The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-22
COMMUNICATIONS.
THE sUB-TREAsURY sCHEME-sENATo
HUBBARD.
To TIE Publisher Of the 1fadisoniGBs
No Wv.

Among the strange events, daily occurring In
these times Of proaigacy and degeneracy, that Is not
the least remarkable OF them which finds Senator
Hubbard, Of New Hampshire, indicating doubts as
to the motives which animated Senator Riyes, from
Virginia, in his present course in relation to The
Sub,Treasury bill Says Mr.. Hubbard, ~ me
honorable Senator fran Virginia is gorerned by these
high considerations rAieh he aserbes 10 his course -
n as he says, he pure lore Of country controls his
actions here; '-and subsequently, speaks Of "thetr
ambition for place" Of some distinguished public
men, in so significant manner, that the reference
cannot be misunderstood
Now, who is this Senator from New Hampshire,
othus, individually, mputes improper motives 10
the actions Of the Senator from virginia1 And who
is the latter thus assaed By the formcr1
The New Hampshire Senator is reported to have
been FEDERALIST Of The Hartford Convention
stamp II is said that il is but few years since he
joined the democratic ranks An anecdoie is related
Of him. that about the period he abandoned his first
love and joined his second, he attended caucus
meeting Of each party the same erening,, and made
speech at each Ills reported, on what think au-
thentc data that prev Gus 10 The late extra session
this Senator declared and probably so wrote that he
never would give his support TO the Sub Treasury
scheme. This is the Senator, who indirectly cues
tions the patriotism OF w. c. Rives But Walpole
said, "erery man has ms price"
How does this character contrast with that Of the
Virginia Senator1 This gentleman, the elsre of
Jefferson-who imbibed in his youth the principles
Of Jefferson and Madson-who has uniformly been
governed by them-who has, from the moment the
Sub Treasury scheme first preached, opposed it
on principle and who is now occupying the same
49, ~.
New Hampshire Senator, from which the latter has
now strayed. Mr. Rves is now, as he ever has been,
a consistent Democratic Republican.
The ailusion of the New Hampshire Senator 10
one deserving his country in the day of its danger,
and acting in conjunction with an enemy Ito sup
plant the institute ms of his native land" is shot
that will not penetrate the object aimed at but will
assuredly do execution in its rebound
Referring TO Mr.. Rivess plan substitute for
the bill of the finance committee, Mr.. Hubbard
asserts, "tha it must have required no inconsidera-
BILE degree Of moral courage to bring forward at this
calamtous period Of our history measure intend
ing practically TO revive a system which has been
the fruitful source of the calamities which, as ma
ton and as individuals, we are now suffering"
Here we have in a nutshell, all the evils which
the people and the country are suffering charged to
the deposite system and through il upon the banks;
and the declaration made, that il requires no small
degree of moral courage in any one to step forward
and defend them. | would ask, was it the lack of
that, which caused the New Hampshire Senator TO
shrink from his original resolution and purpose
What exists at this time any honest man not
toact according the dictates Of his own conscience
Are not the freedom of thought, of speech, and Of
action guaranteed 10 the humbest citizen in the
land under the Constitution Then what was there
that called for The exercise of such an extraordinary
degree of moral courage from Mr. Rives in introduce
ing his bill, as the Senator seems to think? will
answer-the fear Of party iad-of party denuncia-
iion and of the application of the party screws.
Thank God there are those 10 BE- found for whom
these considerations have no errors--those who have
the moral courage TO act honestly in spite ofparty.
The assertion that the late deposite system was in
its inherent qualities, the cause of the caamities
which have overtasen the people and the country
is direct assault upon truth. The manner Of carry
ing out that system and executing the depose act Of
June, 1886, by the Treasury Department. was the
prolific il moi SOLE cause Of all our difficulties. The
Senator from New Hampshire, apprehend, would
meet with greater success, and render greater SER
vices to his country, by acting with the Virginia
Senator in aiding him to carry through his PROPOSE
ton, to its becoming law of the land than BY seek
ing for excuses, and in defending the bunderngs of
the head Of the Treasury Department. A false issue
has been made The people told the suferings
which they are enduring, are ascribable entire
" 10 the pose system and the banks; and this
too for the purpose Of deceiving them and shielding
the real author from public exposure and just con-
domination.
The New Hampshire Senator says
"The great mass OF the bank power of the coun-
try is arrayed against the Government, 10 effect
revolution in public opinion"
This is not So The reverse is the case. Certain
persons connected with the government and all their
friends whom they can press into their service, are
arrayed against the great mass of the banks for the
purpose of making false issue and misleading pub
lie opinion In this war The Senator acts the part
assigned him.
The Senator says,
al cannot; sir, more perfectly illustrate my own
views upon this subject than by referring to the
course and conduct of the banks selected under the
act of 1896 in the city Of Boston, the safe depo
STORIES Of the public money; and II seems TO me that
the effects Of this System manifested by the trans
actions of those institutions should deter the Senate
at once from giving new life TO this policy"
am glad he has selected the Boston banks en-
poyed subsequent the act of 1885, because so far
from subs,analing his position, they go directly 10
confirming mine; that their selection was I'M
wise, ihjudicous, and may almost say reprehensi-
ble and ought in way to affect the intrinsic merits
of the system itself.
The Senator pays Just tribute to the character
of the Merchants Bank and its officers, which was
selected in September, 1889 in the following:
Its character. being one of the selected instu-
tons in the city of Boston public depository, has
been such as TO command the public confidence, and
TO maintain high credit in the commercial com
b t,lr l.nnt nd h