Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-18
TwENTY-sEyENTI coNGREss---lst sess.
UcdHcSdQU, June q. lSIl-lN CoSTISUATIUS.
IN SENATE


having concluded his remarks on the subject as re-
ported yesterday
Mr. CALHOUN wished, before the vote should be
TAKEN to offer few words this bill. One fact had
struck him during this discussion viz that there was
large majority in the Senate who utterly averse
to leaving the Treasury under unregnlaed State
Bank system lie need not refer to the individual gen.
tlemen who had expressed this opnion-thc fact was
| unguesonable Now lie asserted that these gentle
had done by their vote Of yesterday just what they
had snld they would not do. They had first voted down
Mr.. o. ) amendment To the amendment OF the Senator
from Kentucky, (Mr. Clay) which that Senator had
acknowledged would the disabilities arising
under the law of SO, and without which il would be
utterly mpraccable to carry that law into effect for
the of banks which paid specie and which issued
no bills under the denomination of So large portion
of the Union being absolutely destitute OF banks Of
that description. The object of Mr.. C.s amendment
had been TO this difficulty aud make the law
practicable but gentlemen, after vnting in IFS favor as
an amendment 10 that moved by The Senator from
Kentucky had voted down both amendments, and left
the act of 1896 in Il condition utterly impraccable.-
| How would this operaie2 The Government would be
obliged to 80 back 10 the alternative of either keeping
its money by It's own Treasurer, ofusing banks
such as the law declared il should not There
another result il would be compelled, unless il yio
lated the law 10 collect lis duties wholly III gold and
silver; which would i'll fact and practice carry out The
Sub Treasury system more rigdly than had ever yet
| been done. The Secretary either do this, he
must purposey violate the law. Yet gentlemen say
they abhor leaving the country under state of things
| umreguaied by law Mr.. &. called upon them IL
swer him. or, by their silence, 10 admit the truth Of
| what he said
The whole Of this proceeding had been mos. extra
ordinary. Gentlemen said that the voice OF the Anne
| rican people demanded the they pursu-
ing. Now Mr. c. was ready 10 grant that their voice
had condemned the Sab Treasury; but that voice had
been uttered in infinitely louder key against leav
ing the public money unrcgulucd BY law. Bv infer
Then iltGtf Ilt wpra In ~
an ACT which infinitely in opposition to tn"
will OF the country than any other. They had been
told that this 10 be reform Administrations Nov
the only possible reform, worthy of the name,
conformity 10 the law and to the Constitution lie
supposed II instance and example Of ths
form that the printing at the Senate had been left T.
this moment unregu!atcd. Who the printer 10
the Senate; Did any gentleman know: What were
the prices fixed for the printing: Could gentlemen
tell: Who fixed these prices: Did any know.
Could any gentleman reply Well, the next reform
was as TO the currency and in that department OF re-
form they left the Government either to violate openly
the laws Of the land To come back To the SubTrca
sury system lis most rigid form. Was tins ID to
the American people, and would gentlemen s,
main silent Mr. g. certainly willing that 1t
should He desired that it should. In less than three
weeks month every man in these United States
would know in what condition the Treasury was left,
and that that condition worse than before.
| But they told that this posture of things
to be temporary only. Was tins certain: Were
| the gentlemen perfectly united among themselves
10 what substitute was to be provided for il; Would
not many start aside constitutional ground and OPP
pose Bank of the u. S. And If that laid aside,
| what their next plan; Could there be found
| int rmedlate ground between Bank and Su5Irea-
sury: There mig Le, but lie asked what i ~o:
Mr. G.. said he enemy To existing Bank capital,
but he acknowledged that he had fath any Bank
of circulation and issue. lie had long sad that the
| Banks mus; fall by their own hand. Did gentlemen
think that they acted as friends to the Banks by re-
peallng the Sub. Treasury According to his belief,
whether they created Bank OF the L. 5. or not,
was indispensable that the country should 10 a
/ currency Of gold and silver. The u. s. Bank itself
must down i! it again commenced paper
! rencv. There would be expansions: nothing could
prevent III and the Bank would, sooner or later, be
swept by the board unless some provision was adopted
which was quite strong the Sub-Treasury law
All great Bank expansions had commenced IN Eng
land, and would again; their paper system was the
same with own; their Banks and ours were but
different parts Of the boiler and If there
was an explosion, il would where the boiler
was weakest-we must be the first to suffer. The
strongest possible provision should be made TO keep
the specie in the country in order to meet this enc
gency. But he plainly that gentlemen would have
/ their way, but time would show who was right An
experience of less than len years would satisfy
themselves of their profound errors.
| Mr. BENTON said il pretty well seen that
gentlemen in the majority meant to press the question
on this bill; but it utterly repugnant 10 al his
views Of what right and proper that lie wished 10
leave record the strongest and most lasting iesmo
ny in his power Of his opinion Of IFS lmproprety-I
Therefore, he should take course which, though not
usual, strictly parliamentary; and he therrupon
moved to postpone the consideration OF the bill for the
purpose of considering resolution, which he sent 10
the Chair, declaring substance, that il nexpe-
dent repeal the SubTreasury until some other plan
for managing the fiscal concerns Of the Government
had been provided.
Mr. b. proceeded to observe that had several times
been remarked during the Of the debate, that
gentlemen were beginning nj the wrong end OF tie road
1t was certainly manifest, from The votes given yeser
day and the day BEFORE that the greatest possible ab
srrdlies inevitably arose from this Of proceeding
Gentlemen for putting end 10 one lava law
referring to matters which continue without inter
mission, and could not stop for day-without provid
ing any other law in its place. by this the
country RENTED 10 the law of 1886; vet il had
been shown TO be mpractcabc 10 the State bank
system contemplated in that law, in time to meet the
exigency; and the Secretary would therefore, of ne
ccssy, be RENTED 10 the condition of things which
existed anterior to the passage OF the law OF ls6 and
this, whether for a long or short period. But whe-
Their il was to be for shorter period longer
wholly mmateria in the argument. lie still held that
there should be substitute provided before the present
law abolished. Nay, the very fact ( II were ac
that this state OF matters 10 continue but short
time the strongest Of all arguments for posiponng
the repeal till that short time should have elapsed If
substitute could be provided few weeks, why moi
wait those few weeks before they put down the exist
ing law There would nave some machinery TO be
provided and during that interval the public money
was to be left in state unprovlded for by law, or
under law which was impractcable which was the
same thing Why then, put up scafold only To pull
it down again and put up another : Why this double
demolition They would incur an lnfnity of trouble,
while no good end was TO be gained by IL. What
could be the reason for all this Why tins hot haste
Was it that the feelings of gentlemen to be in.
duged' Did they wish to crafty resentment against
the Sub Treasury, if il were some living enemy
/ fc nf
ing, they had had an opportunity presented to them
yesterday, when lie had offered resolution 10 exclude
the Bank at Philadelphia from receiving any portion
of the public depostes. But no they could not be
persuaded adopt resolution TO keep out Of the
lidence Of the Treasury this prc-emnent culprit. No
they could indulge no feeling it would not comport
with the dignity of the Senate But how did they act
now Was there no feeling None against the Sub
Treasury, an inunmae thing Did they no, seem 10
say TO it, have got you in our hands now, and we