The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1838-07-14

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incorporating in the amendment, it still
contained provisions radically Objectionable
to them, and could not, therefore, have their
support; and, when the vote came to be Ia
ken, it appeared that this principle, Of sepor-
ati'1g themoney Of the people from the busi-
ness ofbaaking, had made the whole a.
mendmant as unpalatabe to the Federalists
as the defective parts of it were to the Re
publicans. The consequence was, it was
voted out of the bill.
The bill was thus left in the precise shape
in which it was first introduced into the Sem
ate by Mr.. Wright, under the direction of
the Committee on Finance, and conformity
with an assurance previously given in re-
port madeby that committee. In this shape
il passed the House without organized op-
position, and was returned to the Senate.
The Senate, with little difference of opin-
ION concurred with the House in its amend
ment; and thus Mr.. Wright's bill, as origin
ally introduced, and in the precise shape
the Republican members of Congress pro-
posed and desired to give to it, has become
law, while every proposition of the op-
position to revive and re-enact the exploded
deposite system has signally failed in both
Houses of Congress.
The bill, as first proposed by Mr.. Wright,
was a single modification Of the doposite
law, and one which almost every member
of both houses Of Congress, of whatever
politics, or whatever opinions on the sub
ject of the financial system, approved, and
was ready to vote for. Therefore, all the
questions, ofa disputable character, growing
out of the action Of Congress, upon this bill,
were raised by attempts on the part of the
opposition to turn the bill into the re-estab-
lishment Of another general, open bank de-
posite system, and they were all promptly
and signally defeated. The following re-
suits, which we copy from the Washington
Globe, are unavodably deducable from this
Congressional action, and the wings are
welcome to all the comlo,t they can derive
from believing that they " will be death to
the hopes of Martin Van Buren,"
l. The Committee on Finance Of the
Senate have been sustained by Congress to
the letter in their report upon Mr.. WEB
sTER's resolution of inquiry. In that re-
port the committee resist the establishment
of the bank deposite system of 1896 defend
the policy of the gradual exclusion from
circulation of bank notes of denominations
below five dollars, and recommend the mod
iiication Of the deposite law of 1896 which
is made by the passage of Mr.. WRIGHT's
bill.
2. The attempts of Mr.. WEBSTER and
the Bank party IN the Senate to leyive the
deposite law of 1886 were wholly defeat
ed. go.
8. The same attempts by his man CURTIS
in the House were equally unsuccessful.
A. The House of Representatives has de-
clared by a solemn vote, THAI the money
of the people ought not to, and shall not,
so far as the action of that House is con-
cerned, be again surrendered to the banks,
to be made the foundation for bank loans.
In other words, the House OF Representatives,
has voted that separation, so far, ought to
and shall exist between the public Treaury
and the banks.
5. The Senate has, upon this and all
other occasions, when the question has
been presented TO it, since the suspension
offs specie payments by the banks in May,
! 1897, made the same declaration.
6. These expressions of the Repres enta-
tives of the people in the two Houses of
Congress prove, what we have constantly
asserted to be true, that the people Of the
country demand separation between Bank
! and State, at least so far as that the public
money shall be III no way connected with
the business OF banking.
Z. They further show that the reason
why no law has been passed, or will be
passed, during the present session of Con
gress, to provide for the sale-keeping and
management Of the public money, in sub
stantial conformity with the repeated recon-
mendations of the PREsIDENT, is not be-
cause there is not a majority Of the mem
bers of both Houses favorable to the separa-
ton, but because there are differences of
opinion among the friends Of the principle