Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-07-04
DEFEAT OF THE sUB-TREAsURY
SCHEME.

\ The National Intcllgencer announces the
final defeat Of the sub Treasury bill, by the
overwhelming vote against Mr.. Fosters mo-
ton for reconsideration, in the following ar
ticle, which will rejoice the hearts ct tho
whole country =
The question lof reconsideration was not
sustained by tho friends Of the Admlnlstra-
ton. On the contrary, they abandoned the
bill after avowing that the vote on the pre-
ccding evening was test vote, and that it
was proved by that vote that the Admlnlstra-
ton could count upon only one hundred and
eleven votes in it's favor in The House, being
the number Of the yeas upon the question OF
ordering that bill to third reading.
/ II may, therefore, be taken for granted,
that no plan of the Administration, for re-
gaining the absolute control Of the public
money and the moneyed institutions Of the
country, can succeed at this session. Mr..
Buchanan has, indeed, introduced in the SEN
ate bill supplementary TO the act establish
ing the Treasury Department., by which no
proposes to convert into specie, ut certain in
tervals, all bank notes received in payment
Of dues TO the Government, and to put tho
specie so to be realized in spccal deposltc IN
such banks ns the Secretary Of the Treasury
shall select, prohibiting, niter certain time.
the receipt OF any notes under ten dollars,
and, after another certain time, OF nny under
twenty dollars, &c. But, nfler being spprl-
sed of the frank declaration Of opinion by Mr.
Thomas, Yesterday, in the House Of Repre-
sentativcs, that the. special deposito system
has no more chance than the sub-TTcosury
scheme, of receiving the coun,enance Of that
body, we presume Mr.. Buchanan will hardly
press his own bill to decision in the Sen
ate.
Notice was yesterday given, in tho Senate
by Mr.. Webster, that he would to-day call
up his proposition for repeal Of the interdict
against the small bill issuing banks. This
measure, il may be hoped, will meet with ia
vor from majority in both branches OF Con-
grcss. 1t cannot, indeed, be refused, with
out inconvenience to the public, nor without
keeping up a discrimination which, under
present circumstances, il manifestly unwise
and unjust.
As for the sub Treasury scheme, it is dead
and buried. Nor do We believe that even
Of the hundred and eleven, who followed in
procession to its tomb, oil arc sincerely sorry
Cor its fate. 1t is the saying Of some cynic
or other, that the rnerriest fnces are often
seen in mourning coaches. We feel an en-.
tire conviction that votes were given in favor
of that bill, out Of mere party fcalty, by
those who in their hearts not only do not ap-
prove it, but heartily dislike and despisc it,
Such men must rejoice that, in spite Of the
votes, given almost under duress, this "mon.
stcr" has gone to its account.
| For ourselves, we exult over the defeat Of
this measure as the triumph Of common sense
over uncommon error, of business notions
over mere distractions, and Of independent
spirit over the united forces of party influence
aud official Establishments and temptntions.-
In saying thus much, we do not, Of course,
mean to impugn the integrity Of those who
voted for the measure but we rejoice in the
action of those who, believing the measure
wrong in itself, had the honesty and courage
to stand by the right.