Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1848-11-03
Mr Webster's Speech.

Boston On tho 24ih October, and the following
extracts from It will interest our readers:
And now, historically, let me ask. how did the
Sub-treasury arise, mud what is its origin Why
it is all very plaiu General jackson had a con-
trovciSy with the Bank Of the United States, in
which the public monies were deposited. lie
withdrew those public monies from tho Bank of
the United States in the year 1888. Well, how
then should he keep the public monies He
did not see fl to leave them as they were before
there were Banks in the hands Of collectors, to
be drawn as wanted but he adopted an "eNper-
imcnt," ms he called il at the time, and placed
them in dcpositc banks. That experiment failed
in 1886 and 1887 and with great explosion
these State Deposiic Banks blew up.
BY this time, Mr. Van Buren, came into Office,
and summoned an extra session Of Congress,
which assembled in September, 1897; and MIR
Van Buren, aud his councillors produced that
day, as an original idea,--and il was altogether
original, las Of their own invention, il was
Of their own invention, for in that respect they
stole no mans thunder--they produced this pro
jcct OF what they called Constitutional Treas-
ury, or Sub-trcasury, which was to lock up in
the chests of the Government every dollar which
tho Government received, until It should be call.
ed for again by the Government--thus abstract
ing II from tho business oil society and obstrr,ct-
ing all commercial proceedings.
That system prevailed. Tho country tried IT,
1t lasted during Mr. Van Buren's administration !;
and You and |, and all other Wings in the ooun-
try, laid our hands to the work TO expose the
bad character, the uselcssness, and inconven-
ience, and mischievous operation of this Sub
treasury and, upon that the Wings Of the
country turned Mr. Van Buren, out Of office. -
Yes, gentlemen, there was no question which
had moro to do with the overthrow of Mr. Van
Burcn's administration, and the election Of Cen
rrol Harrison in nxaf,ninr fl,.n IL
question of tho Sub-ircasury. Don't VIC all
know thatp
And now, by the way-if il be by the way
and not too far out Of the way--what are VIC
Wings requested to do by many members Of the
community, and AM sorry TO say by somc Of
our own party? We are requested 10 take back
Mr. Van Buren,, Sub-treasury and all. We are
requested to pass judgment against ourselves for
our decision in 1870 And see men in this
Commonwealth - individuals but thank God
they are not great numbcr-who at the peri.
oil Of that discussion, in Congress and out Of
Congress- with a voice as distinct as mine and
talents far greater, opposed, decried, and con-
dcmned the Sub-treasury system, as the greatest
evil any Government could indici upon a com
mcrrial people, such rs ours; see them now
taking Mr. Van Buren,, Subtrcasury and ALL
and locking him up in their embrace as fast as
they can.
bcnliemcn sec with regret, that some OF
those who have been with us,-becn with us
here, been with us in the presence of these inn
ages Of great men, which hang around US dc.
| nouncing rs we denounced the policy Of the
| government of Mr. Van Buruns time, unfolding
as we cn,lea,ored to uphold, the necessity of u
/ proper medium Of currency for the people as
well as the Government, and the necessity Of n
fair tariff that should protect the industry Of
! the laboring classes; see with pain and grief,
] hat ~. ia al
these are all "bygone' questions and obsolete, I"
aud not fit TO be revived In my Judgment that
is position unworthy Of these gentlemen. We
say that here the substantial issues are the same.
| 1t is this Sub-treasury which we would oppose,
this tariff OF 1916, which VIC felt as q milestone
tied around our necks as L has proved itself lit
tie else these are still the things be got rid Of
Now gentlemen, may be permitted TO say,
before going on TO other things, that this Sub
treasury, the invention Of Mr. Van Buren,, is
| still bis tayorite. As far as / remember, it has
received no rebnke at the Buffalo Convention
and | believe, with all respect, that that Buffalo
platform was constructed OF such slight materials,
| that while il would not bear a verr heavy tread,
it would sustain the fox ike footsteps Of Dir Van
Buren,. The creed was drawn up and made
such as he could sign. Aud now, gentlemen,
what is, in point Of fact, the operation OF this
| Sub.trcasury system? lam quite aware that i
=, speak here in presence Of merchants, manuiac-
turers, men Of business, who understand it a
great deal better than do; but shall state its
actual operation, as far as can inform myself OF
! it. Gentlemen, am not new about to argue,
either against the Snb-treasury, or against the
| Tariff Of 1876. These measures have been the
law of the land now for two years, and all men
of business have had taste of their Effects
All propose tonight, is to bring them to the
trial, 10 inquire into their actual operations, and
ku.r a.
promised, or whether they have avoided the evil
that was predicted.
81 Now, gentlemen, let us sec how this policy OF
tho Administration, the united operation of the
| Sub-treasury and the Tariff Of 'i6, has operated
TO maintain the prosperity Of the manufacturers.
Here can only instance few things; and, so
far as am concerned, and this meeting is con-
cerned, they must take them as specimens Of the
whole. l begin with wool and woolens, great
Northern interest The production Of wool and
the manufacture Of wool is vast Northern and
| Middle State interest. 1t extends through Vir-
| ginia, Ohio the Western States, Pennsylvania,
and certain parts Of New York and New Eng
land; but :hc manufacture of it is established
| principally in the New England States Now, l
| take few instances Of this, Here is a WOODEN
establishment, in our ncighborhood, at Lowell,
called the Mitldlesex Mills; within a very short
time, such has been the depression of that inter
! est, and such the overwhelming effect of manu-
features from abroad that eight hundred hands
have been discharged; and others, il not all,
will be discharged soon. Wages are reduced 20
per cent, and the price of wool is reduced at
least one third 1r.
There are Counties in Pennsylvania upon he
7h Of November, rho ioW Mink Of his-Wash
ington, Greene, and ether Counties in the West
err part Of Pennsylvania, may well take it into
consideration, that this Tariff and Sub-treasury
have protected them by depressing the price Of
their main commodity at least one third. ltmay
not be amiss for our neighbors Of Maine and
| Vermont, as well rs New Hampshire, to notice
that also, A respectable gentleman, well known
TO you, this afternoon placed in my hand state
ment, according to which forty uooien mills,
known 10 him, hare loiihin Me lasi four months
all stopped ieorking, from he pressure Of he
) money market, and the influx of foreign manu-
( features, and they have discharged nearly three
thousand hands, and greatly reduced tho wages
Of the remainder.
/ There Is singular fact connected with tho
/ wooden manufacture in the United States, be-
licve not generally known. A great portion Of
the imported article Is from France and the con-
e.