Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-03-20
SPEECH OF MIR. DAVIS.
OF MASSACHUSETTS,
ON THE SUB-TREASURY BILL.
lN SENATE, Jan. %, 1910.

IN HENATE, Jan. rs, lSlO
The snh-TreaS,Iry bill Icing under stlcration,
and the Senate having evncel determination moi
10 adjourn without taking the question upon the
final passage Of the bill
Mr.. Davis said rise, Mr. President, with great
reluctance at this late hour TO address the Senate,
iatigued as il is with an unusually long session,
and exhausted ly the debate; but, painful as il is,
| mus, enrea their Indulgence while make a
brief reply TO the new doctrines which have heen
now, for the first time, published here, and come
to Us through channels that leave doubt of their
leing the doctrines Of the Administration They
involve and have drawn INTO this del ate great and
momentorls con- idcratiuns affecting the most cher
i>hed interests OF the people repre- eni, as well as
of nearly the whole country. With the exception
of a few incidental remarks made V me a day or
two ago, no one from the North and East has
addressed vou during this discussion and as some
mart of the debate has lcen pointed in It's character,
and directed TO me personally, as if the positions
assumed were incapable Of rcllilation, feel urged
hv an irresistible sense Of duy-nay, cannot
reconcile myself to ioriear from making some
reply.
his usual acknowledged ablity,a the distinguish
ed Senator from Pennsylvania, (Mr Buchanan,)
following in his track, have advanced the PROPOSE
tons that the eml ARA >>IrcntS and distress with
which the country has been grcyoulsIv afflicted for
several years past, and which now paralyze all lis
energies, are imputalle to the pernicIouS influence
of bank paper; that this bill contains the nece>-
sarv corrective, a. il will check inporaons Of
foreign goods, suppress what they call the credit
system, and, by restoring specie currency, reduce
the wages VI TIC IdpOrer, dt once 10 the value Oh
property
This Is the character given to the measure by its
friends an'l, alarming aS me doctrines are, am
Gratlied that they are frankly avoWed. | have
been anticipated to "A considerable extent, by the
Senator from Mississippi (Mr. Ilcnder>On.) In
what have to say, shall, however, conline my
self chiefly to the speech OF the Senator from
Penn>yIvanla, who ha> zone more in detail into
the subject, Tor we an acknowledge his ability on
this floor, and hl> capacy TO do ample justice TO
the subjects when he discusses.
do not propose TO follow nm through very
large portion ol MS cIaOofa argument to prove
that Executive power has OF late been Stunned
Instead OF beng sought amer, or that the present
and the Old Bank OF the United States are identical,
and both national banks. Enough has been said
on these points. lie ha>, however, asserted that
we have abandoned all the arguments which
have before used against the Sub-lreasury, be-
cause the progress on events has proved them
un>onnd. Not so far romi. With others, en-
'eren mo that oeDa'e, Whlch Is before the Public,
and the arguments unrclncd stand a. firm ever;
olt IL would 'e prohte>s task to reuerale them
here ana tins Is the reason why they are passed
over IN the discussion.
bu', SIR, WIZ NOT dWcli upon any OF these mat
tiers, tut 90 TO lhal'ln hand. The Senator says
labor under Distressing einLarraS>mcnts, and 50 we
40 no one VIII nave the hardwood TO deny IT. Tor
all the country IN sorrow bears testimony TO it.
we nave, II is true, seen an occasional CLEAN OF
llght, but 1t has been soon ob>curel, and we have
Teen shroude IN gloomy uncertainty. He says
i'irther, Una the'a'Ne Is excessive ISSUES OF bank
paper, speculation, and b!oatci q use his words)
cret system lie lodges the guilt on the shoulder,
ol inc BANKS alone. IL Is ncnhcr lllst nor TAR TO
mold them alone responsible, and | will make ii
manifest, by showing that they were scduced into
thelr errors ny the Administration.
Before the Ia'e President jackson seized the
pubic money and took II mic his own CUSTODY in
1885, there was no complaint about the currency
all the People know tins, for all, even the President
hm,eIf in one Of his messages, united in declaring,
IN substance, II was so'nd, and equal to that otany
nation on earth here was no complaint, no in
convenience, no EN- snenl, from this source
in doing b;>ne>,; but cuntennen1 and sa,i>fac-
uoh everywhere, About inns there could tie no
u>'aNe, nor VIII any one mere attempt 10 reluie
thr "eH-Nnu"h IacIN.
bil rom nat act OF the President, which was
nc nrSt movement 10 reform The currency, to this
"aE, mere mas ueeh Wha' The senator Is pleased to
cal eNpalis'on, contraction, and explosion" in
RAPID ana leafiH succession; crisis upon crisis,
pressure upon pressure, pane upon pane, have
"Vcerued, tl we nave reached >laie OF suspicion
ana alarm that has derangei and almost Suspend
ca BUSINESS ! ne storm OF lis fury has swept over
We country, once ana agaln uprOollng the staclI-
EST ana hrnesl trees and leaving It's track dreary,
,.a, ,ao T 49, ~ MARES are 700 oeePIv en"ra-
,h;m,r ''uo.'n,'' ,oo we" oeiheo 70 IeaVe any
S,, eqIVocai. II leli upon
h wan sncn Wi,nerl@ energy as 10 leave no doubt
"" G,D',r %",av' , ",u ',w It tesan. H.,
tai, ,h.;, i 'nas '"N 'nI'r ll7cn'y' 'hey may
H., $500 h ,".o"' ~ "N'oN,' o,iier CAUSES Vi
and av,a,i ', , ,o,a'or ana nou up 10 scorh
,he, oanna '' ,'e p.HS a. lon3 a. tiey pea>e-
,era,e e',G, nc 'atS' ior li9y cahho' OBJ
hoi,, n ,nao Werc wen, ana every
reC:rn, Nv w VI, 'ooJ' hen 'e3"h 'he uahk
ieaan ,bis ra "r ,ro 81 ., uooio.e'anu men
and ax,Io ,h., t'i, uAl,'lSoh' conl'ac'oh'
,hen ,L ori>lS dl'er cr,>iH-
the ,,i h ~, dll' ,'lt
conn,rv",h han oa,no 700 ovorw"enneu lhe
lanlss IF which ,h, Soa,n, , o"a ME- huSpREn
nrnL,lJv s,,.aeJ ,h Nam, m 49, - Nv no.