Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-12

siitute for IL. BY what name this substitute Shout
be called was 10 him thing perfectly indliteren,
provided II would perform the duty OF an ethcien
fiscal agent 10y furnishing safe depository for IN
public money, facilitating the transfer OF the fund
OF Government, and last, not least, by excrtins
renOVdtns influence the currency OF the country
II he must speak comparatively OF the relative valu
oil the objects to be effected by such an agent
c0ndor would obse hm 10 say that his constituent
considered that as most important which went i'm
medIately to operate OIL their personal interests
namely, its influence in rcSculns the national cue
| rency from its present state Of degradation. Thu
duty thus required by his constituents Mr Il. wa
ready TO discharge whenever the opportunity shoulC
be submitted To the Senate.
| MIR CALHOUN said that he was not sure he un
dersiood distinctly the position taken by the gentle
man from Georgia, (Mr Berrien). Ii he rightly
comprehendcd the position he had assumed, it wa
his intention TO vote first against the amendment &c
the amendment, and then against the amendment il.
sell, thereby leaving the law OF 1886 unaliered.
| MIR BERRlEN helc ro-stated his position.
| MrCALHOUN said that he had understood
him. If the gentleman would vote for MIR C.'s a
mendment, 1t would remove the disabilities in thC
law OF 1886 as TO banks no; paying specie and bank;
issuing small notes; but the gentleman would vote
against both amendments, and leave the law rs il
| stood, then, when the sub-TreaSury had been re.
peaied, the public money would be left to be man.
aged 10y the Secretary just as he pleased, and the
law would, in all probability, never be nodded
Me G. said he had moved his amendment solely in
tSttItnCe 10 Nnal winch nlu OC6n moved Oy the
Senator from Kentucky, (Mr Ciay.) He was, IN
decd, glad that the Senator had moved that amend
| ment, because its discussion had shown that that
gentleman rightly understood what would he the
operation OF 4 repeal OF the sub-TrciSury. He had
been obliged 10 admit that the country would then bc
under the law OF 1896. He hoped the question
would be taken on the amendments in their order,
and he demanded the yeas and nays.
| MIR WALKER said that the yeas and nays hav-
inc been ordered, he was constrained TO state the
Il. 4.
different from that OF his political friends. The
Senate was about TO repeal the sub-TreaSury law,
and If no substitute should be provided, it about
to rc-estabilSh the State bank system. Mr. w. was
opposed TO the repeal, for he greatly preferred the
sub Treasury 10 any substitute which could be
provided; but he was fully aware that a powerful
party, now commanding majority in both Houses
Of Congress, was utterly opposed to that measure,
and he could not doubt It's repeal would take place
The next question that would present itself would
! be, what substitute was TO be provided The very
las, he (Mr W. was willing 10 adopt was the State
bank system. To this he was utterly opposed and
| always had been. He had opposed II in 1888, and
It was the only measure otGen Jlckson's admins
traon up to that time from which he had dssented.
His constituents, with full know ledge that he did
never had relinquished his opposition TO the mcl-
sure from that time 10 this lie had voted against
! the law of 1886 on two grounds: first, because It
contained the distribution principle, and second y,
/ because IL CStablsncl the STATE Danh SYSTEM anl
he had 1T that time recorded MS prediction that that
| system would explode aud fail When again elect
ed, he had again announced his opposition 10 the
system, and he said that there was no alternative
within the limits the Constitution which he should
not prefer 10 il. What was the opinion Of the peo-
pie OF Mississippi with regard to Bank OF the UNI
| ted States might be doubtfui-Bui of this there
could be doubt that both parties IN that State
were utterly opposed TO the employment OF State
banks as repositories for the public money. As
I .l,z 49, q
ions, he never would give his vote TO re-adopt that
repuda.ed and exploded system, yet this was what
he was now called 10 for; Tor II could no: be
concealed that II he voted against the amendment
proposed BY the Senator from Kentucky, mir
Cny) he voted for tie readoption OF the system of
State banks.
Gentlemen had told tn. Senate that they would
not leave the public treasure the discretion of the
President for 4 single day. he would tell them that
by the aid Of his vote, that treasure never should be
placed under the control Of State banks for single
day. However he might dtier from the Pres.den,
on some points, he still had confidence in his in;eg-
rlty, but he had no confidence whatever in the in
tegriiy Of the banks. He was utterly unwilling 10
give vote through which the bank deposlle sys.
TEN might, by possibility, remain the law Of the
land. lie believed II 10 be the worst system that
ever had been dcylsei-lhs most corrup;ing sys-
TEN that the wit OF man could invent. |, caused
the banks TO crouch ike menias at the foot of the
Executive, and It placed in the hands OF the Execu-
tive more dangerous power than human wisdom,
or rather than human folly, ever before cOntriyed-
GentIemen were oycry much opposed TO Executive
discretion that, although they admitted they had no
doubt some substitute would be adopted for the
sub Treasury scheme, they would no; have the
public moneys subject 10 Executive discretion for a
single day. He would tell these sgueamish gentle
men that If they continued the law OF 1886 they
would leave that treasure at the control Of Exscu.
tve discretion, not for one day, but for months to-
geiher. Mr.. w. called the attention OF the Senate
10 the 4th section Of that Jaw. They would find
that the Secretary must, in the first place calIuDon
all the banks OF the country 10 show him their has d.
10 lay before him their amount Of stock their circu-
!atIon and their liabilities; and, IN a word their en-
the condition And then, when all these reports had
come IN, the Secretary must make an impartial Sc
lection from among them OF the banks to receive the
public deposies Then he must write 10 inform
these banks Of his decision. Nor even then was
the operation over, for the selected banks must en-
ter into contract with the Secretary, must give HIM
bond and security, and that security must be con
sidered and approved. Who could doubt tina, all
this would consume more time than was likely TO
intervene between the repeal Of the sub-Treasury
and the adoption OF substitute for ip Tie very
least time requisite for due compliance with this
part Of the law would be two months The obicc
tons, Therefore, OF gentlemen about leaving the pub
NC money az Executive control during the interval
were perfectly futile. The remedy they proposed
would place the money equally in his contoi and
for a longer time.
But, even should no substitute whatever be ndopt-
ed for the sub-Treasury, MIR. W. was still utterly
opposed TO revIvIng, by any vote Of his. the law
OF 1886. IL never should become a law Of the land
10y his act for any period, brief or long. To th S
position he openly pledged himself before the peo
pie OF Mississippi, not only IN 1885, but az ain in
is59-iO. In this position, 100, the people Of Mis-
sssippI were unanimous. Mr.. w would state
some reasons why he was opposed 70 IL. Tha, law
compelled the Preslden; 10 select State banks ne
fiscal agents OF the Government and, more than
that II compelled HIN 10 Use State banks as ins'ru.
mgnts TO loan out the public money; and This Mr.
w. considered as the ge1. and efficient cause Of the
present catastrophe IN the pecuniary condition Of
the country. lie now put the question 70 his friends
on this side Of the House, whether such were ng,
the provisions Of the law. Was i. not flct IN Il
thIt law did OOIge the President 70 direct the blnks
to loan outtho public money? Did il not require
the banks TO pay nicres, Tor The depJslcsl And for
what were they 70 DO ihsl Were they TO p1v tho
Government money for Iodve to keep the public
funds m Their vaults rs a special depOslte Would
the banks pay interest for leave to incur risk ?
surely not ; and no man in his senses could DENY
that by eXacting such interest the Government dbl
ney deposited DO their hands. The President mipLt
give such an order il be thought proper, Though
Mr.. w. believed he never would DO sd but he
never should dot by bis vote. Let not 2. n,lcmcn
dHgui5c tlfom themselves, Tor they never could dis.
curse o. Tym the country, TIM, by voting down the
amendment Of the Senator from Kentucky. tnev
were Te-adoptug the State back system. Tbcy
certainly adopted %, during the interval between
the repeal OF the suJ-Ireasury and the adOprou ri
substitute, aud d no substitute should be adopted
men ihey cil % on the country as the law Of The
land Nh w. never would vote for t. lie re.
ptaLCd the declaration that be considered 10 ne tio
very lasl oi aII substitutes for the sub.TrctsYrv