Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-22
Domestic News.
SPEECH OF MIR. CALHOUN OF 8. C.
ON THE SUB-TREAsuRY BILL.
IN the Senate Of the U. States Feb Is, 1883.

On THE SUB-TREAsURY BILL.
IN the Senate Of the IT, States Feb Is, 1853.
CONTINUED.
such are the difficulties that stand i'm tn,
way OF the substitute Il, the very tlreshhotl
ihose beyond arc vastly greater, as l shal
now proceed TO show. It's object, as have
stated, isto revive the league Of State bank.
anu the first question presented for consid
eratlon is, how IS this to bc done! how is the
league to be formcdl how stimulated into
lilo when formed; and what after it has
been revived, would be the true character
OF the league or combination TO answer
these questions we must turn to its proyis-
| ions.
II provides that the Secretary Of tho
treasury shall select twenty FIVE specie
paying banks, as the fiscal agents of the
government, all to be respectable and sub.
stanflal, and that the selection shall bc con-
ilrnlcd ny the joint voteof the two Houses
1t also providcs,th they shall be made the
repositories of the public money, and that
their notes shall he receivable in the dues of
the Government; and that in turn for these
advantages, they shall siipulatc to perform
certain duties, aud comply with various
conditions tho object Of which is, to give
to the Secretary of thcTrcasury full lknowl-
edge of their condition and business, with
the view to supervise and control their acts,
rs lar as the interest of tho Government Is
concerned. In addition to these. ii contains
oiher and important provisions, which
snail not ennmcratc, because they do not
lall within the scope of the objections, that
L propose to urge against the measure.
Now ! ask what does all this amount to
What but proposal on the par, ofthcGov-
ernmcnt to enter into 4 contract, or bar
gam, with certain selected State banks, on
the terms and conditions contained. Have
we 4 right TO make such 4 bargain is the
first question; and TO that give decided
negative, which l hope to place OH consti-
tutOnal grounds, that cannot he shaken
intend to discuss it, with Olher questions
growing out of the connection Of the Gov
crnment with the banks, rs new question
tor the first time presented for consideration
and decision. Strange rs it may seem, the
questions growingout Of it, as long as il has
existed, have never vet hccn. pEe sc1ts,A anUia
alitS. How this has happened, shall now
proceed 10 explain. preparatory To the cx-
animation ofthe question, which proposed.
The union of tho Government and the
banks was never legally solcmnizcd. 1t
originated shortly after the Government
Went into operation, not iii 1say legal enact
mcnt, but in Il short order Of the Treasury
Department Of not much more than half IL
dozen lines, as il it were a mere matter of
course. We thus .lidcd impcrceptibly into
4 connection. which was never recognized
by law till 1916, (if my memory scrvcs)but
which has produced more important after
consequences, and has had greater con-
troll over the destiny Of this country, than
any one q: The mighty questions, which havc
so often and deeply agi,ated the country.
To it may be traced, us their seminal prnci-
pie. the vast and extraordinary expansion
of our banking system. our excessive impor,
duties. unconstitutional and prolusc dis.
burscments, the protective Tariff, and its
associated system for spending wha: it
threw into the Treasury, followed in time
by vast surplus which the utmost cx,rav-
agancc Of the Government could not ,issi-
pate, and finally by sort of rciributivc
justice, the explosion Of tho entire banking
system, and the present proSiratcd condition
ofthe currency, now the subject of our de-
liberation.
How measure (raught with suci, ilnpor-
tant consequences should at first, and for so
long time have escaped the attention and
tho investigation of the public. deserves a
passing notice. 1t is to DC explained bv the
false conception of the entire subject OF
| banking,which at that carly period univcr.
sally prevailed in the community. So cr.
roncous was it, that bank note was then
identified in the mind of the public with gold
and silver. and dcposite in bank was re.
garded, as under the most safe and sacred
custody, that could be devised. The origi.
| na1
Amsterdam, where every note, or certificate
i'll circulation, was honestly represented b,
an equal and specific quantity of gold 81
silver III bank, and where every deposit.
was kept, as sacred trust, 10 be safely re-
turned 10 the repositories, when demanded
was extended to banks Of discount, down I,
the time Of the formation Of onr Govern
ment, with but slight notifications. Will
this impression, it is not n, all cxtraortlina
ry, that the deposte of the revenue in bank
Tor safe keeping, and the receipt of thci
notes in the public dues, should he consi.l
cred matter of course. requiring no hlghc
authority than Treasury order. and henc
connection, with all the important ones
lions belonging to it and now considered q
vast magnitude, received so little notice
till public attention was directed to il bv il
recent rupture. This total separation fron
The system. in which we now find oursclvc
placed, for the first time, authorises and dc
mnnds, that we shall investigate freely an
fully, not only the consequence of the cor
ncclion, but all tho questions growing O,
OF It, more especially those of constitution
: al character; and shall in obedience
this demand return TO the question fro,
' which this disgrcssion has carried me so IA
Have we then the right to make the ba
> gam proposed! Have we the right the
10 bestow the high privileges, might sa
prcrogativcs, on them Of being made the III