Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-29
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ag house in London that had in its hands the bonds
OF Massachusetts-a state IN whose prosperity felt
| some intefest-put 10 me as a lawyer, a profess
si0na! question, whether state contract debts
and issue bonds binding antil found the faith Of
the state b. which they should be given. answered
most PROFESSIONALLY they could-that any state Of
this Union, as sovereign state, had as much power
| IN that respect as any power Of Europe; and that
debts contracted on the public faith by those states
were binding aud valid TO all intents and purposes.
| The CORES pondence which passed between us on
! that subjec, pubs he'd in the newspapers, hut
you would as soon get IL into the admins, ration pa
pers would get the adm nistra.ion TO take up
hot iron. Yet in the face OF that, the
party has stated that there is disposition in those
with whom act and that had agency in bringing
il about, to the debts ofthe states 1t so nap.
pencd that in the latter part of October the MessTs
Sarings issued circular, addressed TO the foreign
houses, which never nor heard Of until reach
ed America in that circular it is true theJ speak Of
the sumption of these state de- BITS guarantee.
That circular was issued to foreign houses. and il
was nst seen by until had returned to this ccun-
try, and taken my seat in Congress, and pending
Mr. Beatons motion last December wished there
FORE TO say, and repeat that during the whole time
that | was in Europe, when these state debts were
continually the subject of conversation, English
banker, no English American ond-hodcr Euro
pean bond-holder ever suggested TO me anything of
the kind. And the first time heard of il was from
an American citizen, and the next when arrived in
the city o! New York, aud what was Mr.. BEN
tons motion in Congress. have already said that
owing to the badness of the news by every arrival
from America to England, the pleasure of my visit
was somewhat diminished Daring the whole of tina
residence abroad was in the lowest state of hope Of
political and CONNIE rcial things in this country. l
saw what the result was of all these experiments,
ana saw no disposition to grow User and better in
the admins tration
Bat | must tell you another truth Though vast
body OF people in this country opposed 10 this
policy, | could not see that they were f,cieptIy
aroused-and what was more dis couraging did not
see any prospect tina: they would promptly come to
that union on any candidate, that would enable
them Ia take the field with success, and drive away
the authors of this mischief. And thus was The
gloomy state of feeling which oppressed my heart
when approached your coast; and when learned
from the pilot the result Of the Harrsburgh Conye,
ton, and heard that nomination had been made,
which believe, under the circumstances was the
very best that could be made. (Appause.) Yet
when landed on this shore and found that that nom
ination, however much 1t disappointed some Of the
friends OF the government gained the appi obacn Of
all its opponents; and when found before March
came that that kindly feeling had warmed into en-
thusiasm; felt confident, and that confidence has
gone on increasing from that day 20 this and now
believe the day Of deliverance is at hand, which
the country Will deliver itself from its present so
vernors. (Great apPlausc)
hope you will not be alarmed il draw out one
more paper before conclsde what have to say.
INC, NO, go on] wish merely TO express my OPT
Mon OF this sub-treasnry business. Now it appears
to me, gentlemen, that it is a scheme new to our
history, and foreign to habits it is the last Of
aseries Of h. zardous experiments, and expert
the people have been dashed ana s IA
slant exercise of executive power continued o.
them through four mortal sessions Of Congress.
Now propose to say something Of this system. un-
der the various aspects which It presents. What
are the arguments Of its supporters1 You all know
the provisions of that measure, and therefore need
not repeat them. The leading argument with which
Mr.. Van Buren, sat out in 1887 the safety OF the
public money, ard that government should place Il
somewhere beyond the reach Of rogues, that they
should not run away with il. Laughter Well,
now think there is a way to pre- vent Togues runspg
with it, and that is trust rcgues to keep
it. GRtnewed laughter.l But as to better vaults,
and better safes, it not the most ridiculous hum
bug that ever pr3ctisedl | do not know in
which OF the Bank safes the Receiver Generals de-
posites are. Laughter excited as was understood
by the discovery OF the Receiver raj being pre-
sent In the crowd
If the bank safes are used BY the Receiver Gene
raj IN that bank the security the he refore,
and except such as used by & bank ITSELF l
will undertake to say that there be better
or safer. We hear II said. gentlemen that the 60
vernment now keeps its own money. What is the
meaning Of that Who! What is the COVER meat
Who is that that am the government, and
that keep my own msRey in my own pockei Is not
the government a mere collection Of asencies9-
is every dollar of,he money ofthe United State,
at this moment in trust somewhere 20 somebody p
You put 1t in the bank vaults, but the KEYS 4
the locks you entrust 10 somebody. The govern.
ment Is not private person that can keep his me
ney IN his pockets II entrusts its money 10 agents,
and the question is whether this new system IA
bring the government to condition in which its
ney is entrusted TO safer agents than before. | oh
tina, the great object was TO keep the money by
agents moe responsible to the people than for
merly.
Now how are they more responsible TO the peopie
Here is the Receiver General. he is appointed and
he gives bond for the safe custody Of the public
money How, pray, rs he more directly rospons blc
than the collector down in the other street, who
receives the public money AVID gives a bond also
Why, they are precisely the same, and are both
alike answerable TO the law They give a bond TO
secure the money of the people, ard the one is az
IIu To ha Ia fto h..
means the gentleman then when he says that now we
have got agents nearer to the people, and more
directly responsible TO the people WAY every
will that there one particle Of truth ia
the whole matter Well how can il be sure that ia.
security Is any better Take IL that the gentleman
who holds the office Of Receiver General here, and
OF whom have not the honor to know ANYTHING, iR a
resp, able gentlcn an aud has given good sec ritv
but where is the proof that the money safer in his
hands than in the custody Of the banks How is the
money safer with Mr. Allen than in a bank with
paid in capi al Of hafa million or a million Of dollar,
OF bank which is under the administration Of sworn
oitcers-a bank whose affair. are under a daily r
weekly supervision of body OF directors, whose
money is kent with yours, and " no therefore will
take care that the money is well looked after 1rv
the experiment, and see what private depositer III
iee biz vaults so safe, tina they will withdraw tho
q. posts from the vaults of the bank ia W all str,
To place them with him.
On the contrary, maintain that il is obv %,
present system endangcrs the public money b,
II multIplics the hands through which 1t pass
therefore the chances Of defalcation are incrcs
Mr.. Hoyt, when &c gets the money, pays il to
Receiver General, and he pays il 20 the Treasurer
at Washington, and hrrcfore there is double
chance Of misbehaviour, because there is a double
hand through which II has 10 pass (Grcat applause
but, IN the next place, there Is the circulation a
specie. Let US look to that a little.
But, gen;lepen, this sub-treasury scheme let re
look into i'll SHALL not very long detain you. 10
understand IL rightly, by of It's clauses IL is cx
pecttd OF you that you should pay the quarter &C
ali dates in specie, aud the other half in NOES &C
| specie paying banks. Now, if one 81 YOU had