Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-18

Presidential election, and Federalism and the Bank
will hold out relief the condition that the political
mower is lodged in the hands they may indicate
The bill 10 repeal the Constitutional Treasury came
IN (a.r the exhibition of Mr.. CIays other permit
ted aeasures) as the special order Ut the day. MI
Cay who rs chairman of the Finance COMMITTEES, re-
ported tins bill several days since, found on subsequent
reflection that, III hs haste, he had forgotten 10
destroy the preceding system OF State bank iiscai
agency which would be revived on the repeal OF the
Constitutional Treasury. This would have left re-
sort Ia the Executive he should feel it his duty
10 veto such National Bank it might be the plea
sure Of Mr. Clay, aud the majority that obey HIM 10
fare. mon him MIR. Clay therefore introduced an
amendment lis repeating bill, to make it EN-
brace the fiscal agency Of 1896, which both parties had
united in adopting. This sweeping proposition OF re-
peal in case 4 Bank Of the IT, States should not be
established, would leave the President no other alter
native bnt give the custody Of the public money 10
the Treasurer without the security and regulation
which all parties have deemed necessary 10 take TO
himself what has been called the power OF the purse
and sword, surrender the former absolutely TO VA
tional Bank, would reduce MIR. Tyler to dilemma
which might eventuate in unreslsng submission on
his part to the scheme of measures Mr.. Clay has ev
IDENTIFY resolved on
The posture in which this proposition of Mr.. Clay $
seemed likely 10 place things, elected much feeling ana
interesting debate.
SOUGHT
ls3G in addition to that of the present Treasury sys-
tenn under the prcext that the State banks could not
generally take the deposites, some OF ITS provisions
having been violated, which forfeited the right Mf
Calhoun TO test the sincerity OF thus declaration, novea
an amendment which removed the disabilities refer
red 10 and then brought home to Mr. Clay the primer
ME upon which he stood when the law OF lcao was
passed viz that the custody OF the money oil the naton
should never be entrusted to the PRESIDENT or MS o.
cers hut should always be held under the STREET resu
afsn ri do ito Cd
Of CONGRESS To this principle, and the practice III
| conformity 10 it, recommended by General Jackson,
Il, o,r,ies assened, and the finances have been con-
duc,cd under it ever since Yet Mr. Clay boldly pro.
posed it aside and repeal all laws regulating he
custody of the public money! save that OF lIS., winch
he admitted himself could not be called INTO operation
in the present state of things He took the ground
that under the doctrines held by the present Federal
power the dangers were not to be apprehended when
existed during previous administrations, had lnperi-
ously called for the restriction Of the law of 1886 Co.
lionel Benton responded in brief speech to this novel
| poston and Mr.. Barrow of Louisiana, and Mr. Rlves
of virpina (and Mr. Preston, IT we did not msunder-
stand him. argued that the proposition OF Mr.. Clay
was departure from The principle which had prevail
cd OH all sides, when the custody OF the public purse
wns assumed as the right Of the representatives of the
oeope and essential 10 the security of the rights
Of the people Mr. Clay endeavored 10 maintain him
self through the day one came TO his aid but Mr..
Manrum who in q very lame way, undertook to salts
intend tina, the repeal proposed should operate leave
the public treasure to Executive discretion for any
i0ua time The indications Of dissatisfaction
evident Notwithstanding all explanations offered, that
Mr. Clay said he would withdraw his proposition, II
nermi,ted; but the general consent required, could
not be obtained whereupon, Mr. Berrlen, to gain time
to ex,ricatc him from his difficulties moved an ADJOURN
ment.- Giobc.
WAsulyGros, June 9.-Nr. Clay gave notice that he
would on to- morrow, introduce bill TO distribute the
proceeds Of the public lands.
Mr. E,yes moved to refer that portion of the Presi.
dents message touching The foreign relations oil the
| Committee on Foreign Affairs Of which he is chalr-
man This is the ordinary Of business !ut there
exists motive for setting it aside. Mr. Webster cor
rcspondence with Mr. Fox will not bear the scrutiny
10 which II likely he subjected in the Senate The
majority therefore, under the lead Of Mr.. Clay, who
moved Tie postponement OF Mr. Rvess proposition, will
| no, willingly permit an immediate consideration Of the
motion Of reference until the interests winch attaches
10 the recently published correspondence passes away,
and it NAV escape the full effect OF the annadversIor
of the representative bodies TO which 1t has been com
inundated while the public attention is alive to It
The tactics Of the Federal party, we think, will be
found throughout to take the character OF the leader t.
whose dic;aton il has evidently submitted itself alr
Clay has certainly absolute control over majority
Of the Federal majority IN Congress The system OF
caucus management winch Is rcsnrtd NY hun, III re-
gard every measure, great and small, makes his w
absolute the whole party, By the perfect suoserv
enc; o. the greater part
This was made still more manifest in the next sub
ject which WAS Immediately brought up--Me mi t"re-
Deat Tie TRaspcHdeHt Treasury But a lew days ago,
a portien Of Mr. Claws party accedcd To Mr. Calhoun
amendment, TO the disabilities which crrcum-
stances have imposed upon the greater portion OF the
State Banks, and which the repeal oil the indie
pendent Treasury la;. will devovc the fiscal agency
Of the Government. The majority Of The SENATE re-
fused 10 repeal State Bank system as established IN
l-36 Some oi the Senators IN thc Administration
ranks declared, that the repeal Of that system would
leave regulated SYSTEM and that ltiwond be VIOLA.
ton Of nil the principles ayowed by the wing party
during the late struggles 10 abandon all legal regua.
ton. an, leave the public money at the discretion of
the President and his Sccreiary-yet, IN the lace OF
all this confirmed BY the vote Of the majority, few
nights caucusiag has enabled Mr. Clay 10 accomplish
what was contemplated by his rejected amendment
II is admitted on all sides that without removal oil
the disabilities of the Stale Banks which was iirs car
ried by the adoption Of MIR. Calhouns proposition,
many viii be incompetent TO take the public deposites
and yet The who voted that IT was indspcn.
sable TO preserve Wing principles that there shouio
be regulated and adequate fiscal agency, independent
Of Executive discretion left manage the finances IN
the interim after the repeal Of the Independent lrea-
snry, united under Mr. Clay lead to reject every pro.
position looking TO the maintenance Of their avowed
principles.
/ Mr Woodbury. entered upon exact and unq1es-
toned detail 81 the condition Of things upon suipus'-
ton Of Ike repeal of the Independent Treasury, with
out further legislation make the revived Stale Bank
system feasible; and showed concusively that every
thing would be thrown into confusion and that Il was
calculated to make the Of the Depart law
less as that Of the Bank Of the L. s. in The manage
.nent of the public money. He brought to view, IN
the course of his remarks, multitude OF very nie-
resting facts in relation 10 the pas, conduct Of the
finances.
Mr. Calhoun, in few brief remarks, enforced the
views of Mr. Woodbury.
Mr. Benton made distinct proposition 10 rccoinnit
the proposed of repeal, with instructions that
the Finance Committee originating il, should bring IN
legally regulated substitute, to take charge Of
the public treasure which, on the abrogaton OF Tue
Independent Treasury, would fall from the hands Of
the receivers general, the collectors, the officers OF the
mnls and receivers al the land Offices lie urged ms
proposition in n short and pertinent argument.
Mr.. Young Of Illinois urged views, showing
the necessity Of providing security for the funds
which would he in the hands of persons whose BONDS
would lose their obligations BY the repeal oil the sta
tuie under which alone they existed
| Mr. McRoberts of illinois made proposition, also,