Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-05-05
Wayne County, Indiana, May >, 1916


Senate from my State; Mr. Speight, now nernb
of the Senate from Mississippi. with many others, u
good Democrats and now ardent supporters of the Sui
treasury. But Mr.. Polk not satisfied with votn
against the Sub-treasury at tina. time, in his zeal
secure its defeat, made speech against it, in which
used able and convincing arguments to show II
improperly of adopting it. The friends of the Pres
dent, who about for this measure would {
well, before giving the vote 70 the speech
Mr. Polk upon that occasion. But les gentlemen shou
be unwilling to do this, Will call their attention peca
y TO some passages in that speech, in which they
find what tt regarded Democratic opinions
relation the Sub-,reasury, but which do very
cornPort with the present opinions Of the Democrat
party. The hostility to banks common witt, III
Democratic party. did then exist Mr. p k, in I'll
speech TO which have referred, said:
81 have thus briefly considered the two princp DO
of Objectionable alleged unsaf-y of the banks
public repositories and their inconpetencv 10 ne rfor,
all the duties required of them fiscal agents Of Govern
ment As reg iris the first, it has been my object
show, from well attesed facts that they
other description OF agency could be. That occasion,
losses curing Their employment for long period OF TIM
may be possible is not contradicted; but should
occur, as IS not anclPated1 It should be remembers
that such losses are incident to all credit ana
likely TO be greater. indeed, under the many guard
contained in this bin for the public security,
that which hit reasonably be expected the EN-
ployment Of any other description Of agents.
Again, in the speech Mr.. Polk said:
"a corporation may be safer than individual agent
however responsible he be, because of
association of individuals who have thrown togcthe
their aggregate wealth and who bound in their
porato character, to the extent Of their whole capita
stock for the dcposte In addition TO this the Secretar,
of the Treasury may require heavy collateral security
in addition 10 their capital paid from such corpora
ton he could from an individual collector or
which makes the Govcrnnen deposites han
of bank than il could be with individua''
at may be well questioned whether the heaviest
cury which the most wealthy individual could give
could make the public deposite safe the point of la
collection In the city Of New York half the revenue
is collected Several millions Of public bt
IN " hands OF receiver at one time and he be corrupt
shall engage in speculation trade and with
reverse of fortune. the loss sustained by GoVerrnen
would be inevitable"
"As, them between the responsibility of a public
receiver and bank corporations, as bans DO exist, aad
are likely 70 exist under state authorities the latter
the ground of safety the public te pre-
terrei-''
Mr.. Polk peculiarly hostile to the principle in this
BILL which requires the public be withdrawn
from circulation and tho OF The community and
boarded up vaults strong boxes. Upon this subec
he used this language
"Whst the depose is in a bank, the bank may nsc it
keeping itself at tho same time ready pay when de-
atded. ana il from the ganer al crcu-
the use OF the community
''f in the hands of receivers they either hoard
b. keeping 1t locked up strong box,
own risk III private speculation trade they must,
for their security and responsibility
place 1t last dcposite in banks for safek
I'll they nre called on by the Government for it,
These opinions recently entertained and expressed
by Mr.. rolh would be denounced BY deaoctuts
tderal, danb tcbi opinions completely has demoera
cy changed ground upon this question Yet they
then the opinions Of the democratic party, deliberately
expressed BY all the leaders ana sanctioned by ali the
members Of the party.
We heard of the s'ub-tre.sury from that Pc
Rod until after the election of Mr. Van Buren,, when,
have before stated it recommended Congress BY
him. at the extra session, convened in the fall after has
Inauguration. 1t was pressed upon Congress wish all the
weight and influence which his authority could attach to
it, and yet notwithstanding the House of Representa-
tves contained majority of his friends it could be
carried through. Mr.. Van Buren,, deferred by this
rebuke, again urged it upon Congress and the country
and vainy imag ming that free people could be Induced
Initiate the example of arbitrary and despotic govern
ments he took great pains and incurred large expense
in collecting testimony TO prove tnat the Subrcasury
schene had been adopted in many of tho cpotic
governments in Europe. The evidence collected BY him
proved concu svely that where the least liberty
en- Dyed by the peopc, there the Subtreasur
in favor with the Govern n ana where tho currency
approx; mated most nearly exclusive metallic
rency, there the wages of labor lowest and the
pie most oppressed. Again and again it press
ed upon the American Congress during Mr.. Van Blu
rens AMI agan and agan was d:gnantly
ed and rejected Once after long discussion of months,
carried through the Senate, but scarcely had it
reached table the House of Represents. vcs until
it rejected, ana tiat,oo by Democratic HOUSE.
But NJ. Van Buren, had saEed his political character
uron this measure. and notwitfst, dinr tho strong AMI
repeated OF public against
he determined TO make the public sentme the Leg
isIatve department yield to the Executive,
marked by of his adhcrents upon this floor a spite
Of lamentations here or ese,rhcrc. To accomplish this
object, every within the power of the Executive
were resorted TEo patronage of the Government
was laviSIlv bestowed silence objections and secure
acquescence, where ooen commentator could
be procured Threats and promises coercion and favor
were literally used until at length in the las: year Of
M Van Bu-ens admin isration it carried through
ture The ttE July, 1910 Il Immediately hailed
BIZ te leaders Of the party 'as second declaration dec
of ndependercc;'' ana o. the Jealous,
in the Of their Joy perhaps 20 commend them