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A reasotiabledaduction will he made to th >se who advertise by the year. IV. All Lettersand Communications addressed to (lie Editor by mail must be post-paid, or they will not be attended to. SPE ECM OF RH% James Cooper, of Pa., ON THE SUB•TREASURI BILL. Delivered in the House of Representatives June 2:i, 1840 ECONCLUDED.3 M r. Chairman, I now turn to inquire whet is to be the effect of this measure upon the prosperity of the country—what is to be its practical operation? One portion of the supporters of this bill, avow its object to be the establishment of an exclusive metallic currency; another portion say, that it is de signed to separate the Government from the banks, without any intention to destroy Medi; ' that is, the Government will not USO . client as fiscal ag ents , or receive their notes in payment of any debt duo to it. I shall first inquire, what efFect an exclusive metallic currency will produce upon the country ; and then I shall examine what is to be the result of a separation of the Government from the banks, in the sense contemplated by those who advocate the bill upon this principle. The money in circulation in any country, including specie and convertible bank paper, is the representative-of theevalue, not of the whole property of the country, but of that part of it (including labor) which is in the market to be sold and bought; or, in the language of the Senator from Pennsylvania, ( ll r. Buchanan) in his - speech upon this bill, it is the representative, of "the entire ex changeable property of a country;" that is, if the entire circulating medinin of this coun try, including specie and' bank paper, be two hundred nod twenty five millions of dollars, ( the probable amount,) and you reduce it two-thirds, by striking nut of circulation one hundred and fifty millions of dollars. or the paper portion of it, you bring' down the pro perty of the country to one third of its ?res ent value, and you reduce the price of its products and the wages of the laborer in the same proportion. Lot me illustrate my meaning: A man owns a farm, which, in the present state of the cm rency, (two thirds being paper,) is worth $3,0011 Strike out of circulation the paper portion, or two thirds of the whole currency of the country, and you reduce the value of the farm to $l,OOO. Or, suppose that in the present state of the currency, wheat is worth one dollar per bushel, and corn forty-five cents; reduce the circulating medium of the coun• try two thirds, and you reduce the price of these products two thirds; wheat will then sell but fur thirty-three cents per bushel, and corn but for fleen cents. As things now stai.d, the common day laborer can earn fifty cents per day; but reduce the currency to one-third of its present amount, or to the hard money standard, and you reduce his wages in the same proportion. He can then earn but seventeen cents per day. And the mechanic will be affected in'tho same way. The job for which he now gets three dol lars, will then bring him but a dollar. But the reduction which would take place in the value of property, in the price of the pro. ducts of the farmer, and in the wagesof the laborer, by converting this into a hard in I. nay Government, would be much greater then I have supposod,particularly the Wages of the laborer. Let us look at the price of labor and the condition of the laborer, in some of the hard money Governments of Europe, to which we have been refered for examples. in Germany, common laborers receive on no aver age less then six pence per day, with t board. The faro of the laboring classes is exceedingly coarse. In South flatland, laborers receive from three pence to four pence per day,with board. At Antwerp, five pence per day. In Sweden, laborers who are well skilled, receive sereu pence or eight pence par day; tee unski!led but three pence or four pence, and board themselves. They live chiefly on salt fish and potatoes. in France, common laborers receive less than six pence per day ; and M. Dupin, an eminent French statesman, says that "two- thirds of the population, or twenty millions. sire deprived of the nourishment of animal food, and live wholly on ckesnuts, maize, and potatoes." This is the condition of the laboring clas ses in the hard motley countriew of Europe; his is the condition to which the' policy of the present Adinineatratioi will reduce the American laborer. But I will perhaps be gold, that , it is not the design to make this an' I.xelnsrvety hard money Government; and I know that, there are certain' Junus-fac;gt gentlemen, who can quote one part of their speeches 1.1 provn that it is col, and another, ''l'" i" is the design. But there are others • • have spokeu out without prevarication. The 9enritor froth M ississippi,( Mr. Walk er,) a leading friend of the Administration, nays in his speech on this bill: "%Vu have heard much, Mr. President, of a contortible currency; it is injurious, as I have shown, by inflated prices and diminished industry, even when convertible." And again, he says: "During the recent canvass in my own State, I called the attention of my constituency to the condi tion of the agriculture of Cuba, within three days' sail of our coact, as contrasted with that of Louisiana and Missitsippl. And what is the result? Why, that Cuba, though laboring under the disadvantage of a wretched Government. still, with her exclusive spe cie currency, conquering the tariffs of Europe and America, filling the world with her exports, sold at a profit, and enjoying, through her great and prosper ous cities, an annual commerce of forty-three millions of dollars, from a population of less than a milhou,and but little more than half d million of Whites. Sir, as a Mississippian, I will not draw the gloomy picture of our own eMb rrrrrr meats. But, sir, I will ask the cause of the difference. We bait, in Miisissippi an infinitely better Goireinment than Cuba, • much more enlightened and energetic people, a more fertile , soil, and a richer staple. Why, then, are we thus embarrassed, while Cuba is so prosperous? No other cause Can be assigned than the bank paper system of the one, and the solid specie currency of the other. Again, "All reason, then, and all experience, arc againa the [banking] system, even while the paper is con• vertible; and it ought to be safely and gradually, Lai ultimately, entirely abandoned." The Sumter from Missouri, (Mr. Ben ton,) who is to be the successor of General Harrison, provided the crumbling party of the present Administration can ever be rah lied in sufficient strength, says "To our Southern States—to the Whole cotton,rice, tobacco, and sugar growing region, now lingrieitouslr afflicted with the curses of the paper system—to all this region, I would say, .study the financial history of Holland, France, and Cuba'. Follow their exam ple. Emulate their solid currency. Imitate them!" Again, ho says: "To this Government it belongs to preserve the sacred currency of the constitiitiou. To this Govern ment it belongs to do this; and to'a long' derica of theasures pursued for this purpose,' rot the litet ten years, the establishment of the Independent Treasu• ry now comes In as the citiawning act to seal and con summate the whole." • The Senator from . South Carolina, (Mr. Calhoun,) now the Fabius of the present Administration, but who formerly claimed to be tho Marcellug of the countryiafter a tong argument to prove that all bank paper is unconstitutional, concludes by asking, "can you doubt that the currency [of the constitUtionl was intended to be specie?" The gentleman from Ohio, (Mr. Dun. ,can,) the leader of the Administration par ty in this House, says: "BM what if tlibru is distress and panic in the country? What is the cause of it, but your miserable banking and credit system?—a system that the united efforts of democracy have been directed to overthrow, PO far as it is exclusive ntonopolizing,and partial in its operation; a system which, so long as it exists, will produce periodical derangements of the cutrency of the country, and distress with those who trade upon capital not their own." Mr. Chairman, I will do the gentlem n, whose remhrlts I have just quoted, the jus tice to say, that with them there is on pre varication or contradiction. They all,bold ly and openly avow the object of the present measure; to be the establishment of an ex clusive metallic currency in this country.— "Study" (exclaims Mr. Benton) "the finan cial history of France, Holland, and' Cuba. Emulate their solid currency. imitate them" What! Emulate the policy of France and Holland, whoso laborers receive but Tou* pence or six pence a day, and who are compelled to subsist Wholly upon chest nuts, maize, and pothtoes!' Is this the pol icy to he pursued towards the free laborers of the United States? Are they to be redu ced to the condition of the oppressed, down trodden poor of the old, decaying nations of Europe? This measure, sir, will bring thorn to that condition, and it is advocated on thnt ground. Hear the Senator from Pennbylvania, (Mr. Buchanan;) he says: "la Germany, where the currency is purely metal lic, and the cost of every thing is reduced to a harif money standard, a piece of broad cloth can be manu factured for fifty dollars, the manufacture of which iu 'our country, from the extdrision of our paper curren cy. would cost one hundred dollars. What is the consequence? The foreign, trench. or German man ufacturer, imports his cloth into our country, and sells it for a hundred donut'. Does not every persba perceive that thirredundancy of our currency is equal to a premiuin'of one hundred per cent. in favor of the foreign manufacturer? No tariff of protection, unless' it amounted to prohibition, could couhteract this ad vantage in favor of foreign manufacturers. I would tolleaven that I could arouse the attention of every manufacturer of the nation to this important itibject. "The foreign manufacturer will not receive our bank notes in payment; lie will take nothing home but gold and silver, or bills of exchange, which are equivalent. He does not expend this money here, where he would'be compelled to support his family; and to purchase his labor and materials at the same rate of prices whichte receives for his manufactures. On the contraryhe goes home, purchases his tabor, his wool, and all other articles which enter into his manufacture, at half their Boost in this country, and again returns tb inundatis tis with foreign woollens, and to ruin our domestic manufactures. I might cite many other examples; but this, I trust, will bo suffi cient to drawpublic attention to the subject. This depreciation of our currency is, therefore, equivalent to a direct proteetion granted to the foreign over the domestic manufacturer. It is Impossible that our manufacturers should bb able to sustain such an une. qual competition. 'Sir I solemnly believe that if We could but reduce this inflated paper bubble to any thing like reasona ble dimensions, New England would become the most prosperous manufacturing country that the sun ever shone upon. 'Why cannot we manufacture goods, and especially cotton goods. Which will go' into successful competition with British' manufactu. rers in foreign markets? Have we not the necessary capital? Have we not the industry? Have we not the machinery? And, above all, are not our skill, energy, and enterprise proverbial throughout the world? Land is also cheaper here than in arty other country on the face of the earth. We possest every advantage which Providence can bestow upon as for the manufacture of cotton; but they are all counter acted by the folly of man. The raw material costs us less than it does the English. because this is an ar ticle, the price of which depends upon foreign mark ets, and is not regulated by our own inflated current cy. We, therefore, save the frieght of the cotton across the Atlantic, and that of the manufactured ar ticle on its return here. What is the reason that, with all these advantages and with the protective duties, which our laws afford to the domestic manu facturer of cotton, we cannot obtain exclusive posses sion of the home market, and successfully contend for the markets of the world? It is simply becaued, the ,1 nusuuticture at the nominal prices of our own inflated currency, and are compelled to sell at the real prices, of other nations. Reduce our nominal to the yeat standard of prices thioughout the world, and you cov er the country with bleirsings and benefits I wish to Heaven I could speak-in a voice loud enough to be heard throughout Net England; becanse, if the at tention of the manufacturers weld once be directed to the subject, their own intelligence and native sagacity would teach• them bow injuriouily they are a ff ected' by oar bleated. bankintnnd credit system; and Would enable them to Apply thepropor corrective." a-. 127.4.13H2110T017 nowzirr, mbITOR, & rnorraziTon. 46 The liberty to know, to utter, and to argue, freely; is above all other libertlea:iP—MwroN. orefewzroziaPras. iPcLtva wanclea)dizr o awastbnie ua o agasc, IHere, sir, wo have the doctrine advan ced, that the obstacle to the prosperity of the American manufacturer, is the high wages of labor, and that nothing can "coun teract the advantage in favor of foreign man ulacturers," but the reduction "of our nom inal to the real standard of orices throughout the world." What does this mean, but to bring down the Rages as low hero as they are in Germany or France? These are new doctrines—startling doctrines! The interests of the manufacturer are to be ad vanced at the expense of the interests of the laborer. His wages are to be reduced, in order that the profits of the manufacturer may be increased. And this is the substi tute the Senator proposes for a tariff: He says, "I would to Heaven I could arouse the attention of every manufacturer of the na tion to this important subject." For what purpose? Why, to show them that a hard money system, such as is proposed to be es tablished, would lessen the cost of produc tion; in other words, reduce the wages of labor, and enable them to contend with the manufacturers of France and Germany, who hire their laborers at six pence a day. Mt. Chairman, I desire to see our menu• facturers prosperous, and shall aid with the most hearty good will in affording them protection; bill God forbid that 1 should ever so legislate, as to build up fortunes for them, at the expense of the happiness and comforts of the laborer. But it is not oily the wan es of the laborer that would be reduced by this system; the whole property of the country, the grain and cattle, and all the produce of the farther', and the prieeg of the Mechanic, will fall to the specie standard; or, if the position'l which before assume d, be true, to one-third of their present value. But, it is said, if the price paid for labor should be re duced, (which is adiniffed,)'by redircing the circulating medium to the specie standard, that this will not injure the laborer, Locauiie all the necessaries and comforts of life will be reduced in the same proportion. But is pis so? lithe American laborer were con tent with the mere necessaries of life, it would be partly true; but he is not satisfied to live on "maize and potatoes," with a little meat once a week; he wants his coffee, and his tea, and his sugar; habit has made them 'necessary to his comfort and that of his fain ily. Will the price of these bo reducedl— aro foreign products. Will they be regulated .in price by the state of our cur rency? Not at all. The price of these things will remain the same, while his ability to procure them has been reduced to one third of what it was before. 13to there are many other things which will not be reduced in the same proportion as the wages of labor. The cloth, necessary to clothe himself doll his family, will not be reduced in as great a proportion as the wages of labor; or the ob• ject esteemed so desirable by the Senator from Pennsylvania, ( Mr. Buchanan,) wine defeated. His object, as avowed, was to increase the profits of the manufacturer, by reducing the wages of the laborer; but if the price of the manuflictures be winced in the same proportion as the wages of the la borer, the prtas of the manufacturer are not increased, and he is no bolter off than he was before the reduction in the price of la bor took place. Thus, sir, you see that there are twiny things necessary to the comfortable subsist once of the laborer, which' will not be retitle ed in price by thU operation of the hard money system. Foreign products, groat quantities of which are consumed by the American laborer, will not be reduced at all. The clothing necessary for hi mself and fam ily, will not undergo a corresponding re duction. The taxes which be must help to pay, directly or indirectly, for the support of the Government, will not be diminished; for those who are so anxious to reduce his wages, and the price of the products of the farmer,will take good care that their salaries shall not be cut down. So, sir, we see it is not true that the laborer will not be injured, by bringing down his wages to the hard mo ney standard of Holland and Germany.— There aro many things necessary to his comforts and convenience, as we have seen, which will undergo no reduction, or but a small one; and all these must be purchased out of wages diminished to one-third of their former amount. Is not this a cruel policy which falls with such blighting effect on the helpless poor man? But, Mr. Chairman, I now proceed to examine the effect to be produced by "sever ing the connexion betweeribank and State," as it is expressed by gentlemen. The gen tleman from Massachusetts,(Mr. Williams,) —I mention him because I . was present when he pronounced big oration upon the bill—declared that the connexion between bank and State ought to be severed; but, that he was not for destroying the banks. My colleague (Mr. Wegener,) declared himself to the same effect. Now, sir, what is meant by "severing the connexion between bank and State?" How far is the separation to take place ?* Banks, wheth3r specie paying or otherwise, are no longer to be used as the fiscal agents of the Government;' and after a certain periods, fixed in tie bill, (the 30th of June, 1848;) all "duties, taxes, sales of public lands, debts and sums of money, ac cruing or becoming payable to the United States, and all sums due for postages," shall be collected in gold and silver. The banks; however, - are not'to be destroyed, and will still exist. But the Government, .in none of its departments; for any purpose, will re ceive'a'dollar of that paper. Duties taxes. postage;.every thinria to be paid in gold or silver.. Who will use the paper of the banks? The Govt.rnment will ntit take a dollar of it. that'it shall not, after the rosti4d - to . wlnChi cordivid,. What, then, 1 repeat, will use the paper of the banks? Why the people. Is not ibis estab fishing two currencies—one for the Govern ment, and another for the people? Certainly it ia. The Government and the officehold era wall have, (as they have now,) god and silver. The people must take, as they take now, depreciated bank paper. But it will be depreciated to a far greater extent then than it is now, because the specie basis will be reduced, by locking up the gold and silver of the country in the vaults of the receivers. In this way, at least ten millions of dollars will be subtracted from the specie capital on which the banks carry on their tranrac• tious, or from the general circulation of the country. And what would be the condition of the country, if we should hereafter have, as we have once had, a surp'us revenue of fifty millions of dollars ? This revenue must be collected in specie, and will be locked up in the vaults of the receivers; add to this, the ten millions which is necessary to be kept on hand to defray the current expenses of the Government, and there will not be loft a specie dollar to circulate in the country; and besides this, ynu render bank paper entirely, utterly worthless. But I will be told, that in future there is not likely to be an accumu- lotion of• surplus revenue; and certainly this seems probable, when the Government is every day going into debt. But if our inan coo were managed With the lime economy that they have been by other administra bons, an accumulation of revenue would take lithe°, which' would produce the consequen• ces 1 have pointed out. Thus has the policy of this administration placed the people, in the strange position, where they must re gard wild extravagance as a smaller evil than a prudent economy I But, sir, I will proceed to show that the effect of this bill must be, either to establish an exclusive metallic curroncy,or create two currencies—one fur the Government and another for the people. The bill provides, flat after the 30th of June, 1843, the Gov ernment shall not receive, for any purpose, any thing but gold and silver. lithe people as well as the Government, receive nothing but gold end silver, then we have an exclu sive metallic currency, and of course, along with it, "the blessings and benefits" which will flow from diminished prices ! But it the banks continue to exist, they must exist fur the people. The Government will have not dna to do with them—will not receive a d liar' of their paper. If their paper con tin es to circulate, it must circulate amongst th people. Is not this to establish two cu encies, the better for the Government, an the baser for the people? Gentlemen ca take which twin of the dilemma they ple se. 'they can either take their stand along with the hard money admirers of Ger many and Holland, where wages are six pence a day, or along with those who are for paying all the dues of Government in gold and silver, while the people are to be left to use depreciated bank paper. But, Mr. Chairman, there is another por tion, and a very large portion of tho commu nity, upon whom this measure will operate with most disastrous force—l mean the in debted portion of the community. Willi every other civilized, - enlightened nation, it has been the' phlicy in latter times, to melio rate as far as possible the condition of the unfortunate debtor class. The legislation of the civilized world is tending in that di rection, producing the enactment of bank rupt laws—laws' for the relief of insolvent debtors; and imprisonment for debt, that relic of barbarism, has been abolished in several of the States of the Union. .But what do we propose? IVe are not only be hind the ago, but we are going backwards. We do not only refuse to legislate for the benefit of the poor man, and the indebted man, as a wise and humane policy would dictate, but we legislate to destroy them; ay, sir, to destroy them. I have already shown that the effect of this measure will be to reduce the price of property, and all the products of thb country, - in the' same proportion that it will reduce the circulating medium'of the country. That is, if it should reduce the circulating medium to . one-third of what it is at present', property and produce and labor will be Worth in money just' one third of what they are Worth now. Indeed, the adiocates of the bill admit this; and it was ono of their arguments, Clint the reduc tion in the wages of labor, would not injure the laborer, because .the property of the country; its product's, every thing necessary for his subsistence, would be brought down ie the same proportion. Have you considered, sir, the vast amount of indebtedness existing in this country— the amount of debt Owed by its citizens to foreign nations and to one another? Have you reflected how much this measure will curtail their means of payment, by reducing the value of property and the profits of in dustry? Look at the condition of the man who has purchased a farm for ees,ooo, on which he has paid one-half; relying on his industry and a liberal price for his produce. to enable him to pay the balance. In the mean time this measure becomes a law; hie farm—all his property and produce are brought down to one-third of what they were worth when he purchased; nnd.the means upon which he relied for payment of the balance, are se greatly reduced; that it is with difficulty he can provide subiistence for his family, without paying his debts. To pay hie debts, his farm must be sold;- but under the operation of this hard money system, it will sell but fOr $2,000, or one third of what he paid for it in better times. This will not pay the debt; and hie inthistry will no longer avail him to pay it; for indus try as'well as . property will be blighted by this meature.' Thus r ofier lus farm is gone, and all his former earnings with it, a debt will be left hanging over his head, to para. lyze his efforts and create despondency. Let geutlernen consider how many thousands of their fellow citizens are in this condition —how many farmers have purchased farms which are unpaid for—how many mechanics and laboring men of all descriptions, have purchased homes for their families, relying upon their industry to pay for them, for which they are still in debt—hew many are in debt for the means upon which they started in business, 'which will be rendered unproductive by the operation of this meas• ure. We can only approximate the truth on this subject; but from the best informa tion I can obtain, I am satisfied that at least four : Ohs of the voters of the,Uhited States are in debt at this lime. And can you daubt,, air; are you so far blinded by party feelings as to doubt, that this measure will be injuri. ous to all who are in debt? Will it not re duce the value of the property out of which these debts are to be paid? Will it not di minish the profits of industry and the rewards of labor of these who have nothing else to rely on to pay what they owe? For whom, then, do you legislate? For the many or ,the few? I had thought, sir,that Goiernment was established for the benefit of the gov erned, and to promote the greatest good of the greatest number; and that this was cirni. nently the design of a Republican Govern inent. But, I repeat the question,for whom do you legislate? For whose benefit is this measure of Government, which has been pressed with such pertinacity upon the peo ple, intended ? Not for the benefit of the many; for four fifths of the people wiil be injured, greatly, permanently injdred by it —not only those who are in debt, but the laboring man, who is out of debt, whose comforts will be reduced, by.reducing the wages of hie labor, the means by Which he provided these comforts. It is upon this class, the laboring class, upon whom the ,effects of this measure will fall with greatest force, and upon whom the greatest and most permanent injury will be inflicted. It will reduce the American laborer, to the condi. tion of the laboring classes of Europe. He will not only be deprived of the comforts and conveniences which he has enjoyed, but he will be fettered down to the condition of his birth never to rise from it. Heretofore, by his labor, he could not Only proenre the comforts and conVenieffeei of life; lilt he could educate his children, and fit them for those stations of honor and usefulness, which are open, in this country, to the generous ambition of the son of the poor man, as well as of the rich. But hereafter, industry will be unavailing to this end; it will enable him . to earn but a bare subsistence for himself and his family; while his children will be depri'ved of the blessings of knoWledge. But, Mr. Chairman, it is not one clasi of our population alone which is to be injured by this measure. It is not so partial as that. It will affect the whole. The progress of the country in Improvement will be chocked' —it will no longer advance, to greatness and wealth and power, with a ,rapistfly which caused the world to look on and Marvel.— tieneefoith' we the idgofortiflrd , at the slow and laggard pace of other flattens, whom it has required centuries to perforth what to us has been but the work of a genertitinn: But the decree has gone forth; credit must per ish, and with it industry s and enterprise and commerce; and prosperity already parulyz ed will . be utterly destroyed. Such, sir, is to be the effect of this measure. But doubt less these great evils will be counterbalanc ed by still greater benefits. Let us inquire what these are to be. Thii bill is intended "to proiide for the 'collection, safekeeping, transfer, and dis- Iniisement, of the public revenue." It has, therefore, three objects: the collection; the safe keeping: and the transfer and disburse ment, of this revenue. Under the provisions of this bill, the collection of the public rev enue will be effected in the same manner as heretofore. So far, therefore, nothing will be gained; nor any thing lost. But the manner of keeping, or safe•keep, ing, the revenue, is to be entirely changed. ft was formirly kept in banks, and' if it hap. pened to be stolen, the banks and not the Goiernment had to belie the lois:, Under the provisions of this bill, it is to be kept ib "dates and vaults" in the Treasury kidding in this city, and in the custom housee at the different points, by ree.inyers to be ed by the President; and tf it be stolen out of the vaults by strange thiefes, or by the receivers themselves, the lose falls upon the Government. But 1 will read you a short paragraph from the Globe of 1834, which contains my views upon this subject, both as to the safety of the public funds, and the increase of Executive poWer: "It is enipalpahre as thC sun that the effect of the Isub•Treasury]. scheme wield be to bring the public treasury much nearer the actual custody and control, Of the President than it is now, arid expose it to be plundered by a hundred hands, where one cannot noes reach it:" Again : "Had such a suggestion coma from General Jackson, it would have been rung through the did Dominion as conclusive proof of all the aspirations whieh may have been charged to the hero of New grletMs.— See here, (they would say,) he wishes to ,put the public money diredtly into the palms of his friends and partisans, instead of keeping it on depositeln banks, whence it cannot be drawn for other than pub lic, purposes, without certain detecticn. In such a case, we should feel that the people had just cause for alarm, and ought to glee then most watchfui attention to such an effort to enlarge Esientiee power, and put in its hands the means of corruption. But in addition to this; which consider strong evidence, 1 have Borne furnished by the record. In the report of Mr. 'Woodbury of the 91h December, 1889, it appears that the f ✓ opow• mg sums were lost by the Government, through the agency of indivalnalst UPIIIVIIai alPtc. 84100 feeling, keeping, and disbursing tho rubad revenue, from 1789 up to 1837. Losses by collectors of the customs $1,193,979 91 of internal revenue 442,265 7tl receive-s of proceeds of sales of public lands gg disbursingofficers incivil depart tneut ' 11 Hilary and NIIYaI 4.058,549 97 1,225,000 00 50,000 00 Departments Include loss by S. Swartwout W. Price, (suppoied) Total loss by the sub• Treasury system, • or individual moots $8,270,123 31 Lou by the use of banks u depositories of the public money $1,151,890 85 Since paid of the last men tioned sum Total loss by banks 87.412,232 a From this it appears that the Government has lost 57,412,272 52 more by individuals' than banks. It does not appear, therefore, that this bill will Fromotii the safe keeping of the revenue. I shall now inquire into the cheapness ofthis kind ofagency in the trans fer and disbursement of the public funds. By the act of its incorporation, the bank of the United Stales was made the deposi tory of the public funds, and was required to hanger and disburse them to the public creditor, without charge, at whatever point; the Government should designate,. During all the time of the exiitenee of this inetitu- Con, the public funds were kept safely; not a dollar was lost; nor teas the Government at one cent of expense in paying its credi-: tors. Does this continue to be the case? Below as a bill for the expense of transport ing aboiit 827,000 ~from St. Louis to Wiii consin, and disbursing the same. United States to J., D. Selhors, for transport ing specie, - s3al 00 Do. ' t' 't 158 00 Do. ~ ". 227 50 Do: ~ II 114 00 Do. .. . " 126 OS Do. II ~ 8.00 Wm. B. Slaughter, for his aerrscer and cx. , penses for transporting $7,000 in specie, 200 00' Wm. B Slaughter, leir transporting money from Milwauhie, ~ 810 00 Wm. B. Slaughter, for going to St. Louis, . . negoeinting,, receiving and transpoltiug • , $20,000, and disbursing the same, 800 00 $2,510 75', Twenty•five hundred and ten dollars and' seventy-five cents for transporting , about $27,000 from St. Louis to Wisconsin and disbursing the same. This.bill is now be; fore.the imam. for Settlement. .One of the arguments urged against this measure is, that it will reduce vvages. The friends of the Administration may answer this argument by its liberality to its disbar-, sing agents. . . . . . •, Mr. Chairman, I state' in the beginning of my remarks ?, that while tbe Bank Of the United' Stales was the depository of the pub lie funds, and had the disbursement of them, the character of the Government for punct uality in all, its transactions, was maintained with the most scrupulous care. This is not now the case., There is not only a want of punctuality, but the public creditor is of 7 ten put to the greatest indonyenießce. , Net long since, a draft wag drawn in favor of Rufus Freeman,a pensioner,of Wayne coup. ty, Ohio, by the Treasurer of the United States, for 810, on Judge Henderson, ,the receiver at Cincinnati. This draft was pre sented, by 111 r. the agent of the pen;- sioner,"to the receiver, who refused to pay it, on the ground that he had no funds of the Government in his pctse,e,soon: The OA was then returned to Washington, altered by tho Treasurer;and made payable at the Louis Ville Savings fnstitution, and sent back" to the pensioner.. Thus, atter three months spent since the pensioner began to collect this . pittance—after having been first sent 100 miles to Cincinnati, whOre" his draft was dishonored, ho is' now furnished with another ( on' Lbuhwille; 156 miles west of Cincinnati, in another State, whero he must go or send for his money,.or be shaved by some broker. Undei the old,. system of keeping and disbursing , the public money, there was no dishonoring of drafts; no dia., graceful failures on the part of the Govern ment to meet its engagements; no oppres#, sion of the publid creditor; by delaying priymerit When' his money Was due, or by sending him to - renriote places to receive it. Let the,e.sita of the old pensioner speak for the convenience and punctuality which dis-, tnignish the Government at present, in the payment of itecredi'tors through the agency of aLib:treasurers. AR it turns out that there iine Mier' sa fsty, cheapness, nor convenience' in the Contemplated mode of keeping and, disbursing tke public money, we must look' for other rations for *sing this bill.—' Where shall we find them? One of the prominent argumentd, and on& long dwelt upon by the supporters of this:. bill, is that it . has' received the sanction 'of public opinion; and that, therefore we are bound to pass it. The evideiiie upon which' gontlemen rely to prove that public opinion'. is in faior of this measure,' is the result or last year's elections," and the Administra- : tion majority in this House. They should not rely upon the latter circumstance as ev idence of public opinion; for it is more tha& probable that if the Representatives elected, by the people of New Jersey were in the seats occupied by those gentlemen elected • by this House, the majority On this question', would be the other Way. And the evidence furnished by last year's election isno, be tter:' sub Treasury bad been ofien'rejecW ed by Congress tliit it was !oolitic! 4011 by The people as a settled question. 7 -one which _had been abandoned; and, indeed, it .wasi brought:prommently forward into the can. Vass. It was hinted at, to be sure, but it was not made the turning point of the con-' troversy. If it had been, the result would' probably have been the same u it Wu ia' 1837—the overthrort of the part 7.• 397,304 14 893,023 59 300 n 000 00 857,890 Eld
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