Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-09-11
MIR. wEBsTER,s SPEECH.

tbs Sup-TRxAsuRY BILL The Ncw-York Amcri-
can of Wednesday contains the Speech Of Mr. Web
s,er recently delivered at Saratoga. From that por-
ton of it which relates the provisions Of the Sub
Treasury BILL and its effects upon the labor and in
dustry of the country we take the following:
What does this bill do! 1t declares that there shall
be certain vaults and safes, and rooms. But it has
been for want Of adequate vaults and Safes and
rooms that we have lost our money but owing to the
hands to which we have trusted the keys. 1t is in
the character Of the officers and not in the strength
of bars and vaults that must look for the security
Of the public treasure. What would be thought in
in private life if some rich merchant J. j. Aston for
instance, should determine no longer to trust his
ey with banks and bank directors who, nevertheless
have common interest with him IN unfolding
the credit and stability Of the currency, and should
build for himself certain safes and vaults and having
placed his treasures therein should of forty or
fifty hungry individuals, who might apply for the Office
of treasurer give the keys to him who would work
the cheapest. You might not, perhaps. pronounce
him insane but you would certainly say, he acted ve
~ unlike j. J. Astor. Now wha, is true of private
affairs is especially true of public affairs, and what
would be absurd in an individual is not less in govern
mcnt What is doing in Boston, where oelong :?
there arc banks there respectable specie paying trust
worthy banks, managed by prudent and discreet men
and vet the treasure OF the country is Withdrawn
from the keeping Of those institutions, with capital
paid in of two millions of dollars, and locked up in
safes and vaults and of the Presidents political
friends from another State is sent for to come and
keep the key. There is in his case no president to
watch the cashier cashier to watch the teller and
no directors to overlook and control albut the whole
responsibility is vested in one man. DO you believe
that if under such circumstances the United States,
following the example Of individuals, were to offer to
receive private funds in dcposte in such safe, and
allow interest them, they would be entrusted with
any, There no securities under this new system
of keeping the public moneys that we had not before,
while many that did exist in the personal character,
high trusts and diversified interests Of the officers
and directors of banks are removed. Moreover, the
number of receiving and dsbursing officers IS in
creased and in proportion is the danger TO the public
| treasure Increased.
The next provision is, that money once received in
hc y 81 NOT Of me s' .n% this nHa
be complained Of for dangerous indeed would be the
temptation and perncious the consequences if these
rcnsurcrs 10 be left at liberty to loan out to ia
vorite and party associates, the money drawn from
the people Yet the practice of this government h,h-
erto has always been opposed to this policy Of lock-
ing up the moneys of the people when and while it is
not required for the public service. Until this time
the pubic dcposes like private depos!tcs, were use'
by the banks in which they were placed, some com
pensation for the trouble of bookkeeping and in fur
thcrance of the general convenience When, in lS3-
General Jackson formed the league Of the Deposits
State Banks they were especially directed by MI
fancy, then Secretary Of the Treasury, to use tn
public funds in discounts for the accommodation
,, Of the business Of the country. And why shou
this not be so7 The president now says, 1T h
r money Is kept III DankS II Will DC USED by thGm Il
discounts and they will derive benefit thcrefron
What then 4? Is it a sufficient reason for deprivin
' the community Of beneficial measure, because IN
banks that carry it ont will also measurably derv
some benefit from it, The question ia, will the publ
be benefited and If this be answered affirmativel,
il is no bar to say that the bauks will be too. III
government is not to play the part of the dog
. the manger. The doctrine is altogether pcrnicOu
opposed to our experience and to The habits and bus
= ness of the nation
v The next provision is, that requiring, after 1919, a
. dues to the government shall DO paid in gold and 81
h yer; and however enormous injurious this PROV
son il is to be conceded that the government can,
l. they choose enforce it, They have the power and
r good citizens, we must submit. But such pract
ID will be inconvenient will say oppressive. How
4 those who occupy hreefourths of the surface of Il
r United States to comply with this provision Ho
,e in commercial neghborhoods and large cities the
a, fculty will be less but where is the man who is
Is take up lands in the Western States TO get spccehc
lis transport il? The banks around him pays none
r. gets none for his labor and yet oppressive as all Il
n is admit tina, the government have the right TO pa
OF such law that while il ia law, It must be obeyed
ls- But what are we promised as tne equivalent for
To- this Inconvenience and oppression Why, that
n, in i,s turn will pay iis debts in spec
- WAT thus what Il receives with hand, il v
WI with TIE Other land metallic circulation y