The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-03-31

opposition, and that the wing party would come
out and proclaim their principles boldly TO the peo-
pie. There was the gentleman from Illinois (un-
derstood to be Mr.. BAKER) who was styled The uni
yerss representative of the northwest; he hoped 10
hear from him; and f he had Just regard to the IN
terests Of that State he would unite with him (Mr,
@ In going for reduction Of this oppressive plum
dering tariff. He closed with repudisling all desire
and all idea Of advantage TO his State from any
connexion with the bank rags of the country. That
State with its vast surplus of wheat wanted moth
ing ofany currency better than gold and silver. He
also appealed to other gentlemen from whom he
wished TO hear in due time.
Mr.. J. X. lNGERSOLL was understood TO say
he had thought this independent treasury had left
in il nothing 10 commend il To respect and that
were il not for the respect he entertained for his
friends and colleagues on the Committee of WAYS
and Means who favored IL, he should not have felt
himself called upon TO address the House. He should
not participate ia the dscursiye remarks which had
been thrown out, He willing TO accord to the
gentleman from Georgia and other gentlemen much
credit for their full and lucid investigation Of the
proceedings Of the 9Th Congress- IN their repeal OF
the sub-treasury system. But their friends Of the
present majority ought TO recoect that great trees
long in growing to their height but they are cut
down in hour; and therefore equal i'm pa ons
or complaints could Justly be made against
party who, when satisfied Of the errors Of system
raze It TO the ground speedily, against that party
which should build up system in its nature and
character extremely complicated, without allowing
ample time for its investigation even by those favor
able TO IT, They should recolleet also the denun-
Citations their part against the "hot haste of the
whig party in the repeal Of this law, and the
with which they made these appeals and beware
how they followed what they successfully pointed
out evil example.
| Mr.. |. proceeded 10 show that there were obiec-
ons TO this plan which fully adequate to eoun-
terbalance all the suggestions in It's favor He re-
| ferred to the report Of Mr.. DRoMaooLE accompany
ing this bill, in the last Congress- directing many Of
his remarks 10 a reply to positions therein laid
down; and he said If the views taken by the gentle
man in that fair and able argument were correct
there was much need of such a system; but he con-
sidered some of them erroneous.
His first objection TO this plan OF an independent
treasury was that IL was altogether unnecessary.
Everything contained in the twenty-six sections Of
this voluminous bill substantially contained in
the act of 1889 organizing the Treasury Department
Of the United States. He explained the provisions
checks, and securities upon the treasury provided in
the fourth section Of that act and appauded the ad
mirable wisdom displayed in this epltome Of fnan-
cia regulations. There was nothing in this ball Of
broad, expansive, statesman like character; il was
at best but incidents II builds up, il establishes
nothing. Ii provided that all dues to the United
States should be paid, from and after June 80 1896
| in gold and silver coin only. Gold and SILVER were
valuable in their proper place, but civilized ma
lion had ever made them the exclusive medium Of
circulation, and it was utterly impossible that il
should be done. He cited some practical cases in
which bills Of exchange other currency are much
more convenient and valuable than the precious
metals; those concerned should be left at least TO
| choose for themselves.
He reverted TO the state of the country during the
4 forty years existence Of a bank Of the United
States, and said the prosperity Of the country
infinitely augmented through its instrumentality
| and he controverted the correctness of remark in
i he M n rala IN tha ttap
barrass nents, revusIons, ruinous explosions" &c
Of the Bank Of the United States averring that the
| Bank Of the United States had an explosion
revulson, with the exception Of brief period az
| ter its Establishment; and that il lived and died in
great and glorious prosperity, and paid the govern
ment Of the United States, at the extremity off pc
Rod, all the friends Of the government desired il to
pay.
| Some conversation passed between Mr.. JONES,
| Of Ga, and Mr. lNGERSOLL, on this point. The
substance of Mr.. J0NES'S inquiries being, whether
the Bank Of the United Stats, chartered in 1876
would not, in 1919, have been Frustrated and ruined
by the speculatons Of its directors and stock holders
had it not been for the intervention of the Secretary
| of the Treasury of the United States, who placed
| the funds of the government at its control And
was not the bank ruined from similar causes, when,
carried into Pennsylvania, did not have the funds
| of the government
Mr.. fNGERSOLL replied to the first inquiry
that he could not undertake to speak Of a temporary
but he did say that during its whole period no ruin
| Gus revusions or embarrassments took place in its
concerns that it discharged in the best manner the
duties Of financial institution for the government
exerted influence in the highest degree beneficial
the people, and died in great and glorious prosper.
y. With reference to the second inquiry, he con.
sidered that there no analogy between the State
institution Of Pennsy lvana, called the Bank of the
United States, and national bank and that its dis
aser from the Of its managers undertake
ing under State charter to carry the immense
machinery of stock of S35 900 900, and from other
errors and ndiscretions.
Mr. l. stated several further points of objection he
had to this bill, and detailed reasons which led him
to the conclusion that we were better off under the
existing law than under this BILL if passed. and that
Bank of the United States under proper provisions
and regulations would furnish far cheaper, easier
safer, and more natural fundamentally for the
transaction of the financial affairs and the security
of the Treasury of the United States.
Mr. ]. E. HOLMES said this was a grave ques-
ton. 1t affected the currency and affected COTTON
one of the essential interests of the country. The
bill proposed to collect the revenue in specie, and
therefore, it was urged 1t would abstract so much
from the currency, and from the ability of the coun-
try to carry on its business The business of the
country, in practical point of view, divided
into two classes; one consisted in the application of |
capital TO labor; the other species of applica-
ton that tended TO the destruction of the interests
Of labor. What was the banking system, which
had been so much auded by the gentleman from
Pennsylvania, who had Just spoken' 1t was sys-
TEN of immense potentiality, and its value depend
ed upon its management--the nice ad iusment and
adaptation of its powers. He admitted that it had
in respects, been valuable; that it had develop
ed the energies and promoted the enterprise of the
country 1t said to labor, 1--WE will give you the |
currency in which you are to be paid, but we
will give you no standard by which you can
estimate its value" BY this system labor was reg
ulated by secret councils, held ia bank parlors,
whose effect the currency sudden and
magical rs the touch of Aladdin's lamp
Look to the operations of the United States Bank,
an institution which he did not wish to say any
thing to the disparagemen of, for in some respects
it had been valuable institution, and it would be |
seen that it would require superhuman virtue to
regulate its in safe manner. That hank |
possessed of capital that overshsdowed all
other banks and it controlled the banking opera
tons in every State of the Union. Other banks
perfectly Indifferent 10 the basis of specie