Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-19
TS ENYs-TsE"r2s GDNa.lsE 80.
SECOND SESSION.
SPEECH OF Mn. CLAY,
oN TIE SUB TREASIRY BILL.
DELIVERED rrnRuARr -, ls3s.
ltoN'Lthfh
! nov prooecd 10 the 9Th rtoposlIon:

10 execute Mr. Van Buren's pledge, to complete
and perfect the principles. paus, and rulic, OF the
past Administrators, nv establishing upon the inius
OF the late Bank Of the Cuifed States 1T the State
banks, Government bunk, 10 be managed and con
trollrd by the Treasury Department. acting IN
der,he command, OF the President oil the United
States.
The G,sl impression made /, the pcrnsal of the
bill is the prodle al aud brunllrs> discretion whei il
grants To the Secretary OF the Treasury, lcconec-
able with the genius al our free Institutions aud
contrary To the lorucf cautious piacttc Of the Go
vernment, As olignall, reported. he WAS authorized
by the bill 10 allow an, number al clerks he thong Int
proper to the various receivers general, and to hN
then salaries. 1t will he borne IN nnl that tins is
the mere commencement ot u system; and cannot
be do abted that, put into operation, the uumbC,
| OF receivers general aud other dcpos,rrs OF the
public money would be indefinitely multiplied. lie
Is allowed 10 appoint ~ many examiners OF lie pub
lie money. and 10 iN their salaries. hr pleaNcs he
Is ALLOW ed 10 erect At pleasure costly buildings there
.>tIniate ion thing; dnd all who
SAINT with the operations 81 the Executive brl..c al
the Government know the value and importance OF
previous estimates. Tlere Is no other check upon
wastclnl expenditure but llcv3us estimates; aud
that WIS pon ALWAYS particularly insisted upon b,
Nh. jefferson. The Sc Intr VIII trcocct that. "
DAYS agu, when the salary IL the receiver general at
New orh was fixed, The chairman OF the Committee
on Finance ms place aud sllIedthai sHg-
eeS'e.ihy the SgereIm, olhc 'rrrasr,, tina, should
be placed nj 81 geo aud i5e bmk was accordnel "
50 filed There WIS 10 statcueE; Of ihe nature ~
extent OF the duties 10 be pcfnJmed, OF the time
HAT he would bc occnmcd, "l the ese % lls re-
spon>ihlIlly or the expense OF LIVING ut the several
points Where thry we've 10 b. oc ted thin. but the
snrErN'oa ri the Srcnta, Of the Treasury, aud that
WAS deemed all Suiteu'ut by ma nrlty. There j.
no n.lit upon the applolailon winch Is made to
~ INTO effect the bull cuclrlfy To all io,nr usage,
winch u'aldhl, prcsrtib-d sum not to &c TAN
seconded.
\ mast remark ,bc feature ia tie bill il that to
Wlt,hl have dI rady called The attention ul Senate,
and III which no satisfactory explanation las been VI
yea. 1t Is HAT which proceeds unon the ldra lhai
the Treasury ~ lhnG distinct from the Measure Of
the nnrd STA es aud gives Ia The Treasury locrl
ha5ltatiou and name m the new building 0hich IL
brng erected the Treasury Department IN the city
oi Washington. In the Treasury, 50 constituted Is
To he placed that plttance ct the public revenue
which /, cleaned from the DsrrIrt Of tolumbm. All
else, that Is To say, nlnc Hundred aud ninety -ninc
hnudrrdls OF Tie ublIc OF the nlltd States
to be placed ia the tud> al tie receivers general.
and lh- other Repositories beyond the DIsnict of Co
iumbLi. \ ~, the Goustltut on OF The niei States
provides tat money shall be dawn from the
public rea>uly but IN virtue nj i previous appro-
prIau b, law That milling -rlun oi IT, therefore,
which Is WITHIN The Distinct OF Columbia, Will be
nncr the safeguard oil the Constitution, aud all else
viii lac at HE arbitrary disposal oil tie Secretary of
HE Treasury.
1T was deemed nrco S,arv. no doubt, ~ IN the
orcjena,, power \ ard immense Government
banh j. abant 10 he erected. Ito" IL wouli work in
all us p'rts could NJ he ;cIpaicd with CcitLut,
and II was thought proper therefore, TO bestow a
discretion commensurate with Its novelty aud com
plrxIy, and adapted 10 ANY rXlsrncIes winch might
are. The lon section OF the h IL that which
the power bank /, more PARTICULARLY
conferred. |, is short aud Will read 10 HE sen
ate:
- Sec. 10. iH| bca partner tnocica, That i, shall
be lawful tor the SrcretJ, of the Treasury to tans-
Ter tie money, III The hands OF any deposliniy here
hy constituted, 10 the Treasury oil the United STAT.
! Ia the Mint at PhLldephla; 10 the branch Nine
New biieau>: 10 the Offices ui cth"r OF lie
cciyrrS general ipublc moneys, by this act direct
ed to be appointed; 10 be there safely kept, accor-
ding To the provisions nj ht~ act; and also 10 huHS-
FIR moHc1sh Mr hunts \ any dcpo>itary coaSt-
tntcd By ms act 10 any otieruf pahay constituted By
the same, At HIS DISCRETION, aud Il the safety ul
the pubic moheys, ami Ac conrenicpcc If The pubic
sfrrtcf, shall seem to hun In require. And fer he
purpose oi payments on the public aer count n shah
be Lawful ior the SAID Secretary IL dfuW HEop any N
the sad it2DSttariCS, hc mint toHdHcrc
toe PHdi,c Interests, the OF the pub
lie q, dItors, I'll both"
IL will he seen THAT II grants power perfectly
defined 10 the :, crctary of the Treasury, to Shlt
aud transfer the public money, from deposilary 10
tlcposaIy, he lease-. lie Is expressly aurhorz-
cd /" transfer moneys IN the la ds Of an, dc
po,ltary, constituted By HE act, olac deposit
tary constituted by II. NJ ms dScrc'ioH aud is The
safety OF the public nnnry, and tn convenience N
lie PHbiic scrrtcC. shall to liin r,qultc.
There IS no speciiicatIan olAn, contingency or con
tncebclrs on winch lie Is IT, act. Al is lett 10 his
discretion, Ilris 10 Judge when the public service
(and more indie finite terms could uu have bcen
pIoyed) shall EN- 10 hun require H. 1t has been id
that this Is nothing more than the Ouaty power
OF transfer, exert sed bs The Treasury Department
from the origin OF the GD,trumeut. deny 1t, nter-
" deny ii. 1t is total, different POWER from that
which exercised b, The cautious tiallau, aud o.
ihcr Secretaries oil the rreasuya po"c, by the bye,
which more than one occasion, has been cunro-
yertd, AID winch j. t.linItcIy iuuic questionable
than the power TO establish Bank of the tnted
States. The transfer made rs ihrm rarely, III
! large suns, and were let the banks to remit.
" hen payments were made, they were riieo It Il III
The hotcs OF banks with winch lie public money was
deposited, to " Inch ii tidr.ieIlcd ! lie Is
OF exchange were regulated BY the state oi the
kei and nnder tie responsibility OF the BANKS. But
here a power gwen 10 tr,iisieI the public money 5
without limit, to sum, place, time lcavln. eve
~ ding the discretion OF the Secretary oil the
Treasury. the receivers general aud ohor dcposita-
rea. Whata scope is allowed IN the tNalion Of the
rates of exchange, whether olpremInm or discount,
, to reg ulae the whole domestic exchanges OF the
country, TO exercise tdvoritlsm! Ihese former
transfers not made TOR disbursement, but rs pre-
pdralury To disbursement; and when disburscil, II
was generally in bank notes. The Transfers Of tins
bill are immediate payments aud payments made
not IN bank notes, but specie.
The Last paragraph in the section provides that for
i the purpose of payments on the public account, II
shall be law full he Secretary IL drc upon any N
the sad depositaJ,es, as. may hnk most confactrc
10 the public interest, TO the enieuce OF the
pupIr creditors, or both. 1t will be seen that no
lunll whatever is imposed upon the amount form