The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-16

public indignation is fast gathering around you
fready to burst upon your devoted heads; and
/ this, the most Objectionable scheme Of this most
objectionable administration, is we'll calculated
to invite, at an early day, that punishment
which should ever await fathless public SER
wants.
Again, sir, | object TO this Sub Treasury
Bill, because it draws an odous distinction be-
tween the currency of the people and the cur
rency of the minions OF power Those who
feed upon treasury pap-those who SIT IN high
pIaces-are to be supplied plentllully with gold
and silver, whilst the people the bone and 81
new of the countryside aborers and tax pay
ers-are to have rag money, or shln-paSters,
if YOU please. This, sir, according 10 my re-
publican notions, and plain common sense, is
doctrine in direct conflict with all my notions
of right. If any preference exists, they who
bear the heat and the burthen Of the day,
should be Justly entitled to that preference. =
All the revenue of the government Is derived
from the people; and, in the distribution OF the
loaveS and fishes, the wants OF the people
ishould be regarded and amply provided for
repudate-I honestly and most Indignantly
detest-the idea of providing gold and silver
for the oifice-holders, the ruffled shirt gentry
whilst the people, the honest yeOmanry of the
country, are 10 be deserted and left TO provide
for themsevs, and looked upon as unworthy Of
consideration.
Again. sir, said Mr. P, object to the Sub
Treasury Bill, because, il established at all, it
must be upon the ruins Of the banks. One of
the most frequent causes OF suspension OF Spe
I Gle payments and of utter ruin to the banks is
that ola foreign demand for the precious me-
tails Pass this bill, sir, and you establish with
in our own borders a constant, an increasing
demand for gold and silver We are told by
an official communication TO the last Congress
ofthe United States, and which now have
before me, that the average amount for the
last several years in the Treasury of the United
States and its receivers, has been about TWEEN
ty millions of dollars; and we are also told the
aggregate amount of specie in this country is
variously estimated from forty to eighty-ive
millions of dollars. Now, as truth is said To
lie between the two extremes, we will estimate
the amount at sixty millions. Then, sir, if my
premises be correct, we shall, at all times here
after, have one third of the precious metals in
the hands of ub-Treasurers-lOcked up from
circulation; an average of one third of the Spe-
Gle in the country at all times Withdrawn from
The Legitimate purposes of commerce and OF
trade; ave. sir, at the disposition OF the Pres-
dent, in the hands of Sub-Treasurers, who are,
every man of them, under his immediate con-
troll: the objects of his own creation; whose
very existence depends upon executive favor.
What power could resist the disposition of such
vast sum ofthe specie of the country! May
it not be welded for the destruction of whole
sections of the country, and for the benefit of
other sections? We have been taught in oden
times to believe that democracy had a constant
eve to that Oflessening executive power; that
democracy was the guardian of the peoples
rights and the peoples privileges; but the de-
mocrscy of these days of corruption and venai-
ity seems to be one constant and unyielding Ell
fort to trample upon the freedom and liberties
and freedom ofthe people, and to concentrate
all power in the hands of one man. 1t is to
throw an impenetrable bulwark around the
chief magistrate ofthe country.
again repeat, that if the bill establishing
SubTreasury should pass the Congress OF the
United States ii must forever destroy the State
Banks. Sir, am not singular in this idea.-
Mr.. Pickens, of South Carolina, warm friend
of the Sub-Treasury and of the administration,
in an able speech delivered in Congress, not
long since, advocates this measure upon the
very ground that it will inevitably destroy all
the banks and bring the country TO that FL Do
RADIO Of the party, an exclusive metallic cur
rency. ] cannot regard the question in anv
other light than as hard money question; and
such will be the construction placed upon ii by
every candid and unbiased mind. | boldly
challenge you, sir, and the majority here, to
unmask yourselves; no longer disguise your
true intent and meaning Throw from around
you every thing which can conceal your true
position from the scrutnizng eye Of your con-
sttuents and the country at large. Meet this
question fairly, as becomes statesmen and legis-
lators. Let the whole nation fairly understand
you. No longer attempt concealment For
me, will, to the utmost ofmy abilities, strip
you of all your trappngs; will tear assunder the
drapery that surrounds you, and show TO the
country that this question is truly hard mon
ey question. All paper money is declared ''pes-
tlent." Now, gentlemen; you have the pow
er, and invite you TO exercise that power in
efecting that which you have promised the
people, by Thousand profestations, and which
| hope you will pardon me in saying you new
er intended to perform. Yot know, gentle
men, full well, that the commerce and prosper
ty Of this country is, and ever will be, depend
ent upon well regulated banks; that TO talk of
gold and silver as being the exclusive currency
OF this country, is to talk nonsense. 1t is di-
rect effort to blind the credulous and unsuspect-
ing portion of the community. Sir, cannot
but regard it as base attempt to practice
fraud upon those whom we represent upon this
floor.
Our country has been established and built
hu tho credit cvctonn al lone The proc ~