The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-03

The persons in default had gone away or were In
solvent, or were dead nothing could be got.
We ought TO consider the character OF the
men who, under any party, are likely to obtain
Offices in times Of party excitement. He did mol
wish To indulge in any party reflections, bat we
all know that men frequently Obtained Offices who
were entirely unworthy Of confidence in business
affairs. The defalcatiOn Of Mr.. Swartwout had
been referred to- but that was case that would
occur, even If the sub-treasury were in operation,
True It was not al the time In operation; but the
law required that he should put the money in bank.
Suppose IL had been required that he should de-
posite Il in the hands OF the sub-tressurer would
not the same thing have oeeunedi Would there
have been any more security in the one case than
in the otherl The public msney not lost be-
cause the collector DEPOSITED il in banks, but be-
cause he failed 70 deposite il in banks.
The collector Yves required TO give a bond with
security; but we all know that il would be no secu
rity. The parties would place their properly out
Of their hands or they would be found insolvsnt
unable 10 pay. All experience showed that there
was no security in bonds. But when money was
placed in banks with large capital, and in the
hands of Of integrity and properly, what better
security could there be- Sir, in this single view OF
the question: II appeared 10 him that there was no
reason for change IN the system, and that public
money was more secure in banks than IN the hands
Of individuals. o. ,H.Pga.l .
The gentleman from Virginia thir. DRoaeeoIIl
had placed this subject in a more Attractiyeaview
than ever, and had represented II as very simple
and harmless affair. The gifted intellect Of that
gentleman enabled him TO adorn whatever he
touched. But the results which were TO grow out
of the system had been shown by experience to be
pTeiudcial to the business interests OF the country
The gentleman from Pennsylvania Mr.. C. J. In
cERsoLLl had spoken Of the measure as a wonder
full boon Just given TO the world, and which was to
put US IN advance Of all preceding sgrsi and he
wished TO take such part IN It's accomplishment
would shed upon him portion Of the unfading
honor that would At ach TO all who were connected
with il. He had worked himself into glow of en-
thuSiasm in the description Of tho blessings which
were to result from this boon. What was this
boon, What was this mighty benefit 10 he confer
red upon the countryf Why il was to require
that the government should collect thirty millions
yearly in specie and take il out Of its usual chan
hels Of circulation, where il was necessary for the
business of the country. The currency in common
use consisted partly Of gold and silver, and partly
OF paper; but this law TO require that the whole
revenue should be collected in gold and silver.
Now, SIR, was there any possible reason why
there should be any difference made between the
currency used by the government and that used by
the people There was no principle Of political econ
omy that JUSTIFIED such difference. He held that
the government ought to use the common currency
Of the country, and It could do so without any dan
ger Even II there more risk in il than was
pFcttnueu, the government ought 10 20 on ana coll
lect the revenue IN the ordinary currency, and in
such manner as to be least oppressive. The gentle
man from Pennsylvania candidly avowed that he
was in favor Of the BILL the express ground that
il would PROSTATE all the banks in the country and
would free the country from banking operations.
That was far better ground than to contend that
mixed currency not the best for the government
as well for the people. Ii absurdny to
attempt to collect the in specie in the pres
ent state Of the currency II would have The effect
as urged by its advocates, TO cura the operations
of the banks, and produce contraction Of the cur
renoy, and Cypress debtors TO the banks.
The gentleman from Pennsylvania [Mr. C. J. IN
GERsoLLl declared among other reasons in favor of
the measure, that 1t would operate protect the in
dustry Of the country, and that it would enable
New England to compete with all other countries
in the world. If the currency was reduced the
value of labor would be brought down. I'LL we could
cheap they could in Germany.
We did not want any such protection that IL
was such prott ction the wolf gave to the lamb;
and it would bring laboring and industrious men un.
der the control Of wealthy capitalists. We had heard
the banking system denounced corrupt and fraud
uent. He was advocate of unsound banks !
but Of banks that were we'll managed, and whose
paper was convertible into specie. Il was the people
Of moderate means, and who required their aid who |
made banks; and through them industry was stimu-
lated, and men Of small beginnings were enabled to
prosecute business.
When the proposed measure was carried into OPP
Grafton there could be no credit, except what was
based on actual gold and silver, and men Of large
means could control the business interests Of the
country. Borrowers would be obliged to submit to
the exorbitant demands Of those who had money to
lend. The credit system had done more to promote
the interests Of men Of moderate means than any
thing else. He admitted that credit was liable TO
abuse, and was everything else; but if credit was
susceptible Of abuse, was that a reason why we
I'LL q ~ ILL., Il 4
and we would see what credit had done for this
country. Credit had made all the improvements
all the great communications in the country. We
might as well argue against the use Of steam, be-
cause 1t was sometimes attended with danger as
against the Of credit. Tbs effect of locking up
so much specie must necessarily be to cripple the
business of the country.
Mr.. II. had another objection to the scheme.
It was impraccable. 1t was found so when it was
tried before. He OBJ ected TO the bib because il
would produce a convulsion in commerce, which
only asked to be let alone. The country was pros
porous under the tariff Of l642, and industry
found employment. MIR. II. . hour having expired,
Mr.. G. DAVIS Obtained the floor, and addressed
the COMMITTEES. He was grati6ed, he said, to have
an opportuny at this late period Of the debate
to give some hasty views this subject. Ifhe could
have his own wish, every member would be able to
come here without any prejudice in favor Of or
against tho Chief Magistrate Or any party. He should
ioVh oi'y a. lnS OohSttuloib HlcTts Ot the
question before hm.y rerr-
1t in this spirit that the constitution intended
that the members Of the House Of Representatives
should meet the questions before them. But as this
was impossible, the next thing to be desired was,
that there should always be- apowerful, jealous,
and intelligent opposition to scru,inlze the acts of
the dominant party, and hold them responsible for
those acts. This could only be done by freedom Of
debate in this hall, by liberty TO discuss and decide
every question that arose according 10 is complexi-
ty. Mr.. d. here vndicated the wing party from the
charge that they had curtaed The debate on their
bill to repeal the sub-treasury. The measure was
fully debated in the other House, and was debated
two days here. The measure consisted Of a single
clause, presenting no completely Of provisions.
Mr.. DROMG0OLE here stated that there were
two or three separate provisions on the subject in
The bill, which Mr. DAVIS assented to.
Mr.. DAVIS said II was simply measure for the
repeal of the subtreasury, and the time allowed for
discussion was considered as ample But the time |
allowed now was insufficient, when the question }
was whether we should re-esabfsh that system.
He was not disposed to complain of the limitation of
The debate. The author Of the bill (Mr. DRoM-
sooLE had the magnanimity TO give us one more