The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-20
CONG ssION AL.
SPEECH OF MR.. SAWYER.
OF OHIO

In COmmlttec OF the w mole OH lHc oldLo Vi lhe
Union, on the independent treasury bill.
Mr. SAWYER rose and said:
Mr.. CHAIRaAs; 1t 10 not my intention to make q
very long speech; and | shall endeayor to suit II
raher 10 the atmosphere Of the State Of Ohio than
ofIhis House. My friend who has just taken his
seat lMr. HAHhAssos has spoken my mind exact
w. though he is not quite radical in his opinions
as think | am. Laughter.
The speeches which have heard on this bill are
mere reiteration Of what emanated some years
since from this hail. and of what you and |, Mr.
Chairman, (Mr MeDowELL being in the chair, }
have heard upon every stump in Ohio. II is well
for US to contrast the nature Of the two schemes be-
fore the committee. My friend from Indiana, Mr..
CALLB b. SMTHl has submitted an amendment TO
the BILL proposing that paper money shall be taken
10 payment Of government dues. We, sir, have
seen the effect in our own State OF receiving paper
money INTO the State treasury; we have seen the eff
feet OF receiving that kind Of money for public pur
poses into the treasury Of the United States; and we
have all seen the effect Of receiving deprecated
paper, and thereby destroying or displaclpg the
money Of the constitution.
In The course Of the arguments to which we have
listened here the opinions Of certain gentlemen have
been quoted 10 show that we hold doctrines no "
different from those which we professed some years
ago. We'll, sir, that is true. The man who, in
this age, and in this country, does not learn some
thing from experience, must truly lie blind to what
is passing around him. II is wise for party, no
ess than for an individual, when it finds itself to
have been in error TO retrace its steps The time
was, when the democratic party in the legislature of
Ohio and the democratic party in different State
legislatures OF the Union, voted for and supported
banks. But under what circumstances did they do
sc' It was at a time when the banks were honest
when they conducted their business on fair and
honest principles. But the moment the democratic
party saw them acting disreputable and rascally
part they dropt them; and, as a matter of course,
The other party took them up and became their es-
pecal friends since which they have rendered each
other mutual support and assistance.
In our own State in the years 1893 and 1884,
there were ten or fifteen banks chartered. For five
sessions, was member Of the legislature. During
that time had opportunity to vote for some one
hundred local banks. did vote for two and gave
those votes under these circumstances. The depos-
ties had been removed from the Bank Of the United
States, and the cry went forth that the vacuum Gre
asd by the withdrawal Of the capital Of the Bank OF
the United States and its branches from circulation
must be flied up by new banks and that If we did
not charter them the democratic party would have
been defeated and, by this false cry, many ndividu-
s were induced to vote for these bank charters But
strange il may seem, the wing party in both
branches Of the legislature were able to carry them
through. The democratic party as party were OPP
posed to them; the wing party was for them. In one
bank. Yetit is charged upon the democratic par
ty, at this time, that they made the banks. The
journals Of the legislature however, show different
Ii was said by Mr.. Clay, in argument in favor OF
banking, that England had her banks and had pros.
pared under the SYSTEM and that, therefore, we as
naton would prosper by the adoption of the banking
system 1t may be that Engand's interests are fos-
tered by banks and, according to the inference
drawn by Mr.. Clay, her banking institutions have
been the main instrument in making England what
she is. The question, then, for every American to
solve, is, would he be willing to exchange our stu
ton as people for that of England' He must say
no; because he sees England nation of paupers.
The great masses there are mere slaves to the few
who own the soil and the wealth of that country;
they governed by the arstocracy, and their gov
eminent is a monarchy. 1t may be necessary to
such government to have banks, to enable the aris
tocracy eectualy to keep the subservien-
y. The whole system of banking is an arstocra
cy, and is well calculated to aid monarch in riding
triumph the rights and liberties of the mass
"a, II, them the Bank of England Gas is claimed for
it) has made England what she is | trust in God
America may be saved from the government of a
bank aristocracy, and moneyed interpretations, who
will "ride and rule ouer the ptndered poughmen and
hggarsd yeomanry" d.. .. '..s.
A comparison has been instituted between the
security offered by this bill, and the security Of
banks Let us examine the two for moment, and
nee which is the safest In the first place, the whg
party in the State of Ohio, and throughout the
Union, has refused to engraft upon bank charters
the principle of individual liability to any extern
whatever. In own State we have tried it in every
possible form we have offered the bank party
there every species Of compromise. Four years ago
we passed bill creating system Of banking which
we believed would save the bil-hoders, and at the
same time be profitable to the banks. The bank
party, regarding the scheme, as they said, as i'm.
tn ake n nf III nd
year or more passed over without the stock of
singh bank having been taken. The result was that
they came before the people, and they said that the
terms we had offered were not sufficient induce.
ments to the banks to go into operation And they
obtained a majority in the legislature to create a
banking system such as never before in exist
ence. What are the safeguards thrown around the
banks there and everywhere The individual prop
erty OF the stockholders is not bound to redeem the
Issues ofthe banks There is, therefore nothing TO
depend upon but the capital stock subscribed and
which is said to be paid in. Yet gentlemen on the
other sldea willing that the revenues Of this gov
eminent shall be collected in the issues Of these ire
sponsIbIe companies. In this sub-treasury BILL we
propose to make the individuals having charge of
the funds of the government liable in their ind yd-
nal capacity, and to compel them to give security,
thus making assurance doubly sure; whilst on the
part OF the bankers there Is personal liability of
any description. The necessity of this provision
viii be made apparent by reference to report
made in the year 1885, by the then Secretary of the
Treasury, Mr.. Woodbury., by which il will be
seen that the government had lost upwards of thir
teen millions Of dollars by receiving deprecated
paper into the national treasury; yet the gentleman
from Indiana still proposes that paper money shall
De resorted to as means of paying the public
dues. f
What is the state OF facts in our own state. Mr..
Chairman We have followed this course there
Look at the surplus revenue distributed in our own
and other States In Ohio, large amount of it was
put INTO the rotten local banks-one of them being
the Urbana Bank. They failed; and, for the want
OF this very personal security on the part OF the
stockholders, the school fund set apart for the edu.
cation your children, and my children, and the
children Of our constituents was lost in the vaults of
these worthless and dsmnable institutions Yet in
the face Of all experience, there are men here viii
ling again TO resort TO that system
The plan Of the sub treasury, now under consid.
Grafton, is but carrying out the principle we have
adopted for the safekeeping of the money in the diff
ferent States. will speak Of my own State. and of
the masner in which the public funds are kent there
Our treasurer is required to give heavy personal
| security; the same in ccr Counties townships and
school districts. And venture the assertion, that
here has never been one dollar lost by means of
nese subtreasues but there has been tens If thous
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