The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-14

III.
across the Atlantic, seamng at the rate of twelve
knots the hour, literally in '.hot pursuit. OIL
Swartwout. Why Mr.. Chairman, il this bill
Is TO pass, and the Government is likely 10 have
any money, you must add section recurring
bonds from every steamboat and railroad com
pany IN the Union, and out of il too, not TO carry
abseopding sub-lreasurers. | recollect one Of
| the southwestern land receivers, who had for
| gotten 10 remit cool hundred tho"sand, when
he reached New Orleans, on his way to Texas
SET down with great gravity and enclosed his
| commission TO Mr.. Woodbury., expressing the
opinion that he ought no longer TO retain il but
whether Mr.. w. assented 10 the correctness of
this conclusion am uncertain
Bank corporations are mere creatures of the
law, and intangible, and therefore cannot abb
second. They may suffer by unfaithlul agents,
but nobody will then loose but the stockholders !;
for but small part Of the resources ultimately
available 10 bank are in its vaults. Its business
is to lend money, not 10 lock ii up. A suffi-
cheney of means for its ordinary business must
be at command but the residue is mostly scat
tered among its debtors, and for which the bank
has their notes aud bonds. These can but 10 a
small extent, if AT all, be made available to an
absconding cashier or teller, and it must not be
forgotten, too, that the whole capital must be ex-
hausted before the creditors of the bank, whether
| as depostors or bill holders, can lose any thing
But sir, the history of governmental connec-
ton with banks and with individual agents as
contrasted and to which have before alluded,
furnishes commentary on their relative merits
worth more than any speculations Of mine.
What have said, Mr. Chairman, has refe-
renee to the question of expediency, in mere
pecuniary view, and specially in reference TO the
safety of the public funds now propose TO
say few words in reference to the safety and
expediency of the Sub-treasury plan in its bear
ings upon our political Institutions. AT the
time Of the adoption of the Constitution il was
strenuously opposed, because il was apprehend-
ed the powers granted TO Congress were too
potent for the exercise Of a healthy Executive
influence over the concerns OF the country but
at this day presume no man who has watched
the progress of things since 1928 will entertain
any fears on this account, for we have seen not
only the will of Congress but the will OF the peo-
pie repeatedly and successfully set at defiance.
The President is the source Of all patronage,
and the fountain of all honors at the disposal
of the Government, running through an army
Of Office holders one hundred thousand strong,
scattered through not only the high places but
the bye-places in all the land He IS commander
and chief of the army and the navy and il is
now proposed to add to these enormous powers
| the absolute control of the public money, thus
concentrating in the same hand the sword and
the purse
The President appoints, directly or crcu-
tously, all the officers of the Government, and
among them will be the sub-reasurers. He
can direct these officers to deposite all the mo-
ney in their hands at any time, in any place
he sees fit to designate-in the City Of New
York, or at New Orleans, or within the four
walls OF the White House at the other end Of
Pennsylvania Avenue. If any Of them refuse,
he has but to apply the official gulotne and
their heads roll in the gutter, and instruments
more ready 10 do his bidding are substituted.
tha cfn IN If
men, recommended so warmly by Mr. Secretary
Ponsett, and SO heartily approved by Mr.. Van
! Buren,, ever be adopted, and the +" active class"
of 600 assigned to this military district should
be encamped on the heights about the outskirts
Of this city, the possession of few millions at
the White House might be very convenient in
the hands of President of Bonapartean tempe
rament to aid in dispensing or in dragooning into
obedience, tactious Senate or refractory
House Of Representatives. with money |
will get men, and with men money, /" SAID most
sagacious observer of human nature
From Mr. Van Buren, admit there is nothing
of this kind to be feared, for even if inclined TO
overthrow the institutions of his. country, he is
not theman by constitution, education, habit or po-
Icy, to take upon himself the responsibility Of
such an experiment; he prefers to be famed by
the breezes Of summer, rather than 10 breast
himself 10 the gales of winter.
| In 1884 the Globe in reference to this propo
sition, said,
4" Had such suggestion from General Jack
SON it would have been lung through the Old Domi-
conclusive proof of all the aspirations which
may have been charged to the hero Of New Orleans.
See here, they would say he wishes to put the pub
lie money directly in,o the palms Of his friends and
partisans, instead OF keeping depose in banks
whence it cannot be drawn for other than public pur
poses without certain detection In such case,
should feel that the people had just for alarm,
and ought to give their most watchu attention to such
an effort to enlarge Executive power, and pnt in its
hands the means of corruption.
| We know not who may occupy the Presi-
Dental Chair at future day. and we should
establish no system and no precedent now that
may under any circumstances be dangerous here
after, for we owe the highest conceivable obi
cation on earth to our children and our children's
/ children. and TO the friends OF free institutions
every where; and we should religiously avoid
doing any thing that may have the slightest ten
dency TO impair the inheritance bequeathed to us
by our noble sires and which as trustees for un-
| born generations we are bound to transmit, I'M
shon of any Of its properties. Let not some
future historian write as history what General
Jackson did, as prophecy, when in speaking of
the danger OF Executive control over the public
money; he said,
| " Such treasure would doubtless be employed at
time has been in other countries ,rhen OPP
portunity tempted ambtion'
Mr.. Chairman, | am opposed to the Sub-trea-
sury scheme, because its effect if not its object,
will be 10 destroy the banks materially to curtail
a healthy credit and bring the business of this
great country down TO the level Of specie cur
rency, out Of all which is finally to grow lrea-
sury bank under the control Of the Executive
Gentlemen have denied on this floor and in this
debate, that they or their party were opposed to
well regulated banks-that they sought not their
destruction but their reformation: but let us sec
4 IL II