Newspaper of Burlington Free Press, March 23, 1838, Page 1

Newspaper of Burlington Free Press dated March 23, 1838 Page 1
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NOT T II H ! 1-OltV OF O, US A It J HUT T II U WliLf AUK op II O M V,, BY 51. 13. STACY. F&SOJAY, MAIftCiff 23, JLS3S. VOL, XI No. 561 3111. CIiAY, on tiik sun tiii:a!0kv ini.r.. On iIib 19, li nil. Air. Cl.iy iidiliesseil llic Senaln nt gru.U length in nppos il ion lu ilia liill. Our limits do not allow iu In giie il fill ire j wo tlicie I'oro li,tn fcleclcil lli.it portion of il intended In illiislinlc the pr.icl ic.il effects (if die tncismcs upon llic people mid llio inslimlinns of the coiniliy. Tim following nre his pioposilinna : lt, That it win llio deliberate ptnpofc stud fixed (lc.ijn of tlio lain Administration to establish n (Joicinmciil li.ink n I'lcisiiiy hank to bo ml ininhicicd and controlled by l lie Uscciithe Oepait tnent. 2 I. Tlul, with that view, nnd to tint end, it was its aim and intention to overlliiow the whole banking p?tein, a esisting in tlio United Stales when that Administi ation came into power, begin niliT with the Hank of tlio United Stales, nlnl ending with the Slate banks. 31' That the tittnek was fust confined, from considerations of policy, to the Hank of the Uniled Stales J but that, lifter its ovcilhiow was accomplished, il was ihcn dircn. cd m,"J I''1 s'l,('l! continued, against the .Sta'e banks. Jib' 'I'll it iho picicitl Administriitioii, liy ila iicknoivleiigt-i'iraits, cmanaling fiom the highest und most authentic source, lus succeeded to llio principles, plans, ami policy, of the preceding Administration, and stands solemnly pledged to complete and pcifecl them. Hiding fui tilled tliefo by numerous and pertinent quotations fiom the scleral messages and letters of Gen. Jackson and Mr. Van Hincn, lie proceeds lo llic comidoratiou of his ulh pinposition. 5, Tint llio bill iin ler conidi'iation is intend ed lo execute Mr. Van Union's pledge, lo complete! and pn feet the principles, plans, and policy of the past Aduiinislr.ilion, by establishing, upon die i ti bia of the I, ee 15, ink of die Uniled Hi, lies ami the Slate I'. ml;-', a Cimornnient 15ank, lo be managed and conliolled by tlicTic.isuiy Department, acting under the comnunds of the I'icsideni of the United States. The firs! impression made by llio perusal of the bill is tho prodigal nnd boundless discretion which il grants to the Secretary of thu Treasury, irroconcilcable with the genius of our Irce institutions, anil contrary lu the former cautious praclioo of I lie Government. A originally reported, he was nullioriz"d by iJiu bill to nllow any number of clerk.- lie thought proper to the various receivers general, and tn fix their salaries. Il will be borne in mind thai this is the mere commencement of a system ; nnd it cannot be doubted that, if put into operation, the number of receivers general and other depositaries o( the public money would ha indefinitely multiplied. Ila is nlloived lo appoint as many examiners of the pub'ic money, and to fix llietr salaries, ns ho pleases : he is allowed to erect at pleasure, coolly buildings ; there is no esti mate for any llnnfi ; and all who are con versant with the operations of the Execu cutivc branch of the Government know the value and importance of previous estimates. There is no other check upon wasteful ex penditure but previous estimate?; and that was a point always particularly insisted upon by Mr. Jefferson. Tlio Senate will recollect thai, a few days ogo, when tin1 salary of the receiver general at N. York was fixed, the chairman of the Committee on Finance rose in Ins place and stated that it was suggcsUd by the Secretary of I lie Treasury that it should be placed nt $3 000; nnd the blank was accordingly so filled There was no statement of the naiurn or extent of the duties to be performed, of the time that he would ho occupied, of the extent of his responsibility or the expense of living at the several points where they were to be located; iinihiutr but I he sug gestion of the Secretary of the Treasury, nnd that was deemed all-siifiieienl by a niaiiriiv. '1 here is no limit upon the appropriation which is made to carry in'o cited the bill, contrary to ail lormer usage which invariably nrceeriueu u sum nut lo be transcended. A most ronm'kablo foul tire in the bill i that to which I have ulreadv called tin attention of the Senate, and of which no satisfactory explanation has been given It is that which proceeds upon the idea that the Treasury is o llnng distinct from tha treasure of thu United States, am: jives to thu Treasury a local habitation nnd n name, in the new uuiiuins; wiiieu being creeled for the Treasury Department in the ctly of Washington. In the Treas urv. so constituted, is to bo placed that pittance of the public revenue which is oleancd from the District of Columbia. All else, that is lo say, nine hundred nnd ninety-nine hundred' hs of the public revo nuo of the United Slates, is to bo placed in llic hands of the receivers geuernl nnd the other depositaries beyond the District of Columbia. Now, the Constitution of the United Stales provides Ihnt no money shall bo drawn from the public Treasury but in virluc of n previous appropriation by law. Thai tnfl'ng portion of it. therefore, which is within thu District of Columbia, will bo under thy safeguard of the Constitution, nnd all e'sc will be nt the arbitrary disposal of the Secretary of the Treasury. It was deemed necessary, no doubt, to vest in the Secretary of the Treasury this vnst and nlnrming discretionary power. A new nnd immense Government hank is about to be erected. How it would work in nil its parts could lint bo anticipated with certainly; and tt was t hoiiq 111 proper, therefore, to bestow a discretion common surnto with its novelty nnd complexity, and adapted to nny exigencies which nnghi arise. The lOili section of the hill is thai ill which the power lo create a bank is more particularly conferred. It is Short, and J will rend il to t lu Sonntu : 'See. 10. And bo it fnttlicr einelrd, That it th.i'l b l.iwful for llio Heciei.iiy of llio Ticasiuy to liaosfer the moneys in the bands of any depot.il nry lie:eby constituted, to ttiu Tie.ieury ol the United .S'ntes , lo the mint tit I'liiluilelphia ; to the Lruncli aiinl nt New Orleans, or to iho ofliccsl of ehhei of ihn neeiveis general of the public I innneis, I iv ibis act diiccicl lo lie anooinled : ami hands of nm .,ii(.,l,.M,,.ii.l.i. ..,.,wiii.,in,n.. ihi.nei. lo anv other drpo-itniy cinut iliiicd bv "the same, i A r ll is oiscitu l ion. and in llio n.ifetv ol ill piiblin inoni'js, and llio conieni uce of I tin public seivice, shall rntmi lo him lo inpilii!. And I'm llio t ii 1 1 1 (-. of paimi'iits on the public accoiinl, it sb ill be l.iwlul for thu said f'reieiaiy to ilr.nv upon any of I lie said di'piisiini ies as bo tuai tliink most con diieiie lo the public inteiests, or lo llio comcuienie ol'llie pulilic cicdituis,or bolb." It will be seen that i grants a power, lierfoelly untie lined, to tin S.-erotary of llic Treasury, to shift nntl transfer the public money, from depositary to depositary, ns lie pleases, He is expressly authorize! t transfer moneys in tlirt hands of any one depositary, constituted by the act, lo any oilier depositary constituted by ii, at Itis ilittrctiiiii, and as the safely of Iho public moneys, and Ike convenience of the public service, shall seem to htm lo require. There is no specification of any contingen cy or coin iiigeiicics on which he is to ael. All is left to his discretion. lie is to judge when the public service (and mire indeli ii it u terms could not have been employed) shall seem lo him to require it. Il has been said that this is nothing more than the customary power of trtinsler, exercised by the Treasury Department from the oriuin of the Government. I deny it, utterly u'oiiy it. It is a totally different power from that which was exercised by the cautious Gallatin, nnd other Secretaries of the Treasury a power, by the bye, which on more than one occasion, has been controverted, nnd which is infinitely more questionable thin the power to establish a IJarik of the United States. I he transfer was made by them rarely, in large sums, mil were lull to the banks to remit. When payments wore made, they were effected in the notes of banln with which the pub lic money was deposited, or to which it was transferred. The rates of exchange were regulated by the state of the market. nnd under the responsibility of I he banks, I3ul here is a power given to transfer the public moneys without limit, as to sum, place, or lime, leaving every thins to the liscrelion of the secretary ol the I rensury, the receivers general, and other deposiia ries. What a scope is allowed in the fixa tion of the rates of exchange, whether ol premium or discount, to regulate the whole omeslic exchanges of the country, to exercise favoritism ? These former trans fers were not made for disbursement, but as preparatory to disbursem-nt ; nnd when disbursed, it was generally in bink notes. I he transfers ol tins bill are immediate payments', and pavnents made not m bank notes, bill specie. I ho last paragraph in the section pro vides that, for iho purpose of payments on the public account, il shall he lawlul lor the Secretary to draw tipm an; of the said depositaries, ai he may think most condu civc to the public interest, or lo the conve nience of the puhl c creditors, or both. It will be seen that no limit whatever is im posed upon the amount or form of the draft, or as to the depositary upon which il is drawn, lie is made the exclusive judge of what is "uinsl conducive to the public interests." Now, lei us pause n moment, and trace the operation of the powers thus vested. The Government has a revenue of from twenty to thirty millions. The Secretary may draw it lo any one or more points, as he pleases. More than a mutely of the revenue arising from customs is receivable at the port of New York, to which point the Secrelary may draw nil portions of it, if ho think it conducive to the public interest. A man has In receive under an appropriation law, 410 000, and applies lo Mr. Secretary for payment Where will you receive it ? he is asked 0,i New York. II, iw ? In drafts from $ 4500. Mr. Secretary will give him the-e drafis accordingly, upon hank note paper, impressed like and snnulal ing bank notes, having nil sutiiible emblazonry, signed by my Irietid Hie I renstirer, (whose excellent practical sense, nntl smtit anil sound judgment, if he had been nl ill, head ol t he I reti'iiry, instead ol Air. Ijov Woodbury, when the suspension ol spoc.e payments took place, would have relieved or mitigated the pecuniary embarrassments of the Government and the I'eople. conn tersKMied by the Comptroller, and filled up in the usual wav of bank notes. Here one of ihetn. said Mr Cr..iv. llio bore held up to the ira.e of the Senate u Treas ury unto, having all the appearance of a haul; note, colored, engraved, nnd executed like any other bank note, for 4")0. This continued Mr. Cr. vy, is a Government post note, put into circulation, paid out as money, and prepared and sent forth, gradually to I accustom the 1'enplo of this country to Government paper. I have supposed g 1 0,000 to bo received in the mode stntcd by n person entitled to receive it under nn appropriation law. Now, let us suppose what ho will do with it. Anywhere to the Suith or West it will command a premium from two tn five per cent. Nowhere in the United Stales will il be under par. Do yon suppose thai tlio holder of those drafts would ho fool enough to convert them into Bpecie, to be carried and transported at his rbk? Do you think h would not prefer thai this money should be in the resoou- siblo custody of the Government, rather than in lin own insecure keeping? Do you think ho will deny to Ifnixolf the op portunity of realizing Iho premium of which ho may bo purfeclly sure? The greater want of the country is n medium of general circulation, and of uniform valuu every where. That, especially, h our want m Iho WcBlorn and interior States. Now, here is exactly such a medium; and, sup oo-in" Iho Government bank to he hone'lly and faithfully adiiiiniblercd, il will, during such nn adminittratinu, bo tlio best cons vcrliblo pnpor money in Iho world, for two rcaS0)s . The firbl is. lliat every uVJar ol paper out will he the representative of n ,l,,li, f ; ,i, I... ,.r i :.. rra! "' n,lu,r '"''?"., ; seeontlly, il llio receivers yenoral Hhotild embezzle the public money, t he rcspoosibll liy ot the (lovernui'Mil lo pny dralis issued upon I lie basis of thai money would re main unimpaired. The paper, therefore, would be ns fur superior to the pnpor of nny privale corporation as the ability nnd resources of the Government of the United States ate superior to those of such corpo rations. Thu banking capacity may ho divided into three f'nciilt iest deposiles, discount ol hills of exchange, and promissory notes or either, nnd circulation. This Goveritionl hank would combine I hem all, except thai it wi i n o i discount private notes, nor receive private .deposttes. In payments for the public hinds, indeed, individuals are allowed to make deposiles, nnd to receive eert ideates of their amount. To rriinrd nirninst their uegot lability, a clause lias been introduced to render them unassignable. Hut how it bo possible to maintain such nn in convenient restriction, in n country where every de-criplion of paper imposing nn ob ligation to pay money or deliver property is assignable, at law or in equity, from iho commercial nature and trading character of our peopli ( Ol all the faculties which I have stated a bank, I lint which creates n circulation is the most important to lite country at largo U is that in which thousands may be interested, who never obtained n dis count, or made a deposite wild n bank. Whatever a Government agrees to receive in payment ofthe public dues is n medium of circulation, is money, current money, no matter what lis form may bo, I rensury notes, drafts drawn nt Washington, bv the Preasurer. on the receiver general at New York, or, to use the hinguae employed in various parts of this hill, "such notes, bills r paper, issued under the authority of the United States." These various provisions wore probably inserted not only to cover the case of Treasury notes, hut that ol these drafts in duo season. I5ut if there were no express provisions of law, that these drafts should be receivable in pay ment of public duos, they would, nccessari ly, be so employed, from their own intrin sic value. The wnnt of the community of a general circulation of uniform value everywhere in the United Stales would occasion vast amounts of drafis which I have described to remain in circulation. The appropria tions this year will probably fall not much short of thirty millions ol Treasury drafts on receivers general, of every deuoniina- lon and to anv amount, may be issued by the Secretary of the Treasury. What nnioutil would remain in circulation cannot be determined a priori, I suppose not less than ten or fifteen millions; nt the end of another year, some ten or fifteen millions more; they would fill nil the channels of circulation. 1 he war between the Gov ernment and S'ate banks continuing, and this mammoth Government bank being in the market, constantly demanding specie for its varied and ramified operations, con fidenco would bo lost in the notes ofthe local hanks, their paper would gradually cease to circulate, and the banks them. selves would bo crippled nnd broken- The paper ol iho Government hank would ultt mutely fill the vacuum, ns it would instant ly occupy tlio place ofthe note ol the late Uank of the United States. I am aware, Mr. President that bv the 25t h section of the bill, in order to di the purpose of the vast machinery which we are client constructing, it is provided that it shall bo the duty ol the Sec. of l reas ury to issue & pnblhli regnlat ions to enforci the speedy presentation of nil Government drafis for payments nl the place whore payable, &e. Now, what a tremendous power is here vested in the Secretary! He is to prescribe rules and regulations to enforce the spr.cdi presentation ol nil Gov eminent drafts lor payment nt the place where payable. The speedy presentation! In the receiver general til New York. The Secretary is empowered to enact reg illations renuiring him speedily lo present them, and, if he do not, the Scretary may order them tn be paid at St. Ijotiis. At New York I hey may be worth a premium of five per cent.; on St limns they tuny be liable to a discount of five per cent. Now, in n free Government, who would ever think of subject ma the properly or money of a citizen to the exercise ofstich a power bv anv Secretnrv of llio Treasury ? Whnl oooorlunilv does it not afford to reward n oartisnn. or iiunish an opponent. n win ha imnossiblu to maintain such nn odinu and useless restriction for any length of lime. Why should tlio debtor (ns tin Government would bo in the case ol such drafts ti3 I have supposed) require his cred iter (as the holder ofthe draft would be) lo apply within n prescribed time for his pay ment i iNo, sir; mo system woinu couuoi vnu; vnu could not so control the sys'cin Hut if such n ridiculous restriction could be so continued, thcdralts would, uevertht! less whi st they wcru out, bo Iho time Ion or short, perform the office of circulation nod i ii n 11 e V Let us trace n liltlo Inrtnor me opornuon nfihis Government bank, nnd follow it out to iis fionl exn imoii. 1 hnvu supposed tbo nnoronrintion of some thirty millions of dollars nnnunliy liy tlie Government, in ou di-bursed in the lorm ol drnl's, issued ni Wn-hinglon by tho Treasury Department iinoti the depositaries. Ut llini ainouni some ten or fifteen millions would remain the first year, in circulation ; tit Iho cud o another year, a similar amount wotiiu con linnu in circulation ; nn su on, from year to year, until, ot the end of a series of mine live or nix venrs there would he in eircilla lion, to sunnlv the indisnensablo'.waiits of commerce and of a ucncral medium of inii form value, not less lhan eoino fcixty or eihly millions o drafts S:ed by tlio Gyy eminent. Thcc drafis would bo generally upon tlio receiver general at New York, becnu-o, nn that point, they would com- and n premium, or be at par. throne-hunt tho whole extent of the United Stales; and wo bavo seen that the Secretary of the rensury is invested with nmple ntithnrily concentrate nt thai point tho whole rev. euuo ofthe United States. All experience hns demonstrated (lint in hanking operations n much Inrger nmount paper can bo kept out in circulation than the specie which il is ucceessnry to retain the vaults to meat it when presented for yiiinnt. Tho proportions winch the same X'jononco has ascertained lo bo entirely safe aro ono ofspecio to throe of paper. If, thuro lore, tlio h.vectttivo Government had sixty millions of dollars accumulated at thu port tVnw lork, in thu hands ol'rceoivor irnncr.il. represented by tixly millions of Government alts in circulation, it would bo known that enty ol that sixty millions would ho MifR cienl to retain to meet .any amount of drafts which, in ordinary tunes, would bo presented for payment. There would then remain forty millions in the vaulN, idlu and unproductive, nod ofwlnch no practical use could ho made. Yvoll ; a ffrcat election is at hand in tho Statu of Now York, tho result of which will al tho fato ol an existing adininirlraliori. the application of ten millions of that dor- moot capital could save, at some future day, corrupt h.vccutivo lorm overthrow, can il bo otlhtod that tho ten millions would be ap- lied to ptcscrvo it in power? Again lot us upposn soma great exigency to arise, a sea son of war, creating severe financial prussuro and cmtiir:,isnioiit. Would not an issue of aper. founded upon and exceeding the specie l iho vaults, in sumo such proportions ns experience had demonstrated might bo safely cinittcd,.bi5 authorized? Finally, tho wholo amount of specie might bo exhausted, and then, as il is eastei to cngravo and issue bank notes than to perform tho unpopular office of imposing taxes and burdens, tho discovery oulu be niadu that tho crtdil ol llio Govern ment was a suirieicnl basis whereupon to also omissions ofpapor money, to ho redeem. 1 when peace and prosperity returned. Then wo should hive llio days of continental money, and of assignats, restored ! I hen we hould have llial Government paper medium, vhich the Senator fiom South Carolina fiMr. Camioun conridcrs the most perfect of all curicnev ? Meantime, nnd during tho progress of tins vast Government machine, the State batiks would be nil prostrated. Working ell, ns it may, if honestly administered, in the lird period of its existence, it will utterly impossible lor them to maintain llic unequal competition. They could not maintain U, even il tlie Government were cluntcd by no unfriendly feelings towards them, lint when we know iho spirit winch animates tho present Executive towards them, w'io can doubt that they rniut fall in the uncmml content ? Their issues will be discredited and discountenanced; and that system of bankruptcy which the resident would even now put into opera tion against them, will, in the sequel, be passed and enforced without difficulty. Assuming the downlull of the local bnnks, the inevitable consequence ot the operations of this great Government bank; assuming, ns I have shown would be the cafe, that tho Government would monopo lize the paper issues ol the country, and ibtntti tho possession ol n great portion of the specie of the country, we should then behold n combined nnd concentrated mo neyed power equnl to that of all the exist ing banks of the United States, with that of tho late Bank of tho Untied States nperndded This tremendous power would bo wielded by the Secretary of the Tren--. ury, acting under the immediate commands f the President ol the United S'atos. Here would be a perfect union of the sword and the purse; here would bo no imaginary, but an actual, vi.-ib'o, tongible, iiisolidatiou ol ire moneyed power. Who or what could with-tnnd it: I ho Slntes them;elvos would become suppliants at the feet of the Executive for n portion of those paper emissions, of the power lo ssuu w Inch Ihey had been stripped, mm which he now exclusively possessed. Mr. President, my observation and expo rience have satisfied mo that tlio sutety ol liberty and prosperity consists in the divis ion of newer, whether political or pecuniary. u our federative system, our security is lo be found in thai happy distribution of pow er which exists between thu Federal Gov rnmetil and the Siato Governments. In our monetary system, as ii laieiy exisieu, its excellence resulted from that beautiful arrniigeincnt, by which thu States had their institutions lor local purposes, aim tiic General Government its insli'ntton lor the more general purposes ofthe whule Union. There existed tho greatest congeniality between all the parts ofthe admirable sys All wns homogenous, t hero was no separation of the Federal Government from the Slates or from the People. There war no attempt to execute practically that nu surdity of sustaining, ninong thu snine Poo nb. two different currencies ol unequn value. And how admirably did the whole svstem. during the forty years ol its exist mice, move and work! And on tlie two unfortunate occasions ol i's ceasing to ex. ist, how quickly did tho business and trans actions of tho country run into wild disor der and utter confusion! Hitherto, I havo considered this now projeel as it is, according to its true nature anil character, and wiitu u liiusi inevuaoij become. 1 have not exnunned it ns it not, hut as its friends would represent it to be. Thev hold out the idea that it is n simple coutriviinoo lo collect, to keep, nnd tn disbursu tho nublio revenue, lu thai view ol it, every consideration ot salety and security recommends Iho agency o resnonsiblo 'corporations, rather than the emnlovinent of particular individuals. hns been shown, during the course of this debate, that tho amount which has been lost by tho defalcation of individuals has exceeded three or four limes tho nmount yf all that has been lost by local banks, nlllmiigh (lie sums confided to Iho enro of individuals have not been probably one lentil part of the amount that hns been in tlio cii-to-ly of the local hanks. And we all know thai, during the forty years ofthe existence of the two Hanks of tho Untied States, not one cent was lost of llic public revenue. I have been ctirintis. Mr. President, to know whence this idea of receivers general wasdorived. Il ha been supposed To have been b Trowed from Franco. It rentiirod all tho power of Hint most extraordinary man that, ever lived, Nip .Icon Honaparie. when he was in his meridian rr-oalnesj. in di'pl'.ce the fratiun general, nnd lo sulnti into in their plaeo the receivers goneial. i iiu imiv sy-iuiu requires, l lllltllt I nave hoard it tinted, mini thing like 103,000 "iiiphijcM to have it executed And, nu-uith-innding the modest ofthe infant prom iscs of this now project. I Invo in d.iubt tint ultimately wo shall have lo employ n ntitnu-T or persons approximating to that which is reiatned in France. That will undoubtedly be th; ca?o whenever wo shall rovrve the system ol in'omul laxaliou. In France, what reconciled lliom to the sys tem was, that Napoloin first, and the IJjur. botis afterwards, wer-' pleased with tho im mense patronage which it gavo them. They liked to have 100 000 dependents to ndd strength to the throne, which had been recently constructed or reascended. 1 thought, however, that the learned chair man ofthe Committee on Finance must have had some other besides llio French model for his receivers general; and, nr.. cordingly, upon looking into Smith's histo ry of Ins own State, I found that, when it was yet a colony, som1 cen'ury and a hall ago, and when its p-eenl noble capital still retained the name of New Amsterdam, the histo'ian says: "Am ing the princpal laws enacted at this session, we may tnent ion that for establishing the revenue, which was drawn int precedent. The sum-' raised by it were made payablo into the hands of receivers jj. n-val, nnd issued by the Governor's warrant. Hy this means the Governor became, for a suason, inde pendent of tho People, and hence wo find frequent instances of the Assemblies con tending with him for the discharge of debts to private persons, contracted on the faith of the Governments." Tlie then Governor ofthe colony was n man of great violence of temper, nntl nrbi'rary in his onduct. How the sub-Treasury system of that day operated, tho same historian infi-rms us in a subsequent part of his work. ' The rev enue," he says, "established tho last year, was at this session continued five years Ion gcr than was originally intended. This was rendering the Givornor independent ol the People. For, nt that day, the Assem bly had no treasure, but the amount of all taxes went, of course, tn'o the hands ot th receiver general, who was appointed by the Grown. Ujt ol tins fund, moneys wen on'y issuable by the Governor's warrant, so that every officer in the Government. from Mr. Hlaithwait. who dre.v annually five par cent, out ofthe revenue, as auditor general, down to the meanest servant of tho public, b' came depend .nt, solely, on the Govonur. And hence we find the Hoine at the close of every session, htnnb'y ad dressing his excellency for the trilling wa ges of their own c'ork.' And, Mr. Presi dent, if this measure should unhappily p iss tho day may come when the Senate of tin United Stales will have Inmh'v to implor- sonio future President of tho United S n'e.- to grant it money to pay the wage? of tti own sTg nnt at-arms nnd d mr-keepor. Who, Mr. President, a'c the m st con spicoous of tlinc who por-everingly pressed this hill upon Congress and tho Amirican People? Its drawer is the distinguished gentlemen in tho white house not far off; Us endorser is tho distinguished Senator from South Carolina, here present. Whai the drawer thinks of I he endorser, his cau tious rescryo and stifled enmity prevent u from knowing. Hut the frankness ol tin endorser has not loft us in tho same ignor ance with respeel to his opinion of the drawer. He hns often cxpre-scd it upin tho floir of the Senate. On an occasion not very distant, denying to him nny ofthe nobler qualities ol the royal boast ol the forest, he attributed to Inni tlioe wlncu un iting to tho most crafty, in ist sku'king, and one of tho meanest ol tlio quadruped tribe. Mr. President, it is due to inyselt to say that I do not altogether sharu with the Senator from South Carolina in this opin ion ofthe President of the Unitod States I have always found him, in his manners and deportment, civil, courteous, and gen- tluinanly; nntl he dispenses, in the u ible mansion which ho now occupio3, one w r lliy tho resilience of the Chief Magistrate of "a great People, a generous nnd Itb'-ral hospitality. An ncq-.iaintaucn with him o more than twenty years' duration has in spired me. with a rcsp'et fur the in in, al though, I regret to be oompo le I to say, I do'esl tho Magistrate. The eloquent fcjeiia'or from South C iro lina has intimated tint thu eoorso of my friends and myself, in opposing this bill, was unpatriotic, and tint we ought to have followed in Ins lead; and, in a hue letter of Ins, ho has spoken of his alliance with u--, and of his nio'ives for quilting i'. I cannot admit the justice of Ins reproach. We united, if, indeed, there were any nllmnce in the case, to resi rain tho enormous ex pansion of Executive p iwer ; to nrrest the progress of corruption : lo rebuke iistirpi, lion"; nnd to drive thu Goths an I Vandals from tho cniptal ; to ospel Hrcnnus nntl his horde from Home, who, wh-u fin threw ln sword into the scale, to nuguient the ransom demanded from tho Mistress of tho world, showed Ins preference for gold ; lint was n hard-money chieftain. It was by the much more valuable metal of iron tl;n' I... .c ,tr,en Crimi lier .rales. Alld how often hnvu wo witnessed tho Scnnior from South Carolina, with woful oountennueo. and in doleful strain?, pouring forth touch ing and mournful eloquence on tho degen-. oracy of (he limes, and the downward ten doncy ofthe llepublic Dny after day, in tho Senate, have we seen tho displays of his lofiy nnd impassioned oloqucnco. Al though I shared largely with the Senator in his npprohensiou for thu purity of our insti tutions, anil the permanency of civil liberty, disposed always to look nt the brighter eido of human nfi'iirs, I was sometimes inclined lo hope that the vivid imagination of tho Senator hnd depicted the dangers by which we were encompassed in somewhat strong er colors lb in I line iiiclif'ii.il. 'I'll o nrilitiinu nilln( il, ,,.,i..l, , lr,r. nn.tnrr IMS n 1,1111 tn lnrill nnll ', n ,.l,,rir,,,a re Tl,n ,,-l,;m,l C,r ,!,,!, It.., ai le cr c;i i ins i it sa ii on . Mimu mo ouior inriv. norse, loot, aim u agoou, anti no composed tho whole corps. He went, as his p osont m is' distinguished ally commen ced with his expunging rcsolutnn, solitary and alone, Tlie earliest instance recorded in history, within my roc dlection, of an nl. ly drawing off In- forces from the combined nrmy, wh that of Achilles at tho siego of Troy, He with Irew with nil his troops, and remained iu tho neighborhood, iti iuI- len and dignified inactivity. Hut he did not join the Trojan forces; anil when, du ring tho progress of the, siege, his faithful friend fell in battle, he raised his avenging; arm, drove the Trojans back into the gates of Troy, and satiated his vengeance by s'aying Priam's noblest and dearest son, the finest hero in the immoral Illtad. But ehtlles had been wronged, or imagined himself wronged, in the person of the fair and beauiifnl Hriseis. We did no wrong to i he distinguished Senator from South Carolina. On the contrary, wo respected him, conli led in his great and ackuowlcdg. ed ibtlity, his uncointnon genius, his exten sive cxperince, Ins supposed patriotism; nbovc nil, we confided in his stern and in flexible fidelity. Nevertheless, he left us, and joined our common opponents, distrusting and uis. trusted. Ho left us, ns ho '.ells us in Ins Edgefield letter, bi cause tho victory which our common nrms were about to achieve, was not to enure to him and his party, but exclusively to the benefit of his allies and their cnuse. I thought that, ncluated by patriotism, (that noblest of human virtues,) we had boon contending together fur our common country, for hor violated rights, her threatened liberties, her prostrato C ins'itution. Never did I suppose that personal or parly considerations entered into our views. Whether, if victory shall over ngatn bo about to porch upon tha standard of the sp nls parly, (the denomi nation which the Senator from South Car olina has so often to his present alltes,) ha will not feel himself constrained, by iho principles on which he has acted, to Iravo them, because it may not cnuro to thu benefit of h'tms-elf and his party, I leave to bo a Ijusici be' ween thcms-Ives. The speech of the Sonator from South Carol tn was p'ausible, ingenious, abstract, in-ilaphysical and generalizing. Il did not appear to me to be adapted to the bosoms and business of human life. Il was aerial, but not not very high up in tho air, either; not qutto as high as Mr. C'ayton was in hi last asceiis on in his baluon. The Sn. a'or announced that there was a single al ternative, and no escape from one or tho o hur b anch of i. II slated that we must lake tho bill under consideration or tho siihstitire proposed by tho S-uator from Vtrg ilia. I do not concur in ihe statement of the case. There is another course em braced in neither branch of llio Senator's alternative ; and that courso is to do no thing; always Iho ,v;scst when you nro not certain of what you ought to do. Lotus s-upose tint neither branch of the alterna tive is accepted, and that nothing ta done. What then would bo tho conse quence? There would ho a restoration of Ihe law of 1789, with all its cautiou-- provi sions and securities, provided by tho wis dom of our anc slors, which has been so trampled upon bv tho 'alo and present Administration--. Hy that law, establishing ihu Treasury dep'.rtmant, tho trra-uro of the United S ates is to bo received, kopt, and di-lnirsed by tho Treasurer, under a bun! with ample aacuriiy, under a largo penalty fixed by law, and not left as th'w bill loaves it, to the uncertain discretion of a Secretary of tho Treasury. If th 'rcforo, we do nothing, tint law would be revived; llio Treasuror wmld have the custody, as lie ought to I nve of the public money, and doubtless he wni'd make special depisites of it in a'l instances with safe and sound State II inks, as in som1 case.- the Sucrcta rv ofthe Treasury is now obliged to do. Thus wo should have in oporation that very speiil d p is te system, so much desired by some gcr.t'cinen. by which the public monoy would rouiuin separate and unmixed with the money banks. There is yet another course tinembraecd by either branch of tho alternative, presented by the Senator from South Carolina; nnd that is to establish a Hunk of thu Uui ed Stntes, constituted according lo the o'd and np, roved method of forming such nn institution, tested nnd snnctiui)e.d by ovperienco; a Hank of tho United S'u'cs which should blend publiu and private interests, nnd bo subject to public and primto control, united together in such a manner as to present snlo ond ailmary checks aga list n'l abuses. Tiio S i u'or mistakes h s own abandonment of that institution ours. I know that thu party in power II is barricaded I'solf against Ihe establishment of such a bank. It adop. ted, nt its last extrn session, the extraor dinary and unpri coden ed ruso'ution. thut thu Peop'o of the United Slates should not hnvo such a bank, although it mi?l' manifest that thorn was a clef maiohy ot' l! hem demanding, it, H; day ynBy

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