The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-17

commissions oil bankruptcy could have been n,.a,,,.
sued out against all the suspended banks ,ber
seized and the administration Of them transferred from
'he several corporations TO which i is nlrusted TO
commissioners appointed by the President himself
Thus, by ono blow would the whole OF the State Banks
have been completely prosrated and the way cleared
iof the Introduction Of the ayoIe Treasury bank and
Is = not IN the same spirit Of unfnendiness to those
banks ard with the same view Of removing all obsta-
ees 10 the establishment OF government bank that the
o was presented to the Senate few days ago by the
senator from Tennessee (Afr Grundy) against the cir
euia'on OF the notes OF the old Bank of the United
o'ates AZ . time when there is too much want Of
eohnuence, and when every thing that be done
DC aone 70 revive and strengthen IT, we are called
upon 10 pass law denouncing the heaviest penalty and
gnonnous punishment against all who shall reissue the
notes OF the old Bank Of the United States of which
We are told that about seven millions Of dollars are in
cnculaton and they constitute the best portion Of the
paper medium Of the country the only portion of Il
which has credit every where and which serves the
purpose oil general circulation the only portion with
"hcha man can travel from one end Of the continent
to the other and do doubt that the Senator who
mas Illuminated these severe pains and penalties against
mar pest part OF our paper medium provides himself
we sufficient amount Of it, whenever he leaves Nash
vile, TO take him to Washington. [Iiere Mr.. Grundy
rose and remarked: No, sir always travel on spe-
eel All continued Mr., Clay, my old friend is always
sPseieous, am quite that members from a dis
lance IN the interior generally fnd indispensable TO
supply themselves, on commencing their journey with
an adequate amount of these identical notes TO eray It's
expenses. Why, sir, will any man in his senses deny
that these notes are far better than those which have
ocen issued that government banker Mr. Levi Wood
bury, aided though he be by the chancellor Of the ex-
chequer Il beg his pardon. mean the exchapceor,)
the Senator from New York, (Mr. Wright) am not
gong 10 stop here 10 inquire into the strict legality Of
me reissue OF these notes. that question, together with
te power o. the government TO pass the proposed BILL
VIII 90 taken up when it is considered am looking
INTO The such measure Noho,lv lanbts he
perfect safety Of the notes. onecan believe that they
Will not be fairly and fully paid What, then, is the
design Of the bill It isl assail the only sure general
medium which the people possess. II is because il may
come IN competition with Treasury notes or other
government paper Sir, if the bill had not been pro-
posed by my old friend from Tennessee would say its
author better deserved penentiary punishment than
those against whom is directed remember to have
heard Of an lustIous individual, now in retirement
having on some occasion, burst into the most pa
trlotc indignation, because Of wagpish trick PLAYED of
upon him. by putting note Of the late Bank of the
United States into his silk purse with his gold
put y IS unnecessary TO dwell longer on the immune.
raole proofs OF the hostility against the State banks
ana The deliberate purpose OF those power to over
throw them We hear and see daily throughout the
country, among their parsans and presses denuncia-
tons against banks, corporations, rag barons the spirit
OF monopoly DC. and the howl for gold hard money,
and the constitutional currency and no listen
to the speeches of honorable members friends OF the
administration, in this House and the other, without
being impressed with perfect conviction that the de-
strucon Of the State banks is meditaed
have fulfilled my promise, Mr. President, to sustain
the first four propositions with which sat out now
proceed to the fifth proposition
5. That the bill under consideration is intended to
execute Mr. Van Burens pledge, to complete and per-
feet the principles plans, and policy, Of the past admin
istrat!on, by establishing upon the ruins of the late
Bank OF the United Stalds and the State banks, Co
yernmcn bank, to be managed and controlled by the
Department,
the President of the United States.
The first impression made by tho perusal of the bill is
the prodga and boundcss discretion which grants to
the Secretary of the Treasury, rreconeleabe with the
genius OF our free Institutions and contrary the for
mer cautious practice Of the Government. As origi-
naly reported he was authorized by the bill to allow
any number Of clerks he thought proper to the various
receivers general and TO fix their salaries. 1t will be
borne in mind that this is the commencement Of
system and it cannot be doubted that, if put into ope
rattan tho an.el.A- 10 -.-...-rr --l-i y-Ai-i-~--
OF the public money and to fix their salaries he
pleases he is allowed to erect at pleasure costly bull
dlngs there is estimate of anything and all who
are conversant with the operations of the executive
branch OF the Government know the value and mpor.
lance fprevious estimates. There is other check
upon wasteul expenditure but previous estimates and
that was point always particularly insisted upon by
Mr.. Jefferson, The Senate will recoect that, few
days ago, when the salary Of the receiver general at
New York fixed, the chairman Of the Committee Of
Finance in his place and stated that suggest
ca secretary Of the treasury that should be
placed at $4,000 and the blank accordingly
filled There statement Of The nature or extent
of the duties 10 be performed, Of the time that he would
be occupied, Of the extent Of bis responsibility the
expense OF living at the several points where they
10 be located nothing but the suggestion Of the Sccrc
tary of the Treasury, and that deemed asuicient
by majority. There is no limit upon the appropra-
ton which made to carry into effect the bill, contrary
all former usage which invariably prescribed sum
not to be transcribed ',a
most remarkable feature in the bill is that to which
have already called the attention Of the Senate, and
OF which no satisfactory explanation has been given.
1t is that which proceeds upon the idea that the Trea-
sury thing distinct from The treasure Of the United
States aud gives the Treasury local habtation and
name in the new building which is being erected for
the Treasury Department in the city of Washington.
In the Treasury ESQ constituted is to be psced that PIT
lance Of the public which is CLEANED from the
District of Columbia All else, that to say, nine hun
bred and ninety nine hundredths Of the public revenue
of the United States to be placed In the hands OF the
receivers general and the other depositarels beyond
the District Of Columbia Now, the constitution OF the
United States provides that money shall be drawn
from the public Treasury but virtue Of previous APP
preparation by law. That trlng portion Of it, there
fore which is within the District OF Columbia, will be
under the safeguard OF the constitution, and all else will
he at the arbitrary disposal Of the Secretary Of the
Treasury If
1t was deemed necessary doubt, to vest in the Sc
cre,ary Of the Treasury this vast and alarming discre
tionary power. new and immense Government
bank is abou, TO be erected How il would work in all
It's parts could not be anticipated with certainty and
it was thought proper therefore, to bestow discretion
commensurate with its novelty and completely, and
adapted any exigenccs which might arise The 10th
section OF the bill that which the power to create
bank is particularly conferred 1t is short and
will read it TO the Senate
SEC 10 And be il further enacted That it shall be
lawful for the Secretary Of the Treasury to transfer tho
moneys in the hands Of any depository hereby constitute
cd to the Treasury ofthe United States TO the MINT
at Philadelphia !; to the Branch Mint OF New orleans
H. - al tha