Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-22
Domestic News.
SPEECH OF MIR. CALHOUN OF 8. C..
= ON THE SUB-TREAsURY BILL.

| Z
way Of the substitute a, the very threshold,
those beyond are vastly greater, as I sha
now proceed 10 show. It's object, as hav
stated, Is To revive the league of State bank
and the first question presented for consid
Grafton Is. how is this to he done? how is tn
League to be formed! how stimulated int
iilc when formed; and what after il ;.a
oeen revived, would DC the true charactc
OF the league or combination! 10 answe
these questions we must turn to its provis
| ions.
IL provi:ca that The Secretary of tn,
Treasury shall select twenty five spcci,
paying banks, as the fiscal agents of til,
| Government, all to be respectable and sub
stantlal, and that the selection shall lie con
ilrmed by the joint volcof the two House.
1t also provides, that they shall be made tho
repositories of the public money, and tha,
their notes shall he receivable in the dues o
the government; and that in turn for these
advantages, they shall s,ipulatc to perform,
certain duties, aud comply with various
conditions tho object Of which is, to give
to the Secretary Of lhcTrcasury full knowl.
edge OF their condition and business, with
the view to supervise and control their acts,
rs lar Us the interest of tho Government Is
concerned. In addition to these. il contains
oliIer and important provisions, which |
shnll not enurncratc, because they do not
iall within the scope of the objections, that
1 propose to urge against't tho measure.
Now ] ask what does all this amount to :?
what but proposal on the par, of r,hcGov-
ernmcnt tn enter into 4 contract, or bar
gam, with certain selected State hanks, on
the terms and conditions contained. Have
we right TO make such 4 bargain is the
hrst question; and 10 that give Il decided
negative, which hope to place on consti-
tutional grounds, that cannot be siakcn.-
intend to discuss it, with other questions
growing out of the connection of the Gov
crnment with the banks, rs new question
tor the first time presented for consideration
and decision. Strange rs it may seem, the
questions growing ont of it, as long as il has
existed, have never vet hccp DEr seated a,,ui ia
alitS. How this has happened, shall now
proceed 10 explain. preparatory to the cx-
animation ofthe question, which proposed.
The union Of tho Government and the
banks was never legally solcmniZcd. 1t
originated shortly after the Government
went into operation, moi iii any legal cnact-
mcnt, but i'll short order Of the Treasury
Department of not much more than half Il
dozen lines, rs il it were IA mcrc matter of
course. We thus glidcd in,pcrceptihly into
Il connection. which was never recognized
by law till 1916, (if my memory scrvcs)but
which has produced more important after
consequences, and has had a greater CON
troll over the destiny Of this country, than
any one a: the mighty questions, which have
so often and deeply agi,ateh the country.
To it may be traced, as their seminal princi-
pie. the vast and extraordinary expansion
of our banking system. our excessive impor,
duties. unconstitutional and proft,sc dis.
burscmcnts, the protective Tariff, and its
associated system for spending wha: it
threw into the Treasury, followed in time
10y a vast surplus which the utmost cx,rav
agancc of the Government could not dissi-
pate, ana flnally by Il sort of rctributivc
justice, the explosion of tho entire banking
system, and the present prostratcd condition
OF The currency, now the subject of our de-
liberation.
How measure (raught with such impor-
tant consequences should at first, and for so
long time have escaped the attention and
tho investigation of the public. deserves n
passing notice. 1t is to be explained bv the
false conception Of the entire subject of
banking'whlcll at that early period univcr.
sally prevailed in the community. So cr.
roncous was It, that q bank note was then
identified III the mind Of the public with gold
and silver, and dcposite in bank was re-
garded, us under The most safe and sacred
custody, that could be devised. The orisi
nal impression, derived from the bank of
Amsterdam, where every note, or certificate
i'll circulation, was honestly rcprcscntcd Inv
an equal and specific quantity of GOLD 6r
silver i'll bank, and where evcry depositc
was kept, as n sacred trust, 10 be safely re.
turned 10 the repositories, when demanded.
was extended to banks of discount. down ,o
the time OF the formation Of onr Govern
ment, with but slight notifications. With
this impression, it is not At all G. cxtraordipa-
ry' that the deposite of the revenue in banks
Tor sale keeping, and the receipt of their
ho'cs IN the public dues, should he consid-
ercd ma'ter Of course. requiring no higher
authority than Treasury order. and hence
connection, with all the important unes-
'lons belonging to it and now considered OF
vast magnitude, received so little notice.
I'LL puDiic attention was directed TO il bv IFS
recent rupture, This total separation from
nc system. in which we now find ourselves
placed for the first time, authorises and dc.
mnnds' that we shall investigate freely and
fully not only the consequence of tho con.
nccl'on' but al! tho questions growing ou,
OF II, more especially those of constitution
al character; and shall in obedience te
TINS demand return TO the question from
which tins disgression has carried me 50 far
Have we tten the right to make the bar
gam proposed ! Have we the rirh, the,
10 bcstow the high privileges, l might sa,
preroga''ves' on them of being made tho dc