Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-11
HE UNITED STATES
MosDAr, JusE Z, lSii.
IN SENATE.
REPEAL. OE TIE SuR.TREASIRN


cond time when
Mr.. CLAY rose and observed that he had only
word or two to offer by way Of explanation on IN,
provisions OF the bill, and the consequence.
which would result from its passage into law.
The first section contained the repeal Of the Sub
Treasury act. Should that repeal take place. IN,
state Of the Treasury, or rather the state of TN,
finances Of the country, would be this: it would bc
under the operation of the law of 1889 establishing
the Treasury Department.; under the resolution:
OF 1916 as TO the medium receivable IN payment o
the public dues; aud under the law of 1886 estab-
fishing what was Familiarity called the pet hank sys
tenn, (but this last law MIR c. proposed by an
amendment TO repeal.)
The second section of the bill contained the re-
enactment of of the sections of the existing Sub
Treasury law with slight alteration adapting its
provisions to the present changed state of tho
try, and containing new principle. Under the
money was made felony; but IN its practical nppli-
cation difficulty arose. public officer neglected
10 pay over at lie proper time the balance in his
hands; a demand OF the money was made by Go
vernment, and the officer refused; and the question
arose whether, in such case, the officer could OF
could not be prosecuted for embezzlemen7 To OBJ
waite this difficulty hereafter, the present bill pro-
vIded that the refusal nj officer under such dc
mand shall be held to be pima tacle evidence OF
ENLIGHTENMENT, and unless the Individual shall be
able clearly to show that the refusal was unaccom.
panied by any unlawful intent, he shall be subject
TO all the penalties provided in another part of the
bill, against those who embezzle the public pro-
perry.
Mr. c. went on to observe that should the bin pss,
in its form as reported, the consequence would
be the revival of the act of 1885, establishing
the State Bank system. He supposed however
there was no disposition on any side OF the House
to revive that system-a system which had been
found in practice so very announcement, and which
would now be still more so from the changed cir
cumstanccs of the country and of the Banks By
that law the Secretary was prohibited from making
any deposite OF the public money in any bank
which did not pay specie on demand, and also in
any bank issuing promissory notes under the demo
mnntion Of hve dollars; n prohibition which If en- .
forced at this time would exclude him from large
majority of the banks OF the whole country. MIR
G. said he did not introduce a section repeating the
Of 1886, because he cherished the confident hone
that should the bill pass into law, it would spcedi-
ly he followed by another bill providing for a Bank
Of the United States, or for some competent fiscal
agent, such as should furnish 10 the people tha,
winch, OF all things, they now wanted most sound
and uniform currency. II might, however, by pos
siblIty, happen, though he could scarce anticipate
such thing as IN the least likely to occur, that no
such bill might be passed, or, at least, not for a
month or SIX weeks perhaps, during which interval
this Jaw Of 1886 coming up in revived force mich,
operate exceedingly to embarrass the Secretary of
the Treasury IN conducting the fiscal operations OF
the Government With a view to avoid both con-
ungencies, either of no bills passing, or OF its
passage being delayed, MIR c. had prepared an
in the words following:
ind be II further enacted, That all Of the act en,i-
tied IAN act to regulate the deposes of the pu bic
money which passed on the 23d June 1886. ex-
cePl the 18Th and lith sections thereof and the act
supplementary thereto, approved ith july 1896
entitled AN act supplementary TO an act to resu-
late the depostes OF the public money" passed 23d
June, 1886. be, and the same are hereby repeaied
Prordea That this repeal shall not affect or mpair
any securities which may have been taken for the
fe-h nf 40 -
any OF the banks in the said act mentioned nor any
remedies 10 enforce the said securities which have
been, or may hereafter be, prosecuted.
by tins section the whole of the act OF 1885 would
he repealed, save the two sections which provide
Tor The deposte OF the surplus funds in the Trea.
slry with the several States; this provision he pre-
sumed, was 10 be considered as of a permanent
Character, and not to be repealed.
Mr.. I. added he did not mean to say one word on
the policy of the sub-Treasury system, or attempt
10 rearsue that question; and If he had not mis,p-
pretended the temper and disposition OF the Sc
nate, gentlemen on all sides OF the house were as
Little DESTROYS OF this rs he could be. Out OF respect
to the country, 10 the Senate, and TO himself, he
shoua resoIuteIy abstain from again entering on a
question which had been already sufficiently aryu.
ed, and needed no re.discussion now In saving
THIS, ne hoped that no offence would be understood
as INTENDED to the feelings Of any gentleman: il was
one OF those cases which would sometimes occur
when difference of opinion took place between tLo
- K, ~
them and the body OF the People at large.
The amendment having been read
MI CALHOUN SAID that II he had rightly I'M
ueF1ood the OBJECT Of the Senator in proposing this
amendment 1t was to get clear of certain dificu.
ties ana TeStTnIntS imposed upon the Secretary in
Consequence of changes which had taken place since
the passage Of the law Of 1886. Certain banks
winch could at that time be made the repositories
81 TIE public money were, in Consequence OF these
changes and OF the prohibitions in the law, precu.
a fFFIa finn I,rFa
ms object, lie might get at It much more easily Ly
SIMPLY moving TO repca. so much Of the law as con.
talned those prohibitions. The law had been mss
cd under thorough and general conviction that 4,
was wrong 10 have the entire Treasury under ab.
so.uie Executive control, and for the eXnress mr.
pose OF taking the public money from under tina,
control, and placing Il under the guardianship Of
the law. But now u was proposed TO undo all this
10 Tetrace our steps, and repeal the law. And on
what ground! Why, that IN few weeks Iawy
wou,a De passed establishing Bank Of the United
states; 50 that, II that expectation should fail and
no such Jaw should pass, then the entire public
treasure would be left, It was before the pass,Oe
OF me law OF 1886, under the absolute disposal Of
The Executive.
Here Mr.. Clay gave signs Of dissentl
The gentleman shakes his head. Under what
control then vii. ii be2
Mr.. CLAY. Under the law Of 1850.
Mr.. CALHOUN. Wei, | will 20 back most
cheerlUiy to the law Of 1883 If thai is the mean.
ing OF me Senator, lei him move an amendment, Tor
not, Will DO it) declaring that the law of 1850 IS
hereby revived. IL declares that the revenue shall
he received m gold and silver only, and shall be
keP! ~ Lhe Treasurer Of the United States.
Mr' clay said he never had alluded 10 the
shUJect OF metallic medium, or Of any manner in
winch the dues OF the United States were IN be Maid
lie had merely said that should the sub-'Treasurv
10" BE- repealed, the country would he under the
law Of 1889, under the resolutions Of IsI6. and nm
Isr The law Of 1886, unless that should he repealed
what he meant TO say was, that under the prnri.
pies now revived, as to the powers of the Presi.
dent, the act Of l7-9 would operate as a complete
security to the Treasury uIl new law should b,
enacted.
Mr. CALHOUN said that as TO that. the law o
l1S9 was as much IN force in 1886, when the Iau
was passed 20 regulate the depOstes as d was now
ana yet President jackson himself admitted that n,
public money was left absolutely under EYccu,iv,
control, and that this state Of things OUGHT NOT :,
continue. Did gentlemen now propose al one blow
10 undo what II had cost such strcuuou, efforts an,
GO much prolonged and excited discussion ia ,grc
upon7 And on what ground7 Simply bcr,Use
part Of the law Of 1886 would, az this time. imuog
announcement and embarrassing restrictions Wei
II that was the case, why not simply repeal so muc
Of the law as imposed these restrictions n tl
Senator wanted % 90 back to the law OF 1889,
WIS what MrC. himse earnestly desired. But h
object now was N record his objections 10 the a
mcndmen's as proposed; and with this view lie de
m1ndcd the yeas and nays.
And they we're ordered by the Senate.
Mr. CLAY asked the Senator from South Cara
INA 10 recall % mind what we're the assertions d
Executive power advanced by Gen. J7ckson nm,
hs friends 10 1886. The removal o. the deposite
On 1888, taken m conne1on with General Jaeksot,
alleged right TO remove any Secretary Of the Trea
sury who opposed that measure, went the yyboI
length Of making q Secretary Of The T,r..,,,, al.