Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1835-02-19
THE DEPOSITE BILL.

The only notice Of the main topics of Mr..
Binney's speech on the Bill for Regulating the
Deposites,' is the following from the Globe. A
full report will, We hope, be given. Mr.. Polk
made many fallacious statements, which should
be refuted.
"Mr. Bidney said he was DESTROYS Of propos-
ing certain amendments, which, however, did
not conflict with the general principles of the
bill, but, as he believed, tended rather to im-
prove and render it more acceptable to many
who were in favor ofits passage. He was aware
that the House was very DESTROYS of passing to
the consideration Of other important business;
and he conceded in the wish that the question
should be taken this day. He should therefore
endeavor to economist the time of the House,
so far as he could, with due regard to persr'-
Guilty. He had said that the amendment he was
about to propose did not conflict with the prin-
ciples of the bill. Those principles, he wished
to be understood, were such as he could never
bring his mind to adopt. This consideration,
however did not debar him from making rea.
sonable effort to render them more consistent
with bis own view Of right, and Of the true int.
rests of the country.
The objections which he entertained TO the
BILL in its present shape, were its insecurity, its
partially, and its tendency to political tf"-
snce. In relation to the first Of these points, its
insecurity, he contended that he had the war
rant of experience. The system of using the
State banks for the repositories OF the public
treasure, had been tried, and Neutrality-suspicious.
" failed, and that under circumstances re-
markaby similar to the present. The honora-
BILE Chairman Of the Committee OF Ways and
Means had said that this was "no longer an ex-
pertinent" In regard to its first trial, he grant
ed, il was not an experiment; but IN relation 10
the present he differed materially from that gen.
tleman. 1t was, he conceived, as much an cX-
pertinent now as it was when it was first so de-
nominated 1t had been tried but one short
year. and we were now told it had succeeded,
and must continue to succeed. The expert
ment. on its former trial, not only for one, TO-
two or for three years-but for three years and
ha.G had the same apparent success. Al the
end Of that period in less than six weeks, il was
exploded and the currency OF the country was
left for more than year, in the most deplora-
bic condition. To contend that this experiment
was tested in the short time in which 1t had been
in oneration. with the recent trial OF like eX
periment and its failure in three and hall
wears, staring in our faces, was to him prepos-
ferrous.
Not only did he contend that the experiment
had not been fully tried-but It had not peeh
fairly begun. Its result was only postponed
The causes conducting to this postponemeht
were first the refusal on the part OF the Bank OF
the United States, to obey the mandate from the
Treasury Department to call in its circulation
her refusal to proceed with the work in which
she had begun. 1t was this spirit of opposition
-factious opposition ifyou choose-to the vlr-
tua command of the Department to call IN her
circulation-which formed one principal cause
of the postponement of the effect of the expert,
ment The other cause to which he referee
was. the celebrated and saluta:y panic OF 1883
which induced a curtailment of one fourth OF
our imports-and the substitution of returns In
specie. MIR. B. next called the attention OF the
House to the similarity of the circumstances
existing in 1918 and 1888 There was, he be.
lieved, at the former period, as much specie IN
the country, as at the latter After pursuing
this subject at some length, he referred to the
losses said to have been sustained by the govern,
ment, by its places of deposits. He contenced
that it had, properly speaking, lost nothing
by the Bank of the United States. Mr. b:
then went into an examination OF his second
proposition, that the operation OF the present
system, was partial towards various portions or
the country He also dwelt at considerable
length on the possibilities OF the fiscal agents OF
the government being used for political eifect
and concluded by enumerating the advantages
to be secured by the provisions OF his amend
ment.