Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-25
Price Two Cents.

| the public depostes from YOU and place then in
another institution" The Cashier makes the same
answer-"you have no appropriation bill, no draf.
from the Treasury, nor any warrant on which 4
shall be justified in paying you" :" BE il so, Mr..
Cashier; but are you not a bank and the law may
proven, you lending me that money, bat want 20
borrow money-you have the money of he people
in year vaults, let me have it, and viii take care
that the ura(ts do not for il. if yor make me
this loan (" The loan is obtained, exposure follows,
the fact comes to the public, and who is the crimi-
nal Who is punished What is the resultl No
thing in the world, but that the President the
bank, and the bank owes the government. (Laugh-
ter.) Which, then fellow citizens, il the safe and
secure policy : Where is your money the safest!
And where the stronges guards placed upon it
So much then, for their charge that the Prendedl :
has the purse in his pocket
But how is it with the sword And what Is the
meaning Of the charge that the purse and the sword
in and the same hand What is meant by the
common expression g the sword CT country" Go
to history to learn 1t is the power TO declare
the power to plunge an independent nation into
and Other Interpretation was given to tho
preston. And where, by eur Consultation, is tina.
power! In the hands OF the President! No. Ia
expressly placed in the hands Of Congress, and
President, then, has not, either in fact or in TRUTH
under the Constitution either the purse the sword
But again, fellow citizens, we are told tina. thu.
enormous executive patronage conferred by TINS io-
dependent sub treasury system is to control the
whole eountry-that It is to corrupt our morals
subvert our government (Renewed laughterl
How is this 7 Let us, for very brief period, CO
the money in the banks, and that Of keeping;
by our own agents, in reference TO the pow
ola corrupt President, to influence the public
in either case What is the power Of the
sident under the Sub-Treasury System n
officers added to the Executive arm grhS
ernment they are deEoa.inated Receiveys SA9aA-- -
and the one is located at Boston, another at We
York, another at Charles on in South Carolina, ~
one at st. Louis, in Missouri. These officers hAt
power to appoint number Of clerks, not exceedi1
ten and at = compen sation not exceeding $50 eaet
And this is the whole fiscal and voting forces, AZ
no more can be added to the Executive branch -
government.
Suppose then a President, equally corrupt, though
he does desire to put his hand into the Treasury
and take the money, but to control the country ~
egitimate influence. What can he do! Hc-eaa
issue his order to these four officers to exert 70 tns
their influence for his reelection. He my
say to them, Spur on your clerks to exert hen
influence" or what "Iwill turn yeu out OF Once"
and that is the whole matter and these four recsv-
and clerks to subvert the judgments, anr
reason and patriotism of the great people OF th's
country and control our elections, both National
Let us take the Bank fellow citizens, and suppose
the system of a National Bank you have the mother
bank ia neighbourins city, and some twenty
twenty five branches scattered over the Union and
yoar money deposited in this bank or the brsnehesS
or, you please you have the State banks, and your
money is in their vaults. The President desires TO
be re elected and he signifies to the officers Of these
banks that he public patronage profitable TO thsn5
that it increases their dividends BY extending their
business and he intimates his wish TO have the in
huence Of the Presidents and cashiers and Boards Of
Directors. "Nay," says he, "you have debtors.
and there those who desire to become your deos
ors use your influence to promote my success. OIL
will take this public patronage from you"
Now, fellow citizens, which think Yen corTspt
and ambitious President would choose The IN
huence Of the four Sub Treasurers and their ten
clerks, or forty sixty banks with their debtsrs
and customersl Where would a corrupt man look
for the illegitimate corrupt exercise OF power
Which is the more likely TO endaDger the free
institutions Of this happy Republic ! Can any
doubt for a moment Can any nas stand
before the conclusion which forces itself on ths
mind and judgment IL seems 10 me that ne earz
not. And is it possible then, that Mr. VI an b111
that man, who, whatever else he may hay
called by your ePp.nen,s, mas never ,I Sesn
and ssgacity-can it, be that he for political par
pose, to strengthen his arm. would have thrown OF
these banks for toe sake Of the influence Of thesr
fourteen individuals (Great applause.) But, fel-
low citizens are told that our money will be ia
danger-that in the Bank il will be secure, but taat
ia the keeping Of these cub treasureIs will not To
An intelligent audience As see here before me, can
spare but a moment such point. have already
referred You to that provision oil the new lazy yhr
makes embe zzemen, criminal, and psnish9be crIa
inally-a provision which you cannot exefcise ont
bank, but which you can on free man. You css
Dot mprison the Manhattan Bank, bat you can in
prison StepheR Allen. (Creat applause)
So much is security superaddedt to anything tfs
exists in anv former law. And in addition wn
have youl Is there man here that would soon,.
trust a bank than stephen Alleni Is there a man
here who does no, consider the security of ind
vidual as good as the security ola bankf mean a
security by bond. Then you have precisely the
same security in case as in The other, and yeu
have superseded the character al the man and the
mark of the t.lon branded on him gmy ~ -
breach Of trsst.
But again. we are told that this dreadful system,
this iron rac of the finances Of cur nation,
is to destroy all the baking institutions OF the coun
try aud for moment, fellow citizens, let US consi
der these points. From three TO FIVE millions Of
dollars NAV be collected, and suppose all in eoiD-
and eventually IT is to be, in performing the opsra
ton Of the snb-trcasury. Five millions is the AZ
limits Of any Gale ulation that has come 10 nv
knowledge What is the bank capital paid N, of
the banks Of this Unionl More than SSO0O0O0l
Ana is the use OF 5,0Co,000 Of coin paid into the
Treasury this week 20 be paid to the citizens nevi,
and thus kent in a constant round of operation IN
the receipts and dis bursemt nts Of the government
to parayne three hundred million Of capitalf IL
not such argument addressed to our startled ina
gnation and not TO sober and jud gne Mt
Great appause) Let Us carry this little further
We are told the Of this coin by the public
Treasury is to reduce this country to metallic
currency and that IT will bsnish bank paper for
ever. Does any man believe i'll IL there single
individual in NV hearing who for moment dreams
that the Of five million II be that, is TO pre-
vent the state Of New York from chartering banks,
or controlling them az pleasure, and keeping the ma
sound and firm, and stable. But what is the duty az
the government Of the United States under the
thereof and OF foreign coin. Is Il to fwrnish, -
rency for the business OF the countryf M
estabish standard for that currency-a standard al
valve precisely IL is TO furnish standard Of nsea-
sure aud of weight. (Hcar, hear, hcar)
Suppose we assume that the currency il TO be coin
Can Congress take property from % skets forth
purchase Of baon TO coin il J Bullion is an artic
OF commerce and IL is the dsty of the government
give that bullion shape and value-a standard of W
luz and q standard Of measure. Suppose govsu
ment "a assume this duty, and say we viii mzksf
der at eur Troasury-lor what For the convenient
efthc public.
And what is the consequence And what does~
forty years experience provei That tho bank make