Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-11

w M, The brand Of its reprobaton upon doctrines
like this He should, at all events record his dissent
from them , . -, H.; ,.,,,o =, m ;,
;n,n The aruument He only wished The Senate
~ understand that it was now proposed, Without the
least necessity return back to mat state oil things
which preceded tn passage oil the law oi iooo ne
lad himself differed from Gen. Jackson IN toto with
ord 10 the removal of the depostes; but he must
M him the Justice to say that had been hs deliberate
opinion that, when the public moneys lay III 'ne paAs
Of the States unreguatedby law, they were III wrong
Il condition. In confirmation of this posltion mr. v.
allied for the read no of Executive message calling
The attention of Congress to tins subject twlnch was
, read accordingly ;, - =
In conformity with thi. recommendation, the law OF
1896 had been passed almost unanimously; YET no"
nm amendment was PROPOSED which went TO put back
the public money exactly where it had been before
giving the President discretionary power TO say IN VIA.
Bank i, should be kept, and when and whittier II
RI should be removed Save Tie removal 81 The eepo,
/, sites from the Bank of tho United States Ienefai
Jackson himself claimed no power beyond tins ne
pretcxt he had already stated, but the whole dicuy
could be removed by repeating the 9th section Of the
law which created certain disabilities which would now
RI operate very inconvenIently Under this view, M'
| c. would move TO amend The amendment by striking
out all but the enacng words, and inserting as suo
, stue the following:
That so much Of the 9Th section Of the act Of 2:}d
June, 1876, provides that no Bank shall he selected
or continued as place OF dcpose of the public mo
ney which shall, alter the 18th Uf JULY $50, issue OF
pay out any note bill OF less denomination than
s. and that no bills Of any Bank be received
IN payment OF any debt due TO the United States
which shall after the said 18th Of July s:G issue any
note bill OF less denomination than - De, anu TIE
same is hereby repealed
This would meet the whole objection, without leav-
ing the public treasure al The Executive control -hr
C. had all respect for the Executive, but he would mol
consent TO leave the Treasury at MS disposal ior w.
DAYS. much less for n month or SIX weeks. The Sena.
tor from Kentucky indeed, said that the law oil l7o?
would he still in force. Nothing, certainly, would
crafty Mr. c. than return TO the PROVISIONS Of
that law It might very truly be called Subj treasury
act il declared that the public funds shall be kept by
treasurer and received gold and silver only But,
by what process he would not say, that law had
become dead letter Could it be revived, nothing
would crafty Mr.. &. in higher. degree But he
would ask gentlemen if all which had passed 10 da oil
this subject did 20 prove that he had At hrst
maintained the ublreasury law ought TO remain IN
force till some substitute Tor II provided: IT
might in architecture do very well 10 take down one
building before you laid the foundation oil another but
this did hold in legislation. Why not leave the
SubTreasury law stood till other measure
could be agreed on Could 1t be from personal feel
ing: from party triumph Why rcLn'tc the purse and
the sword after So loudly dtnonncIng That un'cn.
II The amendment OF MIR. Calhoun having nov bech
read at the Secretary table
Il Mr. RiEES addressed the Senate. The effect oil
the amendment proposed by The Senator from hennc.
Ky would be 10 nuy, to great extent The acton "i
the Senate. i lie law w ~ WV 70
lures peculiarly odious One tie requirement 10
collect the in gold and silver, and The other 10
place the money thus collected IN the custody OF Exc
culve agents But not the effect Of the amend
rncnt of the Senator from Kentucky 10 re.esabllsli
the Sub Treasury law, at least OF these odious
features? 1t gave the personal custody Of the public
treasure Executive officers. MIR. X here reverted 10
the objections which had been urged against tins state
vi things after the removal Of the deposites and pre-
yious To the passage of the law Of le36. The law OF
! ~ IN turce thtu a
did place the public In the custody o! the
Treasurer of the u. 5. And who was be- An Exc
cutiye officer removable al the pleasure vi The Pfcsi-
dent of the L. S. and excrcisiu. the privilege Of sc.
r Letting, according To his discretion, the deposto-
res where the muneys to be placed, and when 80
placed they held to be- constuciivciy in the Gus
tody Of the Treasurer itself And what guarantee had
the country for the safe keeping OF funds so disposed
OF: None but The Treasurers bond Of Sl1O,0hO-
Who could consider the public funds safe under such
security. Ii this state OF things must reccr surely
there would least be needed stronger security than
this.
SIR X. insisted that the proper course al this time
SIMPLY to repeal the Sub-Ireasury law, and then
stop TIL they could agree upon some one OF line seyeai
substitutes which had been suggested vi these lhee
were least three 10 choose out Of first, the State
+ banks; secondly, Bank Of the L. 3 on the old pian
or lastly fiscal agent For his own part, c be-
LEV ed that the People Of the u ) would prefer
the public money Kept IN the State banks, pro-
v,ded they restricted To such paid specie, 10
them unuer TIE uiScItlnH VI
There were many banks which still continued 10 re-
deem their notes The Senator from Kentucky seem
ed TO desire not only 10 put down the SUB treasury
law but by The blow to PROSTATE the State banks,
and any other fiscal agent; 50 that nothing should re-
main he adopted but Bank Of the U. ). lie hoped
the Senator would consent to adopt the amendment
proposed by the Senator from South Carolina, and sur
render the lie had proposed and 10 which thefe
E were many serious objections.
MIR. MANGUM thought there was III the Senate
mt mi
men seemed disposed to loa at rather rs dlaectI-
clans than that punt of view IN which II would be
looked at by the Public. lie thought there was no
real difference between the views of the Committee OF
Finance and those o. the gentleman from virginia,
MIR Rlves) il the Sub Treasury should be repealed,
the country would be thrown upon the law Of le'6
but the provisions Of that law such that scarce
depository could be used OF all that were IN the Un
ted States OF the fifty banks Of New England, there
was scarce one that did issue bills under the denom
nation of five doars ii was therefore new question
orconvenencc during the short period between the re-
peal oiihe Subtreasury law and the adoption OF sub
s;Ituc for they did to stop al the hali-way
house" They desired the establishment Of Bank Of
4 the t. s. but it that should fail, (Which he could not
supposc1 still they had no intention OF adjonrnIng
4 without placing the public moneys under the custody
i Of law Tie inference, therefore, not TO be DRAWN
that there was an of abandoning the principles
conended for in l-lG. The only question was, vine
Their they should abandon the law Of 1885, for few
weeks. I'LL final law could be agreed on, should
leave the Secretary Of the Treasury TO struggle win M
the embellishments which must beset him should that
law be revived: short time would settle The ques-
ton; and then if Bank of the U. 5, other fiscal
agent could he agreed upon, the public money must be
placed in the State banks, subject to regulations to be
c provided by law.
nj Mr. BARROW said that he certainly had not IN
n dersood the political discussions of the last ten years
the repeal Of The law Of 1870 would not place the ma.
. ton in the very condition which the Wing party had
,f so loudly and strenuously deprecated lie could not
, tho y,o,, .I l.v fhn Gen ram
h North Carolina, (Mr. Mangum) II appeared to him
il that il would be far better for the Wing party to fall
n back on The law of 1896, than allow the public de-
pnstes to be at the discretion Of the Executive
y for single day After ali he had been telling the
people OF his district for ten years past he never could
/ consent adopt the amendment proposed BY the ST.
nator from Kentucky. lie would prefer the con-
tinuance oflle ubTreasury law 10 this loudly de-