Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-04-19

will it differ from the late depositc system
under the act of '36, which this bill is in
tended to superscde! There is and cau be
but one point Of difference, viz: i'm the dis
tribution of the profits from the deposites,
and even that difference, he would show, is
more apparent than real. Where the re-
venue is deposited with certain banks, So
lected by the Secretary Of the Treasury, as
under the act Of '36, the profits Of the depo-
sites accrues almost exclusively to them
They discount on them, and issue the notes
of other banks which they hold in tleposite,
! or draw specie for them, and thus increase
their business and profit, without incurring
any additional liability, but where the de-
positcs are made with the Executive ofIi-
! GERS, the profits would accrue. apparently 10
the banks generally. lie said apparently,
lfor it would depend wholly on the officers
! holding the deposites. They can, at plea
sure, give the profit to what banks they
| please, by holding back the notes of one
bank, and disbursing the notes of another,
and thus keeping the notes Of one out of cir
cuia'ion and throwing the other into circu-
lation through disbursements, to return on
! the banks issuing them. The effects OF
| this would be 10 give one all the profit that
it could derive from being a dcpositc bank,
aud stripping the other almost entirely ofthe
advantage Of having its notes received in
the dues Of the government. Take for in
stance two banks, in place where the av-
cragc public deposits were million Of dol
lars; is it not clear, If the executive officer
would mako il a rule to disbursc the notes of
one bank, and hold back those ofthe other,
it would operate in fact, as standing loan
10 that amount to the favored bank!
| The result is, that in either case the dis.
trbution Of the profit resulting from the
public deposites would depend on the Exc
cutivc Department, whether made with the
Executive officers, or in deposite banks un-
der the act Of 1896. The Executive in one
case would have the selection OF the banks,
and in the other the control over the subor-
dinate officers Of his departments; with this
difference, that when the bank was select
ed it would, under the act Of 1896, be un-
der the control and protection Of law, but
the officers would be completely under the
control Of the head Of the department at all
times. This is the sum total Of The differ
encc. If you pass this bill you have the
one, and if you dcfcat il you have the other.
Thus regarding it, aud being opposed on
constitutional grounds TO receiving any thing
but the legal currency Of the country, or
government securities IN the public dues,
and to the increase of Executive patronage,
he could nor possibly vote for the bill as a.
mended. lie was decidedly opposed to all
discretionary powers, especially in the Ex-
ccutive branch of the Go, ernment, and this
bill would give greater than any that has
ever passed. 1t would not only give the
power to which he had already alluded Of IA
voring what bank it pleased, but The control
ling power Of fdemanding specie at the plea
sure of the Executive or any bank il might
desire to Cypress. aud abstaining from de-
manding of those it intended to favor
Powers such as these he regarded as incom-
| patible with our free system of Government,
| aud he for one could not consent to confer
| them.
| But he had other and insuperable objec-
b0ps,n ne aiY98g1hfs6& 6&B EiaefpHGo Gohvieion sii zion
that the total separation Of the Government
and the banks was indispensable. lie firm
| ly believed that we had reached a point
where the separation was absolutely neces-
sary to save both Government, aud banks.
He was under strong impression that the
banking system had reached point of de-
crepitude-that great aud important chan
gcs were necessary to save it and prevent
convulsions, and that the first step was
perpetual separation between them and the
Government. But there could he in his
opinion no separation-no divorce without
collecting the public dues in the legal and
/
! Without that all would prove perfect de-
lusion, as this bill would prove should it
pass. We had no constitutional right TO
| treat the notes Of mere private corporations
as cash; and if we did, nothing wond be
| done.
These views and many others similar he
had openly expressed, in which the great
body of the gentlemen round him had con-
cured. We stand openly pledged to tllem
before the country and the world We
had fought the battle manfully and success
fully. The cause was good, and having
stood the first shock, nothing was necessary
but 6rmDess; standing fast OH our position
TO insure victory-a great and glorious
victory in noble cause, which was calcu-
lated to effect more important reformation
in the condition of society than any in our
time. He, for one, could not agree to ter
inmate those mighty efforts, at this and the
extra session, by returning to perfect re-
union with the banks in the worst and most
dangerous form. He would not belle all
that he had said aud done, by voting for the
bill rs it now stood amended; and 10 tcrmi-
nate that which was so gloriousy begun,
in so miserable farce. He could moi but
feel deeply disappointed. in what he had
reason to apprehend would be the result; to
have all our efforts and labor thrown away,
and the hopes of the country Disappointed
All would be lost; no-he expressed him
self too strongly. Be the vote what it may,
the discussion would stand. Light had
gone abroad. The public mind had been
reused, for the first time, and directed to
this great subject. The Intelligence ofthe
country is every where busy in exploring its
depths and intricacies and would not cease