Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-11


ney. The removal OF the deposiles in 1888 was no,
repeal of the law OF 1916, butt notification of H.
MIR H. said that il he was forced to vote now d,
must vote tor the amendment OF the Senator from
South Carolina, (Mr Calhoun.) He differed from
some gentlemen on both sides of the House: but he
preferred at present the simple repeal of the Sub.
Treasury law. lie did not believe that the people
OF LouiSan, had 50 much dstrusi for banks as som,
people imagined.
Mr.. PRESTON said that the only real question
was one OF time. All agreed that il was propcr tbr
puShc treasure should not DC LEFT without the con.
troll "t laws and there but little difference as "a
further step, viz: whether IL should not be mn, nm
DER further control than by the law OF 1885, Tor il
had been conceded, in the discussions OF ISI6 thai
the state OF the public moneys was not safe thouyh
they were still under the law of 1859 lie preSn.
med that II, whether then now il was proposed "a
re-enaet the naked law of 1889, there would bc ,
general II not universal objection to IT, The Gene
raj direction 10 Treasurer to receive and keen the
public money was not sufficient separation Of !,
from Executive control, long rs that officer mich,
himself be removed by the President. The law a,
1880 had passed by an unusually large minority: il
was passed IN response TO calls from the Executive.
ana though not intended as permanent provision
on the subject 1t was at least better than the law N,
| 1889. Acting on the principles then avowed we
should proceed with great caution. None of those
on MS SIDE OF the House intended leave the pu bile
treasure without the guardianship of law S-at thew
ought TO move cautiously and scrupulouslv. MOI
mat he believed the State Bank system had had n
| tu' ana TAR experiment. No system could have
-. n at
he did not concur with his friend from North Caron,
that the public funds should remain under + .ecuy.
control Tor any time at ALL lie thought thew OUGHT
MOI TO remove ono restraint till they imposed ano.
ther IN It's place. they should not unite the E.rcu
1--WE hands till they had another cord prepared 10 hind
Them. lie concurred with those who desired the
repeal of the Sub-TreasuTy law. He had nIw.vS
osen opposed to 1t. be had thought 1t better to
aolie under the law OF 1886 than to rush into an
untried and doubtful experiment. lie ,houcbt so
SUI; and would rather 90 back to that law with all
us mperiections on ITS head than confer on the E,
ecutive the discretionary control Of the public mo-
neys Tor any period, however brief. IL seemed to
DC demanded, by the voice of the nation thar IN.
SUD Treasury be repealed. He concurrcd with
that voice; and though he should for himself have
preferred repeal only OF the specie clause leaving
me residue OF the machinery untouched, he submit.
TED to the expression Of the public will He hoped
the amendment proposed by the Senator from Ken
lucky would not be insisted on.
MIR. CLAY sad he was very indifferent "a tb.
a's OF he amendment, but he thought that rentl-.
men hau not quite done him Justice while urs,ns
their objections to IT, For in the firs, place the ,
OF 1896 did no more put the pubic deposits under
.ne contro OF Jaw, according TO the doctrine main
tanned and INSISTED on by Gen. Jackson than the
ACT OF 1916. What was that doctrine That every
Executive officer is bound 10 conform 10 the orders
OF the President, and II he refuses TO 90 so. tho
PRESIDENT may remove him. Apply this 10 ,Lc l,,.
or 1886. How were the repositories 10 he 500,
IN which 10 place the public moneys3 Re- III.
head OF the Department; but unless in r,,L;p.
n'S selection, he cunioTmed himself TO the pleasure
OF Andrew Jackson, he would be forthwi.b d,s,o,s
ssu' u WAS then, perfectly idle to talk of any svs
TEN being ettcacIOus IN wing the denossS C,r,
under the control OF such a man. By the nower he
could ever exert over his subordinates he couI n,
any time, or continue the nnbI;c 80
among the banks just as he pleased.
Now look a. the contingencies that vorlI ,,,..,,
themselves should the law OF 1886 be continued :,
force. lbs friend from Louisiana (Mr B,rroxI b,J
said that he would prefer to have the nuLr;. -
L.,
under Executive control. But the law Of IS,s
would not allow the Secretary TO plac. II ,boro
" nat would be the operation Of reiectins ill.,
arehdhentI Iorevive paralytic, more than half
OF whose limbs were wholly destitute of all pnyyrT
Of action. All the banks. or nearly all i'm Tho H.;
ted States south Of New York Tor perb,ns SOFT &c
New Jersey,) had suspended specie pavr,en,s 60
Ina' the law were revived the discretion oftbe
Executive would still remain as TO all these b,nk.
II the Stlte bank system must be revived !, -,
20 be SO revived as 10 become operative over o Ib
Union. As things now stood, il would have M n |
tec' Whatever throughout four hfIhs of the Union
IN point OF territory, and perhaps three fouTbS in
point OF population. Did gentlemen want 70 resrsc; |
tate such Tickety, half alive thing rs thisl He NO
sumed not Therefore, he repeated if this law, u
70 come INTO existence, It must undergo complete
EeEslon. but u pubic opinion was to be resDer-
ted IN Congress, what had IL decided Two him.
nrst, 1t had condemned the State bank system o.
1her as sys'em for the convenience Of the Cavern
Nheht or Tor the good OF the People; and still more
''f'"lNA'4f uau IL ClHuttnneu The sub Treasure
.nw. Publ sentiment being against both Nj -
wasior repeating both; and he was equally ao,,ns,
FeViVns law which must be imperative as re-. |
sPecis two thirds of the Union.
What objection could there be 10 the ornepdo,o,.7
AL admitted that there might he necessary f,r g.,
her legislation; II bank other suitable fiscal n
gent should be appointed, the law wo nd con,,;,
directions 10 the Secretary TO the disposition ofhe
pubic depoStes. But IT the law of 1886 was 10 ne
revived, gentlemen must remember that It's proyis
ions must be changed, since there had beeo tyvo
suspensions since 1t hsd been first enacted If the
ia" should pass, with the amendment, the sub.
lttasury would be abolished, together with the
law oil 1856, and the country be placed under the
Jaw OF l1S9, had been when the deposires ,vero
ordeed 70 be placed IN the old Bank OF the United
States. That lnW had revived on the di.continn
ance oil the hrst bank, as II had again revived on the
discon'nuance OF the second, and as il continued
I'll 1885. What would be the practical cour,c M
thIngsi The Secretary Of the Treasury youIJ
make his deposites in specie paying banks bui
without regard to the denomination OF the bills thew
might issue; and IN non-specie. paying banks where
he thought they were safe; and this Arrangement
would he temporarily adopted tiil bank was crea.
ted, or some proper fiscal agent IN its place.
Gentlemen seemed not to have ref scted on the
consequences OF rejecting the Amendment \Vb,,
would be the condition OF the Secretary OF In, To-
sury The difficulty did not arise from one sec.
ton Of the law Of 1886 alone; all parts of the I,vv
from one end Of il to the other, were full Of
sources OF embarrassment. lie must rn,k. CON
ei negotiation; and in this also he ,gould Inc
thwaTLed and hampered by that law If the avg
was 70 continue, It must be e-enacled sf,er n thor
oush revision. II that vas the scheme Of any Sen
atoT, let HIM say 81; let hm cUmc out M onro
body, ike a man, and ayOw IL. MIR c. boped the
amendment would prevail; It II was rejected II
would only produce a see-slw between two differ
eni systems and the effect would lie to revive A mis-
cradle, rIckety, inefficient law, which would Inc
useless as 70 great part Of the country.
Mr. CALHOUN said u seemed TO him that the
Senator from Kentucky was on the high road fo
wards proving that the Sub-Trcasury law should
not he repealed. II It was, either the Treasury
must be Iett dnreguatcd altogether or the IA W reg
Iatng II wond bs 50 full Of embarrassments that IL
/ eouid not get along. The argument amounted 10
TINS; that the Sub-Treasury should be left 10 stand
u'l SUBSTITUTE was agreed upon. Mr. G.. did not
/ thInk the Senator from Kentucky had done Gen
Jackson justice IN his account Of the removal of tho
deposItes. Gen Jackson did not recommend their
removal m The face Of the law, but on the ground
That there wasno law which Obliged him {, continue
them IN the bank The Senator from Ksntuckv
was not correct IN his facts when he said that tbc
banks through four hfhs Of the country ,ysro non
| specie paying. The banks IN South Carolin, maid
l spece-s0 did others IN various Of the Sou'bsrn
states. But did th Senator mean that the Secret,
I ~ should make his deposites IN banks which did
not redeem their nOtesl Was that the object az he
/ amendment fit was, lot Il be avowed-Ist the
country understand 81; i' t was, Mr G.. should he
uLeuy ana iuccOucleaLly opposed 10 il. As the
dihcuity arose wholly from the condition of The
banks, might he fully met by repeating the obisc.
/ uohaD'e clause IN the law. IL was said, indeed.