The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-03
TWENTY-NINTH CONGRESS-.

TWENTf-NlNTH CONCNESSs
In senate.
WAsHINeroN, August. l, 1886.
After the expenditure of the business Of the morning
,hour, and short consultation to the precedence Of
business the Treasury bill was taken up the ques
ton being upon its final passage.
Mr. WEBSTER pronounced The scheme embarrassing
and mpracticabe. They VINO expected an increased
venue from increased imports under the new tariff
would be arrested in their calculations by this BILL for
it took away the basis of circulation and Of business
He thought ought to be entitled bill to embarrass the
sty for the actl Nobody feared the public money was
unsafe under the existing OF ils disbursement
The bill before you will give no facilities OF any Kind to
the government the treasury the existing sys.
tenn The bill was hindrsnce 10 the administration In
upon society, IN its operations upon ex-
changes the whole business operations Of the country
He had not really expected the adoption Of this measure
He ha hot been aware that the duty of
SO speedily passing it was absolutely Imperative. He
had heard in the late campaign Of Polk Dallas and the
tariff of AZ but did not Iecoect TO have heard Of
Polk Dallas aud the old dead SUB Treasury He was not
in position perhaps, to give advice to the friends OF
Of postponing the bill till Dec. next
MR. NLls argued in favor OF the general prn 'ipe Of
divorcng The government from all connection with the
banks We had lost money BY ,iem and large amount,
and sub ect they TO periodical paroAy SINS. we
shnll lose again Ne long maintain our connection Tue
banks greatly nnhate'-the Connecticut hanks
mole They were expanded there Ill 1887 just
before the great financial earthquake If that period
suspend, all OF them Now, suppose they have to
plode Millions OF government money in their vaults.
] ", Y IT.,
you lose the money II is safe policy ther eore,
to fIom the banks the public funds in their pos
ss,tIns .yse@ wou do we'll eno"sa as long a. the
banks were solvent but when explosion comes is
well to be out Of the way Of the danger MIR. Niles
| gued in favor of the bill
Ma EVANS and SIMMONS folio we'd in opposition to
the bill and in exposition of the dangerous tendencies
| OF the sub Treasury and its kindred measures
While the latter gentleman was speaking, Via. Lewis
up TO him sfectonatey aud whispered in his
Ma Simmons 1he Senator says there is great impa-
/ oil he he not
remarks upon that point made in the begnning-that
there disposition to debate TO listen to debate
the other side Had lie not examples of this
before it would have pletey astonished him
! Mr. simmons continued his animal, ersions upon the
Sub Treasury the Tariff the Warehousing Bill the
Land Graduation &c.
Mr. MILLss thought the opponents of this bill need
not be greatly alarmed at this MEASURE. 1t half
dead before it was brought into operation II the
old SubTreasury redvivus which had been pronounced
by of its friends this floor humhug, yes, sir,
humbug hle the bill destroying the act OF ~ was de-
clared boich Here then, two administi alton
denounced by of the most conspicuous Of
the party as humbug" and "botch." Your SUBJ
Treasury is humbug, and your Tariff botch. Mr..
Miller proceeded to argue the stringent constructive
properties of the bill
Mr. NILES replied in defence ofhe scheme fiji reduced
prices brought downevery thing something nearer
the gold and silver standard abolished the fictitious
standard OF paper mutations and would finally enable usby
reducing prices to the specie basis TO compete
cessiully with the manufacturers of Europe. Mr. Niles
in recing the iosses of the Government from these in
situations, he accidentally incidentally adverted to
and about proceeding to intimate that these funds
had never been paid back, when
Mr. SPhIGHT at once arose and put in noile proseS
After Mr. Niles hal finished his argument OK ainst the
banks from the experience OF the past.
MIR. EvAss to rebut some OF the main points Of law
and policy and historical facts of the Senator of
cut and he went along took the defence Of the
Planters Bank las understooo mississippi In that case
the deposits OF the Cove rnmen had ell been paid back
and not In deprecated paper but in money-H was paid
back in money.
MIR. srEIeHr, Tin his sest) yes sir that's the fact
7
MIR EVANS having flushed his short succinct and ex-
planatory speech about the banks,
MIR SPgrGRr his place. and thanked the Senator
from Maine for his clear statements Of the respect
the Mississippi repositories The Government had not
Mr. SIMMONS argued against the BILL mainly upon the
objection that would reduce the price Of labor when
brought into practical operation
MIR. CALHOUN said it was always difficult to separate
the government finances from the banks, but
that might be effected Still ne regretted the restriction
placed upon the SubTreasury drafts lie feared that
pscunsry crisis at hand and the longer this Mex
was protrsced, the more oppressive would be
the financial shock when it For this 10
avoid this Teyulon he had opposed this rushing into the
Mexican The necessary result Of this would
be pecuDiary crisis which, he feared in part, would
attach to the measures OF the administration As friend
therefore OF this measure he would have even pre-
ered It's posponement to next December TO its passage
Hewever. he believed 1t might be safely weaa-
cred through He had done his duty on the Oregon
quesuonhe had done bic duty in regard 10 the AexI
war, IN endeavoring to ar est IT. lie ready
for has duty IN voting tor this bill
Mr. tkIrrkNDEN had word 10 say lie adyefted 10
the revulson oil 1870 and said to reasonable BODY
men thar ought to have been warning all suffci nj
But ths Baltimore Convention had dscIeed IT, IL was
mere proclaimed that this WAS thing 10 be done It's
HIehos though sotaewhst trenulous, were determined
| 10 carry utough-to stand out IN defiance their
ste-'ne inevitable late " Inch stsrng IN the
race hild 10 carry out their .ucIdaI Ieed. it
oIei reasOns against the adoption oil tne measure, Le
/ we dee the door, when
Inc question Wa taken the passage Of the bill and
cas- 90 NOES 1o-a disinct party div sion to
an a,,,,, . "sm.oIsts absent Ae,srs A'Dunie AID
tosquiu siek-s Nir HAY wovd, ies,xpsd
! ihe senate tnen took ny Naval Auproniix,ion
/ oiii deo"tsd u, snsnded II. ana pwsseu IL
ADJOURNED TO honlsy at ~ o'clock
Inc ioIlowlng Is copy OF tI.s snbTressurv hill as
passed ~ us "menaed ioIru 10y the sena.e,-
AN AL 10 piovide Tor the beIe. anixstion Of tho
treasury, aud Tor the collection sale ke.u,ng tr.ns.
Ter, adj disbursement OF tue pubic revenue
whereas, BY the lou "a secuon OF the ac, s,,i,,.A
Act ~ cstsbiIsh tie Treasury Department stur.vaa
September SECOND seven lund, ami eisnt n,.a
II PROV ided tbat ,h.uid Ue Tie Gbty the
10 snd Keep the money oi the Lnsd ste md
10 oibuIse the sans upon warrants d,s BY me seere
taTy vi ueasuy, counersgned 10y the lomptloier and
recorded 10y tne Register aud otherwise; and whers
II Is iound necessary to make iutner provisions
enable the Treasurer tue beuer IL carry effect the
intent the .ad section in relation to receiving and
dsoursiDg the moneys OF the United states: Tbercioe
Be enacted BY the senate and House oi Keprs
ives Of United states OF America la Congress
bed That the prepared and PROVIDED in the
treasury building the seat of Cover the use
Of Treasurer OF the United states his assistants
clerks and occupied by them, and also the fire proof
and safes erected IN said rooms for the keeping of
the public moneys in the possession and under the imln