The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-05

The resolution had not met his ear bat be must sill
object He knew perfectly well that the only alerDa
tive was the Sub-tressury a Bank OF the United
States hence il was that in 1887 he had taken ground
against the one and in favor Of the other The Sc
nator had observed that an architect pulled down
first and built up afterwards. This was metaphor,
but metaphors did not always turn out TO be sound
arguments The position OF the Senator mighi he
true in architecture, but il was not true ~ Leg aton
The mere repeal of the Sub-treasury would einsiate
the pet bank system. The creation of Bank OF the
United States would supersede the pet banks lie
could not vote for the resolution al all especially since
the asowal of the Senator.
Mr. CLAY rejsned. The resolution adopted by
the Senate Yesterday for the appointment OF select
committee on the subjects OF finance and OF hseal
agent did not cover this matter oil the Subueasuyi
for the duties OF that committee rather looked 10 an
increase of the revenues but even II u di inns act
of repeal was implied exception. Mr.. " SAID no
most heartily concurred with the sentiment expressed
by the Senator from South Carolina, that the only al
Tentative before the nation he Sub treasury or
Bank Of the United States. Undoubtedly; there was
other alternative. The Senator, with great manli-
ness had admitted this had the other Senator,
MIR Wright on a former occasion Il had always
been Mr.. C.s own conviction; and he was most glad
10 hear the fact frankly admitted in thslquarter-
The only alternative, then, being Sub-ireasuiy or
Bank OF the United States, and the People of the
United States having most decidedly and unequvocal
ly condemned and repudaiaa- mr. Sub treasury, it
only remained that Congress should provide in due
season Bank of the United States. But this WIS
season for action The day of judgment is come,
(sad Mr.. Clar, with great emphasis and animation)
the day of judgment hope Is come-at least TO our
political world
Mr.. CALHOUN said that when he had before
marked that there but alternative beside the
Sub-treasury he TO be understood thai political
parties in the country kad SO rallied on these two mea-
that there practically other alternative.
But there other alternatives which might be
adopted. The pet bank system alternative,
though, in practice, il was but halfway house
the road to Bank of the United States The Sena-
himself had designated IT, and had declared HIM
self content to lodge IN for year or two. But MIR.
&. had always known that il must 10 a Nation
al Bank at last, If the Sub treasury aban
doned 1t in this view that he had resisted this
scheme in 1887, and should continue TO ST it in ali
its stages.
Mr.. RlVES said he should vote for the resolution,
not tie ground that if the Subj Treasury were
pealed, the only other alternative must be Bank of
the United States. He thought there were many al
ternati,es. The President Ia his message had midi
Gated several. There the State Banks, there
United States Bank, as formerly organized, and
there was fiscal agent which might he marked with
very different character. The removal of the Sub
Treasury would at least narrow the field of choice
Ii that should he thrown aside the Senate might
sooner reach decision TO what should be substi-
tuted for it. He entirely agreed with the President,
that large majority OF the People of the United
States had unequivocally condemned the measure,
while, at the time, they had not pronounced tier
will in favor of any other. The Senator from South
Carolina himself had expressly admitted on former
occasion that the Sub Treasury had been condemned
by the voice of the nation So at least, he repre-
nted to have said for Mr. r. did speak from his
personal recollection.
MIR. CALHOUN begged leave TO correct the Sc
nato from Virginia The statement Mr.. C.. had made
was that, inregard to the Sub reasury, taken rs a
sole and solitary measure, the People had declared
their opposition to it, but then there had not been
greater majority in favor either of the pet bank scheme
that of United States Bank
Mr. RIVES. We'll n mnioritv NJ tho peonle he-
ing confessedly against the Sub Treasury he did not
see why Congress might not forthwith proceed TO
ecuie the public will. When that done tho
State Bank question would revive, and then it would
be for Congress TO say whether those banks should
hold the public moneys, or whether we should adopt
Bank of the States should create fiscal
agent. Without intending, at this time, to commit
himself TO either of the three schemes, MIR X.
prepared commit himself as the nation had
committed ITSELF to the repeal of the Sub Treasury
law.
The question being now called for on the resou
Mr.. CALHOUN proposed to amend il by adding
the words land TO report substitute"
Mr.. CLAY hoped the amendment would not be
made; and he called for the question.
Mr.. CALHOUN demanded the yeas and NAYS
which were ordered.
Mr.. CLAY. The amendment proposes that the
Finance Committee shall report a substitute for the
Sub Treasury that is, it totally nuli6es the select
committee which the Senate appointed the subject
of finance and fiscal agent of the Government
MIR. WOODBURY. suggested whether il would
no, be expeden to refer the pending resolution the
select committee instead Of to the Committee Fl;
nance.
Mr.. CLAY said that the select committee stood on
special and peculiar ground and the objects OF lis
appointment did not embrace that of this resolution If
he thought that they did he would with pleasure adopt
the suggestion.
Mr.. WALKER asked whether the subject was not
already before the select committee and whether the
amendment would not defeat that reference
MIR. CALHOUN said his object to take the
of the Senate whether they intended to
parately this subject without The other
nected with it, There were three sets of opinions in
the couniry-one for National Bank one for the pet
banks, and one for the Sub reasury The objeci Of
this resolution had been distinctly avowed was the
establishment Of a National Bank The Sub Trea-
suiy had just commenced its operations why not
give il fair trial
Mr.. CLAy, across. Because the People have
denned 1t
1t is said there is majority of the People opposed to
IT, and So believe there is against the pet bank
TEN, and against Bank Of the United States lfthe
resolution adopted, Mr.. G. did moi care TO which
committee II was referred.
MIR. WALKER preferred its reference to the select
committee on the currency, &c.
ne question was now put on Mr. CALHouS'sa-
mendmcnt and decided by yeas and nays as follows
YEAS-Messrs. Allen Benton Buchonon Cal.
houn, Clay, Of Alabama, Fulton King McRoberls
Nicholson, Pierce Sewer, Smith of Connect cut
Sturgeon, Iappan, Walker, Williams, WOODBURY.
Wright, foung-l9
NAYS-Messrs. Archer Barrow. Bates. Bavar1
Berreii, Choate, Clay, OF Kentucky, Clayton Dixon
Evans, Graham, Henderson, Huntington, Kerr Man
gum, Merck, Miller, Morehead, Porter, Prentlss
Preston, Rives, Simmons Smith, of Indiana South
ard, Tallmadge, Woodhridge-.7.
The resolution Of Mr. Clay was then adopted as
follows
Resoired That the Committee on Finance be direct
ed 10 inquire into the expcdenc Of repeating The ret
entitled AN act 10 provide for the collection safe
ali .I,ttvap