The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-28
SPEECH or
MIR. GARLAND, OF VIRGINIA..
AGAINST THE SITB.TREAGITRY BILL.


MIR. GARLAND. OF VIRGINIA,
AGAINST THE sUB-TREAsURY BILL.
Delivered In the House OF Representatives, u s.
June :, 1888.
Mr.. GRAMMAR: return 10 the committee my most
cordial thanks for the kind indulgence which II af
Ia some measure redeem the obligation by the short.
ness Of the time shall occupy its attention In APP
proaching the important and interesting subject now
under consideration, one affecting the whole financial
policy Of this Government, feel much greater diff
dence, and labor under much greater embarrass-
ment than / am accustomed 10 experience And
nothing but the stern and infexible commands OF
duty the country, TO my constituents and 10 my
self, could induce me 10 embark In The discussion
In discussing this question: affecting as il does every
section Of the country, every class in society and
every interest OF the people, shall discard every
consideration Of partisan character, and view il as
great question Of national policy calculated in lis
operations 10 promote the prosperity Of the country
the safety Of its revenues the purity OF the Govern
ment and The liberties Of the neople TO deprecia,e
corrupt and destroy them his question into which
no partisan considerations should be permitted 10
eneri but one which addresses itself to the grave
the patriotic and serious attention Of this House and
every American citizen.
The honorable gentleman from New York, (Mr
Cambreleng,) commenced his opening remarks, on
yesterday, In favor of this bill by congratuatng the
country thai the clouds of adversely which had hung
IN such dense masses over its business and industry
hdu uccn ufssipdtcu, ana tuat the glorious OF
prosperity without an obstruced ray had again ren
to revive and 10 animate them. Grade said he
has recovered from the lowest state OF depression
confidence is restored and the banks have resumed
specie payments az the very places where the largest
portion OF revenue is collected and where the Trea
snry IS ostpoweriul The argrinents and predic-
tons Of gentlemen are TINS riumphanhy refnied rnd
conradicted.n
fear, very much fear, thar the congratulations Of
the honorable gentleman premature that they are
not warranted by the real condition OF the country,
and that there Is nothing to justify them think
when the honorable genlieman shall have returned
70 the great emporium OF the empire stale" and
seen with his own eyes the true condition OF things
there; when he shall have contemplated, Ia their
real character, the condition of things In the great
seats OF the commerce OF the country, he will find
the brilliant the lively and beautiful picture which
he has drawn, sadly reversed The prosperity
which, tor while, seemed 10 brighten upon rs in The
anticipated defeat of the bili under discussion the
repeal OF the Treasury circular Of July 1886, and
the prospect Of more liberal policy on the part of
the Government towards the banking institutions of
the country, has disappeared and It's whole bust
ness and energy are paralyzed by the fear Of the
passage Of this bill and the evident determination OF
the Executive to adhere perinaciously TO its present
policy. Pass this bill and the storm which was an
parenty dying away will gather fresh and increased
strength, and sweep over the nation with greater fu-
ry and more destructive effect than has hitherto
done; for the specie, which, under its operation
will be drawn into this new vortex mus, be drawn
from the vaults Of the Banks, and render greater
1Hu .oic ,.aP'u urat upon their already exhausted
debtors, indspensably necessary 10 provide for The
drain.
II Is true that the New York banks have resumed
specie payments; but this resumption has not been
the result OF the policy of the Administration Far,
very lar from but it has been the result of their
own vigorous excrtions and immense sacrifices A
law Of the State of New York struck all these nsi-
tutions out of existence thar did not resume by the
10Th OF May last To enable them, therefore 10
prevent this forfeiture and to prepare for the re-
sumption, they were compelled TO curtail their cir
culalion and loans to large amount, and to make
heavy purchases OF specie, 10 the great injury and
oppression OF the commercial and laboring classes
OF the community. The policy of the Government
hung upon them like an incubus, and the resumption
only proves that they have been strong enough 10
rise from their fall even with this oppressive weight
hanging upon them. How, would ask, could the
Pohcy OF the Government contribute in the slightest
degree, to the resumption of specie payments p
they had suspended because OF The sudden ana in
ORDINATE demand upon them; and yet it is crayely
commended that policy which very largely increased
that demand, has produced the resumption-a CON
clusion altogether irrational and unjust II Is true
thai the policy Of the Government has produced
large curtament of the circulation and loans the
banks but to the extent that the banks have been
benefited, the debtor class of the community, en-
bracng both the commercial and agricultural classes
have been oppressed and embarrassed because the
demand was so heavy and so sudden, as to produce
great distress and require heavy sacrifices 10
IT, 10 prove the truth Of this argument, herewith
present comparative statement Of the condition Of
all the banks on the LIST day Of January 1888.
Statement of loans circulation specie and deposes
on the LIST January, 1887, and lst January, 1883.
Loans and ID. Circulation
January l, 1887 $685., 702 $li9, lS4S9O
January ], 1888, 47l073,3s3 llO,42O,sS4