Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-11


Opposed that measure. declaring that the public mo
ney was IN the lowless possession Of the Executv,
lie reminded the Senate of the repeated message
OF president jackson, inviting Congress to roguat
the subject by law, and then referred the enact
ment OF the law of 1886, aud the effects Of that law
but what was proposed nowI To repeal the In,
by stroke of the pen, and remit the public tire,
sure TO the "lawless custody of the Executive A
10 inc law OF 1882 It had been Just as much in fore
IN 1880 as II was now; yet these gentlemen the
preached, from day TO day, that the money was i
the lawless control of the President. MIR II. cor
tended that, except the law OF 1886, there was n
| Jaw 10 regulate the custody and management OF tn
public treasure. But it was said that there was N
need OF the law now, because those in power he'll
| principles which would prevent them from any I'M
proper use OF the public money; they were a diff
ierent sort OF people, and therefore they needed NJ
law to regulate their conduct. This, MIR b. said
was the very first time, during the twenty wears h
had had seat IN that House, that he had heard suc
doctrine brought forward. IL was the first time h
had heard that there was to be 4 difference mad
between men IN the making of the laws Of the land
that laws were necessary to govern one set Of men
Out MOI another; that the principles Of one set
punlc o:hcers were so pure that they needed no law
10 govern them. lie called upon the Senate to pu
me brand oil Its reproba,ion upon doctrines like this
lie should, at all events, record his dissent from
them.
MIR CALHOUN said it was not his purpo,e I,
go al large into the argument. He only wished the
senate 10 understand that II was now pronosed
without the least necessity to return back to tha
state OF things which preceded the passage Of lii,
law OF 1886. He had himself differed from Gener
Al jackson IN toto with regard to the removal of the
depoStes; but he do him the Justice TO saw thai
It had been his deliberate opinion that when IN,
public moneys lay in the banks of the States unre.
suiated by law, they were in a wrong condition
In confirmation OF this position, Mr. G. called for
the reading of an Executive message calling the al,
tention oil Congress to this subject (which read
| Accordlpgly.1
In conformity with this recommend alton, the law
| OF 1886 had been passed almost unanimously; vet
now an amendment was proposed which went to
put back the public money exactly where it had
been before, giving the President discretionary
or TO say IN what bank it should DC kept and when
and whittier II should be removed. Save the remo-
val OF the deposies from the Bank Of the United
States, General Jackson himself claimed no power
beyond this The pretext he had already stated
but the whole difficulty could be removed by re
pe'ling the 9Th section of the law which created
certain dsa biiities which would now operate We
~ inconveniently. Under this view, MIR c. would
move To amend The amendment by striking out all
but the enactns words, and inserting as substi-
tute the following:
That so much fthe 5th section of the act of2Sd
June, 1886, as provides that bank shall he selected
or continued as place OF deposte of the public mo.
ney, which shall, after the 4th OF july 1856 issue
or paw out any note hill of a less denomination
than 50; and that no or bills of any bank be
received IN payment Of any debt due TO the United
states which shall, after the said ih OF July lS36
issue any note or bill of less denunciation than
50, be, and the same is hereby, repealed.
ms would meet the whole objection, without
leaving the public treasure atthe Executive control
MIR. &. had all respect for the Executive but he
would not consent To cave the Treasury NJ his die
poSa for two days, much less for a month or 81,
weeks. The Senator from Kentucky, indeed said
that the llw of 1889 would I've still in force. Moth
ing, certainly, would CRAFTY MIR C. more Than
return to the provisions of that law II miobt YER
truly be called sub-Treasury act i, declared m
the public funds shall I've kept by a treasurer and
received IN gold and silver only. But by what pro.
cess ne would not now say, that law had become
dean letter. Gould II be revived, nothing would
crafty Mr.. c. IN a higher degree But he would
ask gentlemen II all which had passed TODAY on
this subject did not 90 prove that as he had Al
hrst maintained, the sub Treasury law ought TO re-
nam IN force u some substitute for Il was proyid
ed Ii might, IN architecture DO very well 10 TAX.
down one building before you aid the foundation of
another, but this did not hold in legislation. VIII
not leave the sub Treasury law as il stood nh
some other measure could be agreed on 2 Could il
ne from personal feeling from party triumph
Why re-HnIte the purse and the sword after so ou,
ly denOuncng that union
The amendment Of Mr.. Calhoun having now been
read at the Secre,Ory's table
MIR. RIVES addressed the Sonata The ,g...
OF the amendment proposed by the Senator from
henIucky would be TO nullfy, TO a grea; extent
the action OF the Senate. The sub-Treasurv law
had IN It two features peculiarly odious One was
the requirement collect the revenue IN Gold and
ted IN the custody OF Executive agents. But was
not the effect of the amendment Of the Senator from,
kentucky TO re establish the sub-Treasurv law At
least IN one OF these odous eatures2 IL gave the per-
sonal custody OF the public treasure 10 Executive
officers. MIR. r. here reverted to the obiec,iops
which had been urged against this state OF ibirgs
after the removal OF the depositss and previous 10
the passage OF the law Of 1886. The lay of I7sg
was as much IN force then as now. And where did
u place the public treasured Ia the custody Of the
Treasurer of the United States. And who was he1
An Executive officer, removable at the pleasure of
the President OF the United States, and exercising
the privilege OF selecting, according to his own DIS
creuon, the repositories where the money were To
0c placed, and when so placed they were held To he
constructiyely IN the custody Of the Treasury II.
self. And whit guaranty had the country for the
sate-keepIns funds so disposed of Nome butthe
lreasurer's bond OF : 10000 Who could consider
the public funds safe under such security7 Ifthi,
state OF things must recur, surely ,hete would al
least be needed a stronger security than this
MIR. K. insisted that the proper course at this
time was SIMPLY 10 repeal the sub-Tresury law.
ana ihen stop uil they could agree upon some one.
oil tue seveTa substitutes which had been suggested
Oh these there were at least three 10 choose out Of
hrst, the State banks; secondly, a Bank Of thg
United States on the old plan o., lastly a new fiscal
agent. FOR las own part, he believed that the Pco-
pie of the United States would even prefer 10 see the
public money kept in the State banks, provided
they were restuc 81 10 such paid specie 10 hay-
ing them put under the discretion Of the Executive
lherc were many banks which still continue 10 re
deem their notes. The Senator from Kentucky
seemed TO dcsne not Only to put down the sub.
Treasury law, but by the same bow 10 PROSTATE
the State banks, and any other fiscal agent; so that
nothing should remain 10 DO adopted but a Bank
Of the United States. lie hoped the Senator ould
consent 10 adopt the amendmen; proposed by the
Senator from South Carolina, and surrender the
measure he had proposed, and TO which there were
many serious objections
MIR. MhNGUM thought that there was !, ia.
Senate much unnecessary excitement on this mat.
ter; gentlemen seemed dsposed 10 look at il rather
rs dilecucans than in that point Of view IN which
u would be looked az by the Public. lie though
there was no real difference between the views Of
the Committee VI Finance and those Of the gentle.
man from Virginia, (Nr Bivcs) II the Sub,Trea.
sury should be repealed, the country would he
thrown upon the law Of 1896; but the provisions
OF that law were such that scarce Depository could
Oe used OF all that were IN the United States OF
/ the fifty banks Of New England there was scarce
one that did not issue bills under the deuominat on
OF hvc dollars. IL vas therefore q new question ol
convenience, during the short period between the
/ repeal Of the Sub-Treasury law and the adoption
Of substitute; for they did Tot mean TO sion AZ IN.
/ mat way house" They desired the establishment
oi Bank Of the United States; hut, irthat should
lai l"nIc1 he could 90, suppose) still they ID ma
intention OF adI0urn.ng without y.nrng the public
moneys under the custody Of law. The inference.
Therefore, was not 20 be drawn, that there VS. no
idea Of abandoning the principles commended Tor N
1876. The only question was, whether thew sbouId
abandon The Law Of 1886 for lev weeks. IN a 6n7
Ia" could be agreed on should Ie1vc the Screen.
~ OF the Treasury 20 struggle with all the eroL,r
rissmcnt which must beset him should that I,oV Ls
rCVVcu a short time would settle the o.r.,,..