Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-07-04
CONGRESSIONAL.
From the n. y. Commercial Advertiser cf Monday.
ANOTHER sUB-TREAsUkY BILL.

IA
Il ANOTHER sUB-TRExsUkY BILL.
From the correspondence of our cotcmpo.
rarics, II appears, that the proceedings OF Fri.
day and Saturday in the Senate, were ofhiph
and commanding Importance. Beyond q
doubt, We have ample and spirited rebor,s Of
the proceedings Of both jays, on the way.
from our reporter. But our letters for ne.
ther day have been received. A dry outline
of the proceedings Of Friday viii be found in
another column consisting, however, of moth
ing more than bare propositions aud nakod
votes.
The reader will learn with regret from this
record, that Mr.. Webster's resolution 10 re
peal the existing interdict against the grea,
mass Of the banks, on account Of their issue
Y lsuehaDan's bill being substituted Tor it-and
then the latter was rejected by a still larger
mnjority-thns leaving what Mr.. Cambrclenp
terms a virtual sub Treasury system. in one
ration, Notwithstanding that the representa-.
tives Of the people have passed sentence of
condemnation on the noxious system az two
succe sessions of Congress.
Il Bnt the mischiovous work OF that subser
/ Went body, the Senate, does not stop here
On Saturday, spother sub-1'roasury bill. in
disguise, more odious, in fact, than the for.
mer, was sprung upon the Senate. and carri-
cd through to third reading and should il
succeed in the House Of Representatives
Mr. CombreleDg's threat that the sub. .Treasu.
ry system, law or no law, wiH be continued
to the close Of Mr. Van Buren's ndministra-
ton, will DO realized.
II The proceedings Of Saturday. 10 which We
refer, but Of which our own report bas not
been received, were rs follows: Mr. Wriob,
introduced bill, Of which he had given no
tice the day before, suspeAdng. till October
next, tho five dollar note restriction Of the
deposito act Of 1886. Mr. Webster moved o
second section, suspending another restric-
tlon Of the Same act in regard to the employ
ment OF banks as repositories, which, since
the passage Of that oct, have issued or paid
out notes 0fa less denomination than five
dollars.
by suspending specie payments and issu-
ing notes of a less denomination than five
dollars, tho banks incurred two penalties
first their paper, when they returned to spe-
cic payments, could not be received in psy-
ment of dues to the Government, and second,
they could not be selected as public dcposi-
tories. Mr WrigIh's bill removed the first
penalty Wr. Wcbster's amendment would
remove both.I
After some debate, Mr. Wright moved to
strike out Mr. Websters amendment, and TO
insert in its place q provision repeating the
first hceire sections Of the d,posiie act; i. g.
the whole net except tho sections relating 10
the deposito Of money with the States, and
the part rs above modified.
This sweeping proposition ELECTED an ami
mated debate. It's simple and direct object
is to remove every possible restraint upon the
action Of the Executive, in regard 10 the pub.
lie trensnTe, md leave all Tho usurpsd pow
ers OF General Jackson IN the hands Of Mr..
Van Burcn, Who stands pledged 10 triik in his
footsteps. The monstrons proposition was
vigesously opposed by Mcssrs. Clay, Tall
maJge, Rives and Sewer, but to no good
purpose. 1t was passed, and ordered to a
third reading by vote Of 26 to 81. We
have no room this evening for comment upon
this high outrage upon tho rights Of ,he peo-
pie,