The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-30
SPEECH OF MIR. GARLAND,
AGAINST THE SUB-TREASURY BILL.
Delivered in the House Of Representatives, u. s.
"WEDNESDAY, June 90 1888.

AGAINST THE SUB-TREASURY BILL.
Delivered in the House Of Representatives, u. 8.
~. "WEDNESDAY, June 20, 1888.
(Contiaued)
From Great Britain, turn my eyes to our own
happy and prosperous country, in which the benig-
nant and salutary influence of the credit system"
upon agriculture, commerce and manufactures is
most signally manifest in the rapid increas4 OF popu
lation, products, manufactures, internal improve
ments commerce, foreign and domestic, general
prosperity and power. Our march has been rapid
and unequalled in the tide of times. Every man who
has examined into the history of our progress must
acknowledge, that so far as capital Is concerned,
nothing but the increased active capital furnished
by our credit SYSTEM could have produced such
astonShingd aud esets, ereai, found
ed upon in ividual responsibility would have been
insufficient, from The want Of general confidence,
and specie from its scarcity, would have been made
quate. To satisfy himself let every gentleman COM
pare our present condition with what 1t was when
we first ushered into national existence, and the
credit system was first established, and deny, If he
can, that are greatly indebted for our present
power, wealth and prosperity to our credit system
But sir, has its moral and political influence been
deleterious and destructive. When was there more
general intelligence among people When The
spirit Of liberty greater or more general When
more devotion to free institutions When the mo-
raj integrity ofthe community stronger Although
the " credit system" was contemporary with ourex-
istence has grown with our growth and has extend
ed as our settlements have extended, where Is the
dangerous political power which il has exerted, or
the immoral influence which II has exercised In
the particular organization OF the system many false
principles may have been introduced, and improper
andinudicious powers impaired, which have prov
ed deeterous and dangerous in their operation but
thisbeongs to the improper ndinjudicious organi-
zation and not to the system itself. So in the ma
nagement Of the system, there has been much fraud
much abuse and much corruption but these are
the results Of human fraiy and human depravity,
not of any inherent vice in the system ITSELF and
must be corrected, as all such errors, abuses, and
corpup6ons are corrected by proper restriction and
punishment There is no human institution that has
not been abused and that is not liable to abuse and
corruption; butthis is no sound argument why they
should be entirely destroyed, because, if it were,
we should destroy not only every civil institution but
Government itself
The distinguished Senator from Missouri, [Mr.
Benton in speech delivered by, him in the Senate
of the U. s. on the 18th of March last the Bill
to divorce the Government from the Banks Sc
lected particular periods Of time which he Classics
as the periods of the weakness and the ascendancy
of bank influence, and by contrasting the annual
surplusses in the Treasury during these periods at
tempts to prove the fatal effects of bank influence
do not refer to this speech in any spirit Of unkind
to its author, but because il has, together with
that of Mr.. Calhoun, with many others, been scat
tered in profuson through my district; and upon
the doctrines of these speeches, ! stand arraigned
before my constituents: stand on trial before my
peers; and feel il duty of self-defence, from
which nothing can drive me, TO undertake to answer
some of their prominent arguments, which, trust
shall do with the utmost respect and Difference. The
first period selected by Mr. Benton is from 1859 TO
1900 inclusive, a period in which he says "the
banks were few in number and comparatively
weak" During this period the surplusses 1883,
$2S, 239--1790, 1910 023-l79l, 1878 905-l792,
1873, 444--l793, 1888, 66l-l794 81, ISL 92f-l795,
5l6442-1796, 1888, S95-I797 81 OBJ s99-179S,
6l7,45l-l799, So l61 ,867-lSO0, - 623 81.
The next period which the Senator selects is COM
posed Of the years 1Sl5-l6-l7, which he desgnates
"e brief season flank omnip0tence after The concl
sion Of The late ,car" The surpusses in these years
were, $lSl5 $l3, log, 592-1sl6, 22 033 5l9--lSl7,
$l4,9S9, 465 The next period selected is composed
of the years from 1918 to 1922 inclusive. The sur
pusses in those years were, l5ls ST. 47s 526-lSl9,
~ 079, 992-1S20, 81 1873 460-1S2l, 1851 SOP
1922, 81 237, 427, which is designated the period
when |" The banks had lost their influence oper the
country and the Government and he eountru" The
next period selected is composed Of the years from
1888 to 1887 inclusive, of which the Senator thus
speaks Here Is another Of fpc gears Of great
po,cer the banks and Of close connection ruth them
By the Federal Government IA connection which
the Senator himself aided General Jacksons admi-
nistraton in forming; and Tor all the consequences
of which he must take large share of responsibility,
To prove the utter falacy OF the conclusion deduced
from the annual surplusses in the Treasury might
content myself with pointing out their variableness
during the periods selected in the speech, and COM
pairing them with the variableneSs Of the receipts
and expenditures of the Government, during The
same periods; but for the purpose approving that so
far from the increased surplus, during the alleged
periods Of bank omnipotency, as 1t is called, being
the result of any perncious Influence, il was the re-
suit OF our increased domestic productions foreign
and domestic commerce, and general prosperity.
For this nurnose present the following statement