The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-06-17

nlanaiiun III he provisions al the bill, end
n The consequences which would result
from IL passage into . law, and proposed
IN amendment 10 0hviale snch dli1eallaes
Il might be spprehended.
A discussion 81 some length followed,
In which Mr.. Calhoun, Mr.. Clay, Dir.
Benlon, Mr.. Rises, Mr.. Mangam, Mr..
Barrow and Mr.. Preston took part.
In the course Of bis remarks, Mr.. Riyes
disclaimed having any scheme Of his own
10 advocate, and said he would not seek
10 deiain the Senate IN The halfway house
az The state banks, far less in such baw-
dy-house Is The bank IN Philadelphia.
He now waited for the nation 70 build
up q scheme Of is own. Mr.. Clay acted
on lofty spirit of compromise now, =
on many former and illnstrious occasions,
in asking lor The plan Of the Secretary Of
The Treasury: he was very sure that gen.
tleman was acting for his c0untry's good
and moi Tor party or personal ascendancy.
As 10 The senator from South Carolina.
he had himself denounced the stale bank
system As . miserable riekety system Of
puny Legislation" il the judgment of the
nation was against il, lei i 90 down. Mr..
II. would no, plead in is favor: but for
one he did not believe the judgment Of
the nation had condemned, a yet, either
Of the substitutes for sub-reasury. Thai
il had most clearly condemned.
Il
Tuesday. June 8.
/ Mr.. Tallmadge presented resolutions
from the General Assembly Of New York,
in favor Of an equal distribution Of the
proceeds Of the public lands.
The joint resolutions upon the death Of
Gen. Harrison were read third Time and
| passed.
The bill to repeal the sub-ireasury was
taken up as the order Of the day: the
question being on an amendment moved
by Mr.. Calhoun, TO an amendment offer
ed by Mr.. Clay, repeating or modifying
the deposiie act Of 1896.
| Mr.. Berrien, Of Geo. addressed the Sc
nate. lie was not satisfied with the po-
ssi,icn in which the question would be
/ placed by the adoption Of either Of the
amendments. The repeal Of the act Of
1886 would place the public money too
much under the discretionary conlrul Of
an executive officer. After the repeal Of
the sub-ireasury, should Congress fail 70
adopt any substitute, then the Senate
could adyisedly proceed 10 modify the
law Of 1896, as the changed circumstance
! of the country should seem 10 require.
Mr.. ID. said he came here instructed by 4
large majority Of the people Of his distric.
to put rs speedy an end to the sub-Trea-
sury law a might be consistent with just
/ legislation, and then to lend his aid in
providing \ substitute for il. BY what
name this substitute should be called was
TO him a thing perfectly indifferent. pro-
yided il would perform the duty Of an ef-
ficient fiscal agent, by furnishing safe
depository for the public money, facilitate
| ing the transfer Of the funds Of Govern
ment, and last, not least. by excrting 4
renoyating influence on the currency of
the country. The duty thus required by
his constituents Mr.. ID. was ready TO dis
charge whenever the opportunity should
be submitted 10 the Senate.
| Mr.. Walker, Of Mississippi, also ad-
/ dressed the Senate. He was opposed to
/ the repeal of the sub-trcasury. But he
had no doubt ii would be repealed, and
the question would then present itself,
, what substitute should be provided. The
very last he was willing to adop. was the
State Bank system. To this he was ut
terly opposed, and always had been. lie
had opposed it in 1893, and il was the
only measure Of Gen. Jackson's admins
trallon up to that time from which he had
dissented. He believed il TO be the worst
system that ever had been deyised-the
most corrupting system that the wit Of
man could invent. Ii caused the banks
to crouch like menials at the foot of the
Executive, and it placed in the hands of
the Executive a more dangerous power
than human wisdom, or rather than hui
man folly, ever before contriycd. What
was the opinion of the people of Missis-
sippi with regard To a Bank Of the United
States mightbe doubtful--but Of this there
could be no doubt, that both parties in
that state were utterly opposed TO the en-
ployment of State Banks as repositories
for the public money. An Overwhelming
majority of the people ofthe state held the
pet bank system as the very last alterna-
tive within the limits of the constitution.
There was no constitutional measure that
they would not prefer to it. 1t had been
!. their curse. ill.,
i MIR. Benton and Mr.. Calhoun also made
few remarks.
The question was then taken on Mr..
! Calhoun's amendment, and decided in the
aiiirmatlve--yeas rs, nays %.
The question then recurring on the
amendment thus amended, il was rejected
yeas I'D, nays 20.
: MIR. Clay said that the effect Of the last
vote was, TO leave the bill in the form in
. which il had been reported. iii should
. in this form naac both IIn.,.a. r ~.