Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-02-07
Tmsmtp=sirtb C1mgress.
SUB-TREASURY.


ME- Smith, of Alabama, upon the final
passage OF the Sub. Treasury bill in the
Senate:
"The final vote is about to be taken.
10 lew minutes this bill will pass. and
leave TINS body. | do not rise 20 make u
speech on the bill. view it merely as u
port ION ct the machinery Of the Admins
tratlnn by which 1t proposes to carry out
IT'S fioanclal policy. | no longer war
against The machine; it is useless here.
1t Is against the policy that desire to say
o single parting word. The policy of the
Administration has heretofore been too
equlvocal to be understood but. thanks to
the Senators who have supported tins bill
they have come out openly aud manfuv.
and have torn The mask from this measure,
II is openly avowed and maintained here.
that the policy Of the Administrator Is to
crush he baDks--to DIVE out of Circulation
paper monev--io annihllate credlt-to re-
dUce the circulation To coin, or specie-t0
diminish the value of real and personal es-
tate a. least one half-to affect The price of
produce and Of free labor in a like proper
llon--to arrest all further State aud indi-
vldual enterprise and improvements
! There can, therefore, no longer be any
| doubt IN this matter. Let the States aud
individuals who have entered into contracts
with reference to the state of the CURRENCY
at the time, aud who expected to pay IN
| like currency. no longer rely on shat delu-
sIve hope. The en'erpflslng, INDUSTRIOUS
man. without capital. who relied on credit
To aid his energies, may abandon the idea.
| The banks may prepare to wind up their
| concerns, # The Government can force
| them to do SO, and their debts to pay IN
gold and silver. The farmer may calculate
on receiving less than ha' his former rrices
for his produce. Let the free day iaborer
prepare for such times as be has never
witnessed, as State aud individual improve
ments mus, cease. In a word, let The Fed.
eral o6icers, Erecuiire o0icers Of The courts.
and The capitalists OF he nation look up and
rejoice, but let all other classes prepare for
The crisis. We have done ALL at tins aud
former occasions, we could, TO arrest This
! fat al policy, to stay the hand uplifted TO
give The blow. but The Executive arm has
proved too strong torrhe Legislative. The
! Administration Is memorable. | have no
hopes of arres,ing here this measure. or
the policy Of the Administration. submit
the matter TO the People. who have The
power; with them be II. am now ready
to give my vote against the bill"
THE ASSUMPTION OF DEBTS OF
THE STATES.
Most interesting Debate in the Senate.
WAsHINGToN, Thursday evening, Jan. 80.
A good days work has u.t been flo.
ished by the Senate, The IDLE and ms.
H.. u
a straw Of his own creation, against u
proposition which has never yet been SUBJ
United to the Senate. tor The a-sump-
ton by The Federal Government Of the
debts Of the Slales,were referred 10 "a COM
mittee, It viii be remembered. about three
weeks ago, after long and swelling Iar-
angno from their author. The committee
after taking all tins time for examination
and study. sent ~ volunlnous report to.
day, by The hands of their chairman, Mr..
Grundy- who. to give greater emphasis to
its doctrines and arguments, and decama-
ton, read It himself from the Secrelary's
desk.
A debate arose instantly. which for anl-
nation, interest, and Importance, has not
been exceled by any hat has occurred
during The present session.
The scope ard tendency of the resolu..
tons and the report. Wee attacked with
great power, by Messrs. Crltlenden, Pres .
ton, 5 1uhard, Webster, and Smith of In.
diana. and 50 heavy and effective were
their blows that, after feeble defence of
their work by the chairman of The commit
tee and by the author Of The resolutions,
The report WAS sent back TO he committee
for correcl ion and amendatIon, at the ln-
stance of the friends Of the Administration
themselves!
So much for The result Of The three
weeks incubation of Mr.. Grundy and his
associates
As to the report itself, it appears to be.
for the most pat r!Gacimento, or hash of
Col. Benton's speeches on the subject
and that remarkable Senator seemed TO be
actuated by some of the pride and jealousy
of paternity. respecting IT, tor he took up
on himself great deal of the care and
burden of explaining certain parts, as well
as OF It's support and defence.
AS soon as the reading was finished.
Mr.. Crtlenden rose, and commented on
the extraordinary character Of this whole
proceeding. ! greatly regret, that owing
10 engagements IN the House, | did not
{ hear the first part, and the best of his
speech. But 1t is represented as being
distinguished in an eminent degree, by
, forces Of argument and felicity Of lllustra-
, ilon, and that inlmllable wit and sarcasm
which give so much spirit and point to
his style. He MADE an able and eloquent
defence of the course and conduct of the
States and protested against the unwar.
, rantable interference Of the Senate IN their
, domestic concern. In tins connection he
alluded to certain famous resolutions.
, drawn up by Mr.. Calhoun immediately
with reference to the movements and de-
signs of the AbolltIonsls,) lot containing
strong declarations of general aud com.
prehenslve character, against The right Of
l one Stnie or "A combn9Ion of States of