The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-29

i
yanic act, coeyal with the days of Hamilton, Of
Washington, Of Ellsworth
CUsHING-Of Madison?
lNaERsoLT.-Of Madison, and all the great trainers
81 the Constitution. who came into Congress under
the Constution-that that act contains the gem and
oass OF all we want; and that by our departing from
he principles OF that act has caused all present
i'cu'nes and that only BY returning TO those prin
pies snail we recover our lost ground. am by no
means committed TO the Sub-Treasury scheme
voted Tor 1t, and shall vote for il agan but am not
welded to IT. And still say that the Independent
Treasury ought never 10 have been made an Exc
cuive or party question at all. This was wrong -
1.-THE principle IN II Is right, it is sufficient for us to
20 for the principle without allowing it to he made
IN Executive or party measure The act Of 80 gives
IS the basis OF all we want, and five were 10 go
back To it, shou ID find II Infinitely better for all
he purposes Of trade and commerce than United
States Bank Subsequently 10 this act,a passage in
message OF the President was supposed to recon
mend The 0 ablshme n o National Bank and hence
he first United States Bank was started, and this
Tor long time became the depository OF govern
men funds, and the great regulator OF the currency
and exchanges: and this continued increasing IN
lower until we saw. in the time of the late United
States Bank that il became the despot party pur
noses. Then, SIR, came the State banks, which
admit were started by our party. daughter from
he wings. and cries of That's candid.') These
we're set up with view to counteract the banking
If the National Bank; and this struggle went on,
running through the suspension OF specie payments
in England, until this country was literally and
truly almost banked to destruction. Now, sir, we
are fast recovering from that. Let us take warming
by the past-and look well what we do for the fu-
ture. The President recommends n treasury bank
and ], for one, do not feel all the holy horrors tina,
Others profess TO feel at such an nstiiution-but
treasury bank, such as he recommends, with large
paper issues not all based on specie, Ind TO have
he power ofreguatng the exchanges, is the most
formidable and most fearful! OF all the powers that
can he imagined. You, Mr.. Speaker. well remem
Der an eloquent speech made on this floor in favor
IS fho Sfafe r., lam IF
we're 100 600 copies printed and dislribued,) where
The argument turned entirely on the power OF the
mighty exchanges OF that institution. Sir, these ex-
changes are the main stimulus, the most dangerous
fermentation of that inOrdinate, extravagant spirit
of speculation, which has been the curse OF the
country And, sir, no government, with my vote,
shall have the power to issue paper promises TO
oay that il MT dollar for dollar based on specie Yet
am not bigoted: am wiling'to look at the measurs
recommended the gentleman from Massachusetts,
(Cushing) and to give il all due consideration, and
adopt any portion of it that believe to be bene
fetal to the country. But | cannot yield to this
pressed upon us by the President From all that ]
see, hear, read, and learn. the President seems
to have made the passage OF this Exchequer strong
gratitude that tee for that distinguished man. that
fact, sir, would be additional reason for me to
vote against it. But to return to the act of 80, sir
are gentlemen aware that that act not only creates
an Independent Treasury, but an Independent Score
taru of the Treasury Zone who is not obligated 10
make his reports TO the President but must report
TO this House And this House can at all times by
House-not being under the necessity of writing to
him for any information 1t may want, and receiving
written answers; but the House has the power OF
placing that Secretary Of the Treasury there at the
fullest extent to the state of the finances the pub
c treasury, and every matter within the scope of his
duties. peculiar power, this, and showing what
was the design of the wise and prudent trainers Of
IL. r IL. 4
since-it still sands in the Statute Book, and there
It will stand until something better shall take its
place. Now what's this measure Of the President
which has been twice recommended in his message
lion" Qaughter) and long debate, and a speech
about which so much has been said and which shall
have something to say about, fromla gentleman who
is not OILY very distinguished by his proper name,
sometimes Tiger, and Hercules, and Demi-God,
and sometimes Vesuvus, and Mont Blanc, and
crucbe, and lion, and sometimes Samson-and
all sorts Of things! (Roars oflaughter) As TO his
being called Ged-like, that's nothing. sir. For the
hyperbolical eXaggerations in this House, throw
every thing else said of him out of this House, far
into the shade. Now, that gentleman, in his cee-
brated speech at Boston, which was so widely cir
cuated, and which has created so great sensa-
ton far and wide, says, that if there is any sub
isct which he does thoroughly understand ii is that
of currency and finance. Now, sir, say he knows
very little or nothing about it, (Great laughter.)
man, can only say, that if he understands it. l
ion't (Roars of laughter) He says, to, sir, in
that speech, that he's buionist. deny il !
(Laughter) He's no bulonst at all, sir. No
man can be buonst, who will give to the Presi-
lent the power TO issue paper money as he proposes
10 do. Now, sir, ne may be Mont Blanc, he may
ne Vesuvus, he may be tiger, Titan, Samson,
n whatever else you please, but deny that he's
buionis, if he would give to the President that vast
power of regulating the mighty exchanges ef this
country. Now, sr, instead of his views being the
emanatlons OF master mind, as they have been
called, pronounce them crudites and puerilities,
sir (Laughter.) No man who had thoroughly
studied the subject, would thus express himself, I'M
less he was determined 10 carry his project over
force Of his pse dirh Sir, he says that he will pledge
his reputation that this measure, II tried would relieve
the country. Yes, sir, j, would relieve the country
precisely as it would relieve him. or as il would
oily well drunk, as it is:termed- Laughter) many
gentlemen here know well what mean; and the
curious effect it would have-(Here the members
were conyused with laughter. particularly Briggs,
doubt, sir, we should feel unconmonly happy and
comfortable for little while; but then, as our friend
the President of the Temperance Society would
say, we should have to get up next morning with
most shoe king headache, and with all the remorse
Of a dsordered stomach. (Roars of laughter) Sir,
believe that the country IS, to a great extent in
duced TO believe that Congress can relieve the
people, if it will And !, for one, will give all due
attention to every measure proposed on this subject;
and it my vote can give relief, the country shall
haveit. Sir, without any reference to party views
or feelings, or any come ction with any miserable
question of president making, | am disposed to
doubt the proprety Of passing any new measure just
at present. | know that nothing but the terrible
tribulaIion the country has undergone could ever
have caused it to make up to the subject OF the cur
rency az it has done. BuI, sir, think it will be-
better much better-if we can keep the doctors of
little while longer-wh'lst the patient is recover
ng-for he is getting better-and the country will
recover better and sooner than by any nostrnms of
any kind that we can administer Because, sir, we
do nothing that is not future, contingent, and
doubtful. / deny, sir, that palsy has overtaken
he country, as has been stated know that the in
luence OF the banking power in this country has
been immense and disastrous and that Influence
mas struck in every direction. But still, sir, has
not palsied the country Look at our immense crops
of wheat, of cotton, OF corn, OF almost every kind OF
produce.
MEMBER-Yes but what rrice can Won get for