H. OF R.] Coins and Currency. [MARCH 20, 1832. vated by the sudden revulsions incident to this species of the metal, and operate almost exclusively as the medium of circulation, he was sure the apparent gain would dwindle exchange." In the debate in the British House of Cominto insignificance in comparison with the mighty loss mons in 1826, on the bill to prohibit small notes, Mr. Peel, which indirectly resulted from it. Mr. Huskisson, and Mr. Canning, in support of the bill, One other observation, and he would dismiss this branch contended, "all experience proved that the restoration of of the subject. It might be said that the cost of paper, a metallic currency could not be effected so long as small plates, &c. was all an employment and encouragement to notes were allowed to be circulated; a permanent state of American industry, and was, therefore, to be fostered in cash payments could never exist by their side. If, in any preference of the employment of foreign labor engaged country, there be a paper currency, of the same denomi in mining for the precious metals. He would not limit nation with the metallic currency, the paper and the coin himself to the suggestion that the gold which, in his opi- will not circulate together, but the latter will be expelled nion, ought to be substituted for the small notes, was equal- by the former. If crown and half crown notes were issuly a product of American industry with the plates and ed, crowns and half crowns would disappear, and if the paper by which small notes were made. He insisted that one pound notes continued to circulate, a sovereign would the silver of Peru and Mexico, purchased with the pro- become a rarity." These opinions were valuable, not so ducts of American labor, was itself as much a product of much because they were those of able and distinguished that labor as if it had been dug from the bowels of our statesmen, as because they had been confirmed by experiown soil. One branch of American industry would indeed ence. The small notes were prohibited, and England now be destroyed--the forging of small notes; but that, he enjoyed a specie circulation." On that occasion, Mr. Huspresumed, no one would say ought to be protected. kisson was particularly forcible in his remarks: he said, It might be asked, however, whence the necessity of "It was absurd to talk of a paper currency convertible restricting the issue of small notes? Could not the gold into gold, for the moment they introduced the paper they coinage be corrected, the supply of specie increased, and would banish the coin, except such coin as was of lower dethe coin and small notes circulate together? The answer nomination than the paper. It was impossible to retain was, it was impossible. In the commencement of his re- the present or any other amount of gold, except upon that marks, he had adverted to the law of circulation, and had condition; for if we returned to the issue of one pound intended to do no more. He had supposed it universally notes, we could not keep any coin in circulation which admitted. He did not imagine there was any honorable was not less in value than the pound sterling."* gentleman there, who was ignorant of, or who doubted or Mr. W. would not abuse the patience of the House by denied it. As he had found, however, by conversation, further quotations; others equally respectable and unethat the conviction of this leading truth was not as strong quivocal were at hand; but he would content himself with upon the minds of some gentlemen, as, from its import- the general declaration, which he believed would be borne ance, it deserved to be, he would endeavor to sustain it by out by the minutest scrutiny, that every distinguished the aid of high authority. Dr. Wheatly, in his excellent statesman and political economist of late years distinctly work on the Theory of Money and Principles of Commerce, admitted the coin and the paper would not circulate topublished in 1807, says: "One of the leading objections gether. This they did indifferently whether they were to the encouragement of private paper is, that it is princi- bullionists or anti-bullionists; the one contending for pally composed of small notes, which invariably occasion the superiority of gold over paper, and the other for that the banishment of specie." In another passage, he adds: of paper over the gold, but both admitting a concurrent "No small notes have been issued, but from the mistaken circulation was impossible. It was upon a full examination policy of finding a substitute for specie, already in a state of this matter, therefore, that the Committee on Coins of of scarcity from an excessive utterance of paper. The the last session reported their fifth and sixth propositions, further accumulation, therefore, of the quantity by an edi- at least insofar as concerned the simultaneous circulation tion of small notes, has uniformly aggravated instead of of paper and the precious metals. mitigated the evil, and caused an immediate departure of 5th. That gold and silver will not circulate promisthe remaining proportion.' And, subsequently, he de- cuously and concurrently for similar purposes of disburseclares: "Exclusively, therefore, of the policy of assigning ment; nor can coins of either metal be sustained in circua limit to the publication of paper, for the purpose of lation with bank notes, possessing public confidence, of counteracting the depression of money, and enabling it to the like denominations." form a more durable measure of the same value, the privilege of issues should be withdrawn from private banks, were no other beneficial object to result from it than the abolition of small notes and the readmission of coin in the currency of Europe." Mr. Lowndes, a patriot and states- Entertaining little doubt, therefore, that the object proman of the first order, one who united the purest princi- posed by his resolution was a desirable one, namely, to ples with the soundest judgment, in his report on coins in increase the relative specie circulation of the country by 1819, had the following remarks on the East India trade, suppressing the small note currency, the next point of inthen commonly believed to be the great drain of specie: quiry was as to the means by which it should be effected. "When the States of America had no trade to the East In- He had suggested a duty on small notes, in which he had dies, but a full paper circulation, they were destitute of only pursued the hint thrown out by Mr. Gallatin, to whose silver. Whenever the trade has existed without the pa- essay, indeed, he was in every respect largely indebted. per, specie has been abundant; and scarce always where It had led him to investigate a very curious and intricate the paper has existed, either with or without the trade. subject; though far from venturing any theory of his own, We must conclude that when the precious metals become he had only been induced by his researches to offer some scarce, while the price of foreign and domestic produc-novel illustrations, and to urge some practical results. tions continues high, their scarcity results not from the For every thing he had advanced, he was under obligacountry being unable to procure or retain them, but from tions to Mr. Gallatin, and was perfectly willing to forego its choosing to employ a substitute for their use." Mr. Mill, in his Elements of Political Economy, speaking of paper currency, says: "As soon as the use of such a substitute for money has begun, nothing is wanting but freedom, and the confidence of the public in the written promises, to enable the paper to supersede the use of "6th. That, if the national interest or convenience should require the permanent use of gold eagles, and their parts, and also of silver dollars, the issue of bank bills of one, two, three, five, and ten dollars, must be prohibited." all claim, not merely to the merit of originality, but to any other merit whatever, if he could prevail upon the House to adopt the resolution, and institute the proposed inquiry. Huskisson's speeches, vol. 3, pages 350, 351. MARCH 20, 1832.] Coins and Currency. [H. of R. Mr. W. did not expect or desire that any act imposing a duty on small notes should pass at the present session. He deprecated crude and hasty legislation upon this or any other subject. It was possible the States would take the question up. He hoped they would. It was much more desirable, if it were practicable, that the reform should go on there. But if it could not, he was not disposed to surrender or neglect the constitutional control of that House over the currency. He wished to proceed, step by step, with public opinion. But he wished, also, to afford public opinion the best means of information, and that could probably be most effectually accomplished by discussions and inquiries there. Mr. Gallatin himself had insisted strongly on the ban- this topic, however, he would modify the resolution so as ishment of the small notes, and had indicated a duty upon to call for it. them as the appropriate means of effecting that end. It would be doing great injustice to that distinguished statesman to give his argument in any other words than his own. "Congress has the power to lay stamp duties on notes, on bank notes, and on any description of bank notes. That power has already been exercised, and the duties may be laid to such an amount, and in such a manner, as may be necessary to effect the object intended. This object is not merely to provide generally for the general welfare, but to carry into effect, in conformity with the last paragraph of the eighth section of the first article, those several and express provisions of the constitution which vest in Congress, exclusively, the control over the monetary system of the United States, and more particularly those It was to be apprehended that the attempt to suppress which imply the necessity of a uniform currency. The the circulation of small notes would meet with some opexercise of the power for that object is free of any consti- position at first. As the operation of the measure came tutional objection, provided the duties thus laid shall be to be more generally understood, its wisdom, he thought, uniform, and applied to the Bank of the United States as would be more generally admitted. The restoration of a well as to the State banks. The power of laying and col-specie circulation for the whole retail trade of the counlecting duties, which is expressly granted, is alone suffi-try, was of great consequence, not merely on account of cient to effect the object.' its direct but its incidental effects; in promoting a sound and healthy state of the currency; in maintaining a copious reserve of the precious metals for seasons of extraordinary pressure; in preserving the poor from loss by frauds and forgeries; but, above all, by checking overtrading and overissues of paper, its effect, he thought, would be highly salutary. He trusted the recent experience of France and England, and, indeed, this country, on the subject of a paper currency, would not be lost. The power of laying duties upon bank notes had been twice exercised by Congress. Mr. W. referred gentlemen to the act of 1797, chap. 11, 3 vol. of Bioren's Laws United States, p. 10, and the act of 1813, chap. 581, Laws United States, 4 vol. p. 619, 620. Both acts imposed a stamp duty, and authorized the Secretary of the Treasury to commute it with the banks, in consideration of the payment of a certain amount upon their annual dividends, viz. one per cent. by the first act, one and a half by the second. Regarded as a tax, no tax could be fairer. It was, perhaps, the only certain mode in which the people could be indemnified for the loss they sustained by the small notes, and was, in effect, a tax on bankers' profits. Considered as a prohibition, it was, in his opinion, clearly authorized by the sections of the constitution referred to by Mr. Gallatin. It was, he thought, so clearly the interest of the people to restore a specie circulation, and exclude the small notes, that little opposition need be expected from them. He anticipated some resistance, indeed, from the banks who had, or fancied they had, an interest in opposing it. Their interest undoubtedly was to keep up as large a circulation of their paper as was consistent with their own safety. But the cupidity of some, and the imprudence of others, Into that question, however, he would not enter gratui- were continually urging them beyond the limits of security; tously. It was a mere inquiry which he proposed, and, of and the temptation held out to all by the fatal facility of course, it would be the duty of the committee making it putting into circulation a large amount of small notes, was to inquire as well into the constitutional power of Con- not easily resisted. Excessive issues, however, invariably gress, as the expediency of so exercising it. He did not cause overtrading; failure of their customers; a revulsion of intend to inquire into the propriety of using any but an the currency; general distress; and frequently bankruptcy unquestionable power. It was not enough that the end of the banks themselves. The choice, then, was between was desirable, the means must be lawful. But in effect-a smaller circulation, lower dividends, fewer vicissitudes, ing a beneficial object by legitimate means, he was not pre- and greater security; and a larger circulation, increased pared to stop short, because the private interest of banks, or but uncertain and irregular dividends, frequent revulsions, bankers, or stockholders, might be affected or involved. It and constant apprehension. Between these, the instituwas the public interest alone which he regarded. He had tions most wisely and prudently conducted would not demonstrated, he thought, that the people at large were hesitate, and the wishes or opinions of the others ought losers by a small note currency. As soon as this was per- not to be much regarded. fectly understood by them, they would, no doubt, apply the proper corrective in some shape. An honorable gentleman from New York, for whose opinions he had great respect, [Mr. C. P. WHITE,] had suggested to him the expediency of inserting in the charter of the Bank of the United States a clause prohibiting the issue of all bills under twenty dollars, and, at the same time, providing that the bank should not receive in payment or deposite, on account of the United States, the bills (of any denomination) issued by banks which emitted small notes. He [Mr. W.] doubted whether the desired effect would be produced by such a provision; and was certain that, unless the State banks could also be prevented, by some legitimate exercise of power by Congress, from issuing any bills of a lower denomination than those permitted to the Bank of the United States, the only effect would be to substitute, to a certain extent, a worse paper currency for a better one. If any gentleman desired an inquiry into Considerations on the Currency, &c. p. 75. Mr. W. begged to be permitted a word of explanation respecting the direction he proposed to give the resolution. The inquiry would seem most naturally to belong to the Committee of Ways and Means, and he had directed the resolution to the Committee on Coins. This he did, because the subject was intimately connected with the inquiries in which that committee were engaged respecting the gold and silver coin, and because he desired to separate, as far as possible, the matters embraced in his resolution, from the smallest even apparent connexion with the absorbing question of the recharter of the Bank of the United States, on which the Committee of Ways and Means had reported. He desired to keep the questions distinct. They were only thus far connected: if the Bank of the United States, or a bank similar in its effects, were not continued, the measures contemplated by the resolution he had offered, were, in his opinion, indispensable to save the currency from speedy, extreme, and dangerous deterioration. If the bank was preserved, with such modifications as experience had suggested, these measures H. or R.] Live Oak Report.--Insolvent Debtors. [MARCH 20, 1832. INSOLVENT DEBTORS. The House resumed the unfinished business of yesterday, being the bill explanatory of the law for the relief of certain insolvent debtors of the United States. alone would probably be sufficient to render our monetary system permanently sound, and to give it all the advantages which any thing less than a currency almost exclusively metallic could possess. One thing, at least, seemed certain. The present condition of our coinage and currency could not be permitted to continue. What was it? With a new mint, which cost a hundred and seventy thousand dollars, and the annual expense of which would be forty or forty-ed to strike out the second section of the bill;) and therefive thousand dollars, we could not keep an American eagle or dollar in circulation. With a coinage of six millions, we were without a lawful specie currency; since Spanish dollars were no longer to be seen, our own coin was exported, and the coins of the new American States were not, by law, a tender in payment of debts. The bill was extensively debated, and occupied the House during the residue of the day. Mr. FOSTER withdrew his amendment (which propos upon Mr. McDUFFIE moved to add to the second section the following proviso: "Provided, That no debtor of the Government shall be entitled to the benefit of this act, or of the act of which it is an amendment, unless it shall be made to appear to the satisfaction of the Secretary of the Treasury that such debtor has been discharged or relieved from imprisonment By the delay in coining we imposed a tax on the conver-under the insolvent laws of the State in which he resides, sion of bullion into coin, equal to one-half or three-fourths or of any other State; or that he would be entitled to be of one per cent., from which the Government derived no discharged or relieved from imprisonment under the insolvent laws of the State in which he resides, or of any other State; or that he would be entitled to be discharged or released from imprisonment by the insolvent laws of the State in which he may reside, upon application to the proper authorities thereof; or that he has been honorably discharged by his creditors, or such portion of them as hold three-fourths of the debts due by said debtor on the 1st day of June, 1831." benefit. And, with gold mines producing largely upwards of half a million, we persisted in valuing that metal lower than most of the European States, while we continued a wretched small note currency, at an actual loss to the people of a hundred and sixty or seventy thousand dollars annually. LIVE OAK REPORT. The SPEAKER laid before the House a communication from the Navy Department on the subject of the live oak lands, in reply to a call moved some time since by Mr. BRANCH. Mr. CARSON suggested the propriety of referring the communication, should it be necessary to commit it at all, to the Committee on Naval Affairs. Mr. PEARCE moved that it be laid on the table, and printed. Mr. CAMBRELENG moved its reference to a select committee. Mr. McD. briefly explained his amendment, and the reasons which had induced him to offer it. Mr. ELLSWORTH went into an examination of the several clauses of the proviso, to all which he was opposed as being difficult, if not impossible, to be complied with, and bearing with harshness upon a set of unfortunate men. Mr. McDUFFIE thereupon modified his amendment so as, in some degree, to mitigate its most rigid features. Mr. REED objected to having any reference to the laws of the States. Mr. WAYNE addressed the House for some time in opposition to the proviso, which he considered as likely, in its practical operations, to defeat the very purposes of the law. Mr. MITCHELL, of South Carolina, took the opposite side, contending that the proviso was perfectly reasonable, and not so harsh as the ordinary provisions of bankrupt laws. Mr. BRANCH requested Mr. PEARCE to withdraw his motion, which being done, he observed, that, as a member of the Naval Committee, he had felt it his duty to move the call to which this was a reply. He had done so without the intention of injury to any one. The House would doubtless recollect something of what had transpired, and of the matters introduced by way of amendment Mr. HUNTINGTON objected to the proviso, as going to the call. The subject might seem, to some, to possess to treat the debtors of the United States in an unequal no national interest, but he believed all who heard him manner, since the bankrupt laws of some States required would concur in the opinion that it was a subject of great a great deal nore from the debtor than those of others. interest to himself; and, if his personal wishes were to be taken into the account, he should certainly prefer the appointment of a select committee. He knew that the Committee on Naval Affairs would be the most appropriate committee for the consideration of such a document, but as he belonged to that committee, he should be better pleased with some other reference. Mr. CAMBRELENG said that he desired it to be understood that in moving for a select committee he had no wish to be included within those of whom it should be composed. Mr. SHEPPERD supported the motion for a select committee, and moved the following instructions: "To inquire whether the Attorney General has been consulted as to the validity of the titles to the lands purchased of the honorable Joseph M. White; and if any opinion has been given by that officer, to call for it; likewise, to call on the department for the returns of the live oak agents since the 28th February, 1832, and the accounts rendered by them; also, to call for all the correspondence which may have taken place on the subject of the resolution adopted by the House in relation to the live oak lands since the 28th February, 1832." Mr. CAMBRELENG offering no objections, the instructions were agreed to, and the committee ordered to consist of seven. Mr. PENDLETON confirmed the view taken by Mr. HUNTINGTON, by statements in reference to the New York bankrupt laws. Mr. IHRIE was warmly in favor of the proviso, without which he could not vote for the bill. He was not much in its favor in any shape, as it was an act of partial legis. lation, and if passed would probably prevent a general bankrupt law. Mr. DRAYTON believed the intentions of all the memhers in reference to this class of unfortunate debtors were substantially the same; but, in guarding against one evil, he thought they were introducing another which was greater. Mr. ELLSWORTH replied to Mr. IHRIE. Mr. DODDRIDGE suggested some legal difficulties in cases where the property of the debtor was secured by mortgage, decrees in equity, &c. Mr. IHRIE insisted upon the view he had before taken, which he explained more at large. Mr. McDUFFIE, having called for the reading of a part of the report of the Secretary of the Treasury, (in which that officer takes the position that it would be useless and improper for the United States to release its claim upon a debtor, unless his other creditors would do the same,) went into a general reply to the objections which had been made to his amendment, insisting on the unguarded conditions of the rights of the United States, in cases where indivi duals became bankrupt, and upon the necessity of caution before the claims of the Government were relinquished. Mr. DAVIS, of Massachusetts, thought this bill had no analogy to a bankrupt law, but merely gave a discretion to a high officer of the Government to do that with respect to its creditors which a private individual would do, and no more. Mr. McDUFFIE replied to Mr. DoDDRIDGE, Suggesting that the difficulty he referred to would be removed, as in private cases, by an assignment of the whole interest of the debtor, be that what it might. He expressed great alarm at the principle of general discretionary power alluded to by Mr. DAVIS. It involved an amount of patronage with which he would entrust no man. a The United States in giving this credit became parties in mercantile transaction-they contracted a debt with people in foreign trade; and it was not necessary for him to point out the losses to which men engaged in commerce were liable by fluctuating markets, by bankruptcies, by war, and by shipwrecks, events which defeated the best concerted plans, and frequently involved the cautious and judicious in loss, and sometimes in ruin; much more the bold, the unskilful, and the simple. He believed the more experience any man had in commerce, the more was he satisfied of the uncertainties attending it. [H. of R. Every merchant well knows how much his own dividends are diminished, and in many instances dwindled down to nothing, in consequence of this necessity, which no one denies or objects to, of providing in full for debts due the United States. And yet, with all these guards, cases do arise of indebtedness to the Government, without the ability to pay, both of principals and sureties. Men are overtaken by unforeseen misfortune--their property is wrested from them by grasp of law before they are aware. Their credit suddenly fails, because, perhaps, their situation is better known to others than to themselves. For it requires a degree of courage for a failing man to look his affairs in the face. Mr. APPLETON said that it appeared to him that the The question then arises, what will you do with these Government of the United States ought to abandon alto- persons? Get the money you cannot--you may in some gether the system of giving credits on their accruing reve-cases get something--but payment is not to be had: the nue, or to treat those unfortunate persons who became real question is, whether you will condemn these unforindebted to them without the ability to pay, in a manner tunates to idleness and hopeless penury for life. The bearing at least some remote analogy to that in which the gentleman from Georgia [Mr. FOSTER] says we are not same description of persons were treated by individuals in to legislate for individuals; the only question, he thinks, a mercantile community. is, how we may secure the greatest amount of money to the Government. He would not discharge any one without the payment of something; if the party himself have nothing, something may, perhaps, be wrung from his friends. I view the matter very differently--we do legislate for individuals. The humblest petitioner coming to this House, complaining of injustice or hardship under the operation of our laws, is heard, and, on making out his case, is relieved. Yet this miserable class are spurned from our door as criminals. The severe code of the common law, which considers every unfulfilled promise to pay as a crime, is applied to them in all its severity. With a certain class of debts it may be so; but it is a system of morals which, in its application to commercial debts, is repudiated by every mercantile community. If there be a crime, the Government are parties to it. By giving a credit for amount of duties on goods imported, two or three times longer than the usual mercantile credit on the goods themselves, and refusing to allow any discount for anticipation of payment, a temptation is held out for the employment of the capital thus furnished to the importer, in trade, with all its uncertainties. Whatever difference of opinion there may be in reference to other changes in the revenue system, I trust there can be none as to the expediency of shortening the credits on duties. He thought it was not too much to say that mercantile credit was given with a tacit understanding between the parties that the party giving credit should bear a portion of those losses where they swallow up the whole property of the debtor, and leave him in a state of bankruptcy. This is the principle of the bankrupt laws which have been adopted by every mercantile community except our own; and which are not adopted here, only because other interests outweigh the commercial interest. But here, in this country, where no such law exists, it may be said to be wholly unknown that a merchant should refuse to discharge an insolvent debtor, who has not been guilty of fraud or deception, on his making an equal distribution of his effects. All must admit the equity of the principle of a bankrupt law, which carries such distribution into effect, whatever difference of opinion there may be as to the danger of fraud and evasion of the principle under such a law. I confess, Mr. Speaker, I was somewhat surprised at the construction made by the legal department of the Government upon the law of the last Congress in relation to the term insolvent. I had supposed the word had a meaning altogether geIt is true that the United States do not profess to give neral and well understood--the want of property sufficient credit on the same terms with other persons giving mer- to pay our debts. The original meaning is somewhat mecantile credit; they require a joint bond, with two sure-taphorical, arising from considering money as the univer-, ties, and have established a legal right of priority over all sal solvent by which every description of property is reother creditors. solved or melted into one fluid mass. It seems a very apt They may be said to take a bond of fate for the security and natural expression of the idea that a man's property of their debt. Accordingly, the cases of failure of payment will not furnish a sufficiency of this fluid to balance or to the United States are very rare. It is well known that liquidate his debts, by which we say that he is insolvent, there is no escape from the iron grasp of this creditor. or, in other words, incapable of this operation. This geNo man voluntarily becomes bankrupt without making pro-neral meaning seemed to me a more natural application of vision for the United States, the inexorable creditor who the term, than that which narrows it down to a technical has no ear for human suffering. Whoever else may suffer, "legal bankruptcy," especially as we have no legal bankthis creditor must be appeased. It never enters into the ruptcy. I do not, however, mean to question the procalculation of any man to become insolvent under circum- priety of that decision--there is no limit to legal ingenuity stances in which he shall remain a debtor to the Govern- in making nice distinctions, and it is not for the unlearned ment. Every such instance is contrary to all calculation to cavil at its application. and all intention. There may be cases of fraudulent with- That construction, however, has, in a great measure, holding of property-that is another matter, and it is. the defeated the object of the bill of the last session. And cautious endeavor of this bill to exclude cases of that cha- it seems to me proper to give it the liberal construction racter; but no instance ever occurs in which a man, finding proposed by this bill. I am apprehensive that the amendhe will be unable to pay all his debts, voluntarily, and of ment of the gentleman from South Carolina [Mr. McDuFchoice, leaves those due to the United States unprovided for.] FIE] will very much narrow down its usefulness. He H. OF R.] Temperance Petition.--Coins and Currency. [MARCH 21, 1832. thought the extending relief to all who are unable to pay WEDNESDAY, MARCH 21. their debts, a very uncertain and unlawyerlike expression, Mr. ADAMS, from the Committee on Manufactures, and observed that many a man, in perfectly good circum-reported a bill for the prevention of frauds upon the restances, is unable to pay his debts on a sudden emergency. venue; which was read twice, and committed. But the emergency is of his own making; it is not in the Mr. A. said that he availed himself of the present opbill, nor can it happen under it; it only applies to cases portunity to state to the House that it was not his intention of delinquency, which have happened long since; and to renew the request he had made last week to be exwhoever knows much of the feelings of mercantile men, cused from serving any longer on the Committee on Manumust be aware how strong is that principle which impels factures. He was induced to withdraw the request, as them to postpone and put off the day of failure of pay- it had been intimated to him that several gentlemen of ment. There is, therefore, no danger of the benefits of the House, for whose opinions and wishes he had the this bill being applied to persons in easy circumstances. most respectful deference, were unwilling to vote upon You have made ample provision against fraud; you appoint the question, either to grant or to refuse his request. He your own commissioners, who make a report of all the had also ascertained that his place as chairman of the facts in the case, under the scrutiny of the United States' committee would be supplied by a gentleman from New attorney. The Secretary of the Treasury is only autho- Jersey, in whom he had the most entire confidence; so rized to grant a discharge on being perfectly satisfied that that all the interests of the manufacturing interest would every thing has been fair. He exercises this discretionary be attended to, and would not suffer during his absence. power under the responsibility of being liable to be called It had also been intimated to him that the report of the on by this House, in every case, to exhibit the grounds of Secretary of the Treasury, proposing a modified rate of his decision. The security against fraud must be ample. duties, would not be made as early as he had expected. It appears to me, therefore, that every principle of For these reasons, he was induced to withdraw his reeconomy, justice, and humanity, requires that we should quest, and he now mentioned it only to apologize to the reject the amendment, and pass the bill. House for having given them any trouble upon the subject whatever. without a count. TEMPERANCE PETITION. Mr. HOWARD argued strenuously in favor of the amendment. The safety of the United States in referénce to its custom-house bonds had been owing to its known inexorability. He feared the present bill would which had been referred the memorial of the PennsylvaMr. ROOT, from the Committee on Agriculture, to go to break in upon that principle, and lead to still fur-nia Society for the discouragement of the use of ardent ther relaxation of the existing system. After some remarks from Mr. DRAYTON, as to the spirits, said that the memorial in question had been, in the first instance, referred to the Committee on Commerce, present power of the Secretary of the Treasury, which from which it had been transferred to the Committee on was paramount even to a judicial decision, the question Agriculture. He [Mr. R.] could perceive no power or was at length taken on the proviso, which was carried right in the committee to provide for the destruction of Mr. MCDUFFIE then moved further to amend the bill,sion that that committee had been instituted to devise orchards and rye fields. Indeed, he was under the impres by adding to it the following section: "And be it further enacted, That nothing contained in could he suppose that the proper reference of the memomeans for their encouragement and improvement. Neither this act, or in the act of which it is an amendment, shall rial was to the Committee of Ways and Means, whose inbe construed to entitle any Government debtor to be terposition was considered necessary, when it was in condischarged, until it shall appear to the satisfaction of the templation to impose higher duties upon imported spirits. Secretary that the sureties of such debtor are unable to The proper destination of it would be to the Committee pay the said debt, and that they are entitled to the provi-on Manufactures, which could best investigate into the sions of this act in like manner as the said principal debtor complaint concerning the ardent spirits of domestic manushall be entitled to the same; nor shall any thing in this factures, which so greatly disturbed the peace of the act, or the act of which it is an amendment, be construed He moved, therefore, that the to entitle any joint debtor to a discharge while any of the subject be referred to that committee. temperance societies. persons jointly indebted with him, whether as principals or securities, to pay the debt, or any part thereof, unless all the property of the said joint debtors be surrendered to the United States." Mr. CAMBRELENG was opposed to the amendment, and requested Mr. MCDUFFIE to withdraw it. Mr. ELLSWORTH objected to it as bearing hardly on the principal, by making him answerable not only for the poverty but the honesty also of his sureties. Mr. WHITTLESEY moved to amend the section by adding to it the following clause: as they had no special cognizance of the subject of the Mr. HORN objected to its being sent to that committee, memorial, and he thereupon moved that it be laid on the table. The motion was negatived, and the memorial was finally referred to the Committee on Manufactures. COINS AND CURRENCY. The subject again coming up in order, Mr. WILDE resumed the course of his observations on his resolution respecting coins and currency, which had "Or unless said sureties shall file their consent in been cut off yesterday by a motion to proceed to the writing with the Secretary of the Treasury. That the orders of the day; but he had proceeded only for a short privileges of this act, and the act to which it is an amend-time, when he gave way to an explanation by ment, may be extended to their principal, without any prejudice to their liability." Mr. WICKLIFFE thought the amendments of Mr. MCDUFFIE confined the benefit of the bill too much to the principal debtor, without providing for those who might have been his securities. Mr. CAMBRELENG, who said he was indebted to the politeness of the gentleman from Georgia for an opportunity to propose an amendment to his resolution, which he was obliged to do now, as he should leave the city to-day. He would trespass but a very few moments on his indulg ence to explain his object. We had had hitherto nomiMr. McDUFFIE accepted Mr. WHITTLESEY'S amend-nally two, but practically but one standard, which was ment as a modification of his own; and the question being silver. A bill had been reported by the Committee on put, the amendment was agreed to as modified, and the Coins to adjust the standard of gold more near to its relabill ordered to be engrossed for a third reading to-mor- tive market value with silver. He thought it all-important row; and then The House adjourned. to obtain the practical benefit of the use of both coins; at the same time it was necessary to establish, if possible, |