Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-16
DEBATE IN THE U. S. SENATE.
REPEAL OF THE SUB.TREAsURY LAW.


The following resolution, offered by Mr.. CLAY,
OF Kentucky, coming up in its order
ReSolred, That the act entitled IAN act to pro-
vide for the collection. ssfekeeping, transfer, and
disbursement of the public revenue" ought to be |
forthwith repealed. and that the Committee on FL |
nance be instructed to report bill accordingly.
Mr.. CLAY said it had never been his purpose,
IN Offering this resolution, to invite or parnke in an
argument on the great measure 10 Which the resolu-
ton related, nor was it his purpose now He would
as liet argue to the convicted criminal, when the
rope was around his neck, and the cart was about to
remove from under his body, to persuade him to es-
cape from the galows, TO argue now to prove that
this measure of the Treasury ought to be aban-
doned. But Mr. Clay had offered the proposition
which he wished to submit resolution, and 1t
was now due to the Senate that he should say why
he had presented it in that shape.
1t was the ordinary course in repeating laws Ell
Their TO move n resolution for an inquiry by com.
mttee the subject of repeal or else ask leave to
| bring in bill to repeal the measure which they
wished to be rid of. But there occasions when
these ordinary forms might be and ought to be dis
pensed with And if they should look for exam
pies to the only period which bore any analogy to
this, that was the time when Mr.. Jefferson came in
to power, but under circumstances far different from
those attending the accession OF the resident OF
North Bend. If at that time the alien law had not
been limited in time, but had been made permanent
as to its duration, would it not have been supposed
ridiculous to have moved resolution of inquiry as
] to the expediency of repeating that most odious
measure! Besides, the Sub-treasury had now been
three years and three months the subject OF lnces-
SAINT and reiterated arguments-a term longer than
that of the duration of the last war. Under these
circumstances, discussion of the measure would be
both unnecessary and misapplied 1t was sufficient
that the nation now willed and commanded the re-
peal of the measure and that the Senators OF nine
teen States had been instructed to repeal it, 1t
might, indeed, be commended that the Presidential
election had decided this that measure when there
might well be dispute about it. Gentlemen on
the other side had said that such and such an eec-
ton had decided this that measure, one instance
Of which related to q Bank of the United States,
and about them all there migh well have been con-
troversy. But on one point there could not DC d.
versity of opinion and that was that this naion by
n tremendous majority, had decided against the sub
Treasury measure. And, when the nation speaks
and wills and commands, what was to be done -
There was no necessity of the forms of sending to
q committee, for slow process OF inquiry; but there
was necessity Of doing what the country reQuir-
ed and to reform what Senators had been instruct
ed to reform. The only question now was, who
would act against the will Of nineteen States; and
I Mr.. C. thought gentlemen who protested to be gu-
ded BY the popular sentiment could have no hesita-
ton TO comply with it now.
Sir, (said Mr.. c. l had hoped, for one that the
President of the Uuited States, when he commune
Gated his late Message to Congress, would announce
the fact which have stated, and would have con-
formed 10 1t in his suggestions to Congress would
, not indeed, hive asked the President to present
himself before Congress, and say to the nation and
to Congress, II have been wrong all this time, and
t now retract my error" Sir, it would have been
y unmanly to urge him to such step, and l would
not have required it of him. But we had right to
. expect that the President would have said, what
was the fact this subject, that the nation had de-
Iol bo whit IN hny
recommended that the will of the country should be
c obeyed. But least OF all could we expect that he
would recommend, as he did, certain improvements
of this measure and that Senators should concur in
amending measure against which the nation had
decided. And, even if they should persevere in
such course till March next, they know perfectly
well that this measure cannot be continued after
the new President shall commence his admnstra-
ton.
One word as to the effect OF the repeal What
has been said of this measure! 1t is said to have
been very successful oy the report of the Secretary
of the Treasury. Sir, would have been much bet
ter pleased if that document had gone into detail,
and had told US what effects had been produced,
and what changes had really taken place, arising
out of this measure All this he has omitted and he
has only told US that the has so far salts
fled all their expectations aud that it has been most
favorable in its operation. But what is its opera
, ton? Sir, am far from the receivers general, and
! wish was much further but what is its operation!
= Perhaps the honorable Senator from New Hamp-
shire (AIr Hub5ard) can tell, who, all occasions
has stood forth the ready protector and advocate OF
It the Secretary OF the Treasury, though must say
was most ungrateful return for the Secretary OF
the Treasury beat him in the late Senatorial elcc
. ton. Or, should be glad to learn from the Hon
Chairman OF the committee on finance, (Mr. Nright)
who is one of the instructed against the measure
and let him give it in detail, how the sub Treasury
d has acted, and how it is working how it is
n varying the financial and commercial concerns oil
i. this country. SIR can tell myself, though am
remote from its operations, and understand there
is not the slightest difference now from what was
going on before the 4th of July last, in the opera
II ton of this system. Now as then, the notes of al
D. the specie paying banks are received, and these
notes pass into the hands of the Receiver General
}. The process is this: merchant in New York who
f has to pay say 800, givesstwo checks, of $500
Y each, but specie. One of these checks is en-
dorsed "specie" but the other has no such endorse
ment; and both these checksare carried to the banE
and credited, not to the Government, but to the Re
n ceivcr General, on his own private account. Tha
lie is the action of the subTreascry. Both checks art
N eashed paper, convertible at the will Of the holde
s into specie, and the one with the endorsement o
n specie is no more specie than the one without TIT
endorsement. And such was, in fact, the usage be
fore the 4th of July last. Prior to that the pape
Of no bank not paying specie received and It i
s. so now and that is the amount of the whole oper
ut alton of this measure. Prior to the 4th of July
N last, in New York, for example, the money was re
h. ceived and placed in the banks on private account
" and the Government had no control over it. Ant
IS so it is now Jesse Hoyt passes it over to Saul
:; Paul Allen, and Government has no control over il
- The result is, that the whole passes unde
u the care and custody of private Individual, int
L. some bank. II am right in this, it is very clea
that the operation Of this system is extremely lin
ited and very iafonsderabe, and so continue