The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-23
SENATE.
FRlDAY, Sept. 20.

Mr.. DAVIS presented great number Of petitions
from Massachusetts, demonstrating against the annexa-
ton of Texas the Union, and two similar memorials
from Connecticut, which were laid on the table.
Treasury sYsrEM.
Il The Senate proceeded to the consideration Of the
bill imposing additional duties repositories Of public
revenue, on certain officers.
Mr.. TALI.MADGE rose, and expressed his views
the practical operation Of this bill He felt himself
called upon to give TO this BILL the most respectful con-
sideraton both on personal and political grounds
There had always existed the kindes feelings between
the Executive and hlnsel Natives Of the same State
Of the town-their association had been always
the most intimate Yet he had been unable 70 bring his
mind the support Of the Sub Treasury system, which
he looked upon augh with the greatest evils 70 the
country. This was not Q new measure |; II had been
brought forward and secuted by the friends Of the adj
minislTaton and he knew Of nothing which had oc-
CURED to justify change Of sentiment. The system
Of State Banks had been pronounced by the party from
Gen jackson down 10 the lowest member as fully able
to regulate the exchanges Of the country and to perform
the fiscal duties Of the government; and from the Ex-
ecuve reports il was obvious that they had fulfilled the
expectations Of The President, Il now said that
the system had failed. But why had II failed II had
failed contemporaries Of the occurrence OF state o.
things the most extraordinary in its character, and
scarcely likely occur again He considers the war
fare which had been waged against the pet banks, as
having shaken the confidence Of the people in them;
and the specie Circular proved that the confidence OF
the government also Withdrawn from them. He
did not look to the resembling this Circular panacea
for all the evils suffering but he considered
il as one Of the items necessary to the restoration
of public confidence and if the legislative will had
prevailed, the present evils might have been m
great measure prevented The mercantile interests
Of New York believed that the President would have
rescinded that order They strong in this con-
fdence, that they we're ready to exclaim,
"Now is the winter Of our discomfort,
Made glorious summer by this son Of York"
But this confidence was destroyed by the course which
for reasons doubtless, satisfactory himself the Pres
dent thought il proper for them to pursue He adverted
to the effort made by the State Of New York 70 sustain
the public confidence in the State Banks and II the
Specie Circular had been rescinded, the suspension OF
specie payments would have been prevented. But as
soon as il was perceived that made on these
Banks the deposors became alarmed, and the Banks,
with the appreciation of the whole people Of the city and
state Of New York, suspended specie payments. He
conended therefore, that the experiment had not yet
ailed but that the Banks, which had efficiently per-
formed the duties entrusted Them before the late
changes were capable Of dischargng them again.
He remarked the different position which the coun-
try would have occupied, if the Deposte Bill had passed
in form to have placed the surplus in the hands oil tho
States, taken the State certificates and brought them
into market in moment like the present We might
thus have commanded "a millions, instead Of hav-
ing an exhausted Treasury Gentlemen say this expe-
rimen has failed, and therefore there must be divorce
lar for time But wise statesmen and politicians would
look deeper before they entered on doubtful expert
men threatening the greatest disasters to the country
The divorce would be productive Of more evil than any
measure which has been brought forward for series Of
years The people understand, and will understand,
when there are currencies esabshed-the gold for
the servants and the deprecated paper Tor the people,
their masters You will thus isolate the people from the
Government The effect by and bye, would be to de-
pnvc the people Of any adequate currency whatsoever
He stated his objections TO the amendment OF the Soma
tor from South Carolina, as deusiye; and II gem
tlemen desired TO take the Treasury scheme, let
it be understood that you require all dues TO be
paid in gold and silver. There can be no half way,
and he wished that fact to be known to the peo-
plc.--1'he banks would gradually become SO GRIP.
pied that there would be no adequate currency All
which has been done by US has been done by credit
Credit is the poor mans capital and the auxiliary OF The
rich. Without II The poor man would be kept down 70
the level Of the day laorer Why this to be uproot
ed the price of property reduced the hopes 81 the poor
man DESTROYED by this subtreasury system no thought
il by no means improbable that some Senators
that floor might remain here long enough to hear the
projectors of this subreasury system deaouncmg their
measures. as they were even now denouncing the
measures they had formerly introduced aud advocated
lie asked why this warfare was carried on against the
banks And why were the merchants to be the special
object 81 assault He proceeded TO eaogze the mer-
chants Of New York. who stood by the country
in the hour Of her seyerest trial He expressed ms en-
tire astonishment that the Senator from Missouri should
have thrown out the idea that he would live 10 see the
day when in the opinions u the people Of tins country
the banking sysen, would lie held to be absurd as
the South Sea bubble He could not find language con-
sstent with the respect he felt for that Senator in which
TO express his establishment that at this late day. with
all the experience we have had Of the advantages Of
credit, such doctrines should be promulgated. He
would only say,
lis strange, Ills passing strange"
He stated that in 1891, New York paid twelve mil
lions OF customhouse duties Setting this she ave-
rage amount how is this twelve millions be paid in
gold and silver The specie could not be found and
Il it could under the Sub Treascry scheme, Il Is TO
DO sailed down in the Sub-Trcasury vault until dis
burscd Specie would thus, to large snoint, be