Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-06-22
UOunreastonaI.
From the Charleston Courier.

strlct the committee on finance torcpOrl OIL
for the immediate repeal Of the Sub Treasury,
in the u. s. Senate, on the Sd inst, was full Of
interest. Mr. Clay was willing to modify his
resolution in terms, and at the request OF Mr.
Wright, so modified it as to make it one Of IN.
uuiry into the cxpediency Of the proposed re-
peal. Mr. Calhoun expressed surprise at the
resolution and said the friends ofthe Sub
Treasury considered il the most perfect fiscal
agent that could possibly be devised for the
ends to be effected. Mr. Clay thought objec-
ton strange after his liberal modification; but
disclaimer all mystery or concealment, and
avowed with all frankness that he and his
friends meant to 90 for Bank of the United
States but as the architect, before he erected
a building first cleared away the rubbish
which occupied and encountered the ground on
which twas to stand, so the friends Of a na-
tional bank desired first to remove the Sub
Treasury scheme clean out of the way. When
they had done that, then they were prepared
to move in the direct accomplishment of their
object. When they had got clean and fair
sheet of paper before them, then they should
be prepared to inscribe upon it whatever a
majority of the Senate might deem most ex-
pedient for the public good.
Mr. Calhoun still objected. He knew per-
fectly well that the only alternative was the
Sub. Treasury or Bank of the United States;
hence it was that in 1887 he had taken ground
against the one and in favor ofthe other. The
Senator had observed that an architect pulled
down first and built up afterwards. This was
a metaphor, but metaphors did not always turn
out to be sound arguments. The position of
the Senator might be true in architecture, but
it was not true in legislation. The mere re-
peal of the Sub Treasury would reinsiate the
pet bank system. The creation of Bank of
the United States would supersede the pet
banks. He could not vote for the resolution at
all, especially since the avowal of the Senator
Mr.. Clay rejoined, and expressed his hear
ty concurrence with the sentiment expressed
by the Senator from South Carolina, that the
only alternative before the nation was the Sub
Treasury or Bank of the United States. I'm
doubtedly, there was no other alternative. The
Senator, with great manliness, had admitted
this; so had the other Senator, Wright on
a former occasion, it had always been Mr. C's
own conviction; and he was most glad to hear
the fact SO frankly admitted in that quarter
The only alternative, then, being Sub Treas
urv or Bank of the United States, and the
people of the United States having most deci.
dedly and unequivocally condemned and rem
dated the Sub Treasury, it only remained
that Congress should provide in due season a
Bank of the United States. But this was not
session for talking; it was pre-emnentlv the
season for action. The day of Judgment has
come, (said Mr. Z. with great emphasis and
anmation) the day ofjudgment, hope,is come
at least to our political world
Mr.. Calhoun said that when he had before
hot IL
beslde The Sub Treasury, he meant to be un-
derstood that political parties in the country
had so rallied on these two measures, that there
was, practically, no other alternative. But
there were other alternatives which might be
adopted. The pet bank system was an alter
native, though, IN practice, it was but " half
way house" on the road to Bank of the Uni
ted States. The Senator himself had so desip
mated it, and had declared himself content TO
lodge IN 1t for week or two. But Mr. c. had
always known tina, it must come to a national
bank at least, if the Sub. Treasury were once
abandoned. 1t was in this view that he had
IN 1887, and should continue to resist
it in all its stages.
Mr.. Rives said he would vote for the reso-
luion,but not on the ground that u. S. Bank
was lhe.only alternative-there were MANY al
ternatyes' The President in his message had
indicated several. There were the State
banks, there was United States Bank, as
formerly organized, and there was a fiscal
agent which might be marked with verv d;f.
ierent character. The removal of tho sinh
treasury would at least narrow the field If
choice. He entirely agreed with the President
that large majority ofthe people of the Uni
ted States had unequivocally condemned The
measure. nj be IL
pronounced their will in favor of any other
The Senator from South Carolina himself had
admitted on former occasion that
the sub-treasury had been condemned bv the
voice of the nation.
Mr.. Calhoun begged leave to correct tho
Senator from Virginia. The statement MrC
had made was that, in regard to the sub-trea.
'ury, taken as sole and solitary measure. the
people had declared their opposition to If. bnt
hen there had not been greater majority in
ayor either to the pet bank scheme or that nj
! United States Bank.
Mr.. Rives deemed it sufficient that the M.
ION had committed itself to the repeal of the
ub-treasury law. Mr. Calhoun PROMISED n
id to the resolution of enquiry sand to renort |
substitute" Mr. Clay objected becanee + |
you'd nullify the select committee.
Mr. Calhoun said his object was IN faka tho
ense of the Senate whether thew intended to
ct separately on this subject without the 9th.
r matters connected with it. There were
hree sets of opinions in the country-one for
National Bank, one for the pet banks. and
ne for the sub-treasury. The object of this
esOlutlon had been distinctly avowed il was
ne establishment ola National Bank. The
nb-treasury had just commenced its opera-
OnS WHY not give If a fair frioI1
Mr. Clay across. Because the people have
it..
1t is said there is majority of the people
opposed to 1t; and SOL believe, there is against
ne pet bank system, and against Bank of the
,nIted States. If the resolution was adopted
Ii Z. did moi care to which committee it was
elerred = was
Mr.. Walker preferred its reference to the
elect committee on the currency, &c.
The question was now put on Mr. Calhoun's
ml,endment and decided by yeas and nays as
1EAs-Messrs. Allen, Benton, Buchanan.
alhoun, Clay, of Alabama, Fulton, KING. NJ
.ooerls, Nicholson Pierce, Sewer, Smith. of
Surgeon, Tappan, Walker
llllams' Woodbury., Wright, Young-l9.
NAYs-Messrs. Archer. Barrow. Bates
ayard, Berrlen, Choate, Clay, of Kentuckv'
layton, Dixon, Evans, Graham, Henderson,
huntingdon. Kerr, Mangum, Merrick. Mile
lorehcad, Porter, Prentiss, Preston Rives
mmons, Smith, of Indiana, Southland Tan
adge, Woodbrldge-27.
The resolution of Mr. Clay was then adontaa
follows: ei auopeeu
Resolved, That the Committee on F;n.roo
0Irppfnd tn l..