Remarks of the Hon. John C. Calhoun, Delivered in the Senate of the United States, March 21, 1834 : On the Motion of Mr. Webster, for Leave to Introduce a Bill to Continue the Charter of the Bank of the United States for Six Years After the Expiration of
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Congress has had, from the beginning, laws upon the statute books to regulate the value of the coins; and at an early period of the Go- vernment the mint was erected, and has been in active operation ever since; and yet, of the immense amount which has been coined a small residue only remains in the country; the great body having been expelled under the operation of thebank- ing system. To give efficacy to this pow- er, then, some other must be combined with it. The most immediate and obvious i...s that which has been suggested, of ex- cluding all but specie in the receipts of the Government. This measure would be ef- fectual to a certain extent; but with a de- clining income, which must take place un- der the operation of the act of the last ses- sion, to adjust the tariff, and which must greatly reduce the revenue, (a point of tlie utmost iniportance to the reiormation and regeneration of our institutions,) ihe effica- cy of the measure must be corresponding- ly diminished. From the nature of things, it cannot greatly exceed the average of the Government deposites, which I hope Mall before many years be reduced to the smal- lest possible amount, so as to prevent the possibility of the recurrence of the shameful and dangerous state of things Avhich now exists, and which has been caused by the vast amount of the surplus revenue.
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