The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-04-04


| confess il struck me with the utmost as
constituent. found that, throughout, he
had attributed to me arguments in favor of
the bill which | never used; nay more, that
the objections TO the bill, which had en-
deavored TO combat, had been imputed 20
Inc as the very aighments which urged in
its favor.
! shall proceed 10 make some remarks
upon his speech. In performing this duty,
it is my sole purpose TO justify myself, with
out feeling the slightest disposition to do BIN
injury.
In my remarks / urged the passage of
the Independent Treasury Bill, because it
would separate the banks from the Govern.
ment, and would render the money OF the
people always secure, and always ready to
promote their prosperity in peace and to de-
iend them in war; Great as are the advan-
tages, direct and incidental, which tho coan-
Try will deriVe from tie passage Of this bill,
| knew that Is ceuld accomplish little or
nothing, towards reforming our paper cur
rency, or re5training the banks within safe
limits. This opinion | have declared upon
all occasions, and never more emphalcally
than in my late speech. l stated that the
additional demand for gold and silver which
it might create would not exceed Eve mil
lions of dollars per annuhi, according to the
Presidents estirnate; and that although this
might compel the banks 10 keep moro spe-
Gle in their circulation and deposi,es, yet
that it would prove but a very inadequate
restraint upon excessive banking. Nay,
more; plumed myself upon the fact that
had been the first 10 suggest the amendent
requiring the holders Of Treasury drafts to
present them for payment 10 the deposila-
H.. i'm i..I---.-.-y- -r19-- -I5ossIDIo,
express purpose Of saving ting banks from
the injury which might bo inflicted upon
them by locking up largo surplus Of rev
enue in gold and silver in the vaults Of the
depDsitafles. And endeavered TO prove,
not only by my own arguments, but by the
authority Of one OF the most distinguished
fnanciers that this country has ever produc-
ed that tho banks never could be injured
by the adoption Of the Independent Treas
urv bill, unless In the event Of large sur
plus revenue, which would net probably
soon occur. also stated that it would thus
become their interest, as i! already was that
Of the rest of the community, to prevent
the accumulation Of such q surplus. In re-
ierrlng to tie blessings which would Aow TO
the laboring man from the existence of a
sound mixed currency, whose basis should
be gold and silver, IexPressly declared that
the bill would exercise no great influences in
producing this desirable result.
Again, in speaking Of the effect which
this measure would produce in reducing the
amount of our imports-a consummatior
devoutIy desired by all-what was my ar
eument! That the bill would, in some de
drec, especially after June, lS42, diminisl
our imports; because we should then hay'
d system OF cash duties. which would ope
rate as an encouragement TO our domesti,
manufactures.
Ohe OF the great objects Of my speecl
was to answer The objections which hat
been urged against the Independent Treasu
ry bill, by proving that it would not injuri
ously Influence the business of the ceunIr.
in the manner which had been predicted b,
its enemies; and especially that it wou
produce little or no effect upon the SCUM
and solvent banks of the country. | though
had succeeded 1t certainly never snteI
, ed into my conception that any person o
. the face of the earth could so far have mii
| taken my meaning as 10 attribute to me al
+ gunenls in fayos Of the bill, as directly Of
! posils TO lhoae which urged as darkness
to light.
5 Yoa may judge, then, Mr.. President,
4. my ustonighment, when, in the very secon
T paragraph OF the speech of the Senate
: rroA Massachusetts, | read the followln