Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-11


no Executive and though not intended 4 per-
monent provision OH the subject, il at least better
,hsn The law of 1850. Acting on The principles then
avowed we should proceed with great caution. Suns
Of those on his side of the House Intended 10 leave the
nublic treasure without, the guardianship OF law Yet
ihev ouabt 10 move cautiously and scrupuouslv-
Not that he believed the State bank system had had
full and fair experiment No system could nave done
otherwise than fail under such ausPicrs Yet lie did
not concur with his friend from North Carolina
that The public funds should remain under Exc
cutve control for any time at all lie thought they
ought not remove restraint TIL they imposed
another in lis place; they should not unite the Exr-
cuve hands Till they had another cord prepared 10
bind them. He concnrrcd with those VINO desired
the repeal of the Sub. Treasury law. lie had IL.
ways been opposed to it, lie had thought II better
to abide under the law Of 1896 than TO rush into an
tried and doubtful experiment. lie thought so snl.
and would rather go back To that law with all rs
projections its head than confer tine Executive
lbe discretionary control Of Tie public moneys for any
neriod however brief. II seemed TO be demanded 5y
The VOICE Of the nation, that the Sub Treasury be
peaed He concurred with that voice. and though
he should for himself, have preferred repeal only
of the specie clause, leaving The residue Of the
ch;nery untouched he submitted to the expression
If tho public will He hoped the amendment propos.
ed b. Tie Senator from Kentucky would not be INSIST
cd
Mr. CLAY said he was very Indifferent, to The fate OF
the anne ndnent, but lie thought that gentlemen had
quite done MN inSticP WHIt urging tIfll oDcEi"NS
10 it, For in the first place. the law Of 1876 did
more put the public deposcs under the control Of law,
according 10 the doctrine maintained and INSISTED IN
BIZ Gen. Jackson, than the act OF 1916. what vas
that doctrine Tia; every Executive officer : bound
10 conform TO the orders of the President and he
fuses To do So the Prrsde may remove hun. a2.
DIV this To the law Of 1886 How were the repositories
To he selected in which place the public moneys BY
the head Of the Department. but unless, III making THIS
selection, he conformed himself to the pleasure Of An
I.E n .Ilfr sod
was, then, perfectly idle to talk of any system being
elcacicus in removing the deposles from under the
control of such BY the power he could ever es-
er, over his subordnatrs, he could, at any time, re-
move or continue the public funds among the banSs
Just as lie pleased.
Now look ut the contingencies that would present
themselves should the llw of l-3b be cnntinccd IN
force His friend from louisiana tAlr. Barrow had
said that he would prefer 10 have the Puoic money
placed iii specie paying banks 70 ica'h@ y
under Executive control. But the law OF 1870 would
not allow the Secretary place il there What would
be the operation Of rejecting the amendment J r.
yive paralytic more than half OF whose limbs "sre
wholly destitute of all power Of action All the hahNs,
or nearly all, in the United States south Of New l"'~,
Tor perhaps south IF New Jersev,l had suspended srr-
Gle payments so that If the law revived the GS-
crston Of the Executive would still remain rs to all
these banks. II the State bank system must be
revived 1t ought To be revived as To become "pe-
ratiyc over nil the Union. As things now stood, i
would have no effect whatever throughout four itls Of
the Union in point OF territory, and perhaps, three
fourths in point Of population Did gentlemen want
10 resusciiae such rcketty, hali-alse thing as this
He presumed Therefore, he repeated, II tins iaw
was to come INTO existence, II must undergo COM
plete revision. But if public opinion 10 be re-
spected in Congress, what had It decided; Two
things first, had condemned the State Bank system,
either as a system for the convenience oil the Govern
ment for the good of the People and still more
enthusiastically had it condemned the Sub-Ireasury law.
Public sentiment being against both, Mr.. {. was for
both and he was equally against revivIng
law which must be imperative as respects twchrIs u
the Union.
Win, objection could there be to the amendment
All admitted that there might be necessity tor tur,r
legislation il bank other suitable fiscal agent
should be appointed the law would contain directions
TO tie Secretary 10 the disposition OF the pubic DE-
posi,es But il the law of 1850 was 10 be revived,
gentlemen must remember that it's provisions must BE-
cha ged since there had been two suspensions since
had been first enacted II the law should pass, with
the amendment the Sub Treasury would he abolished,
together with the law Of 1896, and the country be
placed under the law of 1872 it had been when the
depnsite. were ordered be placed the old Bank OF
the IT, 5. That law had revived on the discumtinn.
ance of the first bank, 1t had again revived Al
the discontinuance Of the second and as It continued
til, Isa6 What would be the practical course Of
things: The Secretary Of the Treasury would make
his deposes III specie. paying banks, but without re-
gard 10 tie denomination Of the bills they might ISSUE;
and in spec pay Ing banks where Ia thought 'h"y
were safe; and this arrangement woa.d be temporarily
adopted till bank created, or some proper fiscal
agent in lis place.
Gentlemen seemed not to have reflected on the
consequences of rejecting the mendment. What
would be the condition OF the Secretary OF the lfea'
sury Ike difficulty did not arise from one section
of the law OF 1886 alone; all parts OF the law, from
one end Of il to the other full Of sources Q! EN-.
barrassmcnt. He must make contracts which would
frequently require prolracted negotiation and N TINS
also he would be thwarcd and hnmpereG by that law.
II the law continue, il must BIZ re enacted alter
a thorough revision. Ii that the scheme 81 any
Senator, let hun say let him come out al once,
boldly, like man, and avow H. MIR. {. hoped iir
amendment would prevail: IL IT rejected, It wonG
only produce a between two different systems
and the effect would be TO revive miserable, rickey,
inefficient law, which would be useless as 10 great
part Of the country.
Mr. CALHOUN said it seemed TO him that the Sc
nator from Kentucky was the high road towards
proving that the ubTreasury law should not be repeat
ed If il was, either the Treasury must be lett unre-
guated altogether the law regulating It would be 50
full OF embarassmen;s that il could not get along
The argument amounted tn this: that the Sub.Ifras
~ should be left 10 stand till substitute was agreed
upon. Mr.. G. dd not think the Senator from hrn'
lucky Ind done General Jackson justice in his account
Of the removal Of the depostes Gen. Jackson ih
recommend their removal in the face Of III" lnw, bnt
on the ground that there was no law which Obliged
him continue them in the Bank. The Senator from
Kentucky not correct in his facts when he "a q
that the banks through tour hths OF the county were
non. specie. paying The banks in South Car'l'nl
paid specie, did others various Of the Southern
States But did the Senator mean that the Secretary
should make his deposi,es in banks which did MI re-
deem their notes. Was that the object Of his amend
menG fit was let il be avowed-le; the country IN
derstand il; if il was Mr. G. should be utterly and r.
reconcably opposed 10 il. As the difficulty arose
wholly from the condition Of the banks, it might te
fully met BY repeating the Objectionable clause N 'a'
law. II said indeed, that there were other d'ii,
cues other sections Of it; If So, let them he pointed
oul and removed and let the law stand if the banks
had not suspended
Mr.. RlvES again addressed the Senate" conend'n-
that Mr. Clay had been mistaken as 10 the effect Of w
law Of 1896 in case the SubTreasury should BE- re-
pealed President Jackson contended that, when 81
Executive officer was by law clothed with discretion
ary mower and did not exercise that discretion IN con
formity 10 the will of the President, the President
might riehtfuly remove him. And on this ground y
was that he removed the Secretary Of the Treasu'.-