The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-23
DEBATE IN TIE SENATE.
Mr. Wcbsier's I'd speech,
On the sub-Treasury BIII.
March ~. 1858.
IconeIudsdl

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President. in the next place. what IN
admirable eonlrivanee this would be %
secure that economy in the expenses
Of Government which The gentleman has
40 much al heart. Released from all
necessity of taxation, and from the con-
srqasnI responsibility To the People. not
called upon 10 regard Al all the amount
oil annual income. having an authority 10
cause Treasury notes 10 issue whenever
IL P!eases,
"Ia maisiiules. Ike which the papulcus North
Poured never from her frvEen IONS, TO pass
Rheae, the Daaau,"
what admirable restraint would be impos.
ed on Government. how doubIy sure
would assurance be made for il, that al
its expenditures would be strictly Iimile.l
10 the absolute and indispensable wants
and demands of the public service!
But. sir, fortunately, very fortunately.
. scheme 50 wild. and which would be
% mischieEous. is totally impraclicable.
IIresls on an assumption. Tor which there
i, not the least foundation. either in reason
or experience. II takes Tor granted that
which the history Of every commercial
STATE relules. and our own, especially, in
almost every psge. II supposes that IT,
Tedeemsble Government paper can circu-
late in the business Of society, and be
kept al par. This is an imposslbiliIy.
Tie honorable gentleman rejects convert
ible bank notes. which arc equivalent TO
specie. since they viii slways command
il. and adopts, IN their stead Government,
paper. with mo- promise TO pay. but a
promise only TO be received for debts and
taxes; and he puts forth the Imagination.
as have said, 50 often and so long refu-
ted, that this paper will be kept in circu-
laIion in the country. and will be able 10
perform the great business OF currency
and exchange. even though il exist in
Quantities exceeding, by many millions.
the demands Of Government.
II It be necessary, sir, al this day. 10
refu,e ideas like these. il mus, be because
the history Of all Countries, our own inclu.
ded, is deed leller To Us. Even al tie
eEry moment in which am speaking, the
small amount Of treasury notes which has
been issued by Government. hardly filth
part Of the annual revenue-Ihough those
notes bear an interest Of five per cent
though they are reJeemable in cash at
the Treasury al the expiration Of the year
and though, in the mean time, they
are ay.ry al, Hasa ,.,at..d a.. rn,.nr.. e.,
dues. are not only Of less value than spe.
Gle, but Of less value. also. than the notes
Of non.sPecie paying banks: those banks
whose paper is daily denounced here as
rags. filthy rags" In my opinion, sir,
the whole scheme is as visionary and i'm
practicable as any which the genius Of
project ever produced.
Mr.. President, toward the close Of this
speech Of September. find a paragraph in
which several other subjects are brought
together, and which must ask permis-
sion 10 read.
Having commended the wise and noble
bearing Of the little siale.rights party. Of
which he says it is his pride To be
member throughout the evenllul period
through which the country has passed
since 1924, he adds:
"ln that year, as | have stated. the Ia
rli system Irlumphed in the councils Of
the nation. We saw lis disastrous poll
teal bearings; fUresaw its SURPRISES. and
The exiravdgancies To which il would lead;
werallied on the election Of the late Presi-
dent tn arrest il through The influence Of
the Executive Department OF the Gov.
ernment. 10 this we failed. We then
iell back upon the rights and sovereignty
"' The States; and, by the action Of the
small but but gallant state. and through the
potency Of lis inletposition, we brought
The system to the ground, sustained, as
" was, by the Opposition and the Admi- !
h's'Fat'on, and by the whole power and
patronage Of the Government"
Every part Of this most extraordinary
statement well deserves attention.
In the frs, place. sir, here is an open
and direct aVowal that the main object for
raI'yIng ON General Jackson's first cleo.
uon' was IN accomplish The overthrow Of
me protecting policy Of the country. In.
deed! Well, this is very frank. am
g'ad 10 hear the avowal made. II puts
an end TO all suspicious.
1t was. then, TO overthrow protection.
was II, that The honorable gentleman took
80 mach pains TO secure Gen. Jackson's
h's' election! | commend his candur, in
now acknowledging it. But, sir, the hO-
h"r1hie member had allies aud associates
IN that tally. They ,hronged round him
rom all quarters, aud followed his lead.
Ahd pray. sir. was his object, as now
a'owed by himself, the joint object Of all
me party! Did he tell Pennsylvania, no.
"fs'' Intelligent. straightforward Penn
Si'an'a. that such was his purpose! Aud
u'h pennsylvania concur in il! Pennsyl-
rah'a was first and foremost in espousing
we cause nf General Jackson. Every
'oly knows she is more of tariff state