The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-03-23
INDEPENDENT TREASURY BILL.
Speech of MIR. Calhoun.

raj Of public money, and 10 regulate the saft
keeping, transfer, and disbursement, Of the pu6li
moneys Of the u. States"
regard this measure, which has been so mue
denounced, as very little mere than attempt I
carry out the provisions of the JOINT resolution
1916, and the deposlte act of 1886 The forme
provides that 10 notes but those OF specie. payn
banks shall be received in the dues OF the Govern
ment, and the latter that such banks only shall b
the repositories Of the public revenues and fsca
agents of the Government but il omitted TO max
provisions for the contingency Of general suspen
sion Of specie-psy menls, such as is the present.
II followed, accordingly, on the suspension in NJ
last, which totally separated the Government ant
the banks that the revenues were thrown into thu
hands Of the Executive, where they have since re
NAMED under its exclusive control, without any
legal provision for their saiekeeping. The object
OF this bull is 10 supply this OMISSION to take
the public money out Of the hands OF The E1ecu.
tive, and place II under the custody Of the laws,
and 10 prevent the renewal Of connection which
/ has proved 20 unfortunate to both The Government
and the banks. But il is this measure, ofigInat-
IN IN an exigepcy caused by our own acts and
/ that seeks 10 make the most Of a change effected
by operation of Law, instead of attempting 10 lnno-
waite, or TO make another experiment, as has been
enormously represented. whIch has been denounc-
ed under the name Of the SubIreasury with such
unexaHPed bitterness.
/ liz lieu OF this bill, an amendment has been Of
tered, as substitute, by the Senator from Viz
gIhia. turthest from The chair, (M' Rlves,) which
/ he informs us is the first choice vi himself aud
those who agree with INN, and the second choice
If those with VI HON he is allied on this question
II may judge from appearances, hich can hard
ly deceive, he might have said their first choice,
and I, -
that, despaTing Of National Bank, Ae object OF
their preference, they have adopted his substitute,
as The onli practical alternative at present We
have, then, lbs question thus narrowed down to
this b and the proposed substitute. IL IS agreed
On al sides, that one the other must be select.
%, ard that to adopt reject the one, 10 reject
81 adopt the other. The siuge question then is,
which shall we choose A deeply momentous
question. which We are now called on TO decide IA
behalf OF the States Of this Union, aud on our de-
custom their future destiny must, in great degree
depsnd, so long as their Union endures.
In comparing the relative merits Of the two
measures, prrparatc4y to decision shall touch
seTy briefly the principles and details oil the
bill. The FORMER is well understood BY the Sen.
ale and the ouunuy at large, aud The latter has
been 50 ably aud lucidly explained BY the chair
mau o. the committee 10 his opening speech, a 10
superscde the necessity of further remarks on
them Al tbs stage OF The discussion. propose,
then, 10 limit myself 10 a mere eenoral summary,
accompanied 81 a few bret observations.
The object Of The btli, as have already stated l.
to take the public fond. gu, OF The hands Of the EA
ceulte, whore ihcy have been thrown BY opera.
ton Of our acts. and TO place them under the Gus
toGy OF Law and to provide for gradual GDa
slow. bot psrptiaal, separation between The Co.
vcrnmeni and the banks. II proposes 10 extend
the process Of Separating 10 the year lolj re
eelving turieg the FIRST year Of The series Tho /
notes Of such banks as NAY pay specie, snd re-
ducing thereafter The amount receivable IN notes
one sixth annually, TIL the separation shall be n
nslly contaminated 81 The period mentioned.
The provisions Of the bill arc the most simple |
and ciicctuAl that able committee could devise |
-Four principal receivers, few clerks, and a sui
icisut number OF agents 10 examine The state 81
the public iuuds, in order 10 see that al is right
"A an ANIMAL charge not exceeding forty or tI.tt |
thcJsani d1lisrs al MIST, constitute The addition.
Al officer, and expenditures required TO perform
all the functions heretofore discharged by The
banks, as repositories Of the public money aud ifs
cal agents OF the Treasury. This simple appsra.
tus ii place the public Treasury on an iadepen-
dent footing, and give 10 the Government, at all
times certain command Of its funds TO meet it,
engagements and preserve lis honor and faith in
violate. II II be desirable to separate from the
banks, the Government must have some indvpeu-
dcut agency Of It's own 10 keep and clsburse the
public revenue and If II must have such an agen.
cv, none IN my opinion, can be devised more SIM
pie more economical, more eiiectual and safe,
than that provided by this bill IL is the neoessa-
~ result Of the separation, aud To reject IT. without
proposing better, ,t, lndetd, better eau be- is
10 reicc, The separation itself
turn now TO the substitute Its object is di.
feoy the reverse of that of the bill. 1t proposes
10 revive the league of State banks. and to renew
our connection with them, which all acknowledge {
has contributed much TO corrupt the communl-
w. and TO create spirit for speculation, heretofore
in our history.
The Senator in Offering il, whether wisely OF 5
net, has st least acted consistently. He was Its
advocate al first 1884, hen tbs alternative was
lotween il and the recharter OF the late Bank OF J
he United States. fo then defended il zcalsusly G
md manfully, against the fierce assaults of his !
present allies, as he defends il, when those !
Who hen sustained him have abandoned the mes- :
ure. Whether wisely or not there is something !
heroic in his adherence, and | commend him for Y
I; but fear cannot say much for bis wisdom $
md discretion. He ackaow pledged, with gll eth ?
RS the disasters that have followed the FIRST expo
iuent, but attributes tbs failure TO inausPlcsus L
sad insists tina, the measure has c
lot had fair trial. gran, that a second expert
nsnt may succeed, after the first has faxed; but r.
he Senator must concsde in return, that every Y
allure must necessarily weaken confidence, both o
n the experiment and the eIpermenter. lie can. u
lot be confident in making this second TIL. P
!, than he was in the first and, If doubted The
uccsss then, and preferred the Sub Treasury to II
is league OF banks, he must excuse me 'o' SUI 9
ahering 10 my opinion ssd doubling the success n
his second trial Nor ought he TO be surprised, g
hat those whs joined him IN the first should he II
ather shy Of trying The experiment. agaia, afler a