Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-15

changed circumstances of the country should to
require
This was MIR. BIS view Of the matter. He came
here instructed by large majority of the people OF his
district to put as speedy an end TO the Sub Treasury
IA" as might be consistent with just legislation and
men TO lend his aid in providing substitute for it,
ny what uame this substitute should be called was IN
MN thing perfectly Indifferent, provided il would
perform the duty Of efficient fiscal agent by furnish
rug SAFE depository for the public money, facilitating
the transfer OF the funds of Government and ast not
ieast' oy exer'ins renova;ing influence the cur.
rency OF the country If he ust speak comparative
~ Of the relative value OF the objects to be effected by
such an agent candor would oblge him say that his
constituents considered that as most important which
went immediately 10 operate their personal interests
namely, It's influence III rescung the national
J cy from It's presen. state Of degradation. The uty
thus required by his constituents Mr. b was ready
discharge whenever the opportunity should be submit
| ted 10 the Senate
Mr.. CALHOUN said that he was not sure he under
stood distinctly the position taken by the gentleman
from Georgia, (Nlr Berren.) lfhe rightly Comprehend
I'd the position he had assumed, IT was his intention TO
first against the amendment 10 the amendment and
then against the njment ITSELF thereby leaving the
law of ie.,U unaliered.
Mr. BERR.tN here re-staed his position.
Mr. CALI GUN SAID tina, he had 50 understood him
If the gentleman would vote for Mr.. e. mendmrnt
il would remove the disabilities in the aw Of lc6 a
10 banks moi paving specie and banks issuing small
notes; but if the gentleman would vote against both
an,c amenis and leave the law Il stood then, when
the Sub.Treasury had been repealed, the public mo
ney would be left to be managed by The Secretary just
as he pleased, and the law would in all probability,
never be modified. Mr.. G. sad he had moved h.
amendment solely in reference to that which had bee n
moved b. the Senator from Kentucky, (ar. Clay) lie
was, indeed, glad that the Senator had moved that
amendment, bccause lis discussion had shown iha!
that gentleman rightly understood what would lie he
operation o. repeal OF the Sub Treasury He had
4. all adj hat tIp Siipir Ia
under The law 0! -}6. lie hoped the question would
be taken the amendments in their order, and he de-
manded the yeas and nays
Mr. WALKER said that the yeas and nays having
been ordered, he was constrained 10 stale the
which should govern him in giving vote different
from tina, ofhis political friends The Senate about
10 repeal the Sub-treasury law, and if substitute
should be provided it about 10 establish the State
bank system. Mr. w. opposed to the repeal, for
ne greatly preferred the Subj treasury to any substitute
winch could he provided; but he was fully aware that
a powerful party, comaar ding majority IL both
Houses Of Congress- utterly opposed 10 that mea
sure, and he could not doubt It's repeal would take
place The next question that would present ilseli
you'd be, what substitute was to be Provided
The very last he (ar. Walker willing 10 adopt
was the State bank system. To t!rs he was Ut
,eriy opposed and always had been. lie had opposed
i, IN 1893, and ii vas the only measure Of General
Jscksnns administration up TO that time from which
he had dissented His constituents, with lu know
ledge that he did oppose il, had elected hm 10 The
Senate and he had relinquishcd his opposition
to The measure from that time 10 TINS lie had voted
against The law Of c}6 two grounds first, because
il contained the distribution principle, and, secondly,
because it established the State Bank system, and he
had al that time recorded his prediction that that sys
TEN would explode and fail. When again elected, he
had arain announced his opposition TO the system, and
had SAID that there was no alternative within me limits
OF the Constitution which he should not prefer II il.
What was the opinion of the people OF Mississippi with
regard To Bank Of he U";.ed S"'es might he donbt-
tul-but of this there could he doubt that both par
ties in that State utterly opposed to the employ
ment of State Banks repositories for the public
money As their representative, faithfully rejecting
their opinions he never would give his vote TO re-
adop that repudiated and exploded systen, yet this
was what he was now called 10 vote for for It could
not he concealed that if he voted against the amend
,,ent prooosed By the Senator from Kentucky, (Mr.
Clay, he voted for the rc-adoplion OF the system OF
State Banks
Gentlemen had told the Senate that they would not
leave the public at the discretion Of the Pres-
dent for single day he would tell them that, by the
aid of his VOTE that treasure never should be placed
under the control Of the State banks for single day
However he might differ from the President on some
poinls he still had confidence in his integrity but he
had no confidence whatever IN the integrity OF The
banks lie was utterly unwilling TO give vote through
which the bank dep0ste system mgai, by possoiHly,
remain the Law Of the land. He believed to be the
worst system that ever had been devised-the most
corrupting system that the wit OF man could invent
Ii caused the banks crouch like menlas at the foot
Of the Executive, and it placed in the hands OF me
Executive a more dangerous power than human WIS
dm rather than human folly, ever before contflvea
Gentlemen were very much opposed 10 Executive
discretion that although they admitted they had no
donb, snmc substitute would be adopted for the SUD
Treasury scheme they would not have he puol'c mo-
urys subject Executive discretion Tor shSie Gay
IL would tell these sGneansh gentlemen that II they
continued the law cf 1886, they would leave that
,snre At the control Of Executive discretion, not Tor
one day. but for months together. Mr. w called lie
attention of the Senate to the 9TH section OF mat
law They would find that the Secretary must, IN
The first place call upon all the banks oi ,he COUNTY,
show hItr, their hand lay before him thrir amount
of stock their circulation and their Liabilities ana,
n word their entire condition. And then, When
all these reports had come in, the Secretary must
make an impartial selection from among them OF the
hanks 10 receive the public depositcs. Then he must
pr;,e 70 inform these banks Of his decisnn Nor even
,ben was the operation over, for the selected banks
must enter into contract with the Secretary, must gre
HIM bond and security, and that security must Dc con
sd.red and approvca. Who could doubt that all tins
would consume more time than was likely to intervene
between me repeal of the Suh Treasury and the adop
lion ne substitute for IL, Tine very least time requ''
clio for due conn lance with tins part OF Inc law
.ould he two months The objections, therefore o'
gentlemen about leaving the public money at ESecu-
tive control during the interval were perfectly ius'e,
equally in his control and for longer t'ne
Bu, even should no substitute whatever be adopted
FIR the Sub Treasury Mr. W. was st'l! utterly opposed
10 rey;yinr by any vote Of his, the Law Of $50 u
should BECOME law o,he land b. his &C. tor any
oeriod. brief Of long. To this position he oren'y
edacd himself belnre the people Of Mississippi, not
n,lv 1s5 but again in 1889 40 In this position, too
the peop!e Of Mississippi were unanimous Mr.. W
word state some reasons Why he opposed to u :
Th,, law compelled the President to selrc; State banks
80 fiscal agents of the Government; and more than
that il compelled him to State banks as lnstrn-
men,s to loan the public money, and thus nlr w.
considered the great and ecen, cause ot The pre-
sent catastrophe in the pecuniary condition OF the couh
,ry. lie now put the question TO his friends on ms
side of the House, whether such were not the prov
s;ons OF the, law Was il not fact ha, that LAW DID
bse the President to direct the banks TO loan out the
public money: Did it not require banks to pay m
ieres, for the depnstes And FIR what were they 10 90
this, Were they to pay The Government money ''l
leave TO keep the public funds in their vaults as
s,ecial deposle' Would the banks pay interest ior
leave to incur risk Surely not; and no man '.
his senses could deny that by e1acuns suIn IT,
the Government did virtually order the banks 10 loan
out the public money deposited in their nan's st.h,
President might give such an order VI ne 'h'ngn'
o,on., nhouGh MI W. believed he never woulo GO