Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-15

have not been settled YET
Mr. w repeated the assertion that there was no evi-
dsnce Of the loss Of one dollar by the SubTreasuy
In contrast to which statement he pointed gentlemen
To the general wreck which had attended The employ
ment of banks. There were losses growing CUT u
the species of currency employed, hul such iosse'
were efectually prevented ny The ono 'easu'y ~,
tenn which when perfected, 10 provide currency
rh;ec, n no depreciation What would have been the
loss suffered by Government had 1t employed the cur
rency of the present Bank oil iennsyNan'a ""
was admitted loss Of four or FIVE millions rom 'e
probation Of bank paper. comul,t'e VI ''e V.".
House had estimated the total loss 10 Government ifo"
the employment of banks at th'r'ytwo n',' a,,,;
Aoa;n the system now to be destroyed was one eii'
nently free from Executive influence.
| IA laugh on one side of the Senate.I
| MIR w said that he was well aware lla' se"..e
IN The other side insisted that the SUD reasury sys
, r,s subiec1ed TO Executive influence IN greate
| deoree Than any other. But let them come Gown I
facts Could the Executive put ms hahus ,'''o ,"'
vaults nj the Sub Treasury and take out single uoa
without subiccting himself 10 be sent 10 me penlten
,;.rv; Would he not be indicted as robber: Not
dollar could be drawn out but by warrants ana drafts
N,ber The President nor his Secretary OF the 1reasu
| - could take from his custody enough 10 BUY pen
nor could they loan out the public money for purpose
Of SPECULATION gambling II they attempted 'uci
a thing they would be convicted oil emoezzieaent ant
sent to prison Was this the case under the bahK sy
tom, Could not the Executive, the Secretary IN
nerson or through their friends be accommodated VIII
ioans by Bank of the IT, S BY the pct banks: Had
not the public money been lent in thousands and nun
d,,ds o thousands TO ends of the bank, both out OF
Congress and in Congress; But when had dollar Of
,be nublc money been loaned under the Snb-Treasu
~. The thing could not be done without burglary and
theft And yet, strange TO tell, the community seemed
impressed with the idea that under that nucll-aouseo
system the President and the Secretary oil the lreas
~ could take and for their own purposes Just as
much of the public money as they pleased
Now, To the Executive influence over the Keepers
of the public money (ur that the only possible way
in winch the money could be reached did not The IRE
sdent select the pet banks Dad not the Secretary do
the same, Was there any check the Executive DIS
crelions Did not the bank directors elect their own
Cashier and President; Had either House OF Con
qress inv control that matter: But how was II
under the Sub Treasury Did the President select the
receivers general the reasnrers OF the mintss No
more thai he could select his successor, appoint
foreign minister without the consent OF the Senate
Executive influence limited not extended, BY that
SYSTEM it brought the public money under the control
Of Congress II gave TO the Executive powers,
for the power of remoya existed before as II did now,
but now il was restrained whereas, under the bank
system, it was not. Mr.. w. would not now 60 into
the doctrine of removal, nor would he show how that
power had been exercised since the 4t of March, $50
le believed the keepers Of the public money had been
no freer from removal than before that time. What
had become of the receivers general at New York: al
Boston; Charleston They had been dsapprored, and
others had been appointed in their place IL had been
urged that the Executive could control these receIv
through the power ofremova, yet It did 81 happen
that Of them had been removed until March,
ISL SO much for the argument on Executive in
AuenCe.
But the Sub. Treasury system had yet one other and
infinitely greater excellence. II did not stimulate the
spirit of wild and reckless speculation by loaning out
the public money. All such loans were, by that law,
strictly prohibited and declared TO be felony, and II
was acknowledgment and homage paid by the Sc
naor from Kentucky 10 the excellence Of that law,
that, bent he on destroying the system, he
tanned this>leature of IT. and incorporated II in his
bill That System provided stimulus for OVERHEAD
ing. On the contrary, its effect was TO subdue and
luench that destructive fire which had consumed the
prosperity of the country II kept the public treasure
where it could he had when it wanted. Every
receiver general, every treasurer OF mint, must
ready 10 hand every dollar Of the funds in hls
lands on lis demand by Government. But was this
the case under the Bank; Far from it. When the
money most wanted by the Government II was
most wanted by the Banks also. But Mr. w. would
protract these remarks; he could not for his lite
sec any thing in the system itself to justify
This hasty and precipate effort 10 get rid Of al
blow.
But in the next place, he compelled 10 look at
what must succeed tins system when It was destroyed,
whether il was 10 succeed temporarily permanently
What would succeed il temporarily; Nothing was
provided in The bill itself, but it was held under a
sound general principle of law that, when an act re-
ealing previous law itself repealed. the previous
law revived pso facto Now, if the Sub-Treasnry was
DESTROYED what law would be revived by its repca He
would tell gentlemen. We TO have the act OF S'6
with all its acknowledged lmpercctions IN It's tram
Would this be better system: Wise men did not pull
down thing 10 substitute another unless that other
were better. The act Of lS36 not without
some e1cellences. 1t contained provision which re.
strained the Secretary from removing the dcpostes
from bank where they had been placed, provided that
bank continued TO redeem lis notes in specie 1t also
forbade the depostng of the public money in nonspe-
paying banks and in banks issuing notes under five
dollars Some approved of the pet bank system in the
abstract because 1t was system which could be re-
gulated by law. When President Jackson had been
forced the public deposltes from their former
depository aud there existed regulated system Tor the
safe keeping Of them he had mplored Congress TO pass
law for that purpose and they passed the law OF lsb,
which had these exccllences But they were counter
vailed by defects which broke il down in twelve months,
and il dead letter. One gentleman had sug-
gested that destroyed by faults in its adminlstra-
ton and not in the system itself THIS suggestion had
been made before Mr.. w. would not say whether
this the not, bnt he saw ample cause Tor
lis failure without this IL provided that the twelve or
thirteen millions of dollars which had been deposited
in safe banks should be taken out of them and divided
among seventy eighty others, Tor no other purpose
than to give each Of them the benefit of lis possession.
bank was to be selected in every State, and the ei-
feet was general stimulation Of the community 10 every
form of speculation and gambling. The banks were
required pay interest for the M ney, at least for all
they held given proportion, and they consented
to pay the money, obviously because they expected to
loan il cut Was not this in itself sufficient TO break
down any set Of banks in the world /? Could such an
operation be accomplished without infinite distress
To force twelve thirteen millions OF dollars out OF
the channels trade and 10 put It III entirely different
repositories, was operation which Mr. w. insisted
10 be the true cause of the commercial ruin which
followed. That alone sufficient TO account
for il but if on the back of this, there was super
added the requirement to collect within nine months
thirty six millions more, and pay 1t over to the States,
was il any wonder that the most runons consequences
should follow No discretion was left 10 the Secretary
the time was fixed by law, and, should he fail TO obey
he liable To be mpeached, and was actually threat
ened with impeachment This he had actually done
He had collected nine millions, and deposited It with
the States in specie in specie worth, and It was en-
phacay SAID at the time that every nstament in the
payment Of this money was new turn OF the screw
The pressure from rheumatism to gout ana from
govt TO convulsion All this suffering had been at
tributed to the Executive and TO the Treasury De-
par,ment, as though it their wrong, when, IN
fact they had but carried out the law of Congress-
Then came, in addition to all the rest, an une1am