The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-17
WHOLE NO. 1877.

. the commencement Of its charter We would re-
ceVe TINS amount II we did no better than with the
0a Dahk. ana were there not other considerations
why no" Much did you pay for the transportation
specie from one part Of the country to the other
) under the operations of the Sub-Treas,lry imper
iect ana hmited In extent it was? He did not
} know; It was a great DEAL and they were exposed
10 great losses In Its transportation Whatever they
Pald IN lnis manner they avoided by Bank, because
was ITS business to make remittances wherever
needed. But was this ALL Was there nothing to be
credited to this institution for the security Of YOUR
FUNDS! what was the loss when the pet-bank sys-
tenn was IN operation One million dollars an
nualy returned, from year to year. under the admi-
nistraton OF Crawford, and they were still in
the Treasury, II the rotten dirty notes could be
picked up Would the Senator rise in the face of the
country, and utter as the opinion which he enter
tanned, that there was more security in the Sub
Treasury, under the populations of Isaac HILL John
Doe and Richard Roe, than in the hands of the
Bank, conducted as this was intended
Mr.. WRIGHT expressed that as his opinion.
Mr. CLA hoped TO be allowed to express the in
efabe SURPRISE which he felt at this avowa and that
one OF the great proofs oparty excitement with
all the experience of Swartwout, Price and other de-
faulters and peculators who had run away with the
public money, that could induce this des,srssiou
And during the existence of the bank not one cent
was lost he would express his inefable SURPRISE at
| the utterance Of such a sentiment.
Ii the bank was what its friends anticipated, they
paid five per cent interest with bonds which bonds
by selling abroad, would add to the existing specie
means in the country their amount Of ten millions OF
dollars, thus exhirating, animating extending and
stimulating to proper extent the business of the coun
try; you add ten millions instead of abstracting any
| thing from the existing means The profits from the
| late bank were two and one-thrd per cent badly as
It was administered; and would not the Senator in
duge the expectation that the new bank will avoid
some OF the errors of the old bank Would he suppose
that there was no such thing human profit, by
| human experience. Was that his idea And espe-
aially with all the guards with which they had
rounded the institution did the Senator suppose
that the corporation they about put exist
ence would acquire no advantage over the old one
Suppose it did not; under the old bank they cleared
two and third per cent. for the twenty years.
and above what they made in the investment of stock
| They received one and quarter million dollars no.
nus and at the settlement sixteen rer cent above par
they avoided all losses by population fraud connect
ed with the reception and disbursement of the public
money; and made hundreds, and thousands, If not
millions, of dollars by the uniformity of the medium in
which the dues to the Government were paid.
He was saying much more than he had intended.
The Senator attacking this institution in every
variety of form, by open assault and by undermining
he did not say insidously but it seemed to him
that its effect was simply to protract this discussion,
whilst the country was crying out, in an agony of
Distress "give us action - give us the measures
and the relief which was expected from this extra
session."
Gentlemen were at liberty to have all the rights
which pertain to any m9mber of the majority but
they had already been the third week engaged on
this BILL and should the House, if the bill reach
ed them take up time in proportion to the relative
amount of their numbers, they would be totally UNI
able, not only to get away in the month of july but
not till late in Autumn
j MIR. WRIGHT did not feel disposed to accuse
himself Of having consumed great deal of the time
of the Senate hitherto in this BILL and he did not in
tend to consume any more time than was necessary,
and much he hoped to be permitted without very
great dspeasure from any one. He believed the
sub-Treasury system infinitely more safe to the coun
try than any Bank that could be made The honora
BILE Senator had referred to the Swartwouts; they
found necessary to make the same provisions agains
thenn the Senator and his friends had foune
necessary--to make embezzlement felony, and pun
ishable by law crimnally as felony.
The honorable Senator asked, with his usual force
and earnestness, if we would not give any thing tt
e experience. What had experience proved them! He
contended that there had been Improvement in the
wisdom, the soundness, or morality of their manage
ment.
Mr.. CALHOUN could not but express his surprise
that the Senator from Kentucky should have accused
them with OBTAINING this bill. The friends of the
bill had now consumed eight days with their amend
ments, while this the fourth day which they had
occupied, and the Senator complained that they
were occupying an unreasonable time; The Senator
said, if went at that rate, we would be detain-
ed here till autumn 1t took from 1889 to 1923 for
the old American SYSTEM the tariff, the bank SYSTEM
to be fairly considered, and gentlemen proposed
to strike the whole into a space of six or eight
weeks. Without consuming one particle of useless
time, it ought to require, instead of extra session
of Congress, four or five regular sessions
The Senator said the country was in agony, cry
ing for action, action" He understood whence
that cry came-it came from the holders of State
stocks the men who expected another expansion, to
relieve themselves at the expense of Government.
STANDARDIZATION" meant nothing but "plunder"
''plunder," "plunder," and he assured the gentle.
man, that he could not be more anxious in urging
on system of plumber than he (Mr. Calhoun)
would be in opposing it. He understood the Sc
naor and he inquired of him, whether he called
this an nsidious amendment?
Mr.. CLAY had not said that there was any mo-
ton made for insidous purpose.
MIR. CALHOUN understood it expressed in that
manner.
Mr. CLAY Really it was so far from it, that the
Senator from New York MIR. Wright,) in previous
debate had said he that the Senator from
Kentucky (Mr Clay) could not say that this was an
insidious amendment. 1t but reference to
that.
MIR. CALHOUN. At the same time, it was re-
repeated
MIR. CLAY. Not by me.
MIR. CALHOUN. If the Senator means to say
that he does not accuse this side of the House of
bringing forward propositions for the sake of delay
he wished to understand him.
Mr.. CLAY intended that.
| Mr.. CALHOUN said he had understood there was
somethingback of this the gagaw to be applied
had been in the other part ofthe Capitol He took his
ground that he did not wish delay land anxious the
debate should terminate tomorrow He belle ed this bill
more destructive than any brought for
ward. He intended to move in his own direction;
to take his time amply, and no more their course
should be direct and fair one they could not con-
sent to system of measures fatal to the country
than any ever brought forward. They intended to
discuss them fully, unless stopped by force.
MrCLAY had said nothing with respect the motives
of the Senator'S but that whatever their motives might
be, the tendency of their course delay and that
he repeated. He would state fact that on Saturday
there were seven speeches made one bill by that
side without one reply to them and the Senator from
South Carolina (Mr Colhoun) made one
MIR. CALHOUN On what question was that,
Mr.. CLAY. The Senator must resort to his me-
mory l state the fact
The friends of this measure were responsible for
It, and wished to make it as perfect they could
the opponents of the measure who wished to render
it as odious possible.