Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-07

OF me UNITED States AMI also OF thu inetnbeIs OF thC
Senate, that that committee should take up this
matter Of the sub Treasury as part and parcel oi
;ho general sui Jcct committed to them. Before the
Senate was asked To repeal the sub-frcnSuTy law,
lot know wha, was intended as the substitute to
he propoied. Repeal involved substitution. Mr. Z
presumed that il had been the intention o., the Sem
ate that the select committee should have the whole
subject OF currency and finance before them other
wise II would have boon most extraordinary
course to appoint the committee, since the subject
would regularly have gone TO the finance Commit
tee. Now, MIR g. regarded 1t not entirely fair 10
tho American People that comnittcc should 10 re-
qurcd 10 report on the repeal OF this single isolated
measure Of tho sub Treasury, without giving the
country tn understand what substitute was u be
proposed in its stead. Let gentlemen out will,
their proiect-a Bank OF the United States, or the
pet banks or whatever else It was so that the Sen
ate and tho country might The whole question
to be considered. lilo hoped the Senator from Ken
lucky would not persist IN pressing his resolution.
Was 1t fair that those who considered the subTrea-
Sury system as the only constitutional and the only
expodcnt mode OF keeping: the finances of the Gov
| crnmcIt, should 10 called upon at once without
opportunity for consideration, to repeal that sys
tenn blindfold, without being told what was to fol-
| low7
| MIR CLAY said the Senator could not certainly
| nave heard the resolution modified, or he never
| would have employed such language IN regard TO
1t. Tie called for the reading of the paper, and II,
was read accordingly.
! MIR CALHOUN said that he had not heard the
notifications but, even II he had, he should still
have objected 10 the resolution as modified. There
was already special committee Gpp0intodio take
into consideration the whole subject fiscal agent
foe the safe keeping and disbursement OF the public
revenue lie called for the reading OF tho resou
ton specifying the duties OF the Se'ect committee
| which was read. MIR Z. said that tins resolution
certainly embraced the subject OF the Sub Treasu-
~, which It's friends considered us the most perfect
OF iisca agents that could possibly be devised for
! the ends to lie effected.
| MIR CLAY. Tint may I've; hu, we think no such
! thing. MIR &. should really have supposed that the
Senator from South Carolina would have fOTborne
the remarks he had made, # be had heard the rcSo.
luton. In q large and liberal spirit u; concession,
| MIR had IL once consented 10 modify il so as To
meet the wishes OF the Senator from New York
mir WTiShi,) and had put the resolution in a form
which ought 10 have protected 1t from remarks such
rs the Senator had made. AS to the position that
repeal necessarily involved substitution MIR e. DIFF
| tsred from the Senator entirely. So far from this
/ Il there was 20 DC substitute under Heaven fog
| the Sab Treasury scheme II repealed, he would nc
verthcess repeal 1t, and that Difference 10 the de-
clGrcl will oithe People Of the United States. But
| there was concsAlmen;, no mystery inIendei.-|
MIR G. would tell the honorable Senator nj once,
and with oil ranhneSs, what he went for, and what
| he believed his friends who acted with him meant to
! 20 fOT-and that was 4 Bank OF the United States.
ThtI was the object in view. But as the architect,
before hc erected building, fest cleared away the
! rubbish whgca occupied and encumbcrCd tie ground
on which twas 10 stand, so the friends of Nation
|
| scheme clean out OF the way. when they had done
that, then they were prepared 10 IN The direct
| accom- lishment Of their object When they had
got clean AMI fair sheet Of paper before them then
! they should he prepared TO Inscribc upon it what.
ever majority of the Senate might deem most eN-
| pedlent for the pablo good. Mr. c. again observed
| that he had hoped, after yielding at once TO the
wishes Of the gentleman from New York, (Mr
WnshtD the resolution IN its modified shape would
have encountered no opposition from any quarter
hat. fha ,s,y,
Of the resolution had not met his car; but he mus
sti. object. lie knew perfectly well that the only
alternative was tho SUb-Trcasury or q Bank OF the
United Siatcs-hence II was that in 1887 he had
taken ground asainsi the one and IN favor Of the
other. The Senator had observed tina, an architect
pulled down first and built up afterwards. This
was metaphor, but metaphors did not always turn
on; TO be sound arguments The position of the Sc
major might be true IN architecture, but 1t was not
true IN legislation. The mere repeal OF the Sub
Treasury would reinstate the pet bank sys,cm.-I
The creation Of Bank Of the United States would
supercede the pc. banks. He could not vote for the
resolution at a., especially since the avowa Of the
Senator.
MIR CLAY rojoincd. The resolution adopted by
the Senate yesterday for the appointment of 4 select
committee on the subjects OF finance and of fiscal
agent, did no. cover this matter OF the Sub Treasu-
ry Tor the duties o.. that committee rather looked 20
an increase o.! the revenues; but If IL did this
act OF repeal was an implied exception. Mr. c. said
he most heartily concuTrci with the sentiment eI-
pressed by the Senator from South Carolina that
the only alternative before the naIoh was the Sab
Treasury or Bank OF the United States. I'm.
doubtedly; there was no other alternative. The
Senator, With great mauiineSs, had admitted this
so had the other Senator, SIR Wright on former
OCCASION It had always been Mr. C's own conyic-
ton; and hc was most clad TO hear the fact so frank
Iy admitted in that quarter. The only alternative
then, beng Sub Treasury or n Bank Of the United
States, and the People of the United States HAVING
Ell q nd ~
rspudilscd the Sub-Treasury, it only remlned that
Congress should provide IN due season Bank of
the United States. But this was not session for
talking II was pre- emnenIly the season for action.
The day o. Jud :emGn; IS come, (said Mr. Cay, with
great emphasis and nnimatIon0 the day OF Judge
'nen hope, IS eome-at least to our political world.
Mr.. CALHOUN said that when he had before
remarked that there Jut one alternative beside
the Sub Treasury, he meant TO DO understood that
political parties in the country had so rallied on
these Two measures that there vas practically, no
other alternative. But there were other nterna-
tvcs which might DC adopted. The pet bank avs.
ten was an alternative, though, in practice il was
but halfway house" on the road 90 n Bank OF
the Un!ci States. The Senator himself had so de-
ssnaicd H. and had declared himself content to
odge m u for year or two. Blu; Mr.. G. had a.!
ways known that II must come to National Bank
at las', II the Sub-Trc~sury were once abandoned.
II was ia this view thai lie had resisted this scheme
IN 1857, and should continue 10 resist il IN ali Us
stages.
MIR iIVES slii he should vote for the resolution.
not on The ground that, II the Sub Treasury were
repealed, the only other alternative must be n Bank
OF the United states. lie thought there were many
alternatives. Tho President in his message hnd IN
dic1Iet several. There were the State Banks there
was United States Bank as formerly Organized
and thore was a fiscal agent which mish he mark
cd " III very different character. The removal Of
the uJ-Treasury would o. least narrow the field of
chWc.' u That should be thrown aside, the Senate
might sooner reach decision "a 10 what should bo
substituted Tor u. lie entirely agreed with the
President that large majority Of the People Of the
United states had uncquiyocaly condemned the
measure, wine, AZ the same time, they had not pro-
nOnhced Their viii ~ favor oi any other. The S..
major from South Carolina himself had expressly
admitted on former occasion that the Sub .Treas.
~ had been condemned NY the voice Of the nation.
So NJ east, he was represented 10 have said: for
Tor Air H. DID not speak from his own personal re-
collection.
MIR. CALHOUN begged leave 70 correct tie Sc
nnioT fion Virginia. The statement Mr. & r. "A
/ ma was that, m regard 70 the Sub Treasury
token as solo and solitary measure the Pepple had
declared their opposition to ~ but then there had
not nccn grcNcr minority IN f,yor either or the
! pcl nAnk scheme, or that OF United States Bunk
Mr.. kl YES. Wei; a majority of the people be-
ing eoni-ssea.y against the sub Treasury he d.i
MOI sec Why Congress might not forthwith, proceed
20 execute the public wall. When that was done
me state bunk question would revive and then Il
Wou'u ye inr Congress % sly whether thurs hanks
should hold the public mon Vs. or whether We should
'u'Il b1uK pi tie United States, or should ere.
nle % na" h'ca. agent Without intending. NJ tl,a
time % commit himself 70 either Of the three Sets,1,s
MI. X. was prepared al pu-r IN commit h,,,-r, -