, 1840-03-21
SPEECH OF MIR. BUCHANAN,
OF PENNSYLVANIA,
ON THE SUB-TREASURY BILL.
IN SESArE-Janudry %, 1910.

IN SENATE-Jdnudry u, lo4U.
Ma. BUCHANAN rose and said-Mr. Presi-
dent: 1t is not my purpose on the present
occasion to 60 very much at length into 4
discussion Of the provisions o: this bill. ! in
tend, in 4 great degree, indeed, almost exclu-
sively, 10 conline myself to n reply, or at
least an attempt to reply, to the remarks Of
the Senator from Kentucky, (Mr. CLAr.)
n all discussions, if we desire to arrive at
a satisfactory conclusion, it is absolutely ne
cessary that we should distinctly understand
what IL the question TO be discussed. Then
let me ask, what is the nature and character
of the Independent Treasury bill now before
the Senate?
Since the origin Of the Government. our
W responsible officers have always collect
ed the public revenue, and have always dis
bursed the public revenue. Heretofore,
during the intermediate space of time be-
tween its collection and its disbursement, it
has been deposited with banking corpora
lions. The object Of this bill is TO provide
that our own responsible officers shall be
substituted as depositaries, instead of banking
corporations; and that these officers shall
hereafter no, only collect and d;sburse the
public money as they have always done,
but that they shall also have the custody Of
i, between its collection and disbursement.
Under the provisions of this bill, every Of
fcer throughout the United States who re-
ceives public money is constituted a depos!ta-
nv. But there are certain points where
very large sums Of public money are collec-
ted. or are disbursed, or both; and AT these
points both the security of the revenue and the
public convenience. require that there should
be deposiiaries distinct from. and independent
of. the collecting officers. These points
ale Philadelphia. New Orleans. New York.
Boston. Charleston, and ST. Louis. Accor-
dinghy. the bill proposes TO convert the Min,
ut Philadelphia and the Branch Mint at New
Orleans into places Of public deposite. and
entrusts the custody OF the public money TO
the treasurers OF these institutions respective
ly; and it creates sub-treasuries, each 10 be
under the control of a receiver general, Il,
New York, al Boston, at Charleston, and al
ST. Louis.
Thus far, sir, i, will be perceived that this
bill makes no change in the settled policy oil
the country, except merely to provide that
the public money. in the intermediate time
between its receipt into the Treasury and
its disbursement, shall be entrusted 10 our
own responsible officers, instead of irrespon'
siblc corporations.
In addition to these provisions, the bill
contains what has been commonly denomina'
ted the specie clause. This section provides
that one-fourlh ofthe dues of the Government
shall be collected in gold and silver after
the 3Oth June, 1910, one half after the 30ih
of June l84l, three-four.hs after the 30th
of June. 1912. and after the 30th June.
i843, all the revenue of the government
shall be collected, and all its disbursement
shall be made, in gold and silver coin.
Now, sir, when separated from the details
necessary to carry these principles into ex.
e~cution, this is the bill, the whole bill, and
nothing but the bill which has excited SO
much unnecessary alarm throughout the
country.
In discussing this bill, the Senator from
Kentucky has divided his remarks into two
general heads. He has first considered the
bill according to what its friends say it is
and, in the second place, has discussed III
cording to what he himself believes 1t to be
Ia nv reply / shall invert this order; because
it is necessary first to prove that the Sena
tor himself has entirely mistaken the nature
and effects of the measure, and that its friend!
entertain a Just conception Of its character
The senator held up the bill triumphantly
70 public view, and declared that it contain
ed within its provisions a great Government
Treasury bank. Now, if | cannot make i
manifest as the light of day that in this pro
position he is entirely mistaken, | shall then
agree to surrender the whole argument
The Senator has had an unsuccessful chase
throughout the provisions Of this bill, aftel
the lurking monster. Had he succeeded II
dragging him into light, should have beer