Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-27
srEEcn oF MR. grCHNNAn.
or rENNsNLvANiN,
ON THE sUR-TREASURY BILL.

nch AT length into discussion Of the prov sions OF n
as ball | intend. N great degree. indeed almost >,
NcluS'Ney TO oOnhne myself reply at least an !,
tempt 10 reply, TO The remarks Of the Senator from n
rniucky, MIR Clsyl
La all discussions II desire. 10 arrive nj salts. .
nc'ory conclusion, i absolutely noccesStry that we
ioIld distinctly understand what is the question 20 be
discussed. Then let osk. what j. the nature aud
character OF the independent Treasury bal now be.
ore the Seraiel :
Sincc the origin of tc Cox crnmcni orr own rrs,,n-
sbe officers have always collected the public revenue
and have always d:sburscd the psblic revenue Hero.
loiorc during The intermediate space of time between
It's collection and IT'S disbursement IL has heep det..
ted wan banking corporations. The object Of this
bill - to provide that our responsible officers shall
be substituted Is depoSarics. instead OF banA no cor
poraons aud thai these officers shall hereafter mo, ON.
collect ana disburse the public monty rs they have
aohe ou' mat they shall also have tie custody
oi between i's collection and disbursement
is.cr the pro. sous OF this BIZ every officer ihr,.
oii the United States who receives public money Is
constituted dcpCSitary But there are certain points
where very large sums Of public money arc collected
or are dssurscd, or both aul these points both the
security Of The revenue aud the public convenience
tcgura hNi there should be deposilaries distinct from
and independent of, the collecting officers These
points Philadelphia. New Orleans New YorL Boz
ton, Charleston, and 81. Louis Accordingly the bill
proposes 10 convert the Mint Philadelphia and the
Branch Mint ~ New Orleans into places of ,bc de-
site, and enirusis the custody of the ,uhlic money
u e trcasurcrs Of these institutions and
creates suircasurcs, each DC unt or the control
of receiver general, at New York a Boston, at
Charleston and ~ -. Louis
In addition io these pre-, sions the bill contains what
has been commonly ',enominatod the specie clause
This section provides that one.furih Of the dues Of
tie Government shall be collected IN gold and silver
Ter ihe h juno, 1910 onc-half after the 3O,h June
ISL, c'r,e-ionr'h' after the 30h June, 1912, and
after The SOh June. 1873 all the revenue of the Go
v'snmen shall bc collected. and ali H. Disbursements
shall be made, IN gold and silver coin
Ia discussing tins bill, the Senator from kcn'uol v
has divided his remarks into two general heads, lie
h7S first cr.sidcrcd the il. according TO wha; 10.
friends say II is and in the SECOND place has discussed
II accounting 10 what he himself believes il 10 be- In
ny reply shall nyeri lls order; because it is nccos
sary rs 70 prove that the senator himself has entire
" mistaken the nature and effects of the measure ard
that Ms friends entertain just conception of char
IN ac.eT.
~ The Senator held up the bill ,riurnhanilv 10 prbl,
"a NicW' and declared that il contained within It's rrov:
IL SONS great Government Treasury bank Now, il
ano make II manifest The light of dav ihat m lhi
proposition lac is entirely mistaken shall then agree
o. TO Surrender thc whole argument The Senator Ia
nc hal an Usacc,-s chase through the PROVISIONS
O. this bill, after the lurking monster Had he succecde
hs IN dragging him INTO light shoGld have been one O.
cd the first men in tho country assist in putting him
N. instant death But.
4" lie must have optics STARR. wCCn
Who sees what Is Lot 10 be seen"
This think, has been the case with the Senate
from Kcnruckv
Now, sir, wiiat is a haak7 According 10 the uFua
Ia'ceP'alnn 81 iho word. ~ qua country II perform
'hree Offices IL receives dei.oscs II loans none
upH dlScouu's and IL Ia>5cS a lapCr currcncv | aC
khpwIcdsc that in Crdcr constitute "A bank X j. no
O" c'ssary that luld perform all these three iunC
uoI'S There are banks of discount lul dcysle mere
" " aud there also banks Of dcpcsitc and issue or
yi and Tins latter class Of banks the secure
80 any IN ihc wr.d, when the dcpcsiics are confined
'he Pec'oIs metals aud the issues the fora OF cc
uhcacs, do not exceed Ic sums actually Gsposiisl
le such vas the Bank Of Amsterdam and such is now
a laa6 Of famhurg II would be difficult 10 form n
"a. len OF bank OF issne alone, without depusitcs
~, discogu;s, although know from The utter inability
a. mo bnA OF England TO r-gul the piper currenc
hat Kingdom, the question has been seriously cor
cs 'er whether one bank of issue Ought not 10 be e.
iaA!shcd, ard all o;her banks be prohibited from emit
S paper currency. IL * certain that AT the prcscn
moment, a bank OF issue. purely as a bank of issue
I's no" exist on the face of .he Garth Now sir Ihl
Of bil Gocs not authorize the pubic dcpo-i,aTcs 10 r.
- 7'@~' '"s isdi' iaiai- DEPOSITS: and IA no
oy does not authorize i'cn 10 loan The public money
l. entrusted 10 Their care, but makes such an act f.
= 'ony punishable by Gne and imprisonment This b:H
'hen clearly does no, bank either of depo.,e
Or OF discount ard he Senator las no; coatcnded for
q y So rrofoa.'.on. lie has oon..nt1 h'..-c's "a
prove 'hat u VIII create bank Of ssua; nd slal
exam n ID $ Proposition little more in detail
In what part of this bill has The Senator discovered
'- en"reT II ms basiE He has referred 20 one and
oy oc ciaasc Tor he purpose Of IrUyilr its existence
i"' - 10 IS found IN Inc tenth section Of the bill
ana az I = very brcf shall read IL 10 he srua,g.-
IS u Is as G.lws
Ard Tor ihc purpose Of parmcn,s on the p,bl;c ar
"'ni IL shall be awful forIEc TIE sursr Of he L
'eG states To draw upon any Of The said dcyosita.
nc" as he may think most conducive 10 The public
, or iu,h'
There sT. is The charter; and what is it but mere
't'-"iioH ol The I0Wor which have inst been dos
i'.tS, and which has existed and must rccessor,l,
nav e'isie , ever since the origin Of the Government
u require the Treasurer 81 the United States 10 com
sun both ihc public interest aud the convenience of
i12 public creditor or both IN selecting the dcrotor.
% which 70 draw h!s warrant. This hr has ulva,.
done. ln The first place BE must select a dcp,st,-,
VIM Whom there Is amount of money sufficient to
meet ID" draft; and among such deposi,acs he must
unless INC pubic interest iorbids. draw upon that one
"''ie o. VIII be most convenient for tie public crcdi-
'"' receive his money. Why. sir. this clgu-c 81,
terrific 70 bc inagiuaf Of the gentleman might be
rc"h rom me bill a!'ogcthrr without pjiuc.ng the
81 sio,i Inconvenience The practice which IL rre.
"n"s d 'h1i which rhust necessity be- pursued in
FEug ihe aeb's OF the Government. And yet this
SIN io aud necessary power Is the MY part of the bal,
on winch ihc Senator roles 10 establish hi. great Ife-
slry bank
But ssd That u Bill contained an inaorapf I.r,i
i1ton which had mover heretofore ,ys,d Tbi. ,,,.
'"'"'e' NJ tht fcldl session ut 1891, u{tfH HIv
own suggestion. 10 was then apprchouI,d that mo
holders Of these Treasury warrants might n, pro-cn,
,Icm Too payment within rcasona b e ino "a thgt
large -lnouui Of ihcm might remain OUTSTANDING and
D. used us bills Of exchange. As ihcs uui.,anfirr
trails would necessarily represent equal amount 81
gold add 10 or in he hands Il the depsifarcs u
t,T'shonIcu iaa IhCss ;5ly were speedily presented
. 'F payment a mass Of ihcm might con;auc floating
. 20 ihe community and thus produce an ascgm.l,f.or
II 'icrc 10 hc hands Of The dc,oaitaries r.nch niyl
prove M uioHs 10 The banks TO prevent ihis evil
. u render the dnught upon fhc banks Fr sre,Ic MS
right ne p'Ssib!".nl 10 cause tc gold and silver to
H's out Of iho Treasury in'o p.ac-al circulation ts
'1Haiy as 90 had flowed into b. ilHg amendment VS.
uo'lcd " n'w constitutes The 23d section Of Tho BILL
aUI .. .s io''uua.
'-sc % t.d 2. r. CuHcr r4r-isd. That 70 shall
', l'" ''g of tH" Secretary a 'hc Tr.Isr-y Co.. .I.
."' I't" regulations TO enforce flc speedy pfc-,uil
0'' OF a.I Government drafts plymcutai The place
"'... 'i' 14i Co re1cr b. the iimc. according 90
'.IH Z. a.