Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-04-05
SPEECH OF MR. CLAY,
on THs SUs.TRsAsURY ELL.
Delivered february 10, ISIS.
[coScLUpED.l


proposition;
49, 5 That ILo ball aRder. confederation A, in
tended TO execute MIR. Van Buren's pledge.
10 complete and perfect the principles, plans.
and policy, Of the past Administration, by es-
tabiishing, upon The ruins Of the late Bank Of
the United States aud The State banks, a Co
yernment bank. 10 be managed and controlled
BY the Treasury Department acting under the
commands OF the President OF tho United
States
TIE first impression made by the perusal OF
the bill Is the prodgai and bouhdless disere-
lion which II grants TO the Secretary Of the
Treasury, irreconcileablc with the genius Of
our flee institutions, and contrary 10 the for.
mer cautious practice OF the Government. As
originally reported, he was authorized by the
bill to allow any number OF clerks lac though,
proper 10 the VARIOUS receivers general. and
10 fix their salaries. II will be borne 10 mind
that this IS the mere commencement of a
system, aud II caunol be doubted that, II nut
i0to operation, the number Of receivers gene
raj and other jeposiiaries Of the public money
would be indefinitely multiplied. lie is al
lowed TO appoint as many examiners OF the
public money, and To Fix their salaries, az he
pieases; he ~ allowed 10 erect at pleasure
costly buildings there Is no estimate for any
th'ngi aud all who are eonyersant With the
operations OF the Executive branch Of the
Government know the value and importance
OF previous estimates. There is no other check
upon wastful expenditure but prev ious esti-
mates, and that ~As n point Always particular
iy Insisted upon by MIR. Jefferson, The Senate
viii reeollect that, n few days ago, when the
salary OF the receiver general al New York
v as liked, the chairman Of the Committee on
Finance rose m his place and stated that 10
was sHgyssied by the Secretary OF the Treasu-
~ that Il should he placed at So 600; aud the
blank was accordingly so filled There WAS
no statement Of the nature or extent OF he
duties TO be performed, Of the time that he
would be occupied, Of the extent Of hs re.
spons'0ility, or the expense Of living IT the
several points where they were 10 be located;
nothing but the suggestion Of the Secretary Of
the Treasury, and That was deemed ail-suifi-
Gent by a majority. There is no limit upon
the appropriation which Is made to carry into
effect the bill, contrary 10 ali former usuaEe,
which invariably prescribed sum not TO be
transeended.
A most remarkable feature in the bill is
that to which have already called tho alten.
lion Of the Senate, and Of which no satisfac-
tory explanation has been given. u + that
which proceeds upon the idea that the Urea
su-y Is a thing distinct from the treasure OF
the United States, and gives 10 the Treasury a
local habiiatiOn ard n name, in the new build
ing which Is being erected for the Treasury
Department 10 the city Of Washington. In
the Treasury, so constituted, is 10 be placed
that pitiance Of the public revenue which il
CLEANED from the District Of Columbia Al
else, that IS to say, nine hundred and ninety
niue hundredths ofthe public revenue Of the
United States, is to be placed 10 the hands Of
The receivers general, and The other deposita-
ries beyond the District Of CoIumbIa. Now,
the Constitution the United States provides
that no money shall be drawn from the public
I Treasury but IN virtue OF previous sppro-
Priaiion by law. That triAing portion Of 1t,
therefore, which is within the District Of Co.
lumbia, will be under the safeguard Of the
Constitution, and all else will be at the ar
biirary disposal Of the Secretary Of tho Urea
sury.
u was deemed necessary, no doubt, TO ves :
IN the Scorstsry Of the Treasury this vast aud
alarming discretionary power. A new and
immense Government bank is about to be
erected. How II would work in al ITS parts
could not be anticipated with certainty, and
u was thought proper, therefore,, 10 besiow q
discretion commensurate with It's novelty and
compleNiiy, and adapted 90 any exigeneies
which might arise. The 10Th section Of the
Dill u that 10 which the power 10 create a
bank Is more particularly conferred. II -
short, and Z will reed il 10 the Senate:
ASec. 10. lad Be u further enacted, That IL
shall be lawful Tor the Secretary Of the Urea.
sury TO transfer the moneys Ia the hands Of
Ni,g positary hereby constituted, toihe Urea
sury u tho United states; 20 the Mint al Phil
adsiphia. to the Branch Mint al New Orleans;
or 20 the Offices Of either Of the receivers ge-
neral Of public money! by this act directed
TO be appointed; 10 be there ssfely kept ac-
cording 10 the provisions of ihi. act; aud also
% transfer moneys - fss hands n any o1is deps-
sifarg c0nsiitdSd bg hi5 aci q any other dssosi.
iaYy e0n'iifuied bg he sl,ne, AT uIs DiscREriox.
and a. the safety Il the public moneys, and
~ c0arSBicRot q ne piijGe ssrries. shall seem
90 him require Aud fer tho purpose II paw.
mcnts on The public account, h shall be lawful
fpr the said Secretary 10 dair upon ans a hs
'aid'd'po .t'aric' ~ h. msy think most c0adueirs
10 he public inifrssh. OF % the convenience Of
tic puoiie creditors, OF both"
u vii he seen that u grants power. per-
fectly undefred, 90 the sctfctary Of the Urea
sury. 60 shift AND transfer the public money.
from depositary 20 depusuary, as be picascs
tie . expressly auiborizsd 10 transfer moneys
80 The hands 81 aug one deposdsry. constituted
By The act. 10 ans other depositsry constituted
by o. AZ bic discrfiien. and a. The safety Of tbe
public mougys. aad ne ssnrcaifHcs n ihe puLhe
ssrr.eg. shall seem % him 10 require There
o no specification of any contingency or con
I agencies on ahieh be s Co act Al D. lcn %
bic dscretion. iie is o. Judge when tho pub.
lie service fahi more indefinite terms co,iid
not have been empioysi) shall .csm 10 Aim
o require b. ~ has been said that tbs D.
noihinK morf than tho customary power of
lrsfsler. exercised by the Treasury Depar:-
mtHi from lbs origin 81 ,he Goferumem.
dcnY t, utterly deny %. % is totally dife-
rent power from that Witch ives eSercised by
ihe c8Hiops Gaiiafio. and oihtr seerctsfies 81
The Treasury power. " the bye. shich COS
more Than one occasion. has been controvcft.
81 anI which y nhaiicly more questionable
han the power Go establish BBHk % the 4
States. The transfer vas made by them rarc.
by. in large sums, and were ltn % she banks
10 remit when paymeuis we're made ibsy
were Effected iB to aoies % backs uiih which
ihf public money was deposited, on o. which
q IVES transferred. The rates n exchange
were rrEglsted BY tbe sisia q ihc market,
and Under ths responsibility u ihe banks -
Bot here j. power EiVen iotransier ihe pub
iic money! without hmit a. 90 som, place.
Or tine, leaving every thing % tae discfeii5n
% ne secretary u the Treasury. Ire feeei-
Fsfs general, sni oiher deposaafits. what
: scope j. allowed 81 ne hxaiioa 81 the rates
~ exchanges. whether ~ pfsmiun og discount.
Il errrrfrfa ia rkafa Hruaaetr rnr Hrrarr e.f