The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-30
DEBATE IN TnE SENATE.
speech OF Mr. Clay, or Ky,
On the suB-Treasary nm.
February -. 1858.
fconrludedl

tConclnded
roro,eed 10 another paint % powerful
.,;isaee, in lhe conduct Of Mr. Van b.
"a IN respect 10 the famous Treasury
Ter That order had been promulga.
"A orisinally, 10 defiance Of The opin.
:. AZ Congress. had been continued in
s,;,a,ion in defiance Of The wishes and
IN Of the people, and had been repeal
Il bya bill passed 81 The last ordinary
ss.sior OF Congress. by overwhelming
,.,ioti.iss. The fate Of that bill Is well
e.own. Instead Of being returned 70 the
Uoa,e IN which Il originated, according
:, he requifemen, Of The constitution. Il
g. sen, 10 one OF The pigeon-holes Of
he Department Of State, 10 be filed away
wah an opinion OF . convenient Atlor-
aey General, always ready 70 prepare
a. il support Of Executive encroach-
nent. On The 5lh Of March lasi. not .
I,uh was entertained, Is fac as my know
,.tpe or belief extends. that Mr.. Van b.
.,a would rescind the obnoxious order.
appeal TO the Senstor from Missouri.
sho sits near me. Nr Linn. 10 the Sen,
,lar from Mississippi, who sits fsrlhesi
rom me. mfr. Walker. % The Senator
rom Alabama, lMr. KING and 10 The
whnle Of the Administration Senators. IL
such vas not the expectation Of ell Of
,heml Was there ever an occasion in
which new Administration had so fine
n opportunity 10 signallze lis commence
asnl By an act of grace and wisdom. de-
masled BY the best interest and most
,nxous wishes Of the people. Rui Mr..
Vaa Buren, did not think proper 10 en-
haze il. lie had shared too largely in
The confidence Of his predecessor. agreed
too fully with him in sentiments. he'd
been TO much united with him in his
.oaasels. 10 rescind an order which con-
smled so essential par, Of the system
uhrch had been deliberately adopted 10
overthrow the state hanks.
Another course pursued by the admi-
nisiraIon, after the catastrophe Of the
suspension Of specie payments by the
banks, demonstrates the hostile pur-
poses towards them Of The present adj
mlalsiration. When similar event had
occurred during the administration Of Mr..
MADISON, did he discredii and discounle-
nance the issues Of the banks, by relu.
sing 10 receive them in payment Of the
public dues. Did the state governments,
upon the former or the late occasion, re.
fuse 10 receive them in payment Of the
due; to them respectively And IL ire
deemable bank notes are good enough for
the safe governments and the people.
are they not good enough for the Fede-
tAl Government OF the same people! b.
txacIiug specie, in all payments 10 the
General Government, that Government
Presented itself in the market as a pow
etiul and formidable competitor with The
banks, demanding specie al a moment
when the banks were making unexam-
pied struggles 10 strengthen themselves,
aai prepare for the resumption Of specie
payments. The extent OF This govern.
aen, demand for specie does not admit
Of exact ascer,ainment; but when we re-
aeei that the annual expenditures Of the
government were at the rate. including
The Post office Department, Of about thir-
/ ~ three millions Of dollars, and tia. It's
acome, made up either OF taxes or loans,
INST be an equal sum, making together
an aggregate Of sixiy-slx millions, 1t will
be seen that The amour. ol specie requir.
Cd Tor the use Of government must be i'm.
mensely large. Il cannut be precisely
determined, but would not be less prob
ably than fifteen or twenty millions Of
dollars per annum. Now, how is il pos
'Ible for the banks, coming into the spe.
cIe market in competition with all the
vast power and influence Of the govern
meni, to provide themselves with specie
IN reasonable time TO resume specie
raymenls! Tina. competition would have
oeen avoided, ii, upon The sloppage Of
H'e banks, the notes OF those OF whose
so'Id'Iy there was no doubt, had been
continued to be received in payment Of
uie public dues, as was done in Mr.. Ma.
aIson's administration. And why, Mr..
resident. should they not have been!
why should not this government receive
Tue same description Of medium which
Is 'ound TO answer all The purposes o.
ne several State governments! Why
should they have resor,ed TO the expedi'
en' OF issuing an inferior paper medium
u The form Of Treasury notes, and relu'
sing to receive the better notes Of safe ant
soma banks! DO no, misunderstood me
M President! No man is more averst
''an am TO a permanent inconverliblC
paper medium. Ii would have been a
q temporary measure only that | shoult
nave thought i. expedient to receive III,
notes Of good local banks. II, along will
''a' measure, the Treasury order ha'