these resolutions, as being perfectly within legislative cognizance; and that he calls the attention of the legislature to them, as he has the right to do.

It will be for the legislature to consider and decide whether this is, or is not, a fit time for legislative action. I presume that the legislature, for the very reason which I have assigned, will deem it improper for a state at this time, to trench upon that which is the proper business of the national legislature. But, in addition to this, I think that the measures proposed are mischievous in their tendency. In the very nature of the subject, as connected with the currency, provisions of such a character as these are fit objects for temportary legislation, and not for permanent constitutional provision; and the legislation upon the particular matters now before the committee, must of necessity depend upon contingencies, as to whether their enactment would be proper, or not. Sir, say what we will, it must depend on the action of the general government-it must depend on the action of the other state governments-it must depend upon many other circumstances, whether it would be wise in you to prohibit the circulation of any notes under a certain denomination.

This is a matter in reference to which it is impossible for us, sitting here to do this great work of legislation for the government, probably, of unborn millions of people-it is, I say, impossible for us to decide with propriety and wisdom, whether a provision as to the extent of the paper, to be issued by the banks, should, or should not, be made. It is impossible for us to say, what may be required ten or fifteen years hence. There is no difference of opinion on this point--that is to say, that all provisions which are liable to change, or which are of a temporary character, are rather matters for the legislature, than for the framers of a constitution to act upon.

I will ask the indulgence of the committee, while I examine this resolution a little more in detail. This is a simple matter, and, one would think, of no great importance in any respect.

This is simply a matter of time, and the most persevering endeavors have been made to plant it in the constitution of the state. What disease is it to cure? What evil is it to remedy; and what office is this resolu tion to perform? If we look to the argument accompanying it, we may, perhaps, see what duty it is to perform, and learn why it was urged as being proper to be placed in the constitution.

He believed that the first reason which was urged in its favor, was that it would extend the specie basis. This had been urged by several gentlemen, in support of the proposition. He did not think, however, that it had been explained by any gentleman, how it was to have this effect. It was said, in general terms, that it would extend the specie basis, but, as to how this was to be done, no one had attempted to shew it. Then, to understand this question properly, let us be a little more particular. What, sir, is meant by the specie basis? He supposed it meant the metals, in the hands of those who issued notes, by which they were to redeem those notes. This, he presumed, was, what was generally understood by the specie basis. It seemed to be supposed by many-although they had not directly expressed this opinion, still he could draw no other conclu

sion from their course here-that the banks are under a moral obligation to have in their vaults, an amount of specie, equal to their notes in circulation.

This seemed to be the inevitable conclusion from the arguments of gentlemen on the other side. If it be not so, where is the foundation for the charge of dishonesty and fraud, on the part of these institutions. If it be not so, that they consider the banks under a moral obligation, to keep in their vaults, an amount of specie, equal to their paper in circulation, and the deposits made with them, where is the foundation for the charge of fraud against these institutions. Does any gentleman seriously believe that it is in the contract, that it is in the bond, or, that it is an implied understanding even with these institutions, that they were to keep an equal amount of specie in their vaults, with their notes in circulation? Has any gentleman, who has ever seen a bank statement, believed for a single instant, that this was a part of the obligation of the banks?

No, sir, every gentleman knows that it is neither an express or implied contract, according to the understanding of any one. No man who had the slightest knowledge of the subject of banking, could suppose for a moment, that banking could be conducted on that plan. The state of the world, is such as to render it necessary, that banking should be conducted on the most liberal system. The business of the world was of such a nature, that it must be carried on upon credit, and he thought we lived in an age of the world, when that was no longer an open and debateable question. The business of the world was now conducted upon credit; and, do gentlemen wish to reverse the whole order of things? It was as well known that the business of the world was transacted on credit, as it was that the sun was shining; and, it was also known, that the business of the world could not be carried on with the precious metals. The precious metals are confined within a limited sphere. They have a certain office to perform, and that is but in a small way connected with the business transactions of the world.

In these days of credits, the precious metals were used but for some three or four purposes. In the first place, they were used in this country, in a species of manufactures, and they being used in this way, caused the precious metals of this country to diminish no little, and he did not believe it was in the power of legislation to prevent this. They are also used as change in the common transactions of life; they were also used, to no inconsiderable extent and amount, in the settling of balances between different states, when these balances cannot be settled in any other way, except by the use of the precious metals. He believed he had now stated pretty much all the uses to which the precious metals are now, or were likely to be used for.

Now, sir, the circulation or currency of the country is paper, and a paper, too, which has answered our purposes well. It was the best kind of paper, and, as had already been shewn to the committee, it had answered the purposes of a country, with more safety, more certainty, and more stability, than the public paper of the government. The great object of both the rulers and the people, is, or should be, to suffer the specie to remain at rest for all other purposes, than those which he had just mentioned.

But, sir, the repose of what is justly called the specie basis, may be disturbed. It has been disturbed, by the unwise measures of the government, and the experiments which have been going on in relation to the

currency.

Now, he would ask how the resolution before the committee was to extend the specie basis? If we have a right understanding of what is meant by the specie basis, he would ask gentlemen how this amendment was to extend it? He should think it would diminish it. Yes, sir, he should think that this amendment would diminish the specie basis. It was intended by the amendment, and, as was avowed by gentlemen in their argnments, to put more specie in circulatiou among the people, and consequently, it will diminish the basis. Besides this, it will be putting it more readily in the hands of those who desire to take the specie out of circulation for any purposes which they may desire. What are the reasons on which the passage of this amendment is grounded? He believed that two reasons were in its favor. First, that it will contract the issues of the banks econdly, that it will put more specie in circulation. It was meant is amendment, that where you now have notes under ten dollars, y ould have specie or nothing. More coin and less paper, that is the It may be so, but the question still occurs, to what good purpose des this tend. Who is the gainer by this, if the notes can be converted into specie, at the pleasure of the holder? Are the notes not more convenient than the specie? The answer is obvious. Will not this measure diminish the quantity of specie wanted in the banks, as a basis. Will it not make it more convenient for those who are disposed to take it out of circulation, to do so?

al

But, says the gentleman from Luzerne, in speaking in support of this proposition, we will have a currency for the working man, which will be to him on Monday morning, what it was on Saturday night. The gentleman also told us, he believed in his conscience that this was the currency which the framers of the constitution designed for the mass of the people. He further said, that it was that currency of which the people are robbed. The banks take it from the hard hand of labor and put in place of it, worthless paper trash; and, that the persons who did this, were gamblers and speculators.

If this be argument, he (Mr. C.) confessed he could not see it. It was language, according to his sober judgment, not proper to be addressed to such a body of men as this. It may have its place, but he thought it to be out of place here. This language about robberies of the people, was merely figurative. It is a mere fancy sketch, and the picture is too striking for this deliberative body. The plain matter of fact is, that it differs not to the laborer, nor to any man, whether he receives his money in bank notes, convertible into specie, or in the specie itself. The hard hand of labor will draw exactly the same sustenance from the one as from the other.

Does the delegate from Luzerne, in his conscience believe, that the framers of the constitution decided what should be the currency for the mass of the people? If so, might he be permitted to ask the gentleman for his reasons?

VOL. VIII.

Sir, the framers of the constitution said nothing like this. It is improbable that they meant it. If they meant it, why did they not say so? They were men who were every way competent to express their meaning, and nothing could be more easy than to have done so.

The CHAIR here stated to the gentleman that the hour which the rule fixed for members to speak, had expired.

Mr. SERGEANT would ask whether the gentleman was not entitled to the time which he had lost, when he was interrupted by the gentleman from the county of Philadelphia.

The CHAIR replied that he would be entitled to it.

Mr. HEISTER then moved that the gentleman have leave to proceed, and on that motion, called for the yeas and nays, which were ordered, and were yeas 62, nays 51, as follows: follows:

Beav

YEAS-Messrs. Agnew, Ayres, Barndor
Chambers, Chandler, of Philadelphia, Clark
Craig, Cummin, Cunningham, Darlingto
Dunlop, Farelly, Fleming, Forward, HI
Dauphin, Hiester, Hopkinson, Houpt,
Martin, M'Dowell, M'Sherry, Meredit',
Porter, of Northampton Purviance, Reart,
Sterigere, Stevens,levant, Taggart, Wieu noi,

--62.

itz, Biddle, Bonham, Carey, er, Cline, Cochran, Cope, Cox, Dickey, Dickerson, Doran, ays, Helffenstein, Henderson, of Jenks, Konigmacher, Maclay, Miller, Pennypacker, Pollock, ver, Russell, Scott, Serrill, Sill, Woodward, Sergeant, President

NAYS-Messrs. Banks, Barclay, Bedford, Bell, Bigelow, Brown, of Northampton, Brown, of Philadelphia, Clark, of Dauphin, Clarke, of Indiana, Cleavinger, Coates, Crain, Crawford, Crum, Curil, Darrah, Dillinger, Earle, Foulkrod, Fiy, Fuller, Gamble, Gearhart, Gilmo. e, Grenell, Hastings, Hayhurst, Hyde, Keim, Kennedy, Krebs, Magee, Mann, M'Cahen, Merkel, Montgomery, Nevin, Overfield, Read, Ritter, Saeger, Scheetz, Sellers, Seltzer, Shellito, Smith, of Columbia, Smyth, of Centre, Snively, Stickel, Todd, Weaver-51.

So the motion for leave was decided in the negative, not two-thirds voting therefor.

A motion was made by Mr. CHAUNCEY, that the committee now rise,
Which motion was not agreed to.

Mr. STERIGERE rose and said, that as the committee had refused to give the gentleman from the city of Philadelphia, leave to proceed, he (Mr. S.) would resume the argument he had commenced this morning, and which he was precluded from finishing by the expiration of the hour allotted to each delegate by the rule.

Mr. S. here gave way to

It is

Mr. INGERSOLL, who said that he was desirous to address one word to the good sense and the good feelings of the members of this body. obvious, said Mr. S., much confusion and difficulty will arise

Mr. EARLE here rose, and called the gentleman from the county of Philadelphia (Mr. Ingersoll) to order.

The CHAIR said, that the gentleman from the county of Philadelphia, (Mr. Ingersoll) was perfectly in order.

Mr. EARLE appealed from the decision of the Chair,

And, after some conversation, the question on the appeal was taken, and the decision of the Chair was affirmed.

Mr. INGERSOLL then proceeded :

I was about to say, Mr. Chairman, at the time I was called to order, that much confusion and difficulty would arise from the enforcement of this new and very inconvenient rule, limiting the members to the short space of one hour, and that I hope I may be able to prevail upon the committee, to go into convention for a few minutes, with a view to see if we cannot get rid of it. I am authorized to say, that many of the members of this body, doubt the constitutional right of this convention, to impose such a restriction upon the power of speech-on the freedom of debate. I ask the committee to rise for the purpose of considering this question in convention..

Mr. BELL here rose and inquired of the Chair, if this was a debateable question.

The CHAIR said, it was not.

Mr. BELL submitted, that detood the gentleman from the county of Philadelphia, (Mr. Ingeeeding to debate it.

Mr. INGERSOLL: Oh! no d not debate it-I merely premised it. Mr. EARLE said, he did u precisely know whether his colleague from the county, (Mr. Ingersoll) had submitted a motion that the committee rise, or had merely made an appeal to the committee to do so. He (Mr. E.) was desirous, however, to move an amendment, and “to premise it with a speech.

Mr. DENNY called the gentleman from the county of Philadelphia (Mr. Earle) to order.

The CHAIR said, there was no question now pending before the Chair, except the motion that the committee rise.

Mr. EARLE said, he was only going to submit an amendment, and “to premise it" with a speech.

The CHAIR said, the delegate from the county of Philadelphia was out of order.

Mr. DICKEY rose, and demanded the previous question, and appealed to the committee to sustain him in this motion.

Mr. WOODWARD rose and inquired: "Does the gentleman from Beaver (Mr. Dickey) intend to violate the agreement made with me upon this floor? I will thank him to answer this question."

Mr. EARLE: I call the gentleman from Luzerne (Mr. Woodward) to order.

Mr. DICKEY I trust that the committee will give me the privilege to reply to the inquiry put to me by the gentleman from Luzerne.

Mr. EARLE: I call the gentleman from Beaver (Mr. Dickey) to order, And, the question being then taken, the demand for the previous question was seconded by the requisite number of delegates.