Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-09-28


formed their duties as fiscal agents; and
the present state of things was brought
about by circumstances that could not
occur again. lie spoke of the deposite
act of June, 1886 and entered upon
defence of his course, and Of its provis-
iIns. He said he would lorbear to refer
to the manner in which the provisions OF
that bill had been carried into execution
though he had his opinions on the
subjecl-but if the transfers had been
effected in different manner, it would
have produced incalculabIe benefit to
the whole country, inste ad of doing mis-
Ghetto portion Of it. lie declared
the term "divorce between bank and
state" to be catch phrase-originally
got up by politicians, TO delude and mis-
guide the people. The mass Of those
who have adopted it have done so with
out sufficient consideration. lie object
cd TO The use of such term by mcn
pretending to judgment and discretion.
lie thought this sub-treasury scheme
was fraught with more mischief than any
system that had ever been proposed
You are establishing "better curren-
cy" Tor the ce-holders-and a"baser
currency" for the people. The paper
currency, payable in specie on demand,
will ever be the currency Of the country.
But by your schemes you isolate the
government from the pcople-you in
crease the salaries Of your public officers
from 10 to l2 per cent. You deprive
the people, in time, too, Of any adequate
currency. He referred to the proposit-
ions made by the President for gold and
silver in payment, and to the propositions
offered by Mr.. Calhoun and Mr. Ben
ton. All end in the same thing il is a
gold and silver receipt of all The public
dues in the Treasury. lfyou adopt this
sub-treasury scheme, then even if you
adopt a provision that the notes of specie
paying banks shall be received, it will
amount to the same thing, as if you were
TO permit nothing but gold and silver to
be received in payment. Let there be
no delusion on this subject. Let it be
understood therefore that if you adopt
the sub-treasury scheme, you must tax e
the whole of it-there is 10 halfway
work about it.
Mr.. Tallmadge then portrayed with
remarkable power, the effects upon the
commercial prosperity which would be
produced by this measure; and declared
that he doubted not some Of those who
now support it will come hereafter to ask
the government to raise the people from
that depth of ruin and pcrGition into
which they will be plunged by the
scheme. He said that the tendency of
this scheme was to bring the country
back to an exclusvel y.mctallic currency,
and illustrated this point al considerable
length. He declared moreover, that
even if il should be attempted to be car
ricd out, it would be found utterly i'm
practicable, and if it were possible to
carry it into effect, it would destroy the
commercial community in every state.
MIR. Benton gave a sign Of dissent.
"The senator shakes his head" said
Mr.. Tallmadge; "he may try it at home,
but let him confine it to his home y
"While the senator from Missouri uses
his Procrustean bed there, and fits his
man to it, will not consent that he shall
bring his machine to New York and
knock off our man at both ends.n Mr.
T. entered into full exposition of the
effects which would inevitably flow from
it, and concluded with powerful de-
fence Of the banking and commercial in
terests of the country, which have been
assailed by the administration members
in the course of the debate.
Mr. Benton replied to Mr. Talmadge.
After which, the Senate adjourned.
In the House, after the morning hour,
which was devoted to the reception OF
memorials and petitions, the resolution
Tor inquiry on the Florida war, was tax en-
up; hut no decision was come to, when
the hour arrived for going to the orders
of the day.
! ANTI-DEPosITE BILL.
. The committee Of the whole resumed
the consideration of the bill, and Mr..
Shepherd Of N. G.. and Mr.. Si3ley OF
New York opposed its passage.
MIR. Cambrcleng warned the House
that unless this bill passed, withholding
the October instalment) "wiihin one week
The Treasury must Stop"
The idea Of retrenching expenses
seems never to have occurred TO the Ad.
ministration.
In the SENATE, on Saturday, Sept. %,
MIR. Calhoun presented memorial from
Mobile for a National Bank, and Mr..
Swift several against Texas, from Yer
mont.