The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-12-31
VDH. REH. NG. 1919

I
restrictions the depoSile systom might have have
eScnped this censure ami yet have carried out
the policy ofprevious administrations in fostering
me business operations oftne country. But tho
abandonment ofthiS system and The su bstifu.
non OF The SubIreAsury plan in an any formou
crates 10 cripple and emharrass business opera.
r''ions OF every description, by Withdrawing
ana Keeping from that medium upon which
those operations are based. -
D"t sir, great rs are the evils from The Sub.
treasury biii ~ relation To the foregoing con.
sIdera'lon, they lost in comparison
with lis effects in increasing Executive
power aud patronage. Such an engine wouli
he dangerous In the hHnds of ana administration.
!, sir, very honestly believe that n wing admins
tration would he preferable to tie one in power
nnd That a change is desirable Gentlemen of
opposite politics as honestly prefer the present
Incumbent 1t is no part of my duty or inten-
lion TO exhibit The SSnb Treasury as pecuyiorlv
odious in the hands OF the existing admit istrn.
lion. would not trust it in the hands of
wing administration. l would not trust it with
the present Execntive. 1t rs II retrogrnde move
rnent-a fearful stride towards despotis,n
have spoken of the multiplication of officers
under the provisions OF this bill. In it's opera
uon these must be ncreased.-Their npponti
ment either directly or indirectly will he made
by the Executive aud their continuance in Office
will wait his pleasure.
Again the entire currency of the country,
through the Secretary of tho Treasury may be
within the con'rO! of the Executive
During The fiscal agency of the U. S. Bank
the Government depoSiteS were controlled bv
law. No part could be drawn out or displaced
except IN accordance with appropriations made
ny Congress. IL does not M pear that Gen Jack.
son mt The time Of the removal of the depostes
III 1888, contemplated their remaining under
executive control. In his message of December
lst 1884, he used the following language.
"'The attention of Congress is earnestly in.
vited to the regulation OF the deposes by law
Although the power now exercised by the Tx
eculive department. in tins behalf is only such
as Wns uniformly executed through every nd
nrInisr0ton from the origin Of the government
up to the establishment of the present Bank, yet
it is one which is susceptible of regulation by
law, and therefore ought to be regulated.
The power of Congress to direct in what
places the Treasurer shall keep the money in
the treasury, and 10 impose restrictions upon
the Executive authority in relation TO their GUS
tody and removal is unlimited, and its exercise
VIII rather be courted than discouraged by
those public officers and agents on whom resls
The responsibility for their safety. IL IS desira.
DIE that as little po,cer possible should be left TO
he Prcs'de"t or Sec Of The Treasury over those
institutions, which thus being freed from Ex-
ecn'lve Interference and without common
head TO direct their operations, would neither
have the temptation nor The ability to inter fere
IN the political conflicts of tile county, In
his message Of December 7h, 1885 the Presi-
''Nht oSdiu t'iliStl inc uLGnti0D t)l COD reES
thls subject and in conclusion says: No one can
be more decpty impressed than an tC,tb the
SomndneSS oftte doctrine ,vhch reStruins and lin
ats By specific provisions Ertcmiye discretion as
tar as Il can be done consistently ,ciM the preser.
ration Of ats constitutional character.
The SuhTreasury scheme conroveris this
position. Whatever nny he said of its restric.
tons upon the officers OF Government, it places
the currency Of the country within their control
II it passes with tie specie clause, will enable
the government 10 mon0polise the specie of the
country, creating currency for the
Government aud another for the people. o..
by causing an accumulation OF specie in places
remote from the Atlantic cities, it impairs the
strength and creA,t of the banks and occasion
Inconvenience and embarrassment IN commer-
rial business.
fit passed without the specie clanse and Bank
notes are receivable for dues to Government
it will give the Executive u control over the
Banks, both dangerous and corrouptng, nv
Withhold ling and keeping on hand the notes Of
such hnnks rs il wishes to favor, and reurniue
for payment in specie the notes of such banks
rs it mny desire to ernburrass or coerce into
Executive support. II Treasury drafts are al.
lowed to circulate and become currency then.
sir, YOU have essentially Government Bank
Mr. Speaker, do not stand here as the all
vorate tor an United S'a'es Bank, much les
for the present United States Bank of Pennsy-
yani, whose proceedings in many respects I
regard as highly reprehensib!c ,-.
Neither do appear rs tho advocate of the
present system of thinking. | am sincere in
wbnt have heretofore said IN this house in ia.
favor Of reform. The system is clpahle, doubt
not, of essential improvements, and all saidiary
measures to this end vii; always receive my sup.
porf. ! would not at this tinlerrecommend or
favor the establishment of a National Bank how
ever we'll it might have answered the object of
its creation prior TO 1888, because every change
in the fiscal operations OF the Government tends
to derauge the currency and produce distress,
ana because the system under the~ provisions
entered into will, llie deposits banks has 9of
yet beon fairly tested. Nevertheless must be
ferhjifed to say that either ofthose systems are
preferable TO the project embraced in the Sub
Treasury Bill
The T.. S. Bank of 1916 was chartered under
a Republican Administration. The executive
and large ma,orilles of both houses Of Congress
were democratic.
The deposit system claims to be democratic
,n..s,lre II was projected by Gen. Jackson,
and subsequently sustained by his political