The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-23
BY C. G. EASTMAN.
TDe spirit Of TDe Age.
MONDAY, JULY 10, ls4l
SPEECH OF Mr.. WRIGHT,
OLE MEIN NnnK
In SENATE, JULY 8, lS4l-On the bill for the
repeal of the Independent Treasury law.

passage of this bill. ] know the power is some
times more anxious to execute its purposes than to
give reasons for its course; to do execution thnn to
offer arguments in justification Of the act. re-
member, too, that an eminent English Judge is said
to have advised friend, about 10 enter upon the
discharge of judicial duties, and not very confident
of his qualifications, to decide but TO give no rea-
sons in support of his opinions. was prepared TO
expect that the repeal of the Independent Treasury
law was a matter so well settled IN the minds of
the majority of the Senate, that the passage of this
bill, and not the reasons for lis passage, without
any provision for a substitute, would occupy their
attention and govern their action Of this have
no right to complain, and do not complain; and
refer to the fact simply to lay the foundation for
the apology owe to the Senate for throwing my
self upon its attention, and occupying its time, so
plainly against the sense Of majority of the body,
and when know that ma lory will not debate the
question; will not advance Arguments in favor OF
the passage of the bill, or reply to those advanced
against it, 1t is painful for me to speak under such
circumstances and under the deep consciousness
of,he Impotence which must be feliby those whose
determination is simply to listen, and press the
question; and could make myself believe that my
public duty upon the subject would be discharged
by silent vote, certainly should not interfere to
impede for moment that result, which the ina or-
ity of those am to address earnestly seek, and
which know mus, speedily be Produced.
am well aware that the general subject of dis
cusson is an old acquaintance in this chamber, and
that not the members of the Senate simply, but the
people of the whole country, are supposed TO be
perfectly acquainted with it. Still believe much
remains to be said before the vital importance OF
This action will be properly understood ard justly
appreciated in its necessary influences upon the
most essential interests of the nation, even here,
1. IL, al, Ioru Tho
imperious sense Of duty which compes ne 10 &C.
cupy the time and ask the attention of the Senate
under circumstances at least as unpleasant to my
self as to it.
I am deeply Indebted to the honorable Senator
from New Hampshire, mr. Woodbury. for the
able speech with which he has opened this debate
as he has performed duty which, upon repeated
former occasions, has fallen upon me, that of show
ing what this Independent Treasury system really
is, and has performed it in a manner better than
could hope to have done. am thus saved the
consumption of time equal to that which he has oc-
cupied, and the cause we advocate has received
that aid from his powerful mind and pIu"i'nl eX-
pericncc which 1t could not have received nom
any effort Of mine. In following that learned SEN
a,or, | shall repeat ms little after him possible,
and keep the course | have marked ont for myself;
and will promise to restrict my remarks within
the narrowest limits Of time consistent with far
discharge of the duty which impe!s me to ask to
be hard at all.
1t is impossible to discuss the question presented
in the manner in which | propose 10 discuss 1t,
without direct reference to some substitute to be
adopted as system of finance for the Govern
ment, in the place of Il. Independent Treasur,
system, now to be repealed. After what has taken
place in the course of the action of the Senate as in
committee Of the whole upon this BILL feel au-
thori2ed to assume that That substitute, If any be
adopted, will be Bank of the U. States of some
character Such is the frankly avowed opinion
and wish of the honorable Senator from Kentucky,
(NIr Clay, and the votes Of the Senate upon pro-
positions to modify the State bank deposite law OF
1886, so rs to make It again of practical force,
seem to indicate that such is the preference OF a
majority of the body | SHALL therefore, assume
tina, the Independent Treasury law Is to be repeal
ed to give place TO u National Bank, and shall bose
my argument upon that assumption. As TO the
peculiar powers and privileges 10 be conferred upon
the Bank to be created, or the place Of It's location
care nothing, If it be conceded that two provls
ions will he incorporated in the charter; neither o
which, as | suppose, will be surrendered by tht
consent of any member Of the Senate who intends
10 vote for n Bank Mt all. The provisions TO whcl
allude are, first, the RICH, and duty the par, o
the Bank Of collecting keeping, and discussing TIT
pnblic money; and, second, the making the note
of the Bank legal tender in all payments TO tn
public Treasury. The first Of these provisions I
INDISPENSABLE 10 constitute the Bank the fiscal agen
of the Treasury, the osensibIe purpose for whicl
it is 10 be chartered; and the second is the onl!
effectual mode in which the credi, Of the countr!
can be so blended with the cred, of the Bank
to draw around ii the requisite degree OF publ
confidence to enable it 10 control all the local bank
ing institutions. will further assume, therefore
Ct, ,,;vorsnlly admitted nv The friends oil
form of a bank that these two privileges will b
conferred upon it, and if possess them, It is
matter wholly imnaterial 10 the argument pro
pose TO offer, what other attributes may he give
10 the institution.
In the course Of the debate, when the bill wa
in committee Of tho whole House. some reason
were assigned for this speedy passage Of it, and
propose, in the frs, place, TO examine one or iw
Of them, that we may see whether they have IN lac
the force which those who offered them seemed 1
suppose.
The honorable Senator from Kentucky Mr. Clay
opened his argument with metaphor, to iustrat
tie necessity Of the passage of this bill, the ir'
step in the important proceedings Of this mporiar
,pecinl session of Congress. lie told US, in sub
stance. that the wise architect always pulled dow
the. old binding and cleared away the rubbish, I
make room for the new edilice, and that, IN III,
manner. the Senate should annlhiIate all eNistin
fiscal agencies before they commenced to lay u
foundations Of his proposed new aud more splend
agency, a Bank Of the United States. admit hi
this course is sometimes not only wise but nece'
sary in architecture, but appeal 10 the candor
the honorable Senator himself to say whether It
Of universal application. Suppose he should Sc
the head Of family in this city turn his family OF
upon the pavement, and vigorously commence
tear down the mansion which was their only she
,e, C,o,n tho weather and the STORM and upon ir
auiry. that head Of that family should tell him tn
the timber for his proposed new house was sti
growing in the forest, that the bricks which ver
10 form lis walls were yet resting in the bank
earth out Of which they nigh, be formed, and b'
the pecunary means for the erection of the me-
edifce were yet to be earned by industry, acc,
INFLATED by some untried enterprise, or obtaino