Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-01-05

"
they know perfectly we'll i,ha, this measure
cannot be conllnoed after the new President
shall commence his administration.
One word az to the effect Of the repeal
What has been said OF tins neasufel Ii is
said 10 have been very successful, by the re-
port Of The Secretary ofihe Treasury. Sir,
would have been much better pleased II that
document had gone into detail, and had told
vs. what effects had been produced, and what
changes had really taken place, arising out Of
the measure. All this nc has omitted, aud
has only told Us that the measure has so far
satisfied all their expectations, and that Il has
been mos, favorable in its operation. But
wbs, is its operation Sir, am far from the
Iaceivers general, and wish ! was much fur
xRer but what Is lis operation! Perhaps the
honorable Senator from New Hampshire (mr.
Hubbard) can tell, who, on all occasions, has
stood forth the ready protector aud advocate of
the Secretary Of the Treasury, though must
say il was a MOST ungrateful return for the
Secretary Of the Treasury 20 beat him in the
late senatorial election. Or, | should be glad
TO learn from the Hon. Chairman OF the Com
mii,ec on Finance, (mr. Wrigh,,) who is one
of the instructed against the measure, and let
him give it in detail. how the sub Treasury
has acted, and how II Is now working; how 1t
is varying the financial aud commercial con-
Germs OF this county. Sir, can toll myself,
though am remote from its operations, and
undsrstand there is not the slightest differences
now from what was going ON before the lth Of
July last, in the operation OF this system. -
Now, as then, the notes of all the specie-pay
ing banks,afo received, and these notes pass
into the hands Of the Receiver General
The process is this A merchant in New
York who has TO pay say e400, gives two
.xf IA bat So <Nf
these checks is endorsed "specie," but the 9TH
err has no such endorsement and both these
checks are carried TO the Bank and credited,
not to the Government, but TO the Receiver
General, on his own private account. That
Is the action Of the sub Treasury. Both checks
are cash paper, convertible at the will Of The
holder into specie, and the one with the en-
dorsement of specie is no more specie than
the one without the endorsement. And such
was. in fact, the usage before the flh of July
last. Prior to that, the paper of no bank not
paying specie was received, and il is so now ;
and that is the amount OF the whole operation
of this measure. Prior to the 4th July last, in
New York, for example, the money was re-
ceiyed and placed in the banks on priva,e ac-
connt, and the Government has no control
over it. And so il is now. Jesse Hoyt pass
o. it over to Saul or Paul Allen, and Govern.
that the whole revenue passes under the care
and custody Of private individual, into some
bank. IL | am right in this, it is very clear
that the operation of this system is extremely
limited, and very inconsidsrable, and must so
continue. But trust, IL the account is to be
kept with the banks, that, instead of individ-
uals, it will be opened, as h formerly always
was, with the Treasurer of the United States.
think then, mr.. President, that no sort Of
Inconvenience can possibly result from the re-
peal of this measure. But even if it could,
that is now no consideration for us; but when
we have our instructions, | at least shall obey
the will of nineteen States.
Forbearing, then, from general discussion,
which has been continued for three years and
| three months, | am now ready for the vote on
the resolution, though | shall not urge it. If
gentlemen want further time to consider, or
4 for any other purpose, will be the last to de-
ny them request so reasonable as that.
Mr.. Wrighi said he was from one Of the 10
| States to which the Senator from Kentucky
| had alluded, and he was very happy to say
that he rejoicsd in this movement. He rejoic-
ed that there was a disposition in the parry
now about to come into power, to make pre-
cisey the issue that was to be made bv this
resolutions and mr.. W. thanked the Senator
for presenting this proposition lie would
. say, also, with that Senator, that lie did not
desire further 10 discuss the measure, either
before the Senate or the conntry; but he sim
ply desired that, when the Senate should act
on the proposition, they nisnt act with an I'M
Outstanding of what it was, and when the Sen
ate was full. But II was not so to day. One
member was sick, aud another member mad
leh,and lad not yet returned. But in any case
if the Senate were to act on the subject, be
desired they might go directly to the object Of
the resolution, without the delay Of sending i
B TO a committees
The Senator from Kentucky was singularl,
impressed with the clearness of the results o
the late election on al least the one point oftht
Sub Treasury ; and mr. w. would not sa,
whether or not that point was established
Wehaye Just passed, said mr.. W. the first cleo
ton in this Government, when principles wer,
not declared, and when measures IN prospec
were not avowed and this is strongest posi-
BILE apology for me To say that no measure ha
been settled by this election. We have seei
election after election, when il was the fashion
for candidates TO svow their principles anC
vet we have heard gentlemen on the other sid
attempting to parry the issue, and 10 content
that nothing prejudged by the popular voc,
was decided by this election. What was Tia,
Judgment OF the People IN the Congressiuna
elections OF s3s and 1899 Ifeyer there wa
a distinct issue, 1t was then. IL was, as th
Senator says, pending this war Of more thai
three wears, that this measure was then almos
the only point IN the controversy. And wha
was the result IL was one which was favor
able to It, and the measure was consequent
, adopted And this done 10y the country pend
ing the controversy. Thai popular mind ma
have changed but, II so, and ifii has now pro
1 nounced against tins measure, VI What meas
ure as substitute for tins has II been ia favor
Was il a National Bank And will the Sen
I ator from Kentucky contend tina, II was
1 VIII the party assume II And there IS an
other political parry, with osheT VieSs, (Con
( sertatiyes } will they return TO the deposit