Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-06-17
REVIVAL OF THE STATE BANK
Deposit SYSTEM.

E. .sH-. d ~
/ REVIVAL OF THE STATE BANK
DEPOSIT SYSTEM.
The following was Mr.. Calhoun's a,
mendment, which after being adopted was
voted down: and the Bill to repeal the In.
dependent Treasury aud revive the Depo-
site Act of 1886 as it stands, passed the
Senate.
Strike out all after the enacting clause,
and insert: .sthat so much Of the 9Th Sec
ton of the actof 23d June, 1886, as pro-
vides that no bank shall be selected or con-
tinued as place of deposite of the public
moneys, which shall, after the 4th day Of
July, 1886, issue or pay out any note or
bill of a less denomination than FIVE dollars,
and that no notes or bills ofany bank be
received in payment of any debt due to
the United States, which shall, after the
said 9TH day of July, 1886 issue any note
or bill of a less denomination than FIVE
dollars, be, and the same arc hereby re-
pealed."
The Globe says:-
The special order, the bill to repeal the
Independent Treasury, was taken up
Mr.. Calhoun's amendment, striking out
that of Dir. Clay, was adopted. This re-
moved the disabilities of a portion of the
State Banks to receive the deposites, on
the repeal of the Constitutional Treasury.
After the adoption of this amendment,
which negatived Mr., Clay's proposition
to abolish the fiscal agency which existed
before the adoption of that proposed TO be
repealed, Mr.. Clay aud his friends united
to vote down Mr.. Calhoun's amendment.
The effect of this is to renew, on the repeal
of the Independent Treasury, the State
bank system, with ailit imperfections ON
its head. This is in keeping with Mr..
Clay's policy, which, seeking to deprive
the Government Of any safe and practical
fiscal agency, aims TO coerce the adoption
of that which he and his friends (the ma.
jority) mean 10 tender to the President in
the shape of Bank of the United States.
Mr.. Buchanan explained the circun-
stances under which he was called on to
vote on the amendments. He was instruc-
ted TO vote for the repeal Of the Indepen-
dent Treasury, and he would therefore
vote in good faith according 10 the views
Of those by whom he was Instructed. He
recognized the right of instruction, and
felt bound either to obey or resign. He
said be would cheerfully abandon his seat
and retire from political life forever, if by
that course he could maintain the Iude-
pendent Treasury, and prevent the estab-
lishment ofthe Bank Of The United States.
But his vote against the Independent
Treasury, in conformity TO Instructions,
would have no influence on the fate of
that question, and it secured to him the
position from which he could combat the
Bank of the United States-a measure on
which he was not instructed.
Among the amendments submitted by
MIR. Benton, were several Of great impor-
tance. One contemplated the retention of
the clause Of the Independent Treasury
which provides for the gradual return Of
the Government to the use of the consiitu-
,tional currency in its fiscal operations
This was voted down,by the Federal par
tty. Another proposed the continuance Of
the, minis as repositories of fpuplie money,
Thisp provision would have enabled the
EsSaeessetsaat. tt11ssdsury 10 resort 10
these places ofsafety for deposite, as we'll
Isasthes banks, under the restored law Of
1886. Notwithstanding il was shown,
that from the foundation Of the Govern.
ment to the present time, not dollar Of
the immense deposites made with these
strictly national and constitutional insti-
tutions bad ever been lost, they were for
hidden to the Government as repositories
by the rejections of the amendment. Mr..
Benton then proposed an amendment, ex-
cluding the Bank of the United States
from the renewed opportunity of becom-
ing again Government depository, by
the revival of the law Of 1886, and he gave
several new and very cogent reasons for
the discrimination between il and other
banks, growing out ofthe recent develope.
ments at Philadelphia. MIR. Clay oppo-
sed the amendment, and was supported
by Mr.. Bayard of Delaware, and Mr..
Dixon, The amendment was defeated by
the Federal majority. Mr.. Archer of Vir-
ginia supported the proposition of Mr.. Ben
ton. The bill then passed a third reading.
AYES AND NOES.
nepeut " tHt 1HucpeHdet treasury
Senate.-The Chair then announced
the special order, the bill to repeal the In
dependent Treasury law-the question
being on the amendment proposed. by
Mr.. Calhoun to the amendment offered
by Mr.. Clay of Kentucky.
Mr.. Berrien, who was entitled TO the
floor, addressed the Senate at lengthi in op-
position 10 the repeal of the deposite act Of
1886.
The amendment Of Mr.. Calhoun was
still further debated by Messrs Calhoun
and Benton in The affirmative, and Messrs.
Walker and Clay in the negative.
The question was then taken on the
adoption Of Mr.. CaIhoun's amendment,
and it was agreed to-ayes 25, noes %, as
follows:
Yeas-Messrs. Allen, Archer, Barrow,
| Ronfon.