Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-07-12
in CONGRESS-IN SEsArs.
REPEAL OF THE DEPOSITE ACT

SEf EAh vi lIlE LEI OOi ~ nS1s
Mr.. Wright having moved that the Senate
proceed to consider the amendment Of the
House to the bill TO modify the last clause OF
the filh section OF The deposito act Of the 23d
June, 1896, when
Mr.. Webster said he could concur most
readily in this amendment Of tho House. 1t
gave him the truest pleasure 10 learn that
the House had rejected the second section
Of the bill, and that by 50 decisive a
majority. The House had thus arrested the
surrender Of oil control over the public trca-
sure to the Executive. II had interposed its
own high authority in most constitutional
and salutary manner: manner highly be-
coming the representatives Of free People
For al this (said Mr.. wy feel highly CRATE.
iul and at this result, | think, the whole
country may be justly congratulated.
| We hold on yet 10 the true doctrine, and
the important republican priuciple Of legisla-
tive control and superintendent Of the pub.
lie money; and hope, sir, we shall continue
to hold on.
And now, sir, as TO what remains in this
bill, think it is OF no great importance. II
will do no harm, and some good. 1t relieves
tho ncnpacity OF being received at the Trea-
sury from bills Of banks which have issued
small bills, provided such banks shall issue
no such small bills after the first day Of Oc-
tober next. This time is much too short,
even if it ware judicious to fix any definite
time, whicf51 do not think it is. The banks
generally will not be able TO discontinue tho
use Of small bills within that period nor will
they have sufficient inducement to do it,
The inconvenience will fall, not p ncipally
on them, but on the People as no man will
be able, If the law is regarded, to pay his
postage account, or any other debt due to
Government, by any bank notes within his
reach or command.
The bill, therefore, does little, very little
indeed, to remove the evils and inconvenlen-
ces which arc felt, and which must continue
to be felt.
Then again, sir, remember that the now
Treasury circular is still in force and that
no bank note Of any bank, If it be less than
twenty dollars, can be received at oil. This
greatly impairs the privilege secured by TIC
Re solution Of 1916. Al tho post office and al
the land offices, no paper less than twenty
dollars can be received. ! have already
again and agnin, laid this before the view o
gentlemen. have asked them II they are
contented with this state OF things, and d
they think the People will be contented.-
II VIII tnc smali puTCHdscTs ~ tnc iu"u ohlces
be satisfied will, this Is il right TO expect
it? Certainly, sir, this in not what propo
sed for them, nor what thought their inter.
est required.
II five mean 10 maintain The principle Of tho
/ re solution Of lsI6-if we mean 10 make banl
notes receivable at oil, why should we EN-
barrass and thwart its operation by rejecting
oil notes under so high sum as twenty dol.
lars' Why not stop OF five dollars, the oinl
at which the State banks have arrived?
II However, I have addressed the Senate re.
peaiedly on this part OF the subject before
and the People, trust, every where, will un.
dersisnI TINT I,sn those who usually act with
me, have done oil in our power to give Ia
them, in every part Of the country, the Just
benefits Of the resolution Of 1916, without un.
II reasonable enhancement.
II One word, sir, on another part Of the sub
lIject This bill leaves the dcposite system
10 full operation IN some places and some
States, and II lesyes II impossible TO be ndop'
ted IN other States. Our actual sysiem,t there
fore, will be wholly unequal; il will be one