Vevay Times and Switzerland County Democrat, Volume 4, Number 23, Vevay, Switzerland County, 9 May 1840 — Page 1

BY ISAAC STEVENS.

“THE SENTINEL ON THE WATCH-TOWER OF LIBERTY."

AT 82 PER ANNUM.

VOLUME IV.

VEVAY, INDIANA, SATURDAY, MAY 9,1840.

JfUMBER 23.

Published every Stitttrtlny Monitor,

It would be difficult to limn anidfeanf a hank, of ia-ue alone, without deposits or discounts, alihongti I know, from ihe utter inability of the Ihnk of England io regulate the paper currency of that kingdom, ilie que.-iiou has been seriously considered whether one bank of issue ought |nor to he established, and .whether all other [banks ought not to be prohibited from emitting [paper currency. It is certain that, at the pre[sent moment, a hank of issue, purely as a bank of ji?ue, exist on the face of the earth. Kow, sir, this hilt does not authorize the public depositaries tu receive money from individuals on deposite, and itmif only dues not authorise them jto loan the public money entrusted to their care, bttiU makes such an act a felony, punisnable by I fine and .imprisonment, 'This bill.' then clearly [does not create s bank either of aeposite or ol [discount, and the Senator has not contended for any such proposition, lie It is confined bimstdf to prove that;jl will cr^atQ a of .issue; and I. shall examine this propositibna.little more in detail. K ‘ r . 7 • • ' And,‘ in 1 ] t&t first ploce,j)f thefe be a bank turking/in tjitrbil), then wc have batj a Treasury bank-irl^fuiroperation ever . linYo.tho origin of the Government, without having llje least idea .of iis existence until the Senator from Kentucky-made the discovery. .There has Wen I no period otirime since General' Washington was [first Inaugurpted in 1780.. until thc-present clay. [ when the Treasilrerpf the United. States ilid [not draw his warrants, either on banks nr receiving officers, in .favor, of creditors of the Government. Without this power lb® Treasury department could not exist. Debts ebujd not be paid to individuals.'neither could ilte'public revenue be' applied 10 accomplish, the objects contemplated by tho constitution," There, is no other conceivable, mode of conducting this branch of the public-! business. Thebitl.makes no'changuwlmevpr in thistoncient and necessary-practice,-except to' impose an important limitation upon ij which has never

One might have snpoaed, from the extreme horror of tin? gen'leman lest thia bill rirglit cmi, lain a Treasury Hank, that he would tlavp' been delighted with the provisions of t hi*'section,— Not eo. On the conirory, be has declared, in the most solemn manner, that it toners a tremendous power on the Secretary of the Treasury, to which no people, jealous of their liberties, ought to submit. The tfouator is hard to please. Ho first denounce?, in the strongest terms, the

drafts, as fir as may be, shall never be used as a p ipcr currency or medium nf exchange! ■ Suppme it were po*stbfe that the Secretary of Treasury, without authority, ami in the very face'of the provisions of.ilii* bill, and the known anil avowed opinion of (ta friends, ihould ns the Senator supposes he might circulate these Gov* eminent dm Its in the form of bank paper, and of the denomination of twenty, fifty.nml a hundred dollars; what do you'think would be the consequence! Up would instantly ho deprived of hie wtHce for the dating violation of law, and-won Id bp justly held up to puhlic execmiiori. In Jus*tice to that officer, I to*say that I am not one of those who consilient -possible that-he could' ever dream of pursuing fucIi a course, wlthdui the express authority of Congress; and I may venture to predict, with unerring certainty, that sucb ah authority will never be; conferred upon hihi'by the present-party in power, ; But even il'he should thus vtula'e his duty; whilst the 33d section of this hi!) shall remain in force, these drafts never could become a general circn‘lating iitediuint und, therefore, there could never be, as the Senator supposes; an aceumhlation of forty-five or fitly millfona of dollars in the hands of lhe.depositories. But even if this miracle should, beaccomptishcd and a future President should; attempt to rnibezz’c this money, for the purpose of Subvening the Government, there Would:stilt be one tm»H unpleasant obstacle in. his -way. 1 He would then under the provisions uf this bill, be pmlty of felony,’anti would be transferred from the White House to Uio peuiten* liary. The tnilh is ibat , *iheSe hydras,uorgons, and chynieras‘dire,’* exist only In the Sen stor’d imagination. ’ > Thti Senator, in a triumphant tone, exclaimed that, .bjj the pusage of the hill, the union of the purse with the sword Will be consummated in ihujiands of the President. This, if true, would indeed bn fearful.- Ii would ba the death knell of civil liberty in this country. Wheresoever lllo power over ilte purse and the sword iV untte’d tit. the'hands of one man, thorn the GovornmeiiViV despotic. If any Kxccuttvc ..Magistrate, be lie King, nr be he' Ptcsiucnt; posscas the sole 'power to.declare .war, to raise armies, to impose itaxes, and to expcml r lhe public money .at his pleasure; tltVrp nitisl be an ondlo cii il liherty in that This, and this abme,.ts wliil nitdcreuiid to bo a un.nn of ihosword and the puree.}-But under our Constitution - and Jawa. the President mnilicr lus, nor ever can have, the 'power over,either, Can- ho declare war! N6,TaIr; She Ctinstiiutibn'expressly confers ilit* uqwer upon.Congress. -Can he enliat,- soldiers!— No,: sir, tie couMnoliraisc a •Inj'fd company "to" go to Florida, because Congresd alone have- the power to raise and support armies. Can he impose .taxes Upon the people, or borrow money! No, sir; Cohgiesj.is exclusively vested with the Biwcr of laying Uxes and borrowing money, ■it after this money shall have reached the Treasury, cat; bp apply a do Ur of it to any use, public .or-private!' No, sir; no money can be drawn from the Treasury, but in consequence of appropriations made by Congress. Nay,' more; if the so far to forget the duties of bia high tlaiion, as to enter into a* collMon wlili any 4>f the depositories, and-draw one dollar, of public money nut of their possession, he would, like any otlirr ciliZ'*n, subject himself to fide and 'imprisonment; - And tins ia the union' dft'the puree and tbeawor.l, whicti;lbe Senator lias - so feelingly described! This phrase, I thought, bad had its day, and bad passed* into oblivion; but the Senator has again conjured up the spec.re, tor the purpose of alarming bur fears.

influence, as ruinous to the best interest of (be country. - ;

Comer of Ferry and-Market tlreeU t feray, Indiana.

r Again; the very bill now before tie Senile, against wliich the gentleman has been waning,is one of the strongest proofs which the present Chief Magistrate could giro, that lie is witling to abandon a-large portion of Executive iolla* ene'e. -In 1S37, there were between eighty tod ninety Government . deposit o banks, scattered over every State in the Union.- .What an immense political power, mighthave been exercised hy titft IVstdem through the agency- of-theta hanks!. We know, .rent.letters read at the called session, that they were not very scrupulous, ••where thrift would follow fityping.” Affiliated as they were, if the Ure-tdcnl had been disposed to I'Xrrt an jfpproper influence over them, they might have been u?ed with prodigious effect to accomplish his purposes, The self ciion of these depositaries—the amount of jhe public money tv hie It .they should receive—how long they should retain it, arid in. w!|at manner they should conduct- their businoM—all, all was left to Bxecu-' live discretion. What a boundless field for Executive influence is that wliicli the present Treat-. d»n* now desires to abandon! And yet the-‘Senator,-both at the called session, and tbo session succeeding it, warred in fatorof compelling him to retain ip his hands (his Unbounded source of political patronage a ltd (lower. Ho preferred then,jaiid t Midi is his detestation for the present;. bill, would, 1. presume, even.now prefer, the depusitc bank system to the Independent Treasury* ‘ .Can any man, in sober earneet, compare the influence winch the Executive, wifi acquire, under this bid, by the appointment of lour recei-vvrs-gencral.or public money, with that over this atfilated league ul'Siaie baiiKS, winch he now. desires to .abandon! .Think ye, sTf. that if any of the leading oflicersjof Government, or any, of * the favored minions of Executive power, hid de-V sued a loan from one of tbe.-o hanks* that he Wduld have naked in vaiiil Under the Indepen- - dent liiUi'auch favors can.'never be.extended tvl(|iqih aulijecling bmli itie officer grantitig thctnVan'd the rocpjeui, tu purtisliment in the penitentiary.-; ‘ ' • . ; - ' . 'The -Seiutor'compl uns that the power of removal Iroin utfice should exist tiVihn and says that he ts eiitiffied wtlli 'the . argument in the first Cungicr-s on which it was rested. Tina power has uceii exercised, without interruption, e»er since It is -not, then, a recent u.-urpation. The first Congress of tlio-United' Status which ever assembled, by their construction of the Cor.stiiution, solemnly declare that tlje power of removal was veiled in iha PNtulenltud -.in i ny of tbejnembers o| (hil Congress bad ■ ilieiiwtives been members of the Federal Convention. ; Since the gentleman addressed the Senato; 1 have examined the debate, and particularly Mr..MadisonVremark* upon this subject, a n d 1 ih i uk they' ought to prove' satisfactory to every ' mind.; He sketches the argument in favor of the power with a master's ■ r hand. ‘ .. ■' ; - . ; V’ .

Psr teai, paid in advance - - - §2 00. Paid withimii months, - * - - - 2 50.

TERMS

If not paid ualU the year expire?, - -{J 00., No subscriber will be taken for a let-* term ibnn six months, and in all such coses tlie subscription money will fie required in advance. ■ # Suhscriiiurs not residing in the ebunty, will he reqnifed to pay in advance. No paper wi I be discontinued until all arrearages are paid, unless at Ili«,option of the editor. •

, lentil section of the bill, because the Treasury ; drafts issued under its an<Jioriiy.will, in hisopin. i inn, .become the circulating medium of Tiis i Treasury Hank; and aTmosi a: tlic'fory next , breath, he denounces in equally strung terms, ilie verv section which renders it.iinpofstble that they ever can become Mich a circulating medium. .And what is this tremendous power vested in 1 the Secretary of (lie Treasury by, the JiJld section! Independently of postmtfiers.there are perhaps a hum! ed and fifty receireri of public money in the United Staley Thesq arc scattered from Maine to Georgia, and frdra the Atlantic to the far West, Some of them are at the disiance of fifty mile*, mid oiIt nTiye a thousand miles from Washington. From the nature and necessity of the case, the discretionary power is conferred upon. the Secretary (Deregulate the “speedy presentation” of these drafts, according to’the diffirent distances of. the depositaries from, the seat of Government;'but even this is to he dune in such a manner as to prevent (hern from being throw n into circulation us a paper currency or medium .of exdtangt*/ And yet this is*the tremendous power so much to be dreaded!- No other pruvitfdb c6u)d 1 have been made, 11 would have been a work of endless and unnecessary labor 10 have attempted to enumerale each of the depositaries in the bill, and; to have prescribed life limn within' which drafts’ oh each of them should, be presented Tor pay-: merit. This is aj mere /natter of detail which' must.be/yie1dedMo the discretion of TheSecro-’ S'-* - ' ■ . /t - . . ; Anil how. what, in plain is this Gov-, errtnienr. Itaifkl/ .lt; hr no' oiherthanVthe pow-; er wluchdiasalways been exercised by t li dTreasurer* tiflthe Untied States,.to pay .;the public; ct edi tors,; and to advance money to the distuP?. ing officers by -means of; d rails on" thopiiblic de-l posltitrip*'; .with a new restriction, however,'im-: posed upon the holders of. these drafts, requiring 1 their speedy presentaiidn, for the 'express ' pur* pose of. preventing tlio possibility of, ilndreyer bee0rn ihg circulnling inediu m . A ny man who can drstinguisli between a hawk and jf ; (iandsaw J can bet ween nbis roviatuni and a great Government Treasury Dank. i . The Senator, feeling that he has no foundation oii which .to erect this Treasury bank in the bill, as it is, has taxed his; fancy—1 as an ever, failing resource—to alarn/our Tears as to what it will' become hereafter,*- II b leaves I bn preeenefar behind,'and looks forwardTo the future, 1 He predicts that in less than.tinea yeqrs, necessity will compel us tn change the Independent Tr asury into a bank of.issue..'.Having given his fancy the tcins, he tells us how tbistwill J>e performed. The Secretary of the Treasury, stea\l of giiiog fingle drafts on ilia depositaries for the amount due to public creditors, and the sums 10 be advanced to disbursing officers! is to have drafts prepared, upon batik paper, in the likeness of* bank - notes, of the-denoininaliim of twenty, of fifty and of.a hundred do'lars. These

POLITICAL..

TIIE INDEPENDENT TREASURY.

SPEECH OF HR. BUCHANAN* OF PEMtiSYLVlXU. * ' Jo Senate of the. United Sufee, January 22, . 1S-U), on the Independent Treasury Bill, in reply of -Mr. Clay ofKentucky. Sir. BUCHANAN rose and said: . Mr. Pueside.vt: I ns ' not my purpose on the present occasion to go very much atjengih into « discussion of the4provisions of this bill. I intfcd,*in a great degree. Indeed almost cxdu* sively, to coniine myself to a reply, oral least loan attempt to reply, to the remark? of the Senator Kentucky [Hr. Clay,] In all discussions, if we desire lo arrive at a satisfactory conclusion, it is absolutely necessary 1 that we should distinctly understand what, is the Question to* be discussed. Then . Jetvtne.isk, whit ia the nature and character of the .Inde* ■ pendent Treasurybjll now before the Senate?, Sinpe the origin of the Government our own responsible officers have always collected the public revenue, and have always disbursed the public revenue. Heretofore, during ibo inter* mediate space of tunc between Ub collection and its disbursement, it has .been deposited with banking corporations. The object of this bill is to provide that our own responsible officcrs.sh-11) be substituted as depositaries, inslead of these banking cnrpm'iioii*; arid that these officers shall hereafter not only collect and disburse th public 1 money os they have always done; but that they slull aMo have 1I19 custody of it be* tweep its collection arid, disbursement! -, v , / . Under the provisions of this bil),. every officer tbroifghunt the JJnifed Steles wh6 receives public money, is cd(is|ituied a depositary. * But there are certain points where very large sums of public muiu*y arc collected'orare disbursed, or both; and at these points, both the security of the revenue and tit? imblicconveuiencerequi* red that there should be depositaries distinct from and ihJc'pcndeniof, the cbItoclirig'officerB. These points are Philadelphia, New Orleans, New York, Boston, Charleston and St. Loitis. Accordingly, the bill proposes -to convert the', Jlittl at Philadelphia, anil ihe Braitch -Minl'al New Orleans into places of- public deposite. nod entrusts the custody of the public mum*/ to

,ipreidfQre : cxis'ed; and. Jret • to the Senator! from Kent ucky, il ere ales a bank ctl' i«ue; ami the drafts, drawn b) the on the public depositaries in lavr r of. public credit* om and !di$hurjdng officers, are to be the paper gnrreticy. which i tw 1 11 lllfW I i n t n ci rcu lati u i u— This is the sum and. substance of.hiswhole argil mention this point. .‘Ho mjght with tbe same reason contend that, if an indif ufualin exien* aivc bust n ess 'jliid 'd ppoairesl in several banks, and wagin the habit bfjiaying his debt* 6nd'advancing, money-to bis agent«|py dfawing drafts upon lh|le banka,‘that; therefore, he himself had ea i a.ban k o Hu lie.jfrhe cases are p r e - ciaply ; . ’- f' - In wbat part of this bill bis the Senator, diecovered the charter of his hankU He has referred to one, and only one blitisp, for the purpose of; proving its exiatpnd. This is to be found in the tenth section of jhe bill, and as it is very brief, I shall .read it to the Senate. It is as follows: ! ' ■

“Ami tor the further purpose of payments, on "the public account, it shall be lawful fertile "Treasurer of the United States to draw upon "any of the said depositaries, as he may think

How could the President execute the laws at all,.if this power did not exist! ■ Suppose he should ducover ihai one of llioreccivers-gVheial cieated h) this very bill was applying the,.public , money to his own use—if he were dep riredbf tliu power of removing him from office, bo obliged to look patiently on ami mffer him to ' embezilom II ions, Supj>ofio a fun-ign minister, were .violating,his ii.st.uciiont»,-aml lietpiying ilia best iiitcretU ol his ccmtiiiy abroad—what is to bo done! UTiImut the exetc:fe ol this power. the President would he com pi lied to wait until the mircinef might brcntiieiy consummated—until the country night he ruined—before be could recall this win u pi or wirkrd minister, 1 ought piemen I a huudred'fjmilar instances.. This [tower is essentia) to ihe perlorniauce of the dilty imposed upon ihe President of seeing that the laws are faithfully exei'utid.'. Without it he would be deprived of the necessary means of executing this high trust reposed in him by the Constimtion. It - is, llieretore, wonderful hpw'the existence of this power could .ever have be fen tiertously'contested. : . If this power hf removal.did not exist inlhs President, it wouId'fullovvasV necessary consequence that the Senate must remain in permanent- sessmir: for the purpose of sanctioning, removals from office* as they might become necessary, throughuui'ihis.vast and growing country. The ■ public imperiously -demands that ••.•1116. power should at Ways exist competent in- , stamly'To removeall officerijThe moment* ijiey ' ara diccovertll io be betraying their trust.' But the Cohstti uiioii never eotcmplated that thoSenale’should beinsersio'n pemianently. Heaven forbid (hat tfiii should ever bothe teasel 'After having been in ihejiotuical asindsphere of Washington for six mbhih *, il is ncc •??ary That 4 we should go hamoToniinglo witlibur constitdertts and to brcai lie I h e pure air of ihe cou ntry*. '. The American' people never wilt consent, and AfeVer ought to coWeuli*ihty our sessionssball bfe?lpme permanent. " , • • ■ v • ' Having how replied (o all the argtfmeiitr* adduced senator under hie second -general head, and having, l think,demonftraie8;lhat*the bill contains no Government Treai-oryBank, I shall proceed to reply to those which be' .uiged . under the first general head. It will be recollected thatThis was to consider tho'bill according to the ron-tructioii placed upou ii.by ili friends, .which I have endeavored to prove waa the true coiislriiciion, IJefjte 1 kddress myself directly to the Senator's argument, allow mo to indulge in some gencral observations, Tv (to beconmrep)

the treasurers of these institutions respectively; and it creates tult-n assurers, each in be under

the control of-a receiver-general, at New York, at Boston, at Cnarlc.no if, and at St. Ismis. Thus far, sir, it will be perceived that this bill makes no change in the settled policy of the ■country, except merely to provide mat the public money, in the intermediate ’lime, between its

'most conducive to the public interest, or to the ‘convenience of the public creditors, or both. 1 ' There, sir; is the chancr;-and what is it but a

mere recognition of the power Which I have juA been describing, and witch has existed, and must necessarily have existed ever since the origin of the Government. It requires (be Treasurer of tint United States to consult both

dmfm he is’tupiy out tike bank paper. The resirictionis in be repealed requiring their'spee* dydpretien ration .to t he depositaries. They are io'JbVcmno-tlie geacrcl eirculatidg ineilium of ilie couritry. -In lees than feu years the receivers general are to hive between forty and fifty millions »>f gnld ami silver in liiejr vaults, to be represented by>the so mo amount of -Treasury draft a in circulation* and in the of the banke. The Government then calculating iiiat the deinand upjm there depositaries.wilt not require them to .keep this amount of specie on hand, will draw it out. clandestinely for their owu purpose?, as Was formerly dofln from the bank of Amsterdam; and that some future President will, by ujeins uf this stolen money, subvert the Government and destroy the liberties of the people.-;'; , V ' , '' • ' Now, sir, is not this the picture

receipt into the Treasury and iirdisburscment, shall be entrusted to our own responsible officers, instead of irresponsible corporations. In addition to these provisions, the bill contains what hi? been commonly denominated the specie cl tttse. This section provides that one fourth of the dues pf the. Government be collected iu gold and silver, alter the H(Mi of June, one. half after the 30ili of 'June, 18-11, ihree-lounhs after iht* 30th of June, 1S42, add after the 30ili ot June, 1848, atf'ihe revenue of the Government'shall be collected and all its disbursement shall be made in gold and silver. Now, sir, when separated from the de’aifs ne■cesaary to carry these;principles into execution, this is the "bill, the wludc bill, and nothing but the bill which' Has excited so much unuecetiary alarm throughbutAhe country, . In d'scussiug this bid, ti e Senator from Ken-

the public, interest and the convenience of the public creditor, or both,, in selecting the depositary on which to draw his y arrant. This ho has always done. In itie first place he must select a depositary with,whom there is an aniaiint of money sufficient tomeel the draft; and among such deposiiaries be must, unless the public interesl forbids, draw iipcnliiat one where it will

- The Senator (c)Is ua tli>t he has been warring in' vain for the IaH seven years against the extension of Executive power'anil influence. Now, sir; if he bad lit formed us that be hid been warring against I he. Executive, but in favor of an increase of Executive power and influence, in my humble opinion lie would havcjcome -much nearer yhb mark.—Ii,is, perliaps, the. spectacle which lias ever been presented on the face of the earth,' that in this war bet ween tha Exec? litive and the Senator’s political party;. be has been; .endeavoring to deprive bimsclf.of .power, whilst'they have been struggling to prevent him from making thiireirrecf.fice, ' • - . .'Let me remind the Senator of a few instances; and first,' in regard to'jntcrnal improvements. I happyped, to be a member of the other, House during-the administration of Mr.'Adam*. I do not' intend How to cast any censure upon .that' adiliinlstratioit; I speak merely of hist orical facts. Ijr-fhore days, by virtue'of an act of Congress,' toe President exercised the discretionary power ol making as many surveysTor internal improves menrs as-he thought proper, all of which, it was hoped by those interested, wodld, at some future day, be constructed by (bo General Government, riplemfd p.ojectsuf such improvements were presented to dazzle-the fancy, and. excite the cupidity, of almost every' man in ilie'country. Uur 'engiuecrti were constantly traversing the' Union from east to west, And from north.to so..th; and before they were arrested to their career, the estimated cost of completing- the!. improvements which they had surveyed nr projected, if my 'memory serves mo, amounted to more than one'hundn'J-millions of dollars- Here was a vast- field for Executive influence amt power. The fat jolts that might have been bestowed on favorite*; the actual expenditure ofimmense sums of money, and the allur.ng hope presented by the inern survey of any railroad, turnpike road, or canal, in which masses of the p.oplo felt an interest; all, alt contributed to swell the tide of Executive influence. . Now, fir, was there ever a lure more templing to Executive ambition than this power of pouring out tbe.public treasure to bent-tit, and, in their e.-nimatiou, tn blessa large proportion of the people ol this country! What Was the conduct uf the old Roman in regard to this question! For the good of his country, he sacrificed all this power and t.ll this patronage. Ilia veto of the Maysvitle road-bill arretted, the whole system; and, sinnge as it may seem, a portion of the gentleman’s seven years’ war against the Executive, consisted in denouncing this voluntary surrender of Executive power and

be most cnnvenient'for die public creditor to receive. his money.. Why. sir, this clause, so terificiotlio imagination of the gentleman, might bestreken from the bill altogether, without producing the slightest inconvenience. The practice u prescribes, is that drliich must necessarily be pursued in paying the debts of the Govern? rni’n'. And yei this simple land necessary power is the only part of the b II on which the Senator ridipb to establish 4tis great Treasury Bank! But I said that this.bill contained an important limitation which had. never heretofore existed. This was introduced at the session of. \837, upon my own suggestion. It was then iqiprehended that the Kplders of the Treasury warrants might not present them for payment within a reasonable limp; and that a Urge amount of them might remain outstanding and be used as bills of exchange. As these outstanding would necessarily represent ab equal amount of gold and silver in the hands of'the depositaries, it was apprehended that, unless they were speedily presented. for payment, a mass of them might continue floating in the community, and thus prodtico an accumut I ii ion of specie in the hands'of the depositaries which might prove injurious to (he banks.— To prevent this evil—to render the draft upon ilm banks for specih as light as possible—and to cause the gold and silver to flow out of the Treasury into general circulation as rapidly as it had flowed into it, this amendment was adopted. It now cons)rtutes the 23d section of the bill, and is as follows:

tucky has divided his remarks into two general heads. He has first considered the bill accor•ding to.what its friends say it is; and in the ee.■cond place, lias discussed it according (o whit ihe himself believes it to be,' In my reply, I shall invert this order; because ii is nectary first to

tint was ever sketchedK It the offspring of the Senator’s own prolific imagination. Vlt jh all prophecy, and no fact.—Even by his own showing, there is no foundation for it in the hill. On the contrary, every precaution has been, used to prevent the possibility ol any such occurrences. - ■ ■ ' And what reason has he to predict that* the friends ol diisineasure will change all their principles and purposes in less than three years, and by new legislation convert the’ Independent Treasury Government Bmkf lias noi every (>crceived the holy horror with which tny fribnd from' Missouri fMr. H<nton] Was inspired at ilie bare idea thjl the Government might ever issue "notes, hills, or paper,” receivable jo payment of the public dues! His lynx-eyed jealousy seized hoid of three general expressions, on the IDib and 20th sections of the bill, and although there was nothing on the face of the earth on which iliee’e word* could operate, unless 'possibly on tome straggling Treasury note which ■might.remain unredeemed long alter it became payable, yet he had them stiidjpn Irani the bill, "lie c miffed the tainted breeze* from afar; and aith'migli there was no prerent danger, yet he saw a possibility that these words might have a meaning hereafter; and that in fu* iture years the Government might bo willing to ! issue "notes, bills, ur paper,” and therefore we all ignited with him in voting for Iris amendment. Thu was, in the phrase of the lawyers, the exclusion of any conclusion which mi jht by possibility be drawn from these general words in favor of Government paper. But again; did not the Senator from Kentucky perceive with w|iat alacrity the friends of the bill amendment of his colleague, [.Ur. Crittenden,] imposing it upon the Secreta-j ry. of the Treasury as a sottfuin duty, Uf ( tike care, ill hit regulations' for the’ speedy presentation of Government drafts to thedepoei lories, that these 1

prove that tho Senator himself has entirely mistaken the nature and effect-' of thp meaMire, end that its fi tends entertain a just conception of character.

The Senator he’d up the Wll triumphantly to public view, and declared that it contained within its provisions a great Government Treasury Bank. Now, if I cannot make it manifest as tho light of day, that he is entirely ipistakeii, I jhall then agree to surrender the whole argument. The Senator has had an unsuccessful chase, through tjie provisions of this bill after the monster. Had he succeeded in dragging him to light, I should have been one of the first men in the country to assist in putting him to (death. But,. "lie must have optics ihnrp, I ween,'

Wbtriec* whut U not to be seen.” . This, I think, has been the case with the ’Senatorfrona Kentucky. NoW, sir, what ia t bank? According to the ' on a) acceptation of the word, in our country it fie rforma three office*. It receives deposiles, it oans money upon discounts, and it issues a pa* per currency. I acknowledge that in order lo * constitute a bank, it is not necessary that it . should perform ait tin es three functions. There banks of discount end deposits merely, end ■’there alio banks of deposit? and issue only:., and 'this latter claw of banka are the mast sec ore of ‘ ■ny In ilio world, when the depositee are con'floed.to the prec tpis metals, and the issues, in ' the form of certificates, do ant exceed the sum u sebially deposited. Such was the Bank of Am- ■ .eterdam, and each is nor the Bank of Hamburg.;

“Sec. <Jd. And be it further enacted that it “shall be the duty o/j thcBecretary of the Trea"«ury to iPfuo a.id publish regulations ioenforce “the speedy presentation of all government drafts “lor payment at the place where paybln, and to “prescribe the time, accbrding to the differ* “ent distances of the depositaries from the seat “of Gov(’rnmeui,*within wliitu all drafts upon “them, respectively, shall be presented for payment; add, In default of such presentation, lo “direct any other iiiodeaod pise© of payment ho “may deem proper. But in all those regulations “and directions it shall ,b« the duty of the Be* Vcretary to guard as. far as may bo, against thine “drafts being used, of thrown into circulation, “as a paper currency or a medium of exchange.”

Toe war cabe or absence i>r kmo.—A. certain .vbigof our acquaintance undertook W'take a dunk of hard cider in the dirk the other night, and got hold of a bottle of Stpphrn’a writing fluid; he never discovered hU mistake friends nbgervtng him in l|ie morning >o ,cqnfounded 6/ue, asked- him if .the Presidential elec* «ion was over.— Baltimore Poifo-' ’ , *"

"Stop my paper,” as the Uank raid ren it wai, bald ion. .*• k- • ■ . .vr. t;

je=30C=S s I ffl SWITZERLAND COUNTY DEMOCRAT.