Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-01
,Twe,,ty-a.ftSa Consress---2d se~s

SPEECH OF MR.. CALHOUN, OF SoUru CAROLINA
In Senate Febrnary Is, ls3oup"n the bill 40 impose
additional duties DE- )osOrips, upon certain pnoNc
officers 10 npppint Receivers General OF public mo
ney and to regulate the safe keeping transfer, ano
disbursement, of the public moneys Of the united
States
regard this measure which has been so much de
nounced Us very little Than attempt 10 carry
out the provisions nf the nin resolution of 1876 anu Int
deposite Of 1896 The former provides that no notes
but those Of sp wing banks eha be received IN ts
dues of the Goverenen ard the latter that such banks
only sha be the deposnries of the public revenues and
fiscal agents Of The Governments but 1t omitted to MAKE
provisions for The contingency of general SUSPENSION
of specie payments, such rs the present III i"o"ed
accordingly the suspension in May last, which total
" separated the Government and the banks. that Lin
revenues thrown into the hands OF the Executive
where they have since remained under its exclusive con
troll without any legal provision for their sae'keepng
The object Of this bill is TO supply this omsson 10 lnk
the public money out Of the hands of the Executive and
place under the custody Of the laws, and TO prevent
the renewal Of connection which has proved SO un!or
tunate TO both the Government and the banks. But II
is this measure, originating in exgency caused oy
our and That seeks to make the most OF change
effected by operation of law, instead OF attempting
innovate, or make another experiment. as has been
enormously represented which has been denounced nn
der the name Of the Sub-Treasury with such unexan
Piled bitterness.
10 lieu of this BILL an amendment has been offered.
as substitute by the Senator from Virginia. furlhrst
from the Chair (Mr Rives) which he informs ~ is the
FIRST choice Of himself and those who agree with him.
and the second choice of thnse with whom he is allied
on this question II may judge from appearances.
which hardly deceive he might have SAID their hrs
choice under existing circumstances; and have added
that dcspang of National Bank, The object "f their
preference they have adopted his substitute the only
practical alternative at present. We have, then, the
question: thus narrowed d"wn to this bill and The pro
posed substitute. II is agreed all sides. that one or
the other mus, be selected md ha! to adopt reject the
one is to reject adop. the other The single question
then is which shall choose? deeply mnnen ouS
question: which called decide in behalf
of the States of this Union, and decision their
future destiny must, in great degree, Depend sn lorg
their Union endures.
In comparing the relative merits Of The two
preparatory tr decision, shall touch very briefly OF
the principles and details OF the sill The former is well
understood by the Senate and the country al large and
the latter has been so ably and acdy explained by the
chairman of the committee in his opening speech. as To
supersede the necessity of further remarks on them at
This stage of The discussion | propose, then, to limit
myself to mere general summary, accompanied BY
few brief observations.
The object Of the bill. as have uIrenGg stated is To
take The public funds OF the hands Of the Executive,
where they have been thrown by operation of acts,
and 10 place them under the custody Of laws and pro-
vide for gradual and snw but pei petuai, separation
between the Government and the Banks. II proposes
extend The process of separating TO the year 1915
ceving durag the first year OF the series The notes OF
such banks may pay specie and reducing thereafter
the amount receivable IN notes one ssih annually I'LL
the separation shall be finally contaminated at the pc
riod mentioned.
The provisions of the bill the simple and ef
fectual that an able committee could devise Four Prn.
cipal receivers, few clerks and sufficient number 81
agenls To examine the Of the pablo funds order
TO see that all is right at an annual charge not excerd
ing forty fifty thousand DOLLARS at most constitute
the additional officers aud expenditures required 10 per
form all the functions heretofore discharged by the banks
as repositories Of the public money and fiscal agents Of
the Treasury This pie apparatus will place the pub
lie Treasury independent footing, and give To the
Government at all times, certain command If its funds
its engagements and preserve lis honor and faith
nvioale II be desirable 10 separate from the banks,
the Government mus. have independent agency .!
its keep and drbursr the public revenue; and if
it must have such agency, none IN my opinion,
be eVised more simple, more economical, more ehecu
al and safe, than that provided by This bill Ii the
cessary resct Of the seperann and>o reject IT, without
proposing better. (t, indeed, better be is 10
iect the separation itself.
turn now 10 the substitute. Its object is directly the
reverse of tina, Of the bill It proposes revive The
League OF State Banks, and connection
with them which all acknowledge has contributed S"
much corrupt the community, and To create spirit for
speculation heretofore unexampled IN our history.
The Senator 10 Offering it, whether wisely not, has
at least acled consistently He was its adv"cale at first
in 1884 when the alternative between il and the
rechatler of the late Bank Of the u S. He then de-
Tended i; zealousy and nanfuy, against The fierce
saus Of his present allies, as ne now defends H. when
those who then sustained him have abandoned the mpa
sure Whether wisely not, there is something hero
&c in his adherence, and commend him for ii but
fear cannot say much Tor his wisdom and discretion
He acknowledged with all others, the disasters that
followed the FIRST experiment; but attributes the failure
to inuuspicious circumstances and insists that the
sure has not had fair trial grant that second
pertinent Iuay succeed aer the first has fuied; but the
Senator must concede, in RETURN that every failure must
necessarily weaken confidence, both in the experiment
and the experimental. He cannot be confident in
making this second trial. than he in the first; and
if doubted the success thea and preferred the Sub
Treasury his league Of banks he must tor
still adhering TO my opinion, and doubling the success
of his second trial Nor ough, he be surprised that
those who uined him in the first should be rather shy Of
trying the experiment sgain, after having been blown
into the air and burnt and scaded by the psion But
if the Senator has been unfortunate in tang
the CO operation of those who aided him in the first trial
he has been compensated by securing the support Of
those who were then opposed to him. They
his jealous supporters Ia contrasting their then
and now intend nothing personal. make no charge
OF inconsistency nor do intend 10 imply it. My Oh
iect is TRUTH aud wound the feelings Of any
or any party. know that 10 make out charge Of in
consistency, only the question, bat all the material
circumstances mast be the same. change in either,
my make change Of vote necessary; and, with ma
terial variation in circumstances, often compelled
10 vary course in order preserve principles
In this case, conceive that circumstances far the
present allies of the Senator are concerned have ma
terial!y changed. Then the option was between re-.
charter OF the ae bank and league Of State banks but
no the former is out of the question: and the option is be-
tween such league and total separation from the
banks This being the alternative, they may well take
that which they rejected in 1884, without subjeciing
themselves the charge Of Inconsistency, justly
posing themselves the mpua,ion Of chsoge Of prin
ciple, or opinion acqut them then. ofa such charges.
They doubtless think now, es they forRery did, OF The
measure which they then denounced and rejected, but
which change OF circumstances compe!s them TO
support But in thus acquiing them of the charge Of
inconsistency, they must excuse me, if should avail
myself of the fact that their opinion remains unchanged
as an argument in favor Of the bl-agaiust the subs.