EDITORS AND PROPpEio..
TERMS.
fertfflnii"r three dollars per annum ne
Persons riitlinsr without the- Slate will le
w-,i;rl lo py the WHOtK amount oi tu vcara
ulwcriptirtii in advance.
BATES OF ADVERTISING,
For every J 6 lines Size type) first iiwertibn
one dollar ; each sulwequent insertion, .25 cents.
Court Onterj and Judicial Advertisements will
be charpod .percent, higher; and a "deduction
of per cent, will he made from tha regular
prices, fr advertisers by the year.
Cj I,KTTni to the. Editors must be not-piiJ.
MR. CLAtS SPEECH CONCLUDED.
Another conclusive evidence of the hostil-
ltv to the state DanKs, on tne pan at mr.
Van Buren, is to be found in that extraordi
nary recommendation of a bankrupt law con
tained in his message at the extra session.
According to;all the principles of any -bankrupt
system with which I an Acquainted,
the banks, by the stoppage of specie pay
ment, had rendered themselves' liable to its
operation. If the recommended law had
been passed, commissions of bankruptcy
could have been immediately sited out against
all the suspended banks, their assets seized,
.and the administration of them transferred
from-the several corporations to which it is
now intrusted to commissioners appointed
by the President himself. 1 hus, by one!
blow, would the whole of the Statelbanks
have been completely prostrated, and the
way cleared for the introduction of tha fa
vorite Treasury bauk; and is ft not in the
aame spirit of unfriendlinessi to those banks,
and with the same view of removing all ob
stacles to the establishment of a Government
bank, that the bill was presented la-the Se
nate a Tew days ago by the senator trom
Tennessee Mr. Grundy against the circu
lation of the notes of the old Bank jof the
United States ? " At a time when there is
too much want of confidence, and when
every thing that can be done should tie done
to revive and strengthen it, we are; called
upon to pass ajaw denouncing the heaviest
penalty and ignominious punishment against
all who shall reissue the notes of the old
Bank of the United Statesof which we are
told that about seven millions of dollars are
in circulation ; and they constitute the best
portion of the paper medium of the country;
the: only portion of it which has a credit
everywhere, and which serves the purpose
of a general circulation ; the only portion
with which a man can travel from one end
of the continent to the other; and I do not
doubt that the Senator who has fulminated
these severe ipains and penalties against
that beat part of our paper mediu m provides
himself with a sufficient amount of it, when
ever he leaves Nashville, to take Jum to
Washington. .
Here Mr. Grundy rose and remarked:
No, sir always travel on specie.
Ah! continued Mr. Clay, my old friend
is always gpecieovs, I am quite sure that
members from a distance in the interior
generally find- it indispensable to isupply
themselves, on commencing their journey,
with an adequate amount of these identical
notes to defray their expenses. 'Why, sir,
will any man in his senses deny that these
notes are far better than those which have
been issued by that Government banker,
Mr. Levi Woodbury, aided though hp be by
the chancellor of the exchequer, (I beg his
pardon, I mean the exchancellor,) the Sen
ator from New York, Mr. WrighIt ?j I
anv not going to stop here to inquire into
the strict legality of the reissue of these
notes; tha question, together with the pow
er of the Government to" pass the proposed
bill, will be taken up when it is considered.
1 am looking into the motive. of such; a mea
sure. Nobody doubts the perfect safety of
the notes ;no'one can believe that thley will
not be fairly and fully paid. What, then,
is the design of the "bill 1'' It is to assail the
onlysure geneiI e'diniri "which the- people
possess. It is becai0e4 may comb in com
petition with Treasury notes or other Gov
ernment paper j Sir, if the bill had not been
proposed by my bid friend from Tennessee,
I would say its author better deserved a
penitentiary punishment than those against
whom it is directed. I . remember to have
heard of an illustrious individual, now in re
tirement, having, on some occasion, burst
out into the most patriotic indignation, be-
ausc ui a watrcrisn trir.K t aven on unon
him, by putting a note ,of the late Bank of
.1 . O - 7 - . . -
me united Stales into his silk purse with
3 gOlU. . ;
But it is unnecessary to dwell longer on
the innumerable proofs ofhe hostility a
gamstthe State Bank, and the deliberate
purpose of those in . power to overthrow
tnem. We hearand see daily, throughout
the count- t,- -t:o.
es,
; I uiuuug men pii usaua ainu jtcoa-
uenunciatiftns aorainst IinnlrR- hnrnnrati.
ns, rag barons, the spirit of monopoly, &e;
uuwi ior goia, nam money, and the
constitutional currency; and no one lean lis-
w me speeches of honorable members,
mends of the administration, in this House
arm e othef, without being impressed with
pertect conviction that the destruction of
e Mate banks is meditated.
dem fulfilled my promise-, Mr. Presi
m sustain the first four propositions
with which t sat out. I now proceed to the
fifth proposition : , ;
s- 5.-That the bill under consideration is
intended to execute Mr. Van Buren's pledge,
J to complete and. perfect the-principleSrplans,
and policy , of the . past administration, by
establishing, upon: the ruinsofthe late Bank
of the United States and the State banks, a
Government bank, to be" managed and con
trolled by the Treasury-Department, acting
under the commands of the President of the
United States.
The first impression made by the perusal
of the 'bill is the prodigal ; and boundless
discretion which it grants tp the Secretary I
of the Treasury, irreconcileable with the
genius of our free institutions, and contrary j
to the former cautious practice of the Gov-;
eminent. As originally reported, he was
authorized by the bill to allow any number
of clerks he thought proper to the various
receivers general,' and to fix their salaries.
It wilK be borne in mind, that this is . the
mere commencement of a system ; and it
cannot be doubted that, if put into operati
on, the number of receivers general and o
ther depositaries of the public money would
be indefinitely multiplied, i He is allowed
to appoint as many examiners of the public
money, and to fix their salaries as he pleas-,
es : he is allowed to erect at pleasure costly
buildings ; there is noestimate for any thing;
and all who are conversant; with the opera
tions of the executive branch of the Gov
ernment know the value and importance of
previous estimates. I here is no other check
upon wasteful expenditure but previous es
timates ; and that was a point always par
ticularly insisted upon by Mr. Jefferson.
The Senate will recollect that, a few days
ago, when the salary of the receiver general
at New York was fixed, the chairman of
he Committee of Finance rose in his place
and stated that it was suggested by the Se
cretary of the Treasury that it should be
placed at $3,000 ; and the blank was accor
dingly so filled. There was no statement
of the nature or extent of the duties to be
performed, of the time that be would beoc
cupied, of the extent of his responsibility,
or the expense of living at the several points
where they were to be located ; nothing
but the suggestion of the .Secretary of the
0 i ' W
Treasury, and that was deemed all-suffici
ent by a majority. There is no limit upon
the appropriation which is, made to carry
into effect the bill, contrary- to all former
usage, which invariably prescribed a sum
riot to be transcended.
A most remarkable feature in the bill is
that to which I have already called the at
tention of the Senate, and of which no sa
tisfactory explanation has been given. It
is that which proceeds upon the idea that
the treasury is a thing distinct from the trea
sure of the United States, and ffives to the
Treasury a local habitation and a name, in
the new building which is being erected for
the Treasury Department in the city of
Washington. In the Treasury, so consti
tuted, iso be placed that pittance of the
public revenue which is gleaned from the
District of Columbia. - AH else, that is to
say, nine hundred & ninety-nine hundredths ;
of the public revenue of the United States, j
is to be placed in the hands of the receivers j
general, and the other depositaries beyond
the District of Columbia. Nov, the con
stitution of the United States provides that
no money shall be drawn from the public
Treasury but in virtue of a previous appro
priation by law. That trifling portion of
it, therefore, within the District of Colum
bia, will be under the safeguard of the con
stitution, and all else will be at the arbitrary
disposal of the Secretary of the Treasury.
It was deemed necessary,; no doubt, to
vest in the Secretary of the I Treasury this
vast and alarming discretionary power. A
new and immense Government bank is a
bout to beerected. How it would work in
all its parts could not be : anticipated with
certainty ; and it was thought proper, there
fore, to bestow a discretion ! commensurate
with its novelty and complexity, and adapt
ed to any exigencies which might arise.-
It is short, and I will read it to the Senate :
Sec. 10. , And be it furOitr enacted, That jt
shall be lawful for the'Secretary of the Treasury
to transfer the moneys in the hands of any depo
sitary hereby constituted, to the Treasury of the
United States y to the Mint at Philadelphia , to
the Branch Mint at New Orleans ; or to the offices
of either of the receivers-general of public moneys,'
by this act directed to be appointed f 'to be there
safely kept, according to the provisions of this act ;
and. also transfer money in the hands of any one
depositary constituted by this act to any other de
positary constituted by the same, at his nrscttr.
Tioir, and as the safety of the public moneys, and
the convenience of the public service, shall seem-to
him to require. -And. for the purpose of payments
on the public account it shall be lawful for the said
Secretary to-draw upon any of the said deposita
ries, as he may think most conaucive to tacpuoue
interests, or to the convenience of the public credi
tors, or both." if. j
It will be seen that it grant a power, per
fectly undefined, to the Secretary , of the
Treasury, to shift and transfer the public
money, from depositary to depositary, as
! he pleases. lie is expressly authorized to
transier moneys in the nanus oi . any one
depositary, constituted by mis act, to any
other depositary-constituted by- it, at M
discretion, and as the safety of the public
moneys, and the convenience of the public
service, 'shall .eern to him to require. There
is no specification of.-'any contingency or
contingencfe on which ne W to, act. All is
left to his discretion.' He is; to judge when
the public service (and more indefinite terms
could not have been employed) i shall seem
to him to require it. Ii has been saidTthat
this is nothing more-thari the customary
power of transfer, exercised by ifie Trea
sury Department from the origin of the Go
vernment. - I deny it: utterly (Jeriy it. . It
is a totally different power from that which
was exercised by the cautious Gallatin, and
other Secretaries of the Treasury a power,
by the bye, which, on more than one oc
casion, has been controverted,1 and which
is infinitely more questionable than the power-to
establish a Bank of the United States.
The transfer was made by them rarely, in
large sums, and were left tp the banks to
remit. When payments were made, they
were effected in the notes of banks with
which the public money .was deposited, or
to which it was transferred- Therates of
exchange were regulated by the state of the j
market, and under the responsibility of the
banks. But here is a' power given to
transfer the public moneys without limit, as
wu duui, juace, or iime, leaving every inmg
to the discretion of the Secretary of the
Treasury, the receivers general, and other
depositaries. What a jscope is allowed in
the fixation of the rates of exchange, whe
ther of premium or discount, to regulate the
whole domestic exchanges of the country,
to exercise favoritism ? These former trans
fers were not made far disbursement, but
as preparatory to disbursement ; and when
disbursed, it was "generally in bank notes.
The transfers of this bill are immediate pay
ments, and payments made not in bank
notes, but specie. L
The last paragraph in the section provides
that, for the purpose of payments on the
public account, it shall be lawful for the
Secretary to draw upon any cf the said de
positaries, as he may think most conducive
to the public interest, ox to the convenience
of the public creditors, or both. It will be
seen that no limit whatever is imposed up
on the amount or form of the draft, or as
to the depositary upon which it is drawn.
He is made the exclusive judge of what is
44 most conducive td the public interests."
Nowr .et us pause a 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 to any one or more points, as he pleases.
More than a moiety of the revenue arising
from customs is receivable ,at New Yok,
to which point the Secretary may draw all
portions of it, if he thinks it conducive to
the public interest. A man has to receive
under an appropriation law, $10,000, and
applies to Mr. Secretary for payment.
Where will you receive it ? he is asked.
On New York. How ? . In drafts from $5
to $500. Mr. Secretary will give him these
drafts accordingly, upou bank note paper,
impressed like and simulating bank notes,
having all suitable emblazonry, signed by
my friend the Treasuer, (whose excellent
practical sense, and solid sound judgment,
if he fiad been at the bead of the Treasury,
instead of Mr. Levi Woodbury, when the
suspension of specie payments took place
would have relieved or mitigated the pecu
niary embarrassments of the Government
and the people) countersigned by the Comp
troller, and filled up in the usual way of
bank notes. Here is one of them said Mr.
Clay. Re here held up, to the gaze of
the beriate, a Treasury note, having all the
appearance of a bank note, colored, engrav
ed, and executed like any other bank note,
for $50.3 This, continued, Mr. Clay, is a
Government post note, put" into circulation,
paid out as money, and prepared and sent
forth, gradually to accustom the people of
this country to Government paper.
I have supposed $10,000 to be received
in the mode stated, by a person entitled to
receive it under an appropriation law. Now
let us suppose, what Tie will do with it.
Anywhere to the south or West it will com
mand a premium of from two to five per cent.
Nowhere in the United States will it be un
der par. Do you suppose that the holder
of these drafts would be foolenough to con
vert them into specie, to be carried and
transported at his risk ?. Do you think that
he would not prefer that his money should
be in the responsible custody of the Gov
ernment,rather than in his own insecure kee
ping ? Do you think he will deny to him
self the opportunity of realizing the premi
um of which he may be perfectly sure 2
The greatest want of the country is a me
dium of general circulation, and of uniform
value everywhere. That, especially, is our
want in the .western and interior States.
Now, here is exactly such a medium ; and
supposing the Government bank to be ho
nestly and faithfully administered, it will,
during such an administration, be the best
convertible paper money in the world, for
two reasons. s The first is, that every dol
lar of paper out will be the representative of
a dollar of specie in the hands ' of the recei
Yer3 general, or other depositaries ; and, se
condly, if the receivers gerieral should em
bezzle the public money, the responsibility
of the Government to pay the drafts issued
upon the basi? of that money would remain
unimpaired. The paper therefore, would;
be as far superior, to the paper of any pri
vate corporations as.the ability and resour
ces of the Government.of the United States
are superior to those of such corporations.
. The banking capacity may be divided into-
three faculties ; deposites, -Miscount of
bills of exchange, and promissory notes, or
eitheY, and circulation. . This Government
bank would combine them all, except that it
will not discount private notes, nor jeceive
private depo3ites. In payments for the pub
lic lands, indeed, individuals are allowed to
make deposites, and to receive - Certificates
of their amount. To guard! against their
negotiability, a clause hag beten introduced
to render them unassignable. - But how will
it be possible to maintain such an inconve
nient restriction, in a country where every
description of paper importing an obligation
to pay money or deliver property is assign
able, at law or in equity, from the commer
cial nature and trading, character of our peo
ple ?
Of the faculties which I have stated of a
bank, that which creates a circulation is the
most important to the community -at large.
It is that in which thousands mav be inie-
rested, who never obtained a discount,
or
made, a deposite with a bank. Whatever
a Government agrees to receive in payment
of the public dues is a medium of circula
tion, is money, current money, no. matter
what its form may be, Treasury notes, drafts
drawn at Washington, by the Treasurer, on
the receiver general of New York, or, to
use the language employed in various parts
of this , bill, 4 such notes, bills, or paper
issued under the authority of ths U. States."
These various provisions were probably in
serted, not only to cover the case of Treas
ury .notes, but that of these drafts in due
season. But if there were no express pro
vision of law, that these drafts should be
receivable in payment of public dues, they
would, necessarily be so employed, from
their own intrinsic value.
The want of the community of a general
circulation, of uniform value everywhere in
the United States, would occasion vast a
mounts of the speciesof draft which I have
described to remain in circulation. The
appropriations this year will probably fall
not much short of thirty millions. Thirty
millions of Treasury drafts on receivers
general, of every denomination, and to any
amount, may be issued by the Secretary
of the Treasury. What amount would re
main in circulation cannot be determined
a priori; I suppose not less than ten or fif
teen millions ; at the end of another year,
some ten or fifteen millions more ; they
would fill all the channels of circulation,.
The war between the Government and
State banks continuing, and this mammoth
Government bank being in the market,
constantly demanding specie for its varied
and ramified operations, confidence would
be lost in the notes of the local banks, their
paper would gradually cease to circulate,
and the banks themselves would be crip
pled and broken. The paper of the Gov
ernment bank would ultimately fill the va
cuum, as it would instantly occupy the place
of the notes of the late Bank of theTJnited
States.
1 am aware, Mr. President, that by the
25th section of the bill, in Order to disguise
the purpose of the vast machinery which
we are about constructing, it is provided
that it shall be the duty of the Secretary of
the Treasury to issue and publish regula
tions to enforce the speedy presentation of
all Government drafts for payment at the
place where payable, fec. Now, what a
tremendous power is here vested in the
Secretary! ! He is to prescribe rules and
regulations to. enforce speedy presentation
of all Government drafts for payment at
the place where payable. The speedy pre
sentation ! In the case I have supposed, a
man has his $10,000 in drafts on the re
ceiver general at New York. The Secre
tary is empowered to enact regulations re
quiring him speedily to present them, and
if he does not, the Secretary may order them
to be paid at St. Louis. At New York they
may be worth a premium of five, per cent. ;
on St. Louis they may be liable to a dis
count of five per cent. Now, in a free
Government, who would ever think of sub
jecting the property or money of a citizen
to theexercise of such a power by any
Secretary of the Treasury ? What oppor
tunity does it not afford to reward a parti
san, or punish an opponent ? It will be
impossible to maintain .such an odious and
useless restriction for any length of timel-
Why should the debtor (as the Government
would be in the case of sueh drafts as I
have supposed) require his creditor (as the
holder of the draft would be) to apply with
in a prescribed time for his payment ? No, !
sir 1 the system would control you you
could not control the system. But if such
a ridiculous restriction could be continued j
the drafts would, nevertheless, whilst they
were out, be the timelong or short, perform
the office :of circulation and- money.
Let us trace a little further the operation
of this Government bank, and follow it out
to its final explosion. I have supposed
the appropriation of some thirty millions of
dollars annually by the Govemriient, to be
disbursed in the form of drafts, issued at
Washington by the Treasury Department,
upottthe depositaries. Ui that amount,
some ten or fifteeen million would remain
ther:first year, in circulation ; at the end of
another year, a similar amount would con
tinue in circulation ; and so on, from year
to year, until, at the endy a series of some
fiveoftsix years; there would be in circula-
fiout snpblv the indispensable wants of
commerce and of a general medium ounir
form-value, noteless than some sixty or
eigbjy millions ofdrafts issued by the Gov-
ernment. -The.se drafts would be generally
upon the receiver general at New York,
because, on that point, thev would he- nre.
ferred over all others, as they would com
mand a premium, or be at par, throughout
tlje whole extent of the United States ; and
we have seen that the Secretary of th
Treasury is invested, with, ample authority
I to concentrate at that point the whole reven
ue of the United States.
All experienee'lias demonstrated that in
banking operations a much: larger amount
iol
of paper can be. kept out in circulation than
tne specie which it is necessary to retain in; of it, every consideration of safety and se
the vaults to meet it "when presented for j curity recommends the agency-of responai
payment. The proportions which die same ble corporations, rather than theiemploy
experieoce has ascertained to be entirely! meut of particular individuals. It has been
safe are one of the specie to three of paper.' shown, during the course of- this debate,
If, therefore, the Executive Government1 that the amount which has been lost by the
had sixty millions of dollars accumulated at' defalcation! of individuals has exceeded
tne port ot rsew York, m the hands of the
receiver general, represented by sixty
mil-
lions ol Government drafLs in cirnlilattnn.
w?u a "e known that twenty of that sixty 1
minions wouia be sumcientto retain to meet
any amount of drafts whiclv in ordiary
timesK would be presented for payment
There would then remain forty" millions
in the vaults, idle and unproductive, and of.
which no practical use could be made
Well : a great election, is at hand in the
btateafNew York, the result of which'
will seal the fate of an existing administra
tion.' If the application of ten millions of
that dormant capital could save, at some
futureday, a. corrupt Executive from over
throw, can it be doubted that the ten mil-
lions would be , applied to preserve it in tu'te in their place the receivers general.
power ? Again : let us suppose some great The new system requires, 1 think I have
exigency to arise, a season of war, creat- ' heard it stated, something like 100,000 em
ing severe financial pressure and embarrass-' players to have it executed. And notwith.
ment. Would not an issue of paper, found- standing the modesty cf theinfant promises
ed upon and exceeding the specie in the ! of this new. project, I. have no donbt that
vaults, in some proportions as experience ! ultimately we shall have to employ a numb
had demonstrated might be safely emitted, er of persons approximating to that which
be autborized? Finally, the whole amount; is retained in France. That will undoubt
of specie might be exhausted, and then, as edly be the case whenever we shall revive
it is easier to engrave and issue bank notes 'the system of internal taxation. In France
than to perform the unpopular office of im- j what reconciled them to the system was,
posing taxes and-burdens, the discovery that Napoleon first, and then the Bourbons
would be made that the credit of the Gov- j afterwards, was pleased , with the immense
eminent was a sufficient basis whereupon 1 paironage vhch it gave them. .They liked
to make emissions of paper money, to be j to have 100,000 dependants to add strength
redeemed when peace and prosperity re-' to the throne, which had been recently con
turned. Then we. should have the days structed or reascended. I thought, how
of continental money,- and of assignats, ejrer, that the learned chairman of the Corn
restored ! Then we should have that Gov- i initteee of Finance must have had aom.
ernment paper medium which the Senator : other besides the French model for hisre
from South Carolina (Mr. Calhoun) consid- ! ceivers general ; and, accordingly, upon
the most perfect of all currency ! looking into Smith's history" of his' own
Meantime, and during the progress of , State, I found that, when ii was yet a cblo
this vast Government machine , the State i ny, some century and half ago, and when
banks would all be prostrated. Working j its present noble capital still retained the
well, as it may, if honestly administered, ! name of New Amstel'dam, the Jiistdrian
in the first period of its existence, it will be i says : "Among the principal laws enacted
utterly impossible for them to maintain the 'at this session, we may mention that lor
) unequal competition. IThey could not main-
tain it, even if the Government were actua -
ted by no unfriendly feelings towards them.
But when we know the spirit which ani-
mates the present Executive towards them,
who can doubt that they must fall in the
unequal contest? Their issues will be dis-
credited and discountenanced; and that
system of bankruptcy, which the President
would even now put into operation against
them, will in the sequel, be passed and en
forced without difficulty.
Assuming the downfall of the local banks,
the inevitable consequene of the operations
of this great Government bank ; assuming,
as I have shown would be the case, that
the Government would monopolize the
paper issues of the country, and obtain the
possession , of a great portion of the specie
of the country, we should then behold a
combined and concentrated moneyed power
equal to that of all Ahe existing banks of
the United States, with that of the Tate
Bank of the United -States superadded.
This tremendous power would be wielded
by the Secretary of the Treasury, uctiug
under the immediate commands of the
President of " the. United States. Here
would be a perfect union of the sword and
the purse ; here would be no imaginary,
but an "actual,, visible, tangible, consolida
tion of the moneyed power. Who or what
could withstand ft ? The States themselves
would become suppliants jat the-feet of the
Executive for. a portion of those paper
emissions, of the power to issue which
they had been stripped, and which he ex
clusively possessed.
Mr. President, my observation and ex
perience have" satisfied me that the safety
of liberty and prosperity consists - in the
division of power, whether political or pe
cuniary. In our federal system, our se
curity is to be found in that happy distri
bution of power which exists between the
Federal Government and the State Govern
ments. In onr monetary system, as it
, 0 m
lately existed, its excellence resulted from
that beautiful . arrangement, by which the
States had their institutions for local pur
poses, and the General Government its in
stitution for the more general purposes of
the whole Union . There existed the great
est congeniality between all the parts of
this admirable system." 4ul Was! JuFmoge
neous. Theire was" no - separation of the
Federal Governmeni from the States or
from the people There was no attempt
to execute practiqally that absurdity ofus
talnihg, among the same people two dif
ferent currencies of unequal value. . And
how admirably did the 'whole system, dur
ing the forty years of its existence, move
two
unfortunatf.
tdcCasionS of its ceasing to exist, how' quick
ly ud the busiuess. and transactions of the.
country tun into' wild disorder and utter
confusion! . v .
, Hitherto, I 'have considered- this neW
project a4 it is, according to its true naturd
andcharacter, arid what it (must inevitably
become. I have not examined it as it is notA
but as its friends would represent it to be.
They hold out the idea that it is q simple
cdntrivance to collect, to keep, and to. dis-
burse, the public
revenue. In that view
three or four times the amount of-
all that
has been lost by the local banks, although
the sums confided to'theeare of individuals
nave not been probably one?tenth, part, of.
the amount that has been in the custody of
the local banks. And we; all know that,
during the forty years of existence of the
two Hanks of the United States, not
one
cent, was lost of the public" revenue.
-VI .
i nave been curious. Mr.- President, to
know whence this idea of receivers general
was derived. It has been supposed to have
been borrowed from France It required
all the power of that most extraofdiiiar'y
man that ever lived, Napoleon Bonaparte,
when he was in his meridian greatness, to
displace the farmers ffeneral, and to substi-
i establishing the revenue, which was drawn
: into precedent. The sums raised by it
' were, payable into the bauds of receivenr
j general, and issued by the Governor's var
'rant. By this means the Governor became,
i for a season, independent of the people,and
j hence we find frequent instauces of tha
j. Assemblies contending with him for the.
I discharge of debts to private persons, con
tracted on. the faith of the Government;
The then Governor of the colony waa a
man of great violence of temper, and.arbi-,
tary in his conduct. How the Sub-Treaa-i
ury system of that day operated, the same
historian informs us in a subsequent, part
of His work. "The revenue' he cays, ;
"established the last year, was at this ses
sion continued" five years longer than
was originally intended. This was rend' -ering
the Governor independent of the, '
people. For,at,that.day, the Assembly had
no treasure,but the amount of all taxes went,
of course, into the hands of "the receiver
general, who. was appointed by the Crown
Out of this fund, moneys were only issu
able by the governor's warrant, so; that
every officer in the Government, from Mr.
Blaiihwaith, who drew annually five per
cent, out of the revenue, as auditor gen
eral, down to the:meanst servant of the
public, became dependent, solely on the.
Governor. And hence we find the House
at the close of every session, humbly- ad-'
dressing his Excellency, fpr the trifling'
wages of their own clerki" And, Mr
President, if this measure.should unhappily"
pass, the day may come when the Senate
of the United States will have-humbly tol
implore some future President ofthe Uni
ted States to grant it jnoney to pay the "
wages of its own sergeaat-at-arhir?and
doorkeeper., : "''t
, -. - .
Who." Mr. President, are live most con
spicuous of thoe, who -pefseveringly press
this bill ,upon" Congress and the Ameri
can people!- It drawer is the distinguish
ed geftdeman-in the white house not far offj i
its endorse, ia the distinguished genato
froin South! CJStolina, Here pxesentJvVhai;
the drawer thinks-of tfie endorser, his au
Uons reserve, and stifled enmity, prevent
us fjbrh knowing But the frankness of tha"
endorser has not;efts"iahe same iga6
rancetSvith reispect .'tif ht opinion of tbgj'
drawer.! He has 'often expressed ttvypoa?
the floor of the Senate. VOn au.-oSeasioai -not
veryjlistant nlenyingi-tohiniil any- of
the nobler qualities of . theT rdyaBeasrf of
thfiforest, he .attribnted to1iiiilp'f4cH.
tthg to the mostiafiy;md$luslkgit ,
and one of the meanest jtof, tSe' quadruped
trH6. - Air. PresMeati.ts'.i?! Vi
to sav that I do not altogether iKare with."
and work 1 And on the