. History of the state of New York, political and governmental;. rchartering one. Therefore the United States treasuryshould keep charge of its own funds and have nothingwhatever to do with the banking system or the busi-ness system of the country. This was interpreted bythe Whigs and by a multitude of Democrats as a directattack upon the banks and the credit system of bank-notes. It would restrain the country to a purely me-tallic currency, which alone would be legal tender, andthat would be in volume entirely inadequate to theneeds of a commercial community like New York, ifnot, indeed, to t
. History of the state of New York, political and governmental;. rchartering one. Therefore the United States treasuryshould keep charge of its own funds and have nothingwhatever to do with the banking system or the busi-ness system of the country. This was interpreted bythe Whigs and by a multitude of Democrats as a directattack upon the banks and the credit system of bank-notes. It would restrain the country to a purely me-tallic currency, which alone would be legal tender, andthat would be in volume entirely inadequate to theneeds of a commercial community like New York, ifnot, indeed, to those of the whole country, rural as wellas urban. Against such a policy a large part of the Democraticparty revolted. A bill was introduced into the Houseof Representatives for carrying out the Presidents de-signs. It was vigorously debated and at last, on themotion of John C. Clark, a Representative from Che-nango county, New York, was laid on the table by thevotes of the Whigs and conservative Democrats. Abill was enacted, however, authorizing the issue of a. William L. Marcy William Marcv, 13th governor (1833-38); born in South-bridge, Mass., December 12, 1786; lawyer; served in the warof 1812; recorder of city of Troy, 1816; editor of Troy Budget;adjutant general. New York, 1821; state comptroller, 1823;associate justice state supreme court, 1829; elected Inited Stitessenator and served from March 4, 1831, until his resignation,July, 1832 to become candidate for governor; governor,1833-38; commissioner on Mexican claims, 1839-42; secretarv ofwar, March 5, 1845 to March 3, 1849; U. S. secretary of state,March 7, 1853 to March 4, 1857; died at Halston Spa, N. Y.,July 4, 1857. 1837] THE REVOLUTION OP 1837 209 certain amount of treasury notes, and then Congressadjourned. It had done nothing to abate the populardistress, while the President through his message andits Independent Treasury scheme had done much toincrease the popular dissatisfaction, distrust, and con-demnation
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