Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-15
Domestic. news.
SPEECH OF MR.. CALHOUN OF s.. c.:
ON THE. SuB-TREAsURY BILL.

In the Senate o) the U. States REQ 10, 1888.
lregarj this measure, which has been so
much tlenonucctl, as very little moro than
m attempt to carry out The provisions of
The Joint resolu,ions of 1916, and the de-
posi,e act Of 1896. The former provides
tllat'no notes but those of specie paying
banks shall be received in the dues of the
Government, aud the latter that such banks
only shall bc the repositories Of the public
.''enucs and fiscal agents Of the Govern
ncnt; but ii omitted TO make provision for
contingency o. Il general suspension of
ria payments, such as is the prcscnt.-
tnllowcd, accordingly on the suspension
i.ay last, which totally separated the
ave nmoni and the banks, that the reven-
~; was thrown inio the hands of the EN-
ccutivc, where il has since remained under
!ls exclusive control, without any legal pro-
vision for its safe-kceping. The OBJECT of
This bill is to supply this omission; TO take
the public money out of the hands of the
Executive and place it under the custody
oi the laws, and to prevent the renewal of
Il connection which has proved SO unfortu-
nate to both the Government and the banks.
But it is this measure, originated in an cxi-
gcncy caused by our own acts, aud that
seeks 10 make the most of Il change effect
ed by operation oflaw, instead OF attempt
II
mcn,. as has been enormously represented.
which has been denounced under The name
Of the Suh-trcasury with such uncxamplcd
bitterness.
In lien Of this bill, an amendment has
been offered, as Il substitute, by tho Senate
from Virginia, furhes, from the chair, (Nlr.
Rives.) which he informs us is the first
choice OF himself and those who agree with
hun, and the second choice of those with
whom he is allied on this question. If
lry jadSc from appearances. which can
larlly deceive, he might have said their
choice, under existing circumstances; and
have added, tina, ,lcspairing Of a National
Bank, the object of their performance, they
have adopted his substitute, as the only
practicable alternative at present. We
have, then, the question thus narrowed
doSn to this bill and the proposed substitute
It is agreed ON all sides, that one or tho 9th
or must be selected, aud that 10 adopt or re-
ject the ono, is TO reject Or adopt The other.
The single question then is, which shall we
choose! a deeply momentous question,
which we are now called on 10 decide in
behalf of the States of this Union, and on
our decision their future destiny must. i'm a
great degree, depend, so long as their Union
cntlurcs.
III comparing the relative merits of the
two measures, preparatory TO Il decision, |
shall touch very briefly OIL the principles
and details Of the bill. The former is well
understood by the Senate and the country
at large, and the latter has been so ably and
lucidly explained by the Chairman of the
COMMITTEE in his opening speech, as to SUI
persede the necessity Of further remarks OH
As HHsa, ira; Is finn Il Myself a4a
al summary. accompanied by few brief OBJ
servations.
stated. is to take the public funds ou, Of the
hands Of the Executive. where they have
been thrown by operation of our acts. and
to place them under the custody of law;
ana to provide for gradual and slow, but
perpetual separation between the Govern
nicnt aud the banks. 1t proposes to extend
The process of separating to the year 1915,
receiving during the frs, year of the series
the notes of such banks as may pay specie
and reducing he caltcr the amount rcceiva
bic in nu,cs one sixth annually, till the sep
;,ra,ion shall be finally colisumuiatcd at the
period mentioned.
The provisions Of the hill are the most
simple and cilcctual that an able commit
tee could devise. -Four principal receivers,
Il few clerks, and n sufficient number of IL
gents 10 examine the state Of the pubic
funds, in order to see that all is right, at an
annual charge, not exceeding forty or fifty
thousand dollars, at most constitute the adj
diional Offices and expenditures required,
10 perform I'LL the duties heretofore discllar-
gcd by The banks, rs repositories Of the
public money and fiscal agents of the Treas
nry. This simple apparatus will place
ihc public treasury in an independent foot
ing, and give tho Government, at all
times, certain command of its funds To
meet its engagements aud preserve It's hon
or and faith inviolatc. If it he desirable
10 sepcraic from The banks, the Govern
ment must have some independent agency
"f its own to keep aud distribute the public
revenue; and il it must have such an agen-
cy. none in my opinion, can he devised
more simple, more economical, more cffcc-
rnai and safe than that provided by this bill
1T is the necessary result Of the separation.
and to reject it, without proposing better
Gf, indeed, Il better can be- is to reject the
separation itself.
j now turn to the substitute. Its oljcc,
is directly the reverse Of that Of the bill
il proposes to revive the league of State
banks, and 10 renew our c0nncXion with
them, one which all acknowledge hiss CON
tributed so much TO corrupt the community
and to create a spirit, of speculation, here
tolore uncxampIcd IN our history.
The Senator in Offering il, whether wise
ly or not has at least acted consistently. lie
WAS its advocate at first in 1881, when the
alternative was between il and the re char
ter OF the Eank Of the United States. He
then defended it zcalDusly and manful,.
against the fierce assaults of his present
allies. as he now defends ii, when those,
who then sustained him. have abandoned