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Updated: May 29, 2025
A contractor came to Washington last winter, and received a draft of $180,000 on a specie-paying bank in New York. This he sold at ten per cent premium, and with the avails purchased funds in the West, with which he paid the producer, the farmer, the laborer. This is the operation of specie payments.
The second represented the theories of Hamilton and the Federalists, and favored a bank with a reasonable capital, specie-paying, and free to decide about making loans to the government. The third body was composed of members of the national war-party, who were eager for a bank merely to help the government out of its appalling difficulties.
This hunt, however, had no permanent effect in keeping down the serpent population. Viviparous, creatures are a kind of specie-paying lot, but oviparous ones only give their notes, as it were, for a future brood, an egg being, so to speak, a promise to pay a young one by and by, if nothing happen.
If not, then, so far as I am concerned, this discussion will here terminate. I will say a few words, before I resume my seat, on the motion now pending. That motion is to strike out the specie-paying part of the bill. I have a suspicion, Sir, that the motion will prevail. If it should, it will leave a great vacuum; and how shall that vacuum be filled?
Specie was scarce, and equally scarce were the notes of specie-paying banks. But the legislature did not propose any divorce of government and people; they did not seek to establish two currencies, one for men in office, and one for the rest of the community. They were content with neighbor's fare. It became necessary to pass what we should call now-a-days the civil-list appropriation bill.
This hunt, however, had no permanent effect in keeping down the serpent population. Viviparous, creatures are a kind of specie-paying lot, but oviparous ones only give their notes, as it were, for a future brood, an egg being, so to speak, a promise to pay a young one by and by, if nothing happen.
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