Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-05-05

dItona facilities to supply the business wants Of the
| community.
For time the system seemed to work well. Every
thing went swimmingy. New banks created
money became plenty. With of circua-
ting medium prices advanced. The spirit pecnatiou
became rife throughout the country until its
influence felt every neighborhood. The people
then told by the leaders of the democratic party
tones of exulation, that they then the enjoy
of that shelter currency that "eotden hdrcest'
which promised them the fruits of democratic
policy.
Thus stood matters in 1886 when the banks,
aged by the Government to extend their circulation, and
stimulated by the overexced condition the business
of the country had increased their discounts and their
circulation to the utmost possible limits In July of that
year Gen Jackson issued his Treasury Circular, requr-
that payments for the public lands should be receiv
ed only gold and silver. This the
in order of the series "erpermens' which adop-
ted by the democratic party with the view of improvn
the currency Its effects disastrous upon the
business and interests of the community 1t gross
ly unjust and partial in its operation, because it required
class Of the creditors Of the Government TO pay their
dues specie, while others allowed pay then,
bank paper. An odious discrimination made against
that portion of the people who desired purchase the
public lands which could be justified upon principle Of
justice policy
The effect of this measure was to create an immediate
and exorbitant demand for specie and necessary
sequence to deprecate bank paper. Large amounts of
specie taken from the Atlantic seaboard AMI trans
ported west of the to be used in the purchase
public lands. The demand for specie caused up
the banks. They compelled Immediately to
tail discounts, and press their debtors in order
obtain means 10 meet the increasing demands against
them And to render the evil more aggravated, the Gov
denounced the banks fraudulent and dislon-
est while pothouse politicians and village demagogues
took the strain and joined the cry until carried
into every neiglbohood throug out the land. The
suit all know. Public confidence unseted--busi
OF every kind was deranged-property of every
species rapidly observation-disclosures and sherils
enriched BY the fees Of tgaton-bank suspensions fol
lowed while heavy sacrifices and bankruptcy involved
the people in almost universal disaster.
Such the state of affairs which existed shortly af
the Inauguration of Mr.. Van Buren, in the spring of
1887 In order the crisis, session Of
Congress convened in the fall that year Mr. Van
Buren,, in his message Congress, ndei tho
Subtreasury scheme (which by the bill before it
proposed Ieyive) remedy for the evils then
ting The democratic doctrine of drorcag the Govern
ment from the banks then, for the first time propos
ca democratic measure. The intimate union which
existed between the Government and the local banks had
been effected by Gen Jackson and Notwithstanding Mr.
Van Buren, had made il his boast that hs asPired
greater honor than oiiou TIE foof STEPS IF las Has
trims predecessors. his first official recommendation
o dirorce those whom his predecessor had joined.
But, although the Sub treasury scheme then for
the first time proposed and urged by the Executive.
the first time presented for the consdcra-
ton of Congress. 1t before presented i'll Con-
gress and desire present 20 the Committee full!
history of the measure, will ask the attention of gem
tiemcn 10 tho proceedings which then had upon it,
In February 1875 bill was pending before the House
of Representatives, regulate tc public depositcs in
certain local banks Mr.. Gordon, representative from
Virginia, presented to the House ubtreasury bill,
which he red substitute for tic dcposite bill then
pending In order that the committee may the sim
ilarty between bill and the before u.s. l
will read the Journal the House, before
me:
''SEc l. Be it enacted &c That from and after the
day of in the year the coec
tors of the public revenues at places where the sums
collected shall not exceed the of dollars i
per shall be the agents of the Treasurer to keep
and disburse the and be subject such rules and
gulaons, and give such bond and security he shall
prescribe, for the faithful execution of their office, ana
shall receive in addition to the compensation allow
ed by law, per ccnium the isbursed, SO that
it does exceed the of dollars per
sEc . And be further enacted, That all places
where the amount Of public revenue collected shall
coed the sum of dollars per annum. there shall be
appointed by the President with the advice and consent
of the Senate receivers of the public revenue. TO be
security keep and disburse the public and be
subject such rules and regulations the Treasurer
Shalt prescribe, and shall receive for their services per
centun per tho sums disbursed. provided il
does exceed the of dollars per annum.
SEC ;. Andb it further enacted, That from and ,f-
ter the Gay of the whole of
tho nted States derived customs lands or other
sources shall be paid in the current the United
States.''
Here, then, Is the veritabie Sub-treasury BILL
ing all the features and of the bill before
Us. The dir0rcc of the tovernmen from banks The
receivers general the demanding of the in gold
and silver, and the ockingit safes and vaults,
here all provided for. 1t presented too 10 Demo
cratic House Of Representatives, under the dmnistra
ton of Gen. Jackson How it then recevedl Was
it then garded Democratic measured Let the vote
stands recorded the Journal the mo-
ton substitute this Sub treasury bill for the depeste
bank BILL the vote was-yeas. 49, nays, l6l. Bv this
overwhelming majority the Subtreasurv bill the
ted down in Democratic Congress, and utterly repudi-
ated. Among those who were then members of the