The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-02
OF nj r. OSBOR n +,
OF CONNECTICUT,
ON THE SUB-TREASuRY BILL,

tlouSE OF X REPRESENTATIVES,, June ., lSiu'
The House being in Committee of the " hole
on the state of the Union, (having under consl-
Iteration the Sub-treasury bill) Mr. OSBORNE
of Connecticut, who was entitled TO the floor
addressed the Committee as follows:
1t is not my intention, Mr. Chairman, to enter
INTO any elaborate discussion of the details or
III. principles of this bill. am neither prepared
nor disposed 10 do so. ldonot know that il will
be IN my power 10 present TO the committee any
new argument, or any new view, upon subject
that has already been so much discussed both in
Congress and out of il; and perhaps ought on
this, as have on other occasions, to have CON
tented myself with performing the simple duty
oirecordng my own vote, according to my own
convictions. Such, however is the acknow-
lodged importance of the bill now under consi-
deratlon, and so great anxiety exists in the pub
lie mind in regard to il, that have so far over
come the reluctance which feel TO speaking on
this floor as 10 ask the attention of the commit
tee to a few general remarks upon the origin.
tendency, and principles of this remarkable
measure. II | do nothing more, desire at least
here in my place, in the name and in behalf of
those represent, openly to demonstrate against it,
An opinion has prevailed 10 some extent, that,
after all, 1t IS not the intention of those who
hold the power in this House, that the Sub-trca-
sury bill shall become law. | give no credit,
sir, to this opinion Whatever may be the CON
dltion OF the country, whatever may be the state
OF public sentiment, the Administration has be-
come so fully committed to this measure that it
is compelled by sort of political necessity to
pass IT, 1t is now the fourth year of Mr.. Van
Buren's Administration and, with the exception
ofthls solitary measure, what is there either ac-
complished or proposed, to mark the period in
which he has administered the Government
What measure of public utility has been brought
forward What reform has been proposed ?
What great principle has been asserted What
good has been accomplished What in short,
has been done or attempted to be done, except
10 manage the concerns of party, and receive
the emoIuments of office This is The measure
the oRig measurable test measure. of this
Administration. When, therefore, the gentle
man from Pennsylvania, (Mr. LEEr,) who adj
dressed the committee on Yesterday, undertook
10 predict that the bill will pass, had no doubt
he spoke the well-settled determination of the
party. After all the agitation that has been pro
duccd by It's tendency, il will be deemed better
70 90 forward at all hazards, than to recede now,
and leave the Administration in the negative
position OF nothing at ALL
Whatever errors, Mr.. Chairman. belonged to
the Administration of General Jackson, il was
al least a bold, vigorous, and successful Admi-
nstration 1t aimed at high objects 1t accom-
plIshed many important results, AT the end OF
eight years he retired from office, leaving the
country in state OF great apparent prosperity.
iu almost as soon as the present Chief Magis-
rate came INTO power, our troubles commenced
From that time TO the present we have passed
through scenes of uncxampled lluctuation, en-
barrassment, and distress. Whatever else may
be said OF 1t, The present administration has
llot been one u success. And why not WHY
not We have been at peace with all the
world. We have had propitous seasons and
abundant crops We have had the industry and
enterprise that belong to the American character
We have had all the elements of our former
prosperity How ha, il happened, sir, that the
country has been reduced 10 its present condi
ton! That all its great business interests have
been thrown into confusion, and involved in dis
astcr! And why is it, that those who have
been entrusted with the direction of the Govern
mcn,, have been able, during period of three
years, to accomplish nothing for the relief OF
existing cvils2
Slf will assign the reason, and every man
who hears me knows, in his conscience, il is the
true one. II is this: that a great business ques-
ilon' involving the grave subjects of currency
ana commerce. has been made partv question
IN an evil hour this subject was drawn into the
yortey Of political agitation. II has not been
honestly dealt with. There has not been sin
cere, bona hide intention of settling IT, flame
was klndled, and has been kept alive, for the
mere purpose OF securing political results This,
SIR mas been the error the fatal error Of this Ad-
inlnisIratlon; and, in my opinion, there is no
nope OF improvement, until you begin to act
on some higher principle than that of party.
IN other countries making less pretensions
than our own 10 be liberal and free, the Govern
ntnt on all great business measures, takes coun-
Nio the wisdom and experience Of practical
men ltlnquIres after facts it collects informa-
uon Il builds its legislation on this broad and
sure ioundaton. But here, under our republic
'dh Government, we have presented the curious
spectacle OF adopting great measure, affecting
ihe most important and delicate interests of the
country, not only in opposition to the remon-
S'rahces of business men. but in defiance of the
Known and expressed will of the people. VIII
any one pretend that the Sub treasury project
was originally suggested or approved by the
practical men Of the country. or that they were
even consulted IN reggd to it2 viii any one
pretend that it met with favor among the peo
pie
II may be well for us sometimes to look ba .ll
tlat we may ascertain our course, and see ii
what direction we are moving. | will only al
ll'de 10 the history OF this measure for the fact;
must be fresh in the recollection of ALL In ii,
session Of 1S3l-'5, an amendment to the bin re-
gllatlng the deposite Of the public money wa,
offered in the House of Representative. by :
member from Virginia, (Mr GORDON to tn,