The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-03
TWENTY-NINTH CONGRESS-.
In Senate.

TWENTY-NINTH CONGRESS-.
In senate.
W.sHrNeroS, August. /, 1916.
After the expenditure Of the business of the morning
hour and short consultation as to the precedence Of
ton being upon its final passage,
Mr. WEBSTER pronounced the scheme embarrassing
and impraccable They who expected an increased re:
venue from increased imports under the tariff,
would DO arrested in their calculations by this BILL for
i took away the basis OF circulation and of business
He thought ought to be entitled bill to embarrass the
administration and the treasury Where the
sity for the actl Nobody feared the public money
The bill before you give facilities of any kind to
the government or the treasury the existing sys
all its operations it hindrsnce-n its operations
upon society in its operations upon commerce-the ex-
He had not really expected the adoption of this
so soon. lie had not been aware that the duty Of
SO speedily passing was absolutely imperative. He
had heard in the late campaign Of Polk Dallas and the
tariff Of ~ but did Iocolect have heard Of
Polk Dallas and the old dead Sub Treasury. He not
in position perhaps to give advice to the friends Of
tho still ne would suggest them the policy
Of postponing the bill till December next.
Mr. NILEs argued in favor of the general principle OF
dvorcing the government from all connection with the
banks We had lost money by them, and large amount
and subject as they are to periodical paroxysms' we
banks are now greatly inhate"-the Connecticut banks
They we're expanded there in 1887 just
before the great financial earthquake Of that period
We may expect soon another penson-they must ell
suspend all Of them. Now suppose they have to ex-
Why, sir. to greater less whole in part
you must lose the money II Is safe policy therefore
session, before the day of explosion shall The
existing system would do well enough as long as the
banks were solvent but when explosion comes, it is
well to be out of the way Of tho danger Mr. Niles
gued in favor of the bill.
Mn. EvAss and Mn SIMMONS followed in opposition TO
the BILL and in exposition OF the dangerous tendencies
Of the ubTreasury and its kindred measures.
While the latter gentleman was speaking, Ma LEWIS
came to him aectonately, and whispered in his ear
n.
tience the other side he certainly did not hear the
remarks upon that point made in the beginning
there disposition to debate to listen to debate
on the other side Had he not seen examples Of this
sort before, it would have completely a,tonished him
MIR. Simmons continued his anmadv ersions upon the
SubTreasury, the new Tariff the Warehousng Bill, tho
Land Graduation, &c.
not be greatly alarmed at this II half
dead before 1t was brought into operation II was tho
by of its friends this floor humbug, yes sir,
humbug while the bill destroying the act OF AZ wasde
clared botch Here, then, were two administi alton
measures denounced by Of the most conspicuous Of
the party as "humbug" and "botch" Your Sub
Treasury is humbug. and your Tariff boch, Dir.
Miller proceeded to argue the stringent constructive
properties of tho bill.
Mr. NILES replied in defence of the scheme II reduces
The gold and silver standard 1t abolished the fictitious
standard Of pepper mutations and would finally enable usby
reducing prices the spec basis compete
cessully with the manufacturers Of Europe Mr. Niles
argued the necessity OF divorce from the banks; and
in recitng the losses of the Government from these in
stutions he accidentally, incidentally, adverted TO
the funds at time in deposit in the Mississippi Banks,
and about proceeding to intimate that these funds
had never been paid back, when
sir srrIcHr Ut once arose and put in nolie prosequ
After SIR Niles hal finished his argument against the
Mr. EvAss rose 10 rebut some Of the main points of
and policy and historical facts Of the Senator oil Connec
Planters Bank (as undesooa ofAssissppi In that
the deposits OF the Government had all been paid back
and not in deprecated paper, buin was paid
back in money.
Mr.. srrleHr, Tin his seat) yes, sir that's the fact
about i. thank the Senator:
Mr. EVANS having finished his short succinct and ex
planatory speech about the banks,
AIR SrsioHr rose in his place and thanked the Senator
from Maine for his clear statements OF the respect
ing the Mississippi Repositories The nj had not
lost dollar by them.
MIR s,Mmos. argued against the BILL mainly upon the
objection that would reduce the price Of labor when
brought into practical operation.
MIR CALHOUN said it was always difficult to separate
the government finances from the banks, but especially
in time Of war But with judcious arrang emen even
that might be effected. Su he regretted the restriction
placed upon the SubTreasury drafts lie feared that
pecuniary crisis at hand and the longer this Next
can protracted, thu more oppressive would be
the financial shock when il came For this reason 70
Mexican war The necessary result OF this war would
be pecunary crisis, which, he feared in part, would
attach to the measures Of the adm nstraon AS Trend
therefore, OF this measure he would have even pre-
erred its posponement TO next December 10 its passage
Hewever. he believed 1t might be safely weatn-
cred through He had done his duty on The Oregon
quesion--ne had done his duty in regard 10 the Next
endeavoring 10 arrest H. lie was ready now
for his duty in voting Tor this Dill
MIR CRIrrEspEr had word 10 say. He adverted to
the revuson OF 5s0 and said any reasonable body
that ought to have been warning all suici4 Mt.
But the Baltimore Convention bad decTeed it, 1t was
there proc aimed that this a thing 10 be done Its
friends though somewhat tremulous were determined
TO carry it through-to stand out in defiance their
stethe inevitable fate which is staring them in the
face and to carry out their suicidal creed With
brief reasons agsnst the adoption Of tho measure, he
yielded the floor, when
The question taken the passage OF the bill and
carried, yeas 2s 25-a distinct party division
man. Three democrats absent, Messrs. M'Dufie and
Col9uitt sick-snd MIR. Haywood, resigned.
The Senate then took up the Naval Appropriation
Bill, debated 1t, amended IL, and passed IL.
Adjourned 10 MONDAY at 10 O'Clock.
The following 10 copy OF the Sub-Treasury bill as
passed in its amended form by the Senate -
AN ACT to provide for the better or snzaon OF the
treasury. and for the collection safe keeping trans
fer. and disbursement OF the public revenue.
Whereas, BY the fourth section Of the act, entitled
Act to establish the Treasury Department. approved
September second, seventeen hundred and eighty 'nne
II provided that IL should be the duty the Treasu
TO receive and keep the moneys OF the United states snn
to disburse the upon warrants drawn ny inc sec
tary OF treasury couniersgped by the Comptoer snd
recorded by Register and not otherwise, and where
as II s found necessary to make further provisions 70
enable the Treasurer the beter to carry into enect "
intent the said section In relation to the RECEIVING ana
dsbursing the moneys of the United states
Be IL enacted by the Senate and House oil heprsens
tves of the United states of America In Cong assem-
bled That the prepared and provided IN 'ne new
treasury building at the seat OF government ot 'ne use
of the Treasurer of the United States MS assistants and
ssrks and occupied by them, and also the ire proof
vaults and safes erected In said for the Of
the public moneys in the possession and under the imme