Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1846-05-07
TWENTY-NINTa CONGRESS.-Nrst Session

W AsHiNGFoN, Apr1l y, lo4o.
In Senate WEBSTER rose and
said: Mr. President, daily receive SC
many letters making inquiries touching
the probable progress of one of the meas
ures now before the Senate, that desire
TO ask very respectfully. question OF
two of the committee who have charge OF
IT, refer. sir, to the subject Of the In.
dependent Treasury bill. sometimes call.
ed the Sub Treasury bill. | am no panic
maker. desire to preven, panics. 10 al.
lay apprehensions. The country in gen.
eral is prosperous, and | desire, as far as
am able, to prevent agitation and dis.
turbance in its financial affairs. will.
therefore. address myself to the chairman
OF the Committee on Finance, and beg
him most respectfully (hoping that he
will not find an answer to be inconsistent
with his public du,y) to say how soon
It may be expected that the committee
Will report upon that important measure;
whether the committee has SO far advanced
in the consideration of the bill that he is
now able to say whether they will report
the bill with or without amendment, and
if with amendments. if he can now indi-
cate what those amendments are! This
information must necessarily be exceed
ingly useful to the public. And | will
also ask if he will be so obliging as to
state at wha, period the subject will come
up for consideration! This last question
is not unimportant in itself. but to me it
is especially important, because | shall
shortly have occasion TO be absent for
few days.
Mr. LEWIS said: l am happy. Mr. Pre-
sident, 10 have it in my power to reply
to the questions of the distinguished Sen.
ator from Massachusetts. so far as the
Committee on Finance have had the SUBJ
ject under consideration. | cannot how
ever, say at what time the Sub Treasury
bill will be reported back to the Senate
The committee have determined to give
precedence, in the action of the Senate, to
a bill reported BY the honorable Senator
from New York (Mr Dix for establish
ing warehousing system. This bill has
been urged on the committee by CONNER
cial men as a remedial measure. in its ten.
dency strongly calculated to relieve any
pressure which might otherwise result
from precipisate or sudden Introduction
of the specie clauses of the Sub Treasury.
In addition to the warehousing bill, the
committee propose TO precede action on
the Sub Treasury by bills to establish
branch minis at Charleston and N. York
measures which have also been urged.
from respectable commercial sources, as
in their tendency calculated to facilitate
the introduction Of specie payments iato
the Treasury. So far as any or all of
these measures are calculated to allay sp-
prehension in the public mind, they will
receive the cordial support Of the com nit
tee.
Ii is certain, sir, that, from the very
reason we have not now a Sub Treasury
IN operation. large amounts of public mo-
ney have accumulated in deposile in The
banks. This amount-not less than ele.
ven or twelve millions-has become The
basis of much larger paper circulation,
while the reception of paper money in
the dues Of the Government has, in addi.
lion to other causes, considerably expand
ed The aggregate circulation Of this coun-
try, so much so as to create an adverse
state of foreign exchanges, and a: tine,
too. when the monetary condition Of Eng
land is far from being settled and easy.
Under these circumstances The commit.
tee, while a majority of them are in every
way favorable to what they believe the
only constitutional mode Of collecting, de.
posting and discussing what they believe
10 be the only currency known to the
are most anxious that this
change shall be effected in a manner to
produce as little pressure as possible on
the commercial community. To prepare
for this result, and to avoid any cpnse-
quences from the too sudden introduction
of the Sub Treasury. we have, after full
delibera,ion, ,Cith entire unaninaifs, de.
termined that the specie clauses shall in
no event be reported to 60 into effect
sooner than the first of January next.
So far as this course. on the part of