Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-08-08
THE SUBTREASURY BILL.
I'M sENATE-Ararsr

Il
The Senate having proceeded the consideration of the bill
for the better organization Of the Treasury Of the United
STATES, &C. s6 n8c,ieas Rc aa
Mr. WEBSTER said that he should occupy the attention
Of the Senate for but few moments the be-
fore it. Before however, he Proceeded to do this he felt his
duty TO call the attention Of the honorable Senator from Ala
barna Mr JGws and the other members Of the Senate to
what he stated in the official Journal Of the last evening
in regard to another matter which had hey received the
ton of the body And he did in order prevent
neos impression getting into the community TO matter OF
fact Mr. W. said he found in the Union the following
paragraph .& g
Much has been said Of false invoices il the importer
had only alsi his invoice and 50 pay under the I'D sasm
system little duty he chose The fact is that the value
III tile goods taxed be settled by the importers
voice. But by competent and skf appraisers They 70
appaise the goods At their actual market value ~ our ports
New York OF Philadelphia, not at Canton or at Manchester
this point Of view, the appraisers whose business i win be
the OF markets. will give only such
gard importers invoice il may entitled To- They
may, they please take the invoice eydenee Of
the actual Of the goods and SO approximately OF their
na worth u our rarLs,s b., only Primo nee s,enee
all Yet the importer Obliged 20 present an invoice
and provision OF the new law tar towards akng hs
invoice exponent of the value Of the goods for the law
that ii the value placed upon the goods by the i'm
porter entering them the is less by ten per
then twenty per cent doa duty upon the appraised value
is to be levied and collected
Now more than this never put forth
to the world The law Of the land stood, required
that the value fixed upon goods by the United States appas
ers should BE the value here but at the place OF expoa
ton This fact which all business men well knew and
which the chairman Of the Committee Finance would him
self confirm. 5.tt e3rs
EMr. LEWIS here nodded assent
Mr. W. sGd that persons who indulge themselves much
in remarks not always very csteous on the OF Others
should be cautious first understand subjects themselves
and here was an assertion Of alleged fact while svsy
pcHte true. 43l4NfH54 sfsa
But not 70 dean the Senate longer matter OF this Sort
he would now make obervston or two on the bill now
pending and, as he presumed, soon ID become law
M W. had always been opposed to this system OF " con
sutional treasury Or independent treasury, or sub
treasury, which the old name for it, The evils q such
system nsurmountabe, and Of various kinds Su ne
should briefly point out what he considered US ev con-
sequences the operation of the Government without adj
veng to its effect on the general business OF the county
He should preface what be had say with very short his
tory of this scheme Owing to unhappy controversy be-
former President of the Union and the late Bank OF
the United States the custody Of the national dposites was
withdrawn from the national bank and committed to certain
selected State banks As the money was deposited
their VAULTS the then Secretary of the Treasury Mr. Ia
ney instructed the directors of those banks to be very free and
liberal in making discounts to merchants on the money IN
their vaults The banks complied with this order, and the
result that in 1897 they generally stopped In
Of this Of things President Van Buren, call
ed special Of Congress in September 1887 and this
project of the Independent treasury was then brought forward
for the first time II ed however, at that time, and again
subsequent Congress, but In ls4O passed INTO law
Such however, found to be its practical working that
suffered continue in operation year. but was re-
pealed in lS4l.
Now there might been least plausible reason
for resortinp to new system the keeping OF the public
in 1897 for the national had ceased exist and
the State banks had all broken down The public money
be kept somewhere, and The Guverncnt
funds in vaults of For the last FIVE years we had
been under system of which this formed no part Now,
the question said Mr.. W. which wish to put to gen.
emen who advocate this bill is this Do they not all admit
that the public moneys safe Do they harbor any
fear that there will be public deacaons Is there any
pehenson of the loss Of the public easre if this bill shall
be adopted For my part think the public depo-
sites perfectly safe where they The banks with whom
thew are entrusted have given us ample secuy and
security for the part in stocks OF the United STATES
stock adequate security then the banks are In Tact
for the part creditors OF the United States instead OF
being debtors They hold more OF our stock than tney 90
of our funds Under such circumstances none can say that
the public money unsafe, and no danger therefore will be
incurred that respect from the posponement or even the
rejection Of this BILL The banks have acted with very great
prudence and propriey they have not INDUCED IN any ex-
Of discounts but feeling the responsibility under which
they placed they have acted properly and prudeny
been ready the 10
any inconsistent with their duty to the sockho
and the country If gentlemen admit that the condl-
ton Of the public money as safe as we can make IL
then what is the benefit which they seek from this bill or
| where is the necessity Of passing It
Now, considering il measure OF the Administrator, II
appears that it likely instead OF proving any beneht
the Government only arrest hwar the operations OF
the Treasury. To il most clear that the bill VIII be-
in its practical effect clog on the Administration
refer gentlemen to the and twenty sections
Of the bill stands Let them examine the probable
working portions of the law, and then say whether
the bill will prove only assistance to the iscal
operation of the Government, but the contrary, great
embarrassment.
can readily understand that if the amendments which
were proposed TO the twenty sections had prevailed much
facility might have resulted the Treasury from the
Of Treasury ras and placed in the hands Of disbusng
officers be paid the creditors OF the Government
But the Senate by large majority, rejected those amend
But the bill subtracts from the facility which
would otherwise have attended the operation Of these Urea
sury drafts As the law stands, if comes to
the Treasury with demand for money, he gets dfah
order the amount which he endorses, and which is then
transferable security, and may pass through many hands as
may necessary convenient to the holders and be
kept out Just as long as they please There unrestricted
circulation of this Treasury draft and il is transferable with
out any further endorsement But here under this BILL IL Is
made the duty Of Secretary of the Treasury hasten the
presentation all such drafts and to prescribe time within
which they shall be presented and paid II the place OF pay
be hand then they to be presented imme-
iately and not to be kept left outstanding The amend
made here just the of the bill The House
bill goes to restrain the circulation of the drafts propo
son gives it greater facilities The purposes Of the two
in open hostility TO each other 1t is clear that If the bill
shall stand as now is instead Of being Of any to the
Treasury, will operate downright restraint on facilities
which il would otherwise enjoy. sih}t a.#N
Conning my remarks altogether TO the character OF this
BILL considered Administration measure, proceed, on
the other hand consider what will be the disadvantages to
the Government from its becoming law go the sup
position that the bill is TO be executed, not evaded and say
that fhe specie payments which enons required bona
mcnt should be brought into circumstances when il would
H. a