The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-09-26
CONGRESSIONAL.

chanan, Calhoun, Clay of Alabama, Fulton, Grnndy
Hubbard, King of Ala, King of Georgia, Linz
Morris, Niles, Pierce, Rives, Roane, Robinson
Ruggles, Sewer, Smith of Connecticut, Strange
Walker, Wall, Williams, and Wright-%. -
Nays-Messrs Bayard, Clayton, Crittenden, Ken
Knight, Lyon, Nicholas, Noryell, Preston Robbins
Smith of Indiana, Southland, Swift, Tallmadse. TIP
ton, Webster, White, and Young-lo.
GCorrespondence IF tic Boston Atias.]
Washington, Sept. 18th, 1887.
DEBATE IN THE SENATE ON THE BILL REPEALIN
THE DEPosITE LAW.
Mr. Websto, s speech against the bill repeating tn
deposite law, consisted Of TWO portions, on tn
general question of the currency, and the views up
on that subject contained in the message and tn
Treasury report and the other, upon the partcula
question before the Senate.
He complimented the President upon his iranl
avowal of his opinions in tho Message. The Pres
ident boldly and openly adopted the ground, tina
the General Government had nothing to do witt
the currency. He did not, however, see very clear
ly how this opinion could be reconciled with tn,
Presidents recommendations in another part of h
message, that Congress should "provide remedy
against present deprecated paper currency, b,
putting all the Banks under a commission ofBank
ruptcy. If the government had nothing to do will
the currency, how came they to be called upon io
! this provision of remedies
He commented with great severity upon the re
commentator contained in the Treasury Report
to issue Treasury notes, an small amounts 1oithOu
interest, to circulate as u currency; which he de
nounced nothing better than resurrection of the
old continental paper money.
AS to the particular bill under discussion, he put
his opposition to it upon three grounds;
First-That having, by the deposite act, raised an
expectation in the States that the money would be
| paid upon which expectation the States had acted
and made their arrangements the honor and Justice
| of the government demanded the punctua payment
| of the money.
Second-That vast variety of contracts and
undertakings between the States, inferior corpora
tons, and individuals had been founded upon the
expectation raised by the deposite act and il
s1tp fp ISL ha ,l.a
Distress by introducing new disturbing cause
by giving Il reversed motion to all the various ope.
rauons now going on, founded upon the expectation
of this money?
Thrd-Thati in fact the passage of this bill would
not relieve the treasury. The treasury could moi
realise the money 1t could not be come at, by vir
tue of this bill. 1t might be possible howe, err as
to a large portion of this instament, 10 make
| Iangement with the states in the neighborhood OF
those banks who hold this money, by which they
would agree to receive their shares by transfer
themselves advant ageous to both parties-of these
claims against the banks, not at present available TO
the government; that in fact the instament
might be paid, at least in a considerable measure,
without any very serious inconvenience TO the
treasury, and by funds not available for any other
purpose.
Wright said, that it appeared to him the simple
question was, whether the government ought to
borrow money for The purpose Of deposting it with
the states, TO be safely kept He could not assent
to that.
We5ster replied, that doubtless it was not usual to
o.,
or to give away; but the question in this case was
whether, having made the PROMISE having raised
expectations of loan, orif gentlemen pleased of a
giftt were not better to keep that promise, fulfil
those expectations, even though it happened to be
at considerable Inconvenience.
Some controversy and discussion took place be-
tween Wright, Webster, and Buchanan, AS to the
effect and character of the act of 1915 auihorsing
the issue OF Treasury notes; and whether il gave
any counienance to the scheme proposed in The
Treasury Report
Buchanan spoke in favor of the bill.
Calhoun said that it the object of the deposite
law-so far at least he had anything to do with
ito get rid of the surplus revenue That object
was accomplished the destiny of the law was fu-
filled.
He now the commencement of new era.--
He saw, in the present state Of the treasury, the
commencement of new national debt; and he
warned southern gentlemen, that unless they acted
vigorously for retrcnchment and reform, the com
promise would be violated and the tariff be revived
For his part he would not contribute in the slight
est degree towards any addition to this incipient
deb and on that ground he should for the bill
An adjournment was moved, and lost.
Buchanan moved amendment; that the
money already deposit should remain with the
states, till otherwise ordered by Congress-
This amendment prevailed, ayes 80, noes ~.
The bill thus amended passed to n third reading,
ayes 27, noes 19.
The HOUSE was engaged all day, till late hour
upon Mercer S Report on the rules and orders.
Washington, Sept. 18th.
happened to be absent from the Senate Room
moment yesterday, during which an important
move was made by Ialimadge of New York, which
omitted 10 mention in my last letter.
1t was this. Tallmadge moved to strike out from
the bill postponing to pay the fourth insalment of
depostes, all after the enacting clause, and insert
follows; "The deposits already paid and to be paid
to the States, under the deposite law Of tho last
Congress, shall remain with the States, till other
wise ordered by Congress" This was, in fact, to
substitute for the BILL bill of precisely opposite
character
The motion failed by vote of 10 to 81; but it
shows very clearly, that the connection of Mr.. Tall
madge with "the party is at an end.
To-day the Deposite Repeal Bill taken up on
the question of engrossment
Preston expressed his surprise at the rapidity with
which the measure pushed forward. He said
that il the crisis had occurred at which it was proper
to recall this money from the States, then why not
proceed according to the terms of the Act, and re-
call it as therein provided. The government had
no right to demand one whole quarter of the entire
amount deposited, upon notice of ten days; this
in wiz Of fho ,oc