The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-15

cessiry 10 promote the best and dearest interests
of the country In the opinion of our political OPP
ponens, we stood sei-immolated. But the people
have at length g!oriously come 10 the rescue. The
Senator is entirely mistaken in supposing this bill to
be unpopular. In every instance, during the cleo
tons ofast year, when the question of an hide
pendent Treasury was distinctly made before the
people, the result has been either the election oflhe
Administration candidates. or a greatly increased
number of votes in their favor. Is it not certain,
that if the Congressional elections in those States
which elected their members in 1898, had been
postponed until 1889, we should now be in a
triumphant majority in the other lIousc' The
Wing party know this; and am greatly mistaken
in the Sims of the times, if they have not determ-
ined that this bill shall pass. They will no longer
give us the battle cry of an Independent Treasury.
I he bill is destined tn become Il law during the
present session. prophesy this result, and proph-
csy it solely upon my opinion ofthe sagacy OF The
u hig party. 1t is possible may be mistaken, but
if should, | shall have one consolation in my
Disappointment Ifnly political existence depended
upon The result should rather have the success OF
the independent Treasury identified with the re-
election of Mr. Van Buren,, than any other argument
which can be used in his favour 1t alone would
be sufficient to defeat the hero of Tippecanoe,
Now, sir great charges have taken pace in pub
lie opinion since September, 1887, The prominent
Arguments then urged upon this floor against the
Independent Treasury bill have nearly all vanished
away. Wenow hear no more of Il system of well
regulated specie paying State banks 10 act as Gov
eminent repositories. The halfway house has
been abandoned. The accommodations there are
no longer good. 1t is in a runous condition, and
can no longer shelter those who formerly took rel
uge in it, The banks have blown up twice within
little more than two years, and thus blown ms
Argument of their friends sky high. No states
man, after our recent experience, would no" thInk
of placing the peoples treasure with the banks on
general deposile for safe keeping,
Far different is the Independent Treasury 1t
presents every guarantee which can he afforded for
the safety and security of the public money, 1t
will be in the custody of officers appointed by the
Government responsible to the Government, and
punishable as iecns for every violation OF their
trust In the day of danger, when the country Is
involved in war, The money will always be ready ;
and at such crisis, the banks would almost Ger
tainly suspend specie payments, Besides, they
are mere State institutions, over whlchwe have no
con,rol and they may, when they please, convert
our mony into rags, and then place us at defiance
They are beyond the reach Of punishment under
our authority. The Federal Government cannot
Justly be considerd independent, five must resort
to State banks, or to any other power except our
own, for the purpose of keeping the money raised
from the people by taxation, until it can be APP
pied to execute the great powers conferred upon us
by the Constitution.
Again public opinion has annihiated another
argument against the Independent Treasury. The
Senator from South Carolina, In March, 1888,
GNlr. PRESTON in his tenderness towards the State
banks and for the purpose OF enabling them to re-
sumo specie payments, proposed that we should,
for limited period, receive their lrrcdcenable pa
per in the payment of dues to the government
Much eloqucnce was also formerly wasted upon
the extreme cruelty ofhmying one currency for the
Government and another for the people, Thank
God we hear no more of all this No person
contends that, under any circumstances, the Gov
eminent ought to receive deprecated bank paper.
Such fnacic- have proved too light for earth. They
have risen to the moon, where Is SAID the crude
notions of speculative politicians are still lioating
about, and have local hubilution and a name.
The Senator charges us with having employed
the state banks Us repositories, AMI hu,ius yum
mcnded their conduct in the highest terms. This
was grcyious sin, aud previously have we an
swcrcd it. The difference between him and Us is
this that after they had shown themselves to be
utterly unworthy of our confidence, we abandoned
them but at that moment he caspcd them to his
bosom. Admitting that there has been inconsis-
tcncy ON both sides, the state Of the fact il this
we adopted the State banks they BETRAYED Us, and
we cast them oil forever, The Opposition de-
nounccs this system in the beginning, prophcsled
that it would prove failure but at the very mo-
ncnt when their prediction was verified, they en-
braccd these castHways themselves with all the ar
dor Of lovers. These banks, as repositories the
public money, nrc now rcpudutcd by all parties.
Their day has passed, and we shall hear little more
of them in connection with this subject.
All men are wise after the fact; but to look,
back, il has often occurred to me as wonderful
how we could ever have conlidcd in the State
Banks US safe general dcposi'arics of the public
treasure. Our system of banking is the very worst,
and the most irresponsible that has ever existed ON
the face of the earth. The charters of these banks
nowhere impose any efficient restraints upon the
first instinct Of their nature which is 10 make as
much money for their stockholders rs possible
They will, therefore, always expand their credit.
and their issues in the day of dcluslyc prosperi-
iy, without regarding the approaching Storm The
immense dcp0sitcs Of the Government increased
this fatal tendency ; whilst the public money was
freely loaned, and lis security placed at hazard, for
the benefit of their stockholders, but for the ruin
of the country. The wonder, perhaps, ought IA
lllcT 10 De lUht lnVN Icu uul 80 loiIe, uili lIll
they should have finally exploded.
In 1896, the immense amount of these dcpcs-
ties had stimulated them almost TO madness. The
expansion was then greatly beyond all former exam
pie Speculation ragged drought the land. They
suspicious Of the country were arouseda against the
Government, aud the banks were charged with
granting peculiar iavors TO men high in office, aud
10 influential pnrilsans ofihe Administration. The
were denominaicd 'ihe pet banks" Such was
the general sense ofthe insecurity ofpublic money,
in their possessions aud such the jcnously which
existed among the people, in consequence Of their
connection with the Government, that | yci!y be-
lieye the present Chief Magistrate would never
have been elected, had il moi been for the passage
of the depose bill. The adoption of this measure
was Il choice Of evils but it was a much less evil
than to have left nearly forty million of the public
money in possession of the banks. Under the In
dependent Treasury system, we shall never again
be placed in such fearful dilemma.
Iwaayery much asionished that we had no hom-
ily from the Senator against the specie clause Of
the bill. Even this seems 10 have lost much of its
tcrrors. 1t is 10 longer the terrific monster which
was 10 devour all the banks and establish pure
al tho n ,hn