The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-02-28

posiies shall not be used for banking purposes This
motion was negatiyed by vote OF Ill to 81 / voting
m the negative. When this motion was made bat five
days o. the session were left, and large Of i'm
portant business 10 act upon. II the motion had pre-
vailed and an amendment reported in conformity with
the Instruction, the defeat OF BILL mperously demand
ed by the interest aud necessities Of the country was in
evabe. for the combined vote OF those opposed 10 the
principle OF the amendment aud those opposed to the
BILL In any shape, would have been sufficient After
the rejection Of the motion for commitment the member
from South Carolina Mr. Campbell, offered the follow.
ing amendment And, provided also, That nothing
contained in this act shall be construed authorize
The use OF the Government depostes for banking pur
poses The question was taken first on Mr. Parriss
amendment and rejected. and then Mr. Campbells
amendment adopted by the casting vote Of the
Speaker, the vote being l0I 70 l0l. voted IN the
negative. And now, Mr.. Chairman, what the fate
Of this amendment BY whom was this newborn del
he'd principle strangledi The Globe Of the 25ih July
last in an edora! article, exulting in the great and
glorious triumph Of principle which the adoption Of this
amendment achieved. charges il upon the calling and
sustaining Of the previous question which, by the rules
OF the House. cuts off al amendments by what il terms
he Two branches Of the bank party meaning the Wings
ana Conservatives. While. Ia fact the previous ques-
ton was called by an honorable gentleman from New
York. Mr. Grant, an ardent Subueasury friend Of the
administration, and sustained by sixy-one Of those ad
mitted TO be Of the true faith The honorable member
tsom . Carolina himself, voted for the previous ques
non which cut Oh his own amendment Why SO many
who voted for the amendment, thus voted to cut off
Is not for me 10 account.
Il Is for voting against this amendment napplcable
as was to the subject under consideration flor the
bill had no reference to the banks public depositores
and under such circumstances that stand charged with
advocating the principle thar ihe Banks should hare the
unre,iieted Of Me public money In voting against
this amendment, had no dream of asserting such
pnnclpe. 1t was plain simple bill coming from the
Senate the passage Of which regarded indspensa-
ply necessary to the best and most important interests
OF the country, and determined, from the beginning, to
vote against all and every amendment which might be
offered calculated to obstruct or embaass it. NV ho
norable friend from Ohio Mr. Hamer, whose fidelity to
the administration, none will doubt, avowcd and acted
upon The same principle, and uniformly voted did
upon all the amendments.
The amendment Of the honorable member from Sonfh
Carolina, adopted, would have in connection with the
oil 70 which Il was proposed amendment, produc
ed no other result than have excluded all banks from
being employed repositories Of the public money, for
gave no authority to the Secretary Of the Treasury to
make any compensation whatever to the banks for its
keeping and disbursement; and bank with proper
regard Tor ITS own interest, would have undertaken it
the result Of which would have been the placing Of the
whole public revenue the custody of individual agents
by the act OF june 1885, the deposite banks were re-
CURED to pay interest Of two per cent all depo-
sites above given sum; would they have consented to
have received the public dcposes and pay tax for the
mere honor OF keeping them Certainly not. Yet this
Is the position in which the amendment Of the gentleman
from 8 Carolina, would have placed them, which would
have been in effect adopting the Sub treasury system
While do not doubt the sincerity and earnestness
with which the honorable member from South Carolina
Mr. Campbell, introduced his proposition, yet am
strained 10 inquire of many who profess to regard this
principle as so vitality important, why it was when my
honorable colleague (Mr Robertson) moved suspen-
sion Of the rules to enable him introduce bill
thar &c Al
money by the banks, in tangible, practical form, but
seventy voted for the SUSPENSION and they mostly OF
the opposition The answer suppose will be, that it
special deposite bill; suppose it was, it could
have been amended to have been made acceptable
to those who favored important principle as il
tanned. Although did not prefer it. yet as my col
league well knows, prepared to have voted for his
bill out and out, rathor than do nothing; and submit
it to the people to decide between those who pressed
the principle in abstract impract,cabie form, and
who ready 10 vote for it in actre PRACTICAL FORM
must confess, Mr.. Chairman. that have, at times,
been somewhat amused at the ardent efforts which have
been made to make grea; principle, AN IMPOSING IS
before the country, out Of that which contains
principle at all The public money exactod from the
people by the Government is part of the active float
ing capital OF the country, and SO long it is boarded
up, either in the Golfers Of the Government, in the
hands Of its agents. lost to the trade and
Of the country, to its great detrmen and prejudice II
it is actively employed is sufficiently productive to pay
for its safe keeping and disbursement, without taxation
upon the people; it remain inactive and unemployed,
then the people heavily taxed to pay for its safe
custody and disbursement. submit to the economists
Of the day 10 determine which preferable The true
principle is TO prevent such accumulation Of public
revenue beyond the necessary and immediate wants OF
the Government to create such surplus in the pub
lie repositories will tempt them 10 dangerous and
excessive employment Of the public money No bank
should be permitted to hold amount Of public money
which would tempt to ndlscreet and excessive IN
crease Of its loans and circulation but to an extent
which would not more than fairly compensate them for
the safe keeping transfer and disbursement Of the pub
lie revenue cannot any danger in their temporar
ly employing it, This has been the pursued by
every Administration from the foundation Of the Go
yernment and cannot perceive why has now become
SO odious and honfying to so many OF our modern
statesmen.
Having briefly disposed of the very grave charge, so
very gravely urged against me- account OF my mega
tive vote to the proposition OF the honorable gentleman
from South Carolina Of the Sd Of July last proceed
TO discuss the question at issue between the Conserud
tires, so called and the Administration. There are
three l. The State Bank Deposite System I'd. The
Sub-,rcasury Scheme And Sd. The Currency.
|. The State Bank Deposiie System.
The Conservatives maintain that the specie paying
State Banks are the safest repositories Of the public
money least liable to be controlled by improper pollti-
cal influences and that their notes should be receiva
BILE in payment OF all public dues The Administra-
ton proposes dsconnect in common pdrlance, to
dporce the Government from all connection with banks,
either as repositories Of the public money, the re-
cept Of their notes in the payment of the public reve-
nues These are the leading propositions. Il is not
my purpose detain the committee BY detailed investi
CATION Of the superiority he State Bank any other
system Of fiscal agency which be adopted, and the
necessity which due regard to the demands Of trade
and the interests of the people, imposes upon the Go
yernment Of receiving the notes Of sound specie pay
ing banks in discharge Of the public revenue-ths
have done otter, that it is unnecessary, will content
myself with remakng that the present banking system,
however unwse in its inception, injudicious in its
organization, and ADM. that there are many unwse
and unsafe powers and principles in the system, have
become so identified with the institutions Of the country
the commerce. trade and business Of the people, that