The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-17
Congressional.
Wednesd0U. julia 9TH,

In the Senate, Wright moved that the Senate
proceed to consider the amendment of the House
to the bill to modify the last clause of the fifth
ton of the deposite act of the 23d of June 1886.
Webster said he should concur most readily IN
the amendment of the House. 1t gave him the
ruest pleasure to learn that the House had rejected
the section Of the bill and that il had been done so
by decisive majority. The House had thus
arrested the surrender of all control over the public
treasure to the Executive. 1t had interposed its
own high authority in a most constitutional and
salutary manner; manner highly becoming the
representatives of free People. For all this (said
Mr. W. feel highly grateful; and at this result |
think the whole country may be justly congratu-
lated.
portant republican principle of legislative control
and superintendent of the public money; and l
hope, sir, we shall continue to hold on.
And now, sir, as to what remains in this bill, l
think is of no great Importance 1t will do no harm,
and some good. 1t relieves the incapacty of being
received at the Treasury from bills of banks which
have issued small bills, provided such banks shall
issue such small bills after the first day of Octo-
Der next. This time is much too short, even if it
were iudcious to fix any definite time, which do
not think it is, The banks generally will not be
able to discontinue the of small bills within that
period; will they have sufficient inducement to
do it. The Inconvenience will fall not principally
on :hem, but the people; no man will be able
if the law is regarded, to pay his postage account,
any other deb: due government, by any bank
notes within his reach or command.
to remove the evils and inconveninces which are
felt, and which must continue to be felt.
Then again, sir, remember that the new Treasu-
ry circular is still in force; and that no bank
can be received at all. This greatly impairs the
privileges secured by the resolution oflSl6. AT
the post office and at the land office, no paper less
than twenty dollars be received. have al
ready, again and again. laid this before the view of
gentlemen. have asked them if they are content
ed with this of things, and if they think the
people will be contented. Will the small purchas-
at the land office be Satisfied with this? Is 1t
right to expect it? Certainly, sir, this is not what
proposed for them, nor W hat thought their inter-
est required.
IF we mean to maintain the principle OF the res
oution of 18l6-if we mean to make bank notes re-
ceivuble at all, why should embarrass and thwart
its operation by rejecting all notes under SO high
lars, the point at which the State banks have ar
rived?
However, have addressed the Senate repeated
ly this part of the subject before; and the Peo-
pie, trust, every where, will understand that /,
and those who usually act with me, have done all
in our power to give them, in every part of the
country the Just benefits of the resolution of 1916,
without unreasonable embarrassment.
One word sir, another part of the subject.
This bill leaves the deposlte system in full opera
ton in places and some States, and 1t leaves
1T impossible to be adopted in other States. Our
actual system, therefore, will be wholly unequal;
1t will be one thing in one part of the country, and
another thing in another part.
These evils, sir, and these inequalities canno,
long exist. The country will demand their re,
moval.
We break up then, sir, with Sub Treasury
bill.
We break up with special deposite bill.
We break up without having surrendered TO tn,
Executive the Just control of Congress the pub
lie moneys.
We break up, having abolished the Specie Circu
lar.
But we break up, nevertheless, leaving such pro
visions OF law in existence, and such Ireasur.
circular in existence, must, in my opinion, yer.
seriously embarrass the operation of business, espe
cially IN particular parts Of the country.
And we break up, moreover, without having don
any thing-any thing at all-towards establishing
paper currency, equivalent to specie, of univer
sal credit and of the value in every part @
the country. Till we establish such a currency a
this, we shall not have performed high and i'm
portant duty, which, in my opinion, is solemn
binding upon Till we do this, that is not don
which will efTectually satisfy the country. Othe
things may be palllatives, but that thing alone ca
constitute effertual remedy and relief
will only add sir, because believeit is true
iha, if measure calculated to carry into full efec
she abolition Of the Specie Cirsulsr-sueh nnsa'