The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-08-19

n tO
bel, il can there be exchanged for gold and silyel
| through broker, who foll0ws the public expondi
ture like yutnre follows a carcass, for the express
purpose Of proftng by the forced exchanges effected
under this law. The public creditor Is most eager
70 clutch the treasury draft on New York IL Is the
very thing he wants, TO enable him TO make a remit
| lance TO that city. He ID willing 10 pay hive pea
cent premium for it, but at that distant post the bro
her asks him ten for New York funds, The law
however, forbids the disbursng othcer rom paying
him this draft IL eompels the public ofheer q
so to the broker and exchange these fonds-toortA
premium Of fpe per cent at par. This Is done u
the presence Of the public creditor for whose benefit
the draf was sent and who, after receiving the gold
and silver exchanged with the broker, IS compelled
with the same money received, 10 turn round and
pay the broker ten per cent premium Tor tins iden'
teal treasury draft.
Now, Mr.. President, | ask if the friends OF
| his bill will make such state Of things ne
eessaryl Win they risk the success OF this
great measure Of the party by Withholding the
facilities for its convenient operation IN a
stale Of actual war when they know that such heavy
disbursements are 10 be made for the support oil our
army, very far beyond our territorial boundary, and
still farther beyond the limits Of our population
How are we to sustain disbursements in that
distant quarter without the facilities furnished by
treasury draitsl We may possibly get along by the
free use Of treasury notes while they allowed
but when they are called in, the thing is is mpossi-
BILE. And even with them, the working Of this meas
ure viii be any thing but easy and successful.
But, sir, (said Mr.. LII new feeling seems 10
have perysded US ia favor of 40 exclusive metallic
currency. On the other side Of this hail. among the
advocates of banks and bank paper, in all its vare-
ties Of fraud and worhessness, violent sentiment
has suddenly sprung up In favor OF hard money.
The par0xysm first manifested itself yesterday about
one O'Clock when this bill taken up for consid-
Grafton, and il has continued with even increasing
violence ever since. IL has communicated itself 10
this the democratic side Of the Senate; aud the
question is now grnyey argued, whether we shall
abolish the use, which, from the first origin Of the
government, has been made OF treasury drafts, for
fear that they may become, in some sort, paper
currency. Yes, sir, treasury drafts, drawn in the
regular and legitimate operations OF the government
for treasury purposes, TO be abolished, that we
may have no other counters IN our disbursements
han hard money, H. .. ... rrr
Now, sir, (said Mr.. LIZ Il can perfectly under.
stand the object Of our wing opponents in this their
sudden conversion to the democratic sentiment in
favor Of hard money. n they can abolish all use OF
paper, even for government drafts, they will have
made this measure as difficult and impracticable in
Us operation as they have always predicted IL
would be. To stop the use Of treasury drafts, is to
lock the wheels of the independent treasury, and TO
furnish TO the world the best evidence Of what the
wing party have always asserted, that we cannot
get along without national bank | am not, there
fore, surprised at the course Of our opponents
IN opposing any facility towards tho successful
operation Of this measure. II is their parliamen-
larry right TO destroy II by making il hateful
even in the eyes Of its best friends. At this am
not surprised, nor do complain. II is a fair and
legitimate means OF destroying the measure. Nor
do complain of the peculiar opinions Of the dis
tinguished senator from Missouri, [Col BEsros
On this point he has consistently differed with a
majority Of his own friends, by opposing not only
treasury drafts, but treasury notes But do feel
that have some right to complain Of those Of my
own friends who have voted for the issue of treas
ury notes. and now vote against treasury drafts. I
would say TO them in Esprit of perfect respect and
kindness, that by depriving this measure OF all the
facilities furnished by treasury drafts, they lay
ing the surest foundation for another United States
Bank. .-. -.-.r Don ...
But il a majority of the Senate are memorable in
their opposition TO the use of treasury drafts and
to that brief and limited circulation which they may
perform, in despite of every effort of the Secretary
Of the Treasury to cause their speedy presentation
At the place of payment under the requirement of
the 22d section of this bill-if, l say, the use of
treasury drafts Is wrong in principle why do gen.
demen conhne their opposition to this amendment
Why do they not assail other parts Of the bill as il
came from the House Of Representatives. With
all its stern, hard-money features, the bill as it came
from the House contemplated the free use of treas
ury drafts. What is to prevent public creditor
from calling at the treasury in this city and getting
treasury draft on New York, and then paying
that draft to his tavern-keeper, who will pay it to
some one else, until il shall perform the whole
round Of circulation before il is presented for pay
ment in New York; Again: one denies that
under this bill the treasurer may send treasury
draft by mail to public creditor in discharge Of
public debt. The honorable senator from Missouri
[Mr. BENrosl admits this, and approves it; and
says that at this present time while we are speaking
on the question, a treasury draft on New York is
now being made out for Mrs. Pike, the widow of
General Zebuon Pike, who resides in the west,
and to whom the government is indebted. Now,
does not the gentleman see, that If this draft on
New York is sent to Mrs Pike IN the west, in dis
charge of a debt due her, she will pass it to some
else, and it will be thrown into circulation and
kept in circulation, until it reaches New York,
the place Of payment All this is right; and yet
ii is fagrantly wrong to let the same kind
of draft be paid by a disbursing officer to a
public CREDITOR Why this Distinction Will treas
ury drafts circulate longer stronger if paid out
by discussing officer than if paid in person to a
public creditor direct from the treasury Will they
circulate less readily through the hands Of Mrs
Pike, in the west, because sent to her by mail from
this city, than if they had been to her through
the hands of discussing officer And yet, under
this bill, the one is allowed, while senator's contend
that the other should be inhibited. rn ne-
But if this amendment is stricken from the bill,
what will be the result The disbursing officers of
the government, no longer allowed to pay over a
treasury draft to the public creditor, will be CON-
PEELED, upon the receipt of such drafts at distance
from the point on which they are drawn, to call on
some broker TO exchange them for gold and silver,
agreeably to the requirements Of this section. The
drafts being drawn on assistant treasurers in the
larger cities, will generally be at premium. In
this event, the officer will either have to give the
broker gratuitousy this difference in exchange or
he will pocket it himself, and thus introduce among
our disbursng egents miserable system of specu-
lating on the government funds--a system as cor.
rupting to the officers as it is disrepuable to the