Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-06-06


TIL; SUBrREASURY VT " a singular thing :;
that many ~ho declare against Bank oil the United o
States ON account of the great owcr o such ara M
siuOn. belief OF ucOnsituiiOnality are
IN be found nevertheless among the supporters OF the
Subrrcasury. Il is again strange that gentle
men ct the S,u;h. who rric themselves upon their
sacred regard or State Rights ard jealousy of ENo
CURVE encrOachmeni. should be found an favor oi
project which n carried GA; oOnicr upon the liz
ecuiINe power the unosi iornidablC--wh'eh must
prosiriic every barrier raised for the protection ol safe
RI hts aud fEsy end censraixing a., authority IN
the GuscTnmenI at Wash IA stOn =
IL Is notorious fact that tiefc thousands n The
ranks OF te administration party who have little ~ IN
laihy either personal political With the head oi the
organ,zalOn. with hc real essential principles thai
bind II lugcthcr What bond Of aifniy-,Nhat element
of COiescncc. unite ugrih,r the up"ders OF Viz
gina rcpubIicanism-sLch as Virginia proclaimed IN .
9S-wiIh the nomince o: previous Executive. who !
came Iu,O power, IA every body knows. by means 1T
ciiicial influence by Transferred popularity. by sPe-
Cies U interference the rnUs dangerous that rePuh-
c has dread Where Is Ihc aililiaiins te that
bind ia harmonious union the mon OF the S'uih with
a Missouri rcsirCtivnsi, Can the advocates Of State
Rights discover abiding principle Of ooasenia!Iiy
between their cherished doctrines AMI the CON
Sdaiing spri that dictated the Militia Ella spIrlt
which has disclosed itself IN that measure aune.
which is but the instrument and means at ensuing !
ends which other projects likely 10 bring 10 the
verge of consammaiinn Or II no other point of dsa-
greement could he found where Is the sPo, oi ground
upon Which any man uf constitutional principles can
consistently stand as the advocate of the ubrres-uy
scnemc which in liz natural course ofopcraiion must
sweep away the State Banking institutions. force
them bccome the instruments of pUliucal influence
Which will vest the control OF the currency nf the
| Union m the hands Oi the Federal Executive. and
give To The President a direct hoI upon tn properly
oi every citizen which makes the revenues ct the
country the means oi subsidzins H. and Som2c!s the
people 10 furnish the money by which their liberties
are 10 he invaded
/ Mr. CLAY. IA his speech on the Sub!Trcasury Bill
last January declared thai the project laid the iOunda
pa. deep and broad. ct a Government Bank Aler
referring 10 the repeated miimlions gwen by the late
President of the praciIcahiy Of establishing Bank
IN the revenues oI the Government. aud IL other init
nations OF the same kind from official leaders
OF The parry. the distinguished Senator said
! pass 10 the most important, and. think conclu
Sivc proof. supplied 10y the provisions themselves OF
the hill. A0cr providing that all money paid the
Government, for duties. public lands and elher dues
sha bc deposited with the Treasurer OF the H. States.
the rrCe., rs-gcncTal and the Inius the tenth sssc
enacts
THAT it shall nc lawful for the Secretary of the
Treasury transfer the moneys in the hands of any
depository hereby constituted, the Treasury of the
United States; To the Mint Philadelphia: to the
branch Mint al New Orleans To Ihc offices OF
either Of the crsgcneral ct public moneys by
ihis act directed be appointed TO be there safely
kept according to the provisions of his act; and also
20 transfer moneys ia the hands If any d-poSary
constituted Ivy this act, any other dcp,Sary cs,l-
tuied by the same, his discretion. and tho srty
pG the public moneys aud the convenience of the pub
lac service shall seem O hun rcluiry which author
ty 10 transfer the inoys belong the Post Office
Department Is also herein conferred upon the Post
Master General. Tar IT. eSer,ise IVY HIN may be
consistent with The provisions oi existing laws AMI
every deposory constituted by this act shall keep has
account vi the money paid In deposited with him
belonging 10 the Post Oce. separate distinct frum
The account kept by him OF other public ,neys
paid or deposited And Tor the purpose Of payment.
on the public account II shall he lawful Tor The Trca
slrcr Oi the United States draw upon auy ol the
said dcpUSlaries. be may think most conducive Ia
the public interests. or 10 the convenience Of the pub
nc credIIUrs, or 5DIh
Tins - the Sec rotary vested with unlimited author
Ity transfer the public money from oue ,.positnry
To another. and To conceutrdc II ALL 1t he plelses ut
single point But. without this provision. the CITY ),
New York necessarily must ne the place at which the
largest portion of the public money will be Instantly
an deposit. IL collects alone about two-hirds of The
duties imports. and becoming. if b. not already
the money cenre of the United States II is not inds
pensab.e 10 bank of issues that the place q,
issue and the place OF payment si,eud DC identiral
The issue Of The paper NAY be city, and the
place of payment may be a different and even distant
city Nor Is the form of the paper material 50 as ro
carry II into the general circulation of the money Of le
Country. Whether it be in the shape of bank notes
bank checks post notes Treasury draft. is N M
consequence Ii there DO confidence IN IT, aud the
paper be Of convenient amount. passes by delivery
and entities the holder demand the specie upon lis
face at hs pleasure will into the ger CIR.
culation, aud the extent OF its circulation will be GOV.
erned by the amount issued. and the confidence w,
1t enjoys
! presume that will contest these PRINCIPLES
Let apply them to the provisions OF this bill The
last clause of the tenth section, already cited de-
caTes
And l,r tho p,rnose Of navuep, ON ,lo r,ti;. ..
count IL shall he lawful Tor the Treasurer of the nited
States 10 draw upon sHy of the said deposiiaries "a
he may think most eoHIHciue to the public interest,"
or To the concentrate Of the pubIIc creditors or
Goth.
! Here is 70 restriction Whale the amount or
form of the ,lra. There Is nshing prevent his ma.
king il for 500, q. $50 " $40. There nothing to
prevent the Of bank TaPer and ihe draft will have
the number of signatures usua, TO bank paper IL
will may be signed by the Treasurer, Register or
Comptroller.
Now. SIR let me suppose that n citizen has demand
upon the Government for So 900, and applies TO the
Treasurer for payment On what recciver-general will
you, he will be asked have t5e amount On the re-
cover genera at New York In what sum One
half of the sum in drafts Of $780, and the other in
drafts Of $50 The Treasurer lawfully decline
furnishing the required drafts lie bound ty the Laws
To consult the cofrepienoc Of the public creditor The
drafts are gwen to him. What will he do with ihcm
There Is not a SPOT the whole circumference of The
United states, ia which these daiis will not command
/ a premium or be at par. Every where 10 the south
and west Of New York they will command a premium
Of 10 ~ per cent Every where, and north
they will be at parl What. again ask will the hold
CT DO with The W y be torfuit the indiscrcfop or
folly ." cashIng these drafts, and expose himself to
the hazard and Inconvenience ofosing carrying the
specie about him No such thing. Being every
where better Than equal TO specie, he viii retain tie
drafts aud carry Ihcn with him 70 his home and Use
/ them ~ his business. What have supposed likely
TO be done by one, vii be done by every creditor OF
the Government These 1raiis, TO a considerable ex
tent will remain out enter the general circulation and
compose part of the common currency Of the country
commanding at particular places notes of the Bank
Of the United states have done, aud do. prcfn