The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-27
RESULT IN THE SENATE.

The Sub Treasury Bill passed the Senate,
yesterday, by majority of t'co rotes, and in
its worst form.
The subject was discussed in that body late
on Saturday night; Mr.. Cuthber's motion to
strike out MIR. Cahoun's section (the 23d)
prevailed; Mr.. Tipton's proposition to receive
the notes of specic-paying banks was rejected,
and Mr.. Websters amendment depriving the
Secretary of the Treasury of the power of dis
eliminating as to the kind of funds to be re-
ceived in the different branches of the public
revenue was adopted, and the Bill passed in
that shape. .....~.
A more ouilandish, ill-adapted and arbitrary
measure could not have been devised. 1t is
destitute of every attribute that ought to COM
mend it to the acceptation ofarepubllcan peo-
pie, and has no more reference to the wants OF
this country than an order from the Autocrat
of all the Russias. 1t invests the Executive,
in conjunction with the powers he already
possesses, with the complete attributes OF
MONARCH, viz the execution OF the laws,
the management Of The rerenue, and the com
mand of the army. ... "".s
We warn the people to be on their guard
let the alarm sound along the watch towers
If this bill becomes the law of the land, you
are delivered to an unmitgated despotism
The effect of the bill would be to give to
the Secretary of the Treasury unlimited con-
troll over the currency of the country, and
place every bank within our limits, wholly
and absolutely at his discretion and disposal.
Let not its nature be Inexperienced, or the
public mind mised by a superficial notice of
its provisions.
All the machinery of Receivers General,and
other officers, costly buildings, vaults, safes,
bars and bolts arc still preserved, and the
Secretary is authorized (or it is left discre
tionary,) to collect the public dues, ExcLU-
s1vE1.y IN GOLD AND SILVER. 1t Is not the
farcical measure described by contemporary Of
providing strong places to deposite hank pro-
misses for safe keeping, but it gives power to
break down or build up any bank the Secreta-
ry may choose, (by keeping this ones notes
and running that delivering the whole to his
complete and absolute dominion. It's effect
will be TO establish an exclusive, solid, unmix-
cd gold and silver currency for the govern
ment, and leave that of the people prey to
the Secretary's caprice-preventing the banks
forever from resumng specie payments-pa-
ralyzing trade and commerce., and involving
the whole country in long continued deprcs-
sion, bankruptcy and ruin. In the hands of a
friend Of the credit system, the Bill might be
made an instrument Of good; but under the
administration of an enemy, it is destruction.
To suppose that the Bill as it has passed
the Senate, will defeat or disappoint any of
the designs or hopes Of its origlnators, is to
bctray an ignorance ofits history and the ar
gumcnts by which it has been supported. 1t
gives to the executive the utmost that he desr-
ed. Ifbank notes are received at all, II Is only
on the condition Of their being converted into
specie on the instant. We have but to refer
to the Presidents message of the extra ses-
sion, to prove that such will be the practice
and that it is utter delusion TO suppose that
bank notes will be retained in the Treasury.
The President said
"If at short and fixed periods, they [bank notes.
were coarcred into specie 10 BE- kept by the officers ot
the Treasury of the most serious Obstacles 10
their reception would, perhaps, be removed 10
retain the notesn the Treasury, would be TO renew,
under another FORM the loans of public money to
the banks and the evils consequent thereon
lii vain hope. therefore, TO expect any
alienation from such bill.
We shall take occasion to notice hereafter