, 1840-04-18
y OF KENTUCKV,
Sn tlac Sub-Trcasury Eill,
CONCLCDED.
~ SEHArE-January 20, 1910.

HOi'd not 1iler the bank character oil this
measure. Bunk or no bank is aquest!on not
depending upon the duration of time which
It's issues remain out, but upon the office
WHICH they perform whilst ouk. The notes
Of the Bank of The United States of Penn
sylvania are not deprived of their character
OF composing a part Of the circulating medi-
UNI of the country, although they might be
returned to the bank in some ten or twenty
days after their issues.
know that it has been argued, and will
be argued again that at all times, since the
commencement of the government, the prac-
tice of the treasury has been TO issue lis
drafts upon the public depositaries these
drafts have not heretofore circulated as mon
ey and that, if they now do, it is an incl
dent which attaches no blame TO the gov
ernment.
But heretofore these drafts were issues
upon banks, and the holders of them passed
to their credit with the banks, or received
payment in bank notes. The habit OF the
country-and habit is a great thing-was TO
use bank notes. Moreover, there were
bank notes of every kind in use-those which
were local and those which were general iii
their credit and circulation. Now, having
no Bank OF the United States in existence.
there are no bank: notes which maintain the
same value. and command the public conf
dence, throughout the union. You create,
therefore, an exorable necessity for the use
OF government drafts as 4 medium of gener-
al circulation, and argue from Il state OF things
when no such necessity existed.
The protestation of the friends of the bill
IN this chamber, the denunciationS OF lis oppo-
nentS, and the just horror which the people
entertain fthe government bank, may prompt
the secretary of the treasury slowly and slyly
10 lift the veil which masks its true features.
A government bank may not suddenly burst
upon Us, but there it is, embodied in this bill.
And it is not the least objection of asecreta-
ry OF the treasury 10 retard or accelerate
the commencement of its operation at his
pleasure. Let the reelection Of the present
chief magistrate he secured, and you will
soon see the bank disclosing its genuine
character. But. thanks &c TO God, there Is
4 day Of reckoning at hand. All the signs
of The times clearly indicate lis approach
And on the 4th day of March, in the year of
our Lord l84l, / trust that the long account
of the abuses and corruption Of this admin
istration, in which this measure will be 4
conspicuous item, will be finally and forever
adjusted.
Mr.. President, who is 10 have The absolute
control Of this government bank? We have
seen, within a few years past. 4 most extra
ordinary power asserted and exercised. We
have seen, in a free, representative. republI-
can government, the power claimed by the
executive, and it is now daily enforced, OF
dismissing all officers Of the government, with
out any other cause than a mere difference
of opinion. No matter what may be the
merits of the officer no matter how long
and faithfully he may have served the public;
no matter what sacrifices he may have made;
no matter how incompetent, from age and
poverty, he may be TO gain a subsistence
Tor himself and his family, he is driven out
TO indigence and want for no other reason
than that he dnisrs in opinion with the pres
ident on the sub-treascry, or some other oil
the various experiments upon the prosperity
of this people. Bat this is not al. If you
call upon the president to state the reasons
which induced him, in any particular instance
to exercise this tremendous power OF dis
mission, wrapping himself up in all the Dig
nifty and arrogance Of royal majesty, he re-
fuses to assign any reason whatever, and
tells YOU that it is his perogative ! That
you have no right to interrogate him as to
the motives which have prompted him in the
exercise of any ofhis constitutional powers.
Nay, more if you apply to a subordinate
"a mere minion Of power-to inform you
why he has dismissed any Of has subordin-
ates, he replies that he will not communicate
the grounds OF his action. | have under
stood that, in more cases than one, the per-
son acting as postmaster general has refused
this session to inform members of congress
of the grounds on which he has dismisseddep-
uty postmasters. We have witnessed the
application of this power Of a treasurer OF
the United States recently, without the pre-
tense of his failure to discharge his public
duties, all Of which he performed with scru-
pulous %exactness, honor and probity.
And what, sir, is the consequence ola
power so claimed and so exercised! The
first is; that, in a country Of Constitution
and Laws, the basis and genious Of which
are, that there is, or should be, the most per-
feet responsibility on the part OF every, even