The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-03-03
$ 2 f ECH
OF GOV D-4VLS OF MASSACHUSETTS,
ON THE SUB-TREASURY BILL.
I'M SENITE-Ey1 ~ IS40

non To ADJOURN without t1tIUg the question: up
IN The final passage Of the bill
Mr. DAVIS said Il rise Mr. President, with
rrent reluctance this Ia'a hour address, the
senate iltigued az it il with and unusually loHg
9essinu and exhausted by the debate bat, paInul
ls it ls must entrent their indulgence while
mike brief reply to the doctrines which
have been nav, for the first time, published here,
ma come to US through channeis Chdt leave no
iuuht Of their being the doctrines Of the Adnjuis-
ration. They involve and have drawn into shls
iebnte grent and momeutuUE considerations, affect
ing the cherished interests of the people
represent, well Of nearly the whole country
With the exception of few incidental remarks
made by daY or two dgr, no one from the
North and East has addres=ed Won during his dis
russon and as sou'e part of the debate has been
1ulntad in It's character and directed 10 me per
4ouHilY, IS if the positions assumed were Incnpa-
Die 1t raiutltIon feel urged by an lrresIsilhse
sense Of duty uay [ cannot rgCuucile myself 10
fur5ear from making some reply.
The Senntor from AIss,ssip Mr. WaiiSarJ
with his usual Acknowledged ability, aud the DIS
unauished Senafnr from Pennsy wanna, Mr. Blu
.handn) following his rack have advanced the
propositions mat the smharrassments and Distress
'yith which the country has been grev0uriY af1iGt
ad for several yenrs past, and whlcA now paralyZe
all lrs euerues. ara i'm purahle the rerniciouS IN
fuence of bank paper that tins bill contains the
neces=arv co rrectiVe. IL wi u chac Importa1ous
Of fnrsgu goods, suppress what they call the credr
4v4iaH. and. by restoring spece currency reduce
the wages Of the Iburer, tho value OF proper
"
This y character gwen me measure DY us
trends and alarm Hs the doctrines. are 1 AN
,~ati fed that thew are frankly avGwed- have
been an ci gated Il consider anie extent by The
Senator from Mississlppj- Mr. Flenders"u) In
what have to say, shall, hnwaver- c"ntne my
self chiefly the speech Of tha Senator from Penn
svlvana. who has gone more IN detail mn me
subject, for all ac<nov edge hts ahulty On lhis
ionr and his capacity do ample Justice To the
subjacts which he discusses.
Z no NOT nrooose tn Pillow him through Il very
arre portion OF has elaborate argur'en5 to Prnve
mai Execrrva power has OF ia' been summed ~
stead of being sought alley, or mar ne present +i
the Old Bank cf the United States are identIcai.
and both National Banks. Enough has been 7aid
ON these pointH He has, a0wever, asserted thar
we have Abandoned all rhe arguments whGh we
hav, hetnre used against the sun Treasury becllise
me progress Of events has proved them unS"nnd -
Not 90 liir from it,. w lth orheis | entered mao
mar debate, which Is hefare the public and me ar
IIments unrrilted stand IL Hrn A. ever nut 10
would be prudtIess task 20 re iterate them here-A
this = the reason why they re passed over IA The
iscussiou-
But sir Z will not dweIi upon any Of these mat
tar4 hut 20 to that in hand. The senator says we
lahur under istT assjug embarrasanents, ana 80 we
do no one will have the hartIho"h 70 deuY H.
fr al tho rouutrv in sorrow bears testimony 10 H.
We b,ya If ia true seen an occasional glaaIn OF
light but il has been soon dbscnred- ana we nave
beeo 5hrouded in Il gloomy uncertainty ne says
further that the cause IL excessive issues or DanR
,apsr 4pecuIaiiou and a boarei Il use his words
.rsdit 5y stem He lodges the guilt On the should
arg OF the banks alone L. ~ neither Just nor Hi.F
hold them TeSp0nSlOie, ana WIZ Hii'd 4"
manifest. BY showing that they were ieduce0 lhu'
tsaIr errors BY the Administrator.
Before the late President [JacksOn) 7eizad The
7uAiic money and took II lnto his own clstody, IN
t;NJ there was complaint ahnut the currencY ;
all tbs neo1la know this, for all, the Presi-
dent hirnaelf in of his messaaes united ~ de-
Garlng n substance, 10 was sound, anu eqih "
that of auv nation on earth. There was 10 cum
liaint no Inconvenience, embarrassment, fr"ul
his 4ourra in dung business but cunlentneni
lnd satistjIctiou everywhere. about 'his Were
cuuId he mista,H nor VIII any one mere alleihP'
% -aGIte the well known facts,
Bnt from tlar aCt IT the President, which was
the first movement to reform the CURRENCY To th's
tav there has been hat the Senator ~ pieaseu ~
call teyDansiou contraction, and explosion, IN
raplt and fearful Successinn criSis, upon CiiS'S'
PRESSURE upon pressure, PANIC upon panic nave
sncGaefed, till have renched atlte 90 7u7i''''"l
and alarm that has deranged and almost sa@P""u-
ed business The storm IN Its t'ry mas swept uNer
the conntrv once and again u1rootng me itae'i
and ERNEST trees. and leavng in Its track "elrY
iesolate yasta lt4 mark are too deeply engraven-
700 DISTRICT too we'll defined, To leave any lh'h2
uncartain-anv thiua eari vocal. 1t fell uPun us
with such whitening energy, al to leave no 0oupI
when- where, and how Il began.
Gentleman NAV tax their ingenuity, they NAV
ask their Inventions, TO discover otheF Cruises Oh
disiresa-they may helah0r and ho'd up 10 SOUTH
exacraliun the banks long they piAlse-
hey cannot change the facts, Tor theV ana
cannot uhliterata history. Things wero wei,
ana every body knows, l5j3. Lhen neglh ue
bank reform bv the removal of the depnsites--ttnd
then began this rapid series of "expansun, can
iTacilun, and explosion then tntnWed ciIsis HI
tercrisa-then came the arrangement OF axfnan-
Iss, and then the smbarrassments winch nave o'-
irWhaimed the cuuntrY-then came, to" Ihe ""ta
tilndTsd banks of which the Senator speniSsdh"ugh
he has probably swallet the number beyond MS
'or1cal truth.
Fhs Senator admits, what cannot De denl'u'
mai The Administration proposed AMI carri4d I'M"
effect the State bank deposfe system. lf was 10
ms place and hy them that Stlte banNS were YAK
81 INTO favor, perts,f, and FbnastHgy he4d aht 90
Tile country as afordug better and safer Gafreh-
dY Into them was the revenue put Ia enormous
sums, and thew were directed to loan freely upon
u ny ten President for cha accommodation or Nl"
people, and it was his pride and pleasure to maze
Known 10 III that the public money WIS mus en-