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rencV Of Told and StlTets ne 0enounced it ad

 mischievous and fallacious. and calculated

 to postpone the resumption ot specie pay

 meI1ts. The Senators from South Carolina | (Mr. CaIhoun) and Missouri (Mr. Benton)

 had yesterday submitted propositions which contemplated an entire revolution in the pol icy of the country. The Treasuiry order of inc late Executive might have been wise at

 inc lime it was issued, but the continuance of it was repudiated by the whole country.-, He referred to the bill which was passed by

 the two Houses, arising out of that order,

 and its fate. He believed that the voice of

 the country had sanctioned the provisions of

 that bill, which he desired now to renew and

 re.ofFer to the Senate. That bill authorised

 the reception of notes of Banks issuing notes

 of no denomination below that specified and

 providing against any discrimination. He

 had modified his proposition in one or two

 particulars !; the most important of which I was the entire prohibition of the receivabiI- l ity of the notes of any Bank which had sus- pended, or might suspend, specie payments, and did not resume them before a certain 1 day. He believed this measure would have l beneficial effect in this country and would

 expedite the resumption of specie payments. l He took view of the paralyzed condition of

 our commerce, and the degraded state of the

 currency, which he compared to human body in state of suspended animation, the vital spark being still there, and requiring

 only the particular remedy, to recal it into action. The great object of all should be to restore confidence. He referred to instances lin England, and one in New-York, where a single act of the government was sufficient to

 restore confidence, even before it was carried into practical operation. He adverted to the

 message of the President where it drew

 parallel between the distress of this country

 and that of Great Britain. There was a

 striking difference between the situation of

 the one country and the other.i In England

 the distress had not led to the suspension of specie payments, while here it led to that

 suspension. Why was that difference? It

 was because the conduct of the British gov ernment invited confidence, while that of our

 government repelled confidence. The bill

 which he offered looked to the resumption of

 specie payments. He laid it down as de-

 monstrable that if the measures which had

 been projected were carried through, there could be no resumption ofspecie payments.

 So long as gold and silver were at premium,

 the Banks could not resume specie payments.

 Such must be the result of the measure pro-

 posed by the Senator from South Carolina.-l The proposition of the Senator from Missouri imposed positive penalty for the resump-

 tion of specie payments. He expatiated at length on the tendency of the course which the government is pursuing, not merely to separate the government fiom the banks, but to divorce the people from the government He declared it to be his determination to stand by the people, and not to see one de- scription of currency for the government, and another and spurious kind for the people. He repudiated the idea of the President that the government has nothing to do with the currency of the country. He, looked at the pH( <hon %<> multiplication of banks as one which the framers fthe Constitution never contempla- ted. He considered that in consequence of the change of its condition the views of the framers of the Constitution could not be car- ried out by the mere force of the Constitu- tion, especially in reference to the regulation Of the currency. He described the evils which are connected with the banking sys- tenn; and took the ground that the banks de- rive their greatest profits from small notes, and that it is from the over-issues of these small notes that all the danger from the sus- pension of specie payments must come. He relied much more upon public opinion than on banks to restore the currency, and he be- lieved that public opioion would coerce the government to Q correct course of measures. He saw no difficulty in correcting the cur rency by the fiscal agency of the State banks. Unless these agents can be successfully em- ployed in controlling the currency, the peo- pie will not be long satisfied without a na- tional institution, such as he most fervently deprecated. It might as we'll be said on the explosion of a steamboat that this great dis covery of the age has turned out to be fail- ure. He went into history of the experi- ment in the State banks. He justified the removal of the deposites from the Bank of the United States, and condemned the faithless and ambitious course of that institutions The conduct the State banks, in this crisis, he considered as deserving of all praise, and all confidence. The Secretary of the Trea- could still sustain themselves. If the State banks had failed the new United States Bank had failed, and the hard currency system had failed by the same test. He considered the fictitious and forced importation of specie into the country as disturbing the level ofthe currency. forced into the banks because it could not occupy the channels which are fil- led with small notes, as of the causes of the existing evil It ordered these banks to issue three dollars m paper for every one thus

 forced into it's vaults in specie. The Treasu-

 ry circular was also another. of the great

 causes of the evil, operating most iniuriously

 as soon as that became the permanent policy of the government. It's effect was to create a

 run on the banks, hoarding the precious met ais, and thus having no small agency in pro- ducing the present distress. He defended the deposlte act as one of the swiSeSt efforts of American legislation; but thought that there

 nad been great error in the administration of

 the law, by which the currency of the coun- try had been disturbed. As to the surplus revenue he believed we should now hear no more of It, and we should consequently have no more depoSite acts As to the Treasury