The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-12

On the ballot for Assistant Door keeper "A votes
were given, of which Robert Bea received A. Robert
p Anderson 2, $500 Basset L.
Mr. CLAY'S bill for the repeal Of the Sub-treasury
was taken up on its second reading, in Committee OF
Mr.. CLAY, said he had a word or Two. only by way
Of ex PLANTATION The first section was repeal of the
Sub treasury act In Of that repeal would come
into operation the act Of l7s9 establishing the Trea
sury Department, the resolution Of 1876 and the act
of 1885, providing for the Deposit of Public Moneys
in the State Banks. The second section was provi
sion designed to remedy the defects in former legsla
ton against embezzlement
As TO the permanent adoption of the State Banks as
Depostories he supposed that there disposition
on either side Of the Senate TO recur to t. Il had been
tried and found impraciicable He had not at first
thought 1t necessary to introduce section repeating
the act of 1885, expecting that this bill would DO i'm
mediately followed by the creation of Bank Of the
U. g., or Fiscal Agent as some gentlemen prefer
ness on that term. He thanked God his nerves were
not delicate But that act forbade the Secretary of
the Treasury to make any deposites in Bank not
paying specie, or in any issuing notes of amount
less than five dollars. He believed that there were
no banks pyang specie, that did not issue notes
necessary to provide for this change Of circumstances
II necessary, ALSO to provide against the contn-
gencies of delay in the creation of a National Bank
He, therefore, moved to repeal the act Of 1886. He
now. He considered the whole already sufficiently
discussed.
Mr.. CALHOUN objected to the state Of things
created by the repeal off the act Of 1885, subecng
the Treasury again, before that, wholly 70 the Ex
ecutive control. He asked for the eas and nays
y Mr.. CLAY, in reply called the attention of the
Senate to the change of circumstances since that PEI
Rod. The danger to the Treasury at that time con-
sisted in the assumptions of the control Of the Treasu
ny by the Executive and in the maintenance Of the
A. s.ot aI,C
mere creature Of the President. Such the state
of things at the time of The removal of the Deposites
the Treasury Circular. But these were not the sent
ments of the party now entrusted with power. They
opposed to the union of the purse and the sword
The act Of 1882 with the reservations made of later
acts would be sufficient to secure the safe keeping of
the public money.
lMr BENTON replied that the Senator from
Kentucky had advanced the doctrine that diie-
rent laws were necessary for different Administra
TONS 1t the first time that he had ever heard, on
that floor the principle that laws were modified ac
cordng 10 the men in power, and he called on the Sc
nate to take notice of IT, He reoiced that the Sena
tor from South Carolina had called for the yeas and
nays TO give the Senators the other side an oppor-
tunity to exhibit their principles TO the country by
their votes They had declared that, under President
Jackson before the passage Of that act the Treasury
had been under the perfectly lapless control of the
Executive and they asked that it should he re-
stored to precisely that position in their hands
WI. OhLIOOIN lDSsteu Iuht IL WOuu NC thC Ohiy
wise and prudent to leave the sub Treasury act
in operation till substitute provided. He could
not consent thar the public money should be left for
single day under the control Of the Executive. After
some remarks TO this effect, he moved an amendment
removing the disabilities, under the act of 1856, Of
banks issuing notes less than five dollars.
Mr.. RIVES maintained that the operation Of the
amendment Of the Senator fiom Kentucky was TO re-
establish the most Objectionable features Of that
sub Treasury act which the bill proposed to repeal
4 in he hands n the
Treasurer ofthe United States, who held his Office at
the will Of the President. This state Of things had
been ably objected TO- at the time ofthe removal OF the
deposes, by the then Opposition and the supporters
objection President Jackson himself called Com
gress TO provide BY legislation for the keeping Of the
public money. 5f
He had understood the object Of this bill be the
removal of the sub Treasury alone TO make room for
new system He hoped that it might be still limited
to that object and that the State Bank system might
stand until new system could be created. He had
hored that here was neutral ground where all might
meet for awhile.
y Mr.. MANGUM thought that the discussion had
arisen very unnecessarily He believed that there
real difference ofopinion between the Senator from
Virginia and the majority Of the Committee OF Fl
nance. The Treasury Department would lind II to-
tally impossible to make provision under the act Of
1886, for the keeping of the public moneys Such
banks it described were not now in existence
Minute inquiry and new provisions would be required
in order TO under that arrangement. He had un-
derstood that this Congress not to adjourn until
provision had been made for the legal and constitu-
tional guardianship Of the public money. Not more
than month could pass before the creation of new
fiscal agent and it was impossible that the Treasury
could return before the custody of the Executive
Mr.. BARROW spoke at some length in support of
Mr.. Calhouns amendment. He replied, particularly,
to Mr.. Mangum. He thought 1t enough now to re-
peal the Sub-treasury and leave the State Bank sys
n under the of SJ6 until the
ton Of new fiscal agent
4 Mr.. PRESTON said that there seemed to be no
difference OF opinion between the two sides, on the
point that the Executive power should he kept distinct
from the control of the Treasury. He reminded them
that in 1884 when this was the subject of much dis
CUSTOM it admitted all sides that, notwith-
standing the existence of the law of l769 due regu-
laon for this legal control Of the Treasury and its
security from Executive usurpation, did not EXIST
This must be equally conceded now. He did not
fully with the Senator from N. G. in all his
positions. He did not wish to the time in which
new, minute and thorough legal provision could be
made He did not wish the Treasury to remain, even
Tor the shortest time under Executive control. When
they opposed the Sub-trensury, it was on the very
ground that the State Bank system, bad It might
be- was better than the Sub-treasury. Hcthought SO
then. He thought SO now.
Mr.. CLAY said that he was quite Indifferent about
the fate of his amendment but he thought it had been
misu nderstood He insisted that the act of 1885,
more secured the money against usurpaon than that
of 1885, so long the President Gas then) exercised
his own will every part OF the system by means OF
his Executive power.
The restoration Of the State Bank system would be
the revival Of paraytic rckety thing the moety only
Of which was in actual existence, or capable of per-
forming its part. He spoke coquenty for some time
in defence OF his amendment.
Mr.. CALHOUN replied. He thought that the
Senator from Kentucky was in fair way TO prove
that the Sub-treasury ought not 10 be repealed He