The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-16
CONG ssIoN AL.
REMARKS OF MR.. c. J. INGERSOLL,
OF PEENsYLvANIA,


| On the constitutional treasury bill.
Mr.. INGERSoLL, in substance, said, no one
seemed disposed TO address the committee he would
DO so, though not prepared, indeed, not well, and
therefore DESTROYS Of postponing all tomorrow
What he meant 10 submit For (sald he) this Is one
of the great subjects upon which something more
han a recorded vote on the Journal Is proper.
deem this the great act of this organic sessionmueh
more momentous than Oregon, or the tariff and
have no doubt that those who support and accom-
plsh this great and fundamental enactment will be
gratefully regarded hereafter by all dispassionate
and rehecting people, not only in this country, but
others | desire not only 10 associate my aame
with such an act Of Congress, but TO print some OF
the reasons for that DESIRE confident that those who
come after us, az soon the mlsts Of party and
misrepresentation dsperse, will regard the authors
Of this indispensable and most beneficial reform as
having well deserved Of their country. 1t is yet
Obscured by party PrejudIces. But they must soon
give way. And there is no great public measure
With which am more ambitious Of having connex-
ion not one more Cherished, than this publication
Of our currency, which is the hfe's blood Of the
body polite.
LIS having been reduced To a party measure, has
not been without advantages. Action and reaction
abuse and defence, have enlightened public senti-
ment The less educated and less thinking, but less
selfish mass have been enlisted for the yindieation
VI
its preservation. The prejudice and clamor Of hc-
uuous wealth, and its tram Of presses and pro-
LESSONS, have been rebuked, and we, who were
once an abused minority, have become a large and
united majority on thus question, which Il a great
bOnd Of republican unity. | hold the currency
above all partisan and personal considerations; yet
With infinite satisfaction, contemplate the state OF
parties on this reform. That with which | am
sociated, being in large majority in this House,
and in the other. In very few days, this bill will
pass, with the sanction of both houses, and proba-
by soon become a law. For three years thereafter,
during this administration, 1t cannot, and will not,
Be repealed; IN which period it will recommend it.
self to general, almost universal, acceptance Dur
ing nearly the next four years, It will be working
out its own practical yindcation. And venture to
predict that all the rejecting and candid Of the Uni
ted States will acknowledge its advantages, and IN
sist on its permanence Il will be one Of the great
est Of democratic uiumphs and popular benefits.
# is dry, dull, and unattractve topic, which no
one, probably, certainly not |, embellish for an
audiences topic for the pen, rather than the tongue,
and for explanation to do 1t any justice far beyond
the limit Of our Speaking permission. Last session
spoke very briefly, however, against the bill, and
voted for it, which did because several of It's fea-
lures were not TO my liking, while my adhesion 10
is great principles, is, and always has been, una-
terable. | thought that, to consume four years in
process; and that much Of the machinery provided
might be dispensed with Accordingly, on the 18th
Of January this session, submitted resolution for
a plan of constitutional treasury by supplemental
provisions to the act Of 1885, organizing the Treas
ury Department, without ths unnecessary machinery
and expense Of the repealed sub-treasury act, and
with an earlier establishment of coin payments In
this had intention to ask for any action Of the
House on Inc resolution but merely in that way to
iotirn nodi feat, /
desirable. With hundred millions Of coin, which
is now estimated to be in the United States, surely
there can be no reason for taking four years to
bring about cash payments. An amendment, since
my resolution, reported from the Committee OF
Ways and Means, proposes to recur to coin pay
menls forthwith--this year; and some of the ma
chnery of the former bill is also dispensed with.
Furthermore, the bill is now assmlated to the act
of 1889, which organized the Treasury Department,
so that our act will thus be but supplementary to
that of 1885, and the provisions of the constitution;
recurrence to first principles, to which there can
be no good objection, as an act of wholesome and
necessary reform, whose influences must be salu-
tary on the currency, the property, the labor the
morals, the general welfare of the country.
There are two cardinal positions in the proposed
act First, separation of public money from the Gus.
tody of banks; secondly, the specie clause. Either
of these positions might be enacted without the
Portable to those who faced the paper money storm
in its first furious outbreaks believe that there is
alarge majority now of the community favorable to
both these reforms. We were probably in a ma
jorty on the principle of separation, long before
we were numerically the strongest on the specie
clause. 1t was long before the prejudices which
the speculative and combined, the clamorous, in
terested, and ignorant, were able to keep up,
could be overcome Without what may be called
providental help, those prejudices never would,
perhaps, have been overcome. The inherent
monstrous evils Of all paper-money systems
aggravated by our false banking, came wonder
fully to our aid. That stupendous fraud, so fire.
quently practsed as suspension of specie payments
in defiance Of law, the gross msmanagement Of the
sordid directors of banks, their detected misde
mcanors explosions, and devastations, the ruin
commissions, and disgrace, in which nearly every
State was involved by them these provdential ca
lamities FASTENED and ensured the rescue Of thu
country from a dominion more fatal than that o
despots.
The contest between the honest, laborious, ant
dispersed portion Of the American people, and tn
combined, contriving, peper-mongering few, is no
Of recent origin. The founders of the constitution
fattered themselves that they had frustrated tina
conspiracy, at least withdrawn it's faculties Mad
ison, always wise, often eloquent, seldom fervid
let me read his denunciation Of it from the Fed
eralst:
The extension of the prohibition to bills Of credit mus
give pleasure to every citizen in proportion to his love
justice and his knowledge Of the true springs OF publ
prosperity The loss OF which. America has sustaine
since the peace from the pestlent effects Of paper
the necessary confidence between and man. on tn
necessary confidence the public councils the indus
try and morals Of the people and the characters of r.
publican government constitutes debt agans
the States chargeable with this unadviSed measure whic
long remain unSstisfed rather accumulation
guilt which can be expiated otherwise than by volur
tar, s,rhce the altar of Justice, Of the power whic
has been the instrument OF H."
The first Secretary Of the Treasury, by an order
illegal order, directing the receipt Of bank notes
when, however, they were really convertible dolla
for dollar, and no idea of legalized suspension O
specie payments had ever entered the head of mar
directing the receipt Of convertible bank notes =
the custom-house took the first step of departur
from the only money, which has been fnowe
since by enormous alterations. The first Bank
the United States another Of his measures cam
soon after; an institution which was a useful fsct
agent. But II never issued note for less than te
dollars, although II might, by its charter, hav
issued note for quarter OF dollar And It's note
were all and always really, Immediately convertibl
into coin. Five dollar notes came with the secon
Bank Of the United States, and Just before it, III
sweeping suspension Of cash payments, by nearl
all our banks, for which It was designed TO provd
q remedy. ..
The bank Of Pennsylvania and the Manhsta
Bank 81 New York, which, bslievs, led the wa