The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-17

that congress not TO eSlshte IoT tnem
for the Office holders; that money was waned, and
this was one of the chief ends Of the session; and
why this? | fear, sir, that the design was to
leave the people to grapple with embarrassments,
that they might he worried by losses and nconven-
fence into acquiesence ia the policy OF an exocu-
tive bank. But, SIR if such the object, it has
failed; they yet refractory aud conumacious.
They have yet respect for themselves, and attach
ment TO public liberty They are not ready to take
the bits in the mouth and amel receive the usurp-
ers their backs.
But, sir what is this measure? The currency is
admitted to be gradually deranged, and to cause the
difficulties under which we labor. Is tins bill re-
specng currency? and especially does it provide
for pnblic aleviaton? In my opinion, it is a bill
to increase executive power and influence, bill to
break down the institutions created and managed
by the authority of the people, TO give place TO an
executive bank. What is currency2 II is the stan
dard by which property is valued it., therefore, it
uctuates the value of property is necessarily made
uncertain. 1t should be not only unalterable but
uniform throughout the country. The hazards at
tending huctuang currency are great that all
business is checked by it aud prosperity necessarily
greatly impaired, If buy goods Ivy the standard
of to. day credit and before the day OF payment
arrives change in that standard takes place, either
or my creditor must suffer injustice according as
the standard rises or falls. tbs, therefore, one of
the plainest principles of sound policy to have "A
steady and uniform currency.
The currency is not uniform. The circulation
in Baltimore Is not current in New York; that at
Pittsburg is at "a discount in Boston. Remttances
cannot be made without loss and business is OBJ
structed Does the bill propose any remedy for ihs'
None whatever, unless treasury bank Is consider
ed n remedy.
1t is repre- sented by the authors of it simply
providing for tho government while il is designed
wholly to neglect the people.
1t varies considerably from the bill of September
as that exaced the revenues wholly in specie, and
this only in part for time after tho expiration OF
which, the whole.
| The bill before has many provisions, embrac-
ing twenty nine elaborated sections full of details
| 1t provides for treasury, and Tor a multitude OF
sub treasures for receivers general visitors, clerks
&c &c &c. but this is all TO keep and disburse
the revenue. 1t has also many provisions about the
duties of these officers, requiring them to be very
honest and very faithful.
But. sir, what is its fundamental principle2 1t is
a complete and perfect union of the executive and
the fiscal powers of the government 1t conso-
dates them inLo mass and places the whole IN
the hands and AT the disposition of the president.
ofoicers, that timposes on them thousand guards,
checks, counter-checks and penalties But all from
! the secretary of the treasury to the drayman that
carts the SPECIE are appointed by or under the IN
auence of the president, and all removable from
office at his pleasure all creatures OF his breath;
all subservient TO his will; all his humble, plant
servants who think lie thinks; look ms he looks;
reason as he reasons. They are the nerest wax in
his hands moulded to suit his and interests.
We have the fate OF that temerity which dared
to think there law of the United States which
the secretary of the treasury was bound TO obey; IA
law above executive will. That stubborn secretary
who dared to think he had no right so remove the
deposites was himself removed from Office to teach
him and others that the will of the president Is par
amount to law in the Departments, and that there
is danger in having opinions OF ones own. These
provisions are therefore, nothing; they only make
the servants of the president spies upon one anoth-
or They do not reach the fountain of power, the
president; and he any moment will sweep il a
way as easily as he would cobweb. So far
CARDS him, this volumnous bill might as well be in
one line in twenty nine sections. 1t might as
we'll be the president is hereby authorized to col.
ect and disburse the revenues OF the United States
al his pleasure for not only The treasury but
house officers his bond. men.
Now, Mr. President, what is this fiscal power
which the president is so eager to get into his con
troll? In my statements shall lay claim to pre-
cison, but the will not greatly vary from the
truth. The duties arising from imports, may De os
timated at about twenty millions of dollars, The
revenue from the sale of public lands in 1885, was
about fourteen millions; in 1886 twenty-four mil
lions; in 1887 about millions; 1886 was a
year OF extraordinary activity in business; 1887 was
one of uncommon depression. The average, there
FORE for some time to come will probably range
from ten to fifteen millions; the post Office may be
placed at three Millions making aggregate of
from thirty to thirty five millions of dollars annual
| ly. This is the income to conduct business upon,
and pretty handsome capital it is to receive aud
dsburse; destined moreover to increase the pop
uation, business, and wants of the country increase
7
for the treasury and all the subtreasuries are as
much his pockets any sewed into his breehes
| What uses may be made of this money? The
people may appreciate the accessi IN of power and
the means of doing mischief with this money, by
calling to mind what has been imputed to the Bank
of the United States by the administration and Its
| friends. That institution was naked corporation
with thirty five millions of capital, and this capital
gave it all the power it had, be it what it might
! Now, SIR have not we been taught to look upon 1t
with horror; as a monster contending for the mas
terry of political power with this government itself?
1t has again and again been said on this floor, that
the question was, whether the bank should be de-
moIished or rule the country. What have not
heard OF its corrupting influences? Its demoralizng
tendency? Its pestilential atmosphere Sir, the
republic itself has been represented as sinking IN
der its weight and the people poisoned With its
influence. The senator from North Carolina (Mr,
Brown spent much OF his argument the other day
upon this topic of bank influence He labored to
satisfy us that the question still is whether the
banks shall rule the country, or the government shall
rule 1t. He urged us to believe that great struggle
fave lint Nhn