the Treasurer of the United States, and to the disbursing officers in whose names they stood. But suppose these thirty millions had been deposited with the members of the same boards in their individual capacities, their personal honor, to say nothing of their bonds and securities, bound for the restitution-they would have restored the amount to the last dollar, and felt the deepest huiniliation at the slightest delinquency. Such would have been their conduct. An individual is a safer depository than a board; and far better would it be to confide the public deposites to any one single director of a bank, than to the whole together as a corporation. A corporation has no soul and no conscience: an individual director has both; and these, with his bonds and securities, would be the highest pledge for his fidelity. This is what reason teaches us. Now for experience. We have Treasurers of the United States, and but one Treasurer at a time. These Treasurers have passed through their hands, counting Sensible that there is nothing in the bill from the foundation of the Government, to justify the objection, gentlemen fly off about eight hundred millions of dollars. to suppositions, and charge a future design Has any part of these eight hundred milto erect a Treasury bank upon the founda- lions been lost in their hands? No: not dation of an Independent Treasury, and to one cent! Again : we have Treasurers of the furnish the Government with boundless Mint, one at a time. These treasurers have supplies of money, by the issue of ex- had the actual keeping, counting, and paychequer bills in the shape of Treasury ing out, of seventy-three millions of dolnotes. To these imaginations of the gen- lars in gold and in silver. Has one piece tlemen, I can only oppose positive denials, of it been lost in their hands? No: not and wait for time to perform its office upon one! Under the bill before us, the Mints this accusation as it has done upon all that are to be made depositories of the public they have made for eight or nine years moneys. Experience shows them to be past. For one, I shall never vote for such a bank, nor for no other issue of Treasury

notes.

A third objection is to the insecurity of the public moneys in the hands of the Government agents. Gentlemen suppose that the moneys will be much safer in the keep

safe places; their peculiar occupation makes them proper places; and I wish we had three or four more of them, and then all the public moneys might be deposited in them.

But gentlemen, in support of their objec tion, made an assertion, and started an in

quiry which has ended in the total overthrow of their position. They ventured upon a question of facta question of figures and records-a question to be answered by documentary evidence. It was as to the comparative amount of past losses; whether the Government had lost most by using banks, or by trusting to their own fiscal agents; and in this inquiry gentle men were bold in their affirmation that

the comparison was to the disadvantage of the Government agents, and entirely in favor of the banks. How unfortunate for their argument this attempt to do honor to the banks! It has led to official inquiries at the Treasury Department, and here is the answer. It is a communication from the Secretary of the Treasury, dated February 28th, of the present year:

"In answer to the first inquiry, as to the amount of balances against all banks which have been used as public depositories that is not secured, or will probably be lost, adding thereto the estimated loss that has accrued by taking on public account depreciated bank notes,' would observe, that it is computed those balances so lost will be about $1,000,000, and the loss by taking such notes about $5,500,000; making, in the aggregate, $6,500,000. This is without the addition of any interest, as are the subsequent statements. If interest was cast on the above sums, the aggregate would exceed $13,000,000.