The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-21

an opinion favorable 10 the separation oil the
from the bank agency and the employment Of individual
agents to keep and dsburse the public money the Globe
evidently under the sanction and with the appreciation
the President pounced upon the proposition with il;
characteristic violence II used this language The
proposition is dsorganzing and revolutionary, subyer
siye Of the fundamental principles OF our Government
and Of It's entire practice from 1889 down to the present
day." The Globe has made lame effort TO prove that
this was not applied TO the Sub-Treasury part Of Mr.
Legh's proposition. Blu, tie application OF the follow.
ing extracts from the same paper that propost can
not be denied
IN is as papable as fhs sun, that the effect Of the
scheme would be to bring the public treasure much
nearer the actual custody and control Of the President
than It is now, and expose 10 be Pfundered by an hun
dred hands, rherc one cannot now reach H." Aitei
stating that If such scheme had been proposed by
Gen. Jackson it would have been rung through ne
Old Dominion" as new proof Of his grasping amb
on and ofhs desire to increase his power and get con-
troll Of the public purse the Globe sanctions these mpu
tations upon the tendency Of the scheme by saying
In such should feel that the people had
Just of alarm, and ought to give their most watch
ful attention such effort TO enlarge ErecaiDe po,r-
or and put into its hands The means Of corruption"
Now, the President, who was pledged to walk in
the footsteps Of his ustrous predecessor has proposed
this very scheme and those representatives Of the Old
Dominion, who, with "watchful attention to the ine-
rests Of the people, think there just Of alarm,
put into It's hands the means OF corruption, are de-
nounced by this selfsame semi-ocia Executive organ
with scarcely less fury than Mr.. Leigh was little more
than two years ago, for suggesting the project.
have bccn gradually led to say more on this part Of
the subject than intended, than at all necessa-
ny. The discussion which the Sub-Treasury scheme
has undergone in your paper, in various FORMS has
placed it IN all its aspects fully before your readers,
that do hatter myself make the objections to
more manifest. My chief purpose in addressing you,
was to call your attention and that of the public to two
matters in connection with the subject, TO which it
seems much error prevails.
lst 1t has been frequently said. and seems TO be
taken for granted that the Sub Treasury scheme is
in full operation The truth Of this statement deny
Ii is not correct either in letter in spirit II is true,
that, under existing laws, the Treasury receives nothing
but gold silver Government paper in payment OF
the public dues But, then, the depose act of June,
1886, remains untouched-no legislative anathema has
issued against the banks-a permanent separation in
future between the State banks as repositories and
fiscal agents. has not been proclaimedand the resolu
ton of 1916, authorizing the receipt in payment Of pub
lie dues, OF the notes OF specepayng banks, IN full
force, unrepealed, directly or by implication. Neither
the practical currency Of the people and the States
the credit OF the banks, has been put under the ban
The refusal to pass the Sub Treasury bill, was well
cauated reanmate the just hopes Of the banks and
infuse new confidence into the community, as if Mr..
Rves' bill had been passed in so many words. The
existing laws make it the duty Of the Secretary to de-
pose the public money in and authorize the receipt OF
notes of specie-paying banks The actual employment
of State banks fiscal agents, is suspended Temporal
riy because they cannot comply with the condition OF
the law but, they still remain The legal repositories Of
the Government. Leaving things as they were, SO far
from aordng opportunity TO test the operation OF
the Sub-Treasury scheme, refusing to repeal-in
effect to re-cnact laws dramatically opposed to it in
object and effect 1t earnest too to the country,
whose revving and yivying influence has already been
seen, that the and untrled expedent would not
be sanctioned by Congress 1t natural operation was
TO bring repose and tranquility to the anxious and agi-
tatod public mind And permit me to say, they are
agiiaiors Of the worst sort, who, knowing Of
them do that the vote laying the Sub Treasury
bill on the table, eflecual and decisive mode
of rejecting it, any other-that certainly not more
than three, if many of the thirteen majority would
have voted differently, IN any form-stiil attempt TO
deude and alarm the public with the apprehension that
a measure fraught with so much mischief, and which
many regard giving fatal blow to the whole credit
SYSTEM has only been postponed and will yet be passed
1t fatal deluslon. To say nothing OF the ndl-
cations and probable influence upon the House of the
popular opinion every where since the emanaon Of the
Message-how can the again pass through
the Senate And in this House 1t now is, unaffected
by exterior control-how can 1t be expected that the
measure can pass that body II would seem, that it is
expected that two three of the South Carolina friends
of Mr. Calhoun will change their ground. This | will
believe when see it. But, suppose they do, there is
still majority Of seven to overcome Where are they
to be found Can four Of that little band who have
been denounced as "a faithless squad" ndeed-but
who | undertake to say, have been faithful to their
principles their constituents, and their countrybe Sc
duced from their standard feel confident, that those
from Virginia, and believe, those from 5. Carolina,
ON Illinois, from Massachusetts, from Ohio, and from
Maine, can neither be seduced nor dngooned from the
position they have taken; but, defending and maintain
ing that position they will say to the administration,
However anxious we have been, and still are, that
your measures and policy, should be such We can
support we ask you, the language Of Phocon to the
Athenians, when you see such dreadful fire near
YOU will you plunge Athenlans into it! For our part,
we will not suffer you to ruin yourselves though your
incnatons lie that way"
Returning from this DEPRESSION, repeat that is not
true that the SubTrcasury project is in operation that
proposed exclusive gold and silver receipts and lndvi
dual repositories, the permanent policy The law, as
it is employs the State banks as repositories and au-
horizcs tho receipt Of their notes, they
sume specie payments The whole effect Of pressing
the project has been to prevent the adoption OF those
restrictions and reforms OF the banking system proposed
by Mr. Rves' BILL which were heretofore earnestly
recommended by Gen Jackson, and almost unanimous
" sanctioned by Congress. Nor is it true, that the
other branch OF the project is in full operation. The
bill that was laid the table "subycrsye" Of the
law and policy Of 1899 That law made it the duty OF
the Secretary Of the Treasury to "supernend the col
lection of the rcvenue'--but when collected he IS bound
opass 1t over by to the Treasurer, who is
quired to give bond, in the penalty Of half million Of
dollars and who is bound to give the Secretary receipt
for and required to receive, safely keep, and dsburse
all the public money" in payment of appropriations
made by law He is responsible for its sale keeping
He and his securities bound to see, that 1t is moi
left in unsafe hands, deposited where it may be mis-
applied and pundered" This is the law as it is. The
SubTreasury bill abroga,ed all this, and proposed to
convert the Treasurer Of the United Stacs-a high and
responsible functionary under the law of l7s9-nto
little Sub Treasurer for the District OF Columbia Con
eress refused to sanction this mcamorphoss. Can it
be that the Secretary has undertaken to nuy the aw
Of 1887 Has the Treasurer Of the United States sur
rendered his trust and been unfahul to his obligation
TO receive, safely keep, and dsburse the public
moneyl' | trust mott do not SO understand It, The
employment Of the banks general repositories unde
the act Of June, 1886, has become impossible for The