Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-07-03
TWENTY-sIXTH CONGREss---Ist SESSION
HOUSE OF
.Soturdav, Juae q, l~S40.-Erentng Session
the recess,

After the recess, :,
Nj. HAND resumed his remarks IN support OF the
Independent Treasury bill. In ,he course Of ms speech
he repelled. with much warmth, the attack made by
MIR. Biddle upon the President of the United States.
He was surprised that a gentleman OF SO much TALENT
should, in his valedictory, have seen mt TO ann a part
ing arrow at the person of the Chief Mag'strate-an
arrow pointed with malice; lmpotent, however, as all
sucb attacks would be. Mr.. H.. after an able vindica-
ton of the present bill, expressed himself as being no
enemy to the banks, provided they kept within their
own proper sphere. He contended that the Govern
ment ought to have no connection with such ihsi'u-
tions mr. Il had no right to interfere with the currency.
All that the friends Of the Government wanted, was,
that it should take care of its own money without IN
termeddlinp with the institutions OF the States.
Mr.. REED next obtained the floor, and spoke at
some length in opposition to the bill.
Mi. JOHN w. DAVIS followed in support of the
bill. He prcfaced his remarks by stating that he was
a plain farmer, born to no other inheritance than the
plough. Some were of opinion that a blacksmith
might, with as much propriety, attempt to mend a
watch, as a farmer TO legislate. Be that as 1t might,
he thought he understood the matter then under consi-
Iteration sufficiently well to show and prove from facts,
that an Independent Treasury system would be mn
nilely preferable to the rhinous banking system winch
had hitherto oppressed the country. Mr.. u. was sur
prised at the complaint made by his colleague (Ar. Ser
geant) a few DAYS ago, of the interest that would be
lost on the five millions of specie, which, under this
bill, would be in the hands of the receivers. In reply
to that objection, MIR. ID. exhibited calculation show
ING the immense sums which wou d have accrued 10
Government, in The shape Of inter st, on the millions
deposited for so many years with the Y. ,. Bank
The loss under the present measure N that head, would
be comparatively nothing compare with the depos''e
system.
Mr.. D.. then referred TO a table Il, had compiled from
authentic sources, showing that Il Independent lrca-
surv system would not withdraw i On circulation any
more specie than was constantly, f,r so many years, IN
possession of the y. States Bank. lie then proceeded
10 show that it was the loss of those deposItes that crea-
ted the strong opposition to the present measure. The
Bank did not like to give up the money after enjoying
its use for so many years.
The gentleman had also said that the worst times the
country had ever seen were under this Sub-ireasury
system. Mr.. ID. would remind him OF the great DIS
tress that prevailed at various periods during the exist
encc of the u. States Bank, and ask HIM whether the
sudden and ruinous revulsions under that institution,
were at all TO be compared with any distress of late
years. The people of Pennsylvania understood these
0panic speeches too we'll 10 pay any attention TO them.
The alarm had been raised too often TO produce any Ell
feet now.
Mr.. d. was surprised to hear the friends of the banks
admit that those Institutions could not stand without
being propped up BY the Government. lie was much
disappointed in hearing gentlemen make out so bad a
case; as the fact that the banks could not stand with
out the aid of Government, was of itself a suitlcient
argument why the public money should not be en-
trusted 10 them. He was no enemy 10 the banks. lie
wished to make no war upon them. All he desired was
a peaceable dissolution of the Improbable partnership.
Mr.. d. then exhibited a table, showing that the i'm
ports, the prices of produce, Of property, etc, were all
governed by the amount of circulating medium in the
country. Also, that SO long as any bank had the con-
troll of that circulation, by using the public revenue,
the most disastrous results would inevitably ensue.-
What had been, would be again, if the public money
should be placed in the hands of a great lnoneyed InstI-
tuition, using it for its own private advantage,
He then alluded to the ingratitude OF the Opposition
in assailinp the President on the subject of Treasury
notes. He referred 10 the time when assistance was
- N W - N.,
York, by extending the time for the payments of duty
bonds. That measure necessarily cutoff from the rfea-
sury a great source OF revenue, and IN order to supply
the deficiency created by this indulgence, 1t was found
necessary to ask for Treasury notes. Yet although
these notes were required solely on account of the ex-
tension ofthe time for the payment Of bonds, The mer-
chants, for whose express Benefit it was designed,
turned round and raised the cry of Treasury s%hinplas-
ters.'' Mr.. ID. said he would dIsown a class of far
mers in PENNSYLVANIA, who would act SO ungratetully.
As one strong reason why the bill should pass now,
Mr.. ID. alluded to the probability that at the next ses-
sion there would be a revision of the tariff system, when
if the banks were not separated, they would bring their
great influence TO bear upon the House, IN favor OF a
high tariff, so as to create a surplus revenue. 1t was
important then to pass the bill now, and thus give the
banks no chance of being interested in the question of
the tariff at the next session.
Mr.. ID. adverted to a variety of other reasons TO show
| why the bill ought TO pass without delay. His remarks
will appear in full hereafter. :
Mr.. HUBBARD then took the floor in support of
the bill, and in a very striking manner illustrated its
advantages over the banking system. The world had
been governed by pricstcraft, and then by %kingcrati,
but this was the age of bankcrait, the aye of corrupt
men, who make money without capital, etc. Mr.. H..
then gave a vivid picture Of the system of modern bank
ing, and its ruinous effects upon the country. He az
forwards showed the great superiority of the present
measure, which would operate as a check upon excess
sive imports, and prevent a recurrence of the dlsas-
trous scenes of former years.
The debate was further continued by Messrs. NOR.
GAN, HILL Of Virginia, CRABB, and CRlTTEN-
DEN, in opposition to the bill, until past II o'clock.
Mr.. DUNCAN then obtained the floor, and moved
that the committee rise; which motion prevailing,
The House adjourned.
.NOadaH, June -, lei0.
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