The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-05-28
CON RES SION L.
SPEECH OF MR.. RARMANsoN


IN the HOUSE of Representatives., .fpriI |, l546-On
the independent treasury bill.
The House being in Committee Of the Whole on
the state Of the Union, on the bill for the better
organization Of the treasury, and for the safe
keeping, transfer and disbursement Of the public
revenue
Mr. HARMANSoN addressed the committee as
follows;
There is no measure, Mr.. Chairman, the adop-
ton Of which ! shall hail with more heartfelt pleas
ure than the one now under consideration. go for
II, air with the fullest conviction and the fervent
hope that, il fully and fairly carried out it will grad
ua1y but effectualy rid us Of our present vision
airy, vacillatng, gambling, paper money credit sys'
TEN, and replace it with another that will give
stability TO our commerce, place credit on its egt-
,f.se fcundaton-honesty ability, and industry;
and make proper discrimination between an hon.
est, capable, and industrious man, and the cunning
arfuI villain.
60 for IT, sir, from the indispensable necessity
Of this government resuming its rishtful power
Of coming money and regulating its value, which
sacred governmental function IL now usurped by
irresponsible corporations, called banks, or paper
money mints, which control its value, by con-
traction or expansion, as avarice or ambition may
dictate.
| go for 1t with the burning desire to establish
in our great republic, the great truth that even
handed justice, equal laws, equal rights equal ben
ef,s, and equal burdens, are the only legitimate ends
Of government.
am an open, undisgused enemy of our paper
money system. 1t is utterly at variance with the
principles of equal rights, destructive Of every great
cial, the very interest its advocates contend it
advances-and spreads Generalization from end to
end Of the Union. ] am willing to 60 for any legi-
innate, prudent measure, that will rid us of this
system; and honestly believe the adoption Of this
bill, if fairly enforced, will ultimately lead to that
O.. e e. al
me. They think the effect of this bill will be to
strain the banks from doing harm, and leave them
the power to do good. Sir, in either event, the
country will be benefited. IF they are right, the
evil will be palliated; should be right the evil will
be eradicated
will examine, Mr.. Chairman, our paper system,
hope, sir, with candor and fairness; with no dis
position to exaggerate or extenuate its evils, but
with an honest desire TO strip the system of its
many DISCUSSES, and to place ii, in its nakedness, be-
fore my Countrymen; with a consciousness, if my
views be right that every good man, without dis
tnction of party, will cheerfuy lend his aid TO rid
US Of it. Party names, party shackles, are strong,
very strong; but, sir, when party commands are
clearly in opposition to justice and truth, politicians
may still follow; but the men Of neither party, who
have Just claims to honesty and independence
would long hesitate which to obey-unjust party
commands, the dictates of reason and conscience.
Party commands have, and should have, this Just
infuence to make their honest followers hesitate,
reflect, examine with care and caution. But when
their minds clearly convinced that those com
mands unjust, false, and lead to immortality, ev-
cry feeling of an honest nature would prompt them
to the side of truth and justice. Self-respect ex-
pecetion Of present reward in the good opinion Of
their fellow-citizens, and Of future reward in the
smiles Of their God, would impel them to support
the truth. Were it not So that our people would
prefer truth and justice to fasehood and immortality
or had not the intelligence or common sense to dis.
tWe her
sefgovemment, which has excited the liveies'
hopes ofhumanity, which every phanthropist il
endeavoring to impress the civilized world as an
established political fact, is but the fond dream Of
Visionary mischievous dream sir, which would
stir up and give life to the divinest feelings of our
nature, only to be crushed in despair and hopeless.
ness.
am not one who distrusts that sacred principle
Of sef.government; have abiding faith, sir in
the intelligence and honesty of the of my
countrymen
But to the question. It may be unnecessary to
discuss our banking system under its bad admins.
tration. All parties admit that the evils arc lntoer
able. is, under its best management, with men
who are honest and willing to do the best they cat
for their country, that shall discuss it, and hope
TO prove, from its very nature, that It IL n greh
commercial, political, social, and moral evil.
Let us suppose, Mr.. Chairman, our banks to be
managed by honest men, lending out their paper
gay three to one, fairly, to the community, without
any favoritism whatever, with even-handed Justice
and let there be foreign or domestic demand for
specie; is it not perfectly clear that, pay tho de-
mand-say for million of specie-the bank
would have to contract its circulation three millions
thus reducing the usual credit of those who borrow
from them in the same proportion, and causing q
corresponding fal in their prices' This would mo-
have been the case under purely metallic system
This, think, ell will admit.
And, further; Banks are managed by men il
active commercial business in composition witt
those who borrow Of the bank. Now, every gen
uemsn on this floor knows, and will admit, tina
two steamboats, cannot run between this pac
and Richmond without using every possible mean