The daily union., 1846-04-01

Ian, while the losses by banks were but about
sight hundred thousand dollars, reasoned on q
wrong basis, because the Secretary Of the Treasury,
Mr. Hamilton, departed from the spirit Of the law;
and since that time the financial transactions OF the
ooyeYnment had been in cOntray ention Of its pro.
yisioos. Instead of keeping the public funds un-
der the direction and control Of the Treasury De
partment, they had been loaned out to banks, and
banks had been permitted TO use them as their own
private funds.
IThe Speaker here resumed the chair informally,
and q message Ia writing received from the
President Of the United States by the hands OF J.
Knox Walker, ESQ, his private secretary
Mr.. DANIEL resumed, and passed over many
points in the history ofthe United States Bank and OF
the financial operations Of the government generally,
10 sustain him in his position that there was not the
safety in the custody Of the public funds by bank
Of the United States or by State banks, that there
was in the provisions Of the bill now before them,
and which embraced substantially and carried out
in greater perfection the provisions Of the law Of
l7sg But why make the issue between the Bank
of the United States and the sub treasury when at
this day none Of their whlg friends were found
riously advocating the establishment Of national
bask and when leading whig had already declared
IL an ''obsolete dea'" If il were not already, il
was at any rate fast becoming an obsolete idea 1t
might safely be assumed that national bank is out
of the question. What system, then, could be pro-
posed other than the present
lie replied to various objections that had been
urged against the bill. The pretence that il would
furnish one eoreney for the government and anoth-
er for the people he considered utterly groundessi
as especially II the system for which he had ever
eontended and should continue 10 contend, were
carried into operation OF feyying upon the people as
small an amount Of taxes possible, and Of conform
ing The expenditures Of the government thereto the
money would be continually coming in and flowing
ont of the treasury, and never for any length of
han and a.half fuyn pninn dol
lars would be remaining IN the treasury. He denied
that il would break dowR the banks Of the eoun-
try-thsl portion Of them which are regulated and
conducted in a proper and legitimate manner II
would be, and ought To be, restriction upon those
which disposed to go TO excuses and to over
issues. IL would establish a uniform currency, and
would thereby tend greatly to the advancement Of
the laborng interest and all the interests Of commu
niIy-especially that Of agriculture, which was so
important one in this nation Of agricuturiss. The
dangers 10 be apprehended from II source Of the
increase Of Executive patronage were far less con-
siderable than those which would result from the
establishment Of a national bank, whose oyershad-
owing influence was Of a nature threatening to the
liberties Of the people, as he honestly believed.
Mr.. ID. having concluded
Mr.. q. w. JONES then obtained the floor and
spoke in favor Of the bi and the subject Of the
banking system, State and federal. This speech
also is in course Of preparation, and will be given
Mr. WASHINGTON HUNT addressed the
committee for hour in opposition to the bill,
eontendng that il was unpopular, mPracticabe, and
preiudcial TO the business interests OF the country
Mr.. @. DAVIS obtaIned the floor, and commen-
ced speech in opposition to the bill.
After speaking some minutes, without concluding,
he Welded the floor TO MIR DRoMGOoLE, on whose
motion the committee rose.
The House then adjourned, few minutes before
FIVE o'clock.