Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-02-03

/, fuse or neglect to pay il over when reouircd =
, do so, the act should be taken and deemed ~
be an embczzlement, and should be purisboJ
with a fine TO the amount Of the whole NM
cmbczzled, and imprisonment for not less thar
six months, nor more than five years. Nn"
what did this bill propose! Did il propose" y,
, put the public money in the hands ofany otbe,
, person or persons than those appointed bv ,ba
President OF The United Statesi No. On ,bs
contrary, il proposed TO put the public MONEY
into the hands Of a host Of receivers; and M,
only that, but to put in their custody at ibc
same place, the boards Of private individuals
Did that look like q desire on his part 10 he ro'
lieved from responsibility Thrice did Mail
Anthony offer the crown to Caesar on the In
percal, and thrice did he refuse il; but he an
pretended that the Executive had come 10 tbaa,
House with no such feeling when he asked 10
be relieved from that responsibility. He onlv
asked TO have IL increased in a ten-lold degree.
so that not only he might have the control If
the public treasure, but of all the private funds
and banking OF the nation.
After discussing the character Of the Fx-
chequer and showing from IFS powers end lunc-
tons HAT il was a Government Bank, he mo-
cecded TO say that a long time ago they had n
discussion on the Sub Treasury, which was
created for the collection, sale keeping and dis
bursting the public money, by means Of the
Governments own officers. This excheouer
plan goes far beyond the Sub Treasury. 1ba,
did not propose the buying and selling of bIIs
Of Exchangc-this does. That did not nro-
pose the receiving deposites from individuals.
That did not propose a board of directors; this
does. That did not propose branches in The
States; this does. II would, therefore be pet.
ceived that il went beyond the Sub Treasury
in its likeness to a bank. He would now read
from the speech Of a very distinguished gentle
man made upon that hoof in 1887, which gives
the definition Of Government Bank. II was
headed
"TREASURY BANK.
notwithstanding the DESTINATIONS of any
desire for added patronage, under cover Of
which this project is introduced TO US; and moi
withstanding my unwillingness 10 suspect the
President Of insincerity in this matter, still |
cannot exclude from my mind the conviction
that a Bank, a National Bank, is the s'be-aIl
and the end-all" Of the new experiment. We
begin with a large issue of Treasury Drafts
having circulation as currency. We proceed
with yet larger issues of Treasury Notes ex.
pressly framed to be a currency. All these have
got TO be funded hereafter. Ultimately they
may be of large amount. They moi only con-
%stitute, in themselves, the basis Of a Treasury
Bank, but a sort Of introduction 10 The use. Of
Government paper as The paper medium of the
country. Advocates of the new scheme admit
that Government paper is TO be the alternative
and the substitute for bank paper. The sub
treasures themselves, when they are put in full
operation, drawing back and forth on each 9th
er, issuing and receiving large sums of money,
and still more frequently issuing and receiving
one KIND, or another or paper credit based on
the Government deposites-wilI be a genuine
bank in every thing but the name.
ain every thing but the namer, Oh! what
was there in a name, And who did the House
suppose gave that definition OF a bank? Itwas
his honorable friend ftom Massachusetts, Mr.
Gushing. [~Laughter.] He had quoted from
Gales & Seaton's Debates of 1887, volume IA.
part l, page ssS. lie did not know but he
might instruct the House by reading further
rom that speech; for it contained some good
doctrine. The gentleman mir Gushing had
given them, IN that speech, some good notions
respecting Government paper, ton, for he had
covered the whole ground. He said, in refer.
ence TO Government paper:
1--WE are TO have a paper currency, recogni-
sed by the Government Of the United States, J
and employed in lis dealings; but il is 10 be IT,
redeemable Government paper. This is the
newest new h%umbug. The fever fit of God
money has had its day. That of paper succeeds
1t. II The scheme were not too laughably alb
surd to spend time in arguing about il seriously
ii the mischiels of a Government paper-mO-
ney currency had not had an out-and-out trial,
both in Europe and America,-I might discuss
II as n question of political economy. But |
will not occupy the time of the committee in
this way. | am astounded az the faulty of any 4
set Of men who can think of such a project
Has Laws Mississippi bubble-have the blk
OF credit of the colonies-has the continental
money of the OBSERVATION-DISCLOSURES the assipnais
OF The French republic-imparied no warning
lesson TO the present generation? Ii Is, motto
Hously, of all the means by which a Govern
ment can raise money, the most liable 10 abuse
-oi all currencies, the most impossible 10
conformable TO any fixed standard Of
value. We, in the time OF the colonies and of
the confederation, did every thing we could do
to give to the paper of the Government the
qualities Of money. Did we succeed? You
know that, in spite of all Government could do
or say TO prevent II, our paper money went on
perpetuaily depIeciating in value, until a hun
dred dollars of it could scarce pay for a break
Such was the description Of Government
Baking, from the great advocate of that
scheme. And there were some other things in
thai speech to which he might advert; but be
would yield the floor, rather than occupy il for
the lew minutes that remained to him, if the
Mouse were ready to take the question.
Mr. Glddings got the floor and moved The
question.
Mr. Thompson moved to lay the whole sub.
upon the table.-Not agreed to.
The resolution in favor of a sub treasury, re-
ported by MIR Atherton, from the miuorilyof
ne Committee, was then rejected by a vote Of
los to ll6.
The question was then taken upon the Teso-
Iuton from the majority Of the committee, that
Inc plan of the EXchequer submitted by The
OF the Treasury ought not to bea-
and decided IN the affirmative. Ayes
l9S-Nays 10. f
~ Washington, Saturday Jan. 81