xt70k649q72g_136 https://exploreuk.uky.edu/dips/xt70k649q72g/data/mets.xml https://exploreuk.uky.edu/dips/xt70k649q72g/data/2009ms132_0088.dao.xml McClellan, George Brinton, 1826-1885 1.66 Cubic feet 3 boxes, 1 flat box, 1 map folder The Wade Hall Collection of American Letters: Civil War soldier letters (1798-1986, bulk 1854-1915; 1.66 cubic feet) comprise correspondence, newspapers and newspaper clippings, photographs, journals, military records, affidavits and pension claims, poems and songs, other manuscripts, and realia of Civil War soldiers and their friends and families. archival material English University of Kentucky This digital resource may be freely searched and displayed.  Permission must be received for subsequent distribution in print or electronically.  Physical rights are retained by the owning repository.  Copyright is retained in accordance with U. S. copyright laws.  For information about permissions to reproduce or publish, contact the Special Collections Research Center. Wade Hall Collection of American Letters: Civil War soldier letters Affidavits Civil War in the North Correspondence. Envelopes (Stationery) Legal documents. Mayors--Kentucky--Louisville Military correspondence. Military history. Military life. Newspapers. Petitions. Prisoners of war--United States Reconstruction (U.S. history, 1865-1877) Reports. Slaveholders. Slavery--United States. Soldiers--Correspondence. Soldiers--United States. Songs--United States. Transcripts United States--Armed Forces--Military life United States--History--19th Century. United States--History--Civil War, 1861-1865--Photographs United States--History--Civil War, 1861-1865. Veterans--United States. War and society Washington (D.C.) Thomas Henderson letter to Colonel Edwin J. Hammond, Princeton, IL text Thomas Henderson letter to Colonel Edwin J. Hammond, Princeton, IL 2014 https://exploreuk.uky.edu/dips/xt70k649q72g/data/2009ms132_0088/2009ms132_0088_158/2009ms132_0088_158_45/2009ms132_0088_158_45_1/09856/09856.pdf 1910 October 1 1910 1910 October 1 section false xt70k649q72g_136 xt70k649q72g           2% 4 24 @2z%,Mywp
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Fiznnow G1riznxs:——It is peculiarly embarrassing to me to attempt a continuance of
the discussion, on this evening, which has been conducted in this Hall on several pre-
ceding ones. It is so, because on each of those evenings, there was a much fuller at-
tendance than now, without any reason for its being so, except the greater ivztcrcst the
community feel in the byymkers who addressed them Z/zen. than they do in him who is
to do so now. I am, indeed, apprehensive, that the few who have attended. have done
so, more to spare me of mortification, than in the hope of being interested in any thing I
may be able to say. This circumstance casts a damp upon my spirits, which I am sure
I shall be unable to overcome during the evening. But enough of preface.
The subject heretofore, and now to be discussed, is the Sub—Treasury scheme of
the present Administration, as a means of collecting, safe—keeping, transferring and dis-
bursing the revenues of the Nation, as contrasted with a National Bank for the same
I purposes. Mr. Douglass has said that we (the Whig·s), have not dared to meet them (the
Loeos), in argument on this question. I protest against this assertion. I assert that
we have again and again, during this discussion, urged facts and arguments against
the Sub-Treasury, which they have neither dared to deny nor attempted to answer. But
lest some may be led to believe that we really wish to avoid the question, I now pro-
pose, in my humble way, to urge those arguments again; at the same time, begging
the audience to mark well the positions I shall take, and the proof I shall oii`er to sus-
tain them, and that they will not again permit Mr. Douglass or his friends, to escape
the force of them, by a round and groundless assertion, that we " dare not meet them
in argument." "
Of the Sub-Treasury then, as contrasted with a National Bank, for the before
enumerated purposes, I lay down the following propositions, to wit:
lst. It will injuriously affect the community by its operation on the circulating
2d. It will be a more expensive iiscal agent.
3d. It will be a less secure depository of the public money.
To show the truth of the first proposition, let us take a short review of our con-
dition under the operation of a National Bank. It was the depository of the public
revenues. Between the collection of those revenues and the disbursements of them by
the government, the Bank was permitted to, and did actually loan them out to indi-
viduals, and hence the large amount of money annually collected for revenue purposes,
which by any other plan would have been idle a great portion of time, was kept
almost constantly in circulation. Any person who will reflect, that money is only valu-
able while in circulation, will readily perceive, that any device which will keep the gov-
ernment revenues, in constant circulation, instead of being locked up in idleness, is no
inconsiderable advantage.
By the Sub-Treasury, the revenue is to be collected, and kept in iron boxes until
the government wants it for disbursement; thus robbing the people of the use of it,
while the government does not itself need it, and while the money is performing no
nobler office than that of rusting in iron boxes. The natural effect of this change of
policy, every one will see, is to reduce the quantity of money in circulation.

 .· .1 3 I
..1 l _
. . · 1   . - ‘ 3, · 3, hg;-ge 011 crechl at 100 dOll&1`S Vl1’h€‘U _
But ag.11111, by the SLll)·T1'G{LSll1‘y scheme the 1·evem1c IS to be collected 111 specie. I .; The mm] Wl1<>_h?-S1>¤1_¤h¤§1B;l any ”&]tgC;;’u;g_ Y if th€’q,mumY ,39 ,_£,d,,C€d to 160 mi1_
auticip:1te that this will be disputed. I expect to hem- it said, that 11. IS not the pohcy , l?l1€1`€ RTB 200 ¤1}111{>¤? Cu Cuda {ugh]? Em, tho hglfse but Humcielit to Pm, half the debt ;
. 1 1 . · • . I ‘ v · Y- V ~ .1
of the A. 1;; mid out Of his other mmm and thereby become 8,
Bm-gi], iii his message 1'(}COIllII1€L]Ll.ll]g thc Sub—T1'Gi1SU1‘y, €X})€11€lG€l 11€3·1`l}’ U1 column of l- and the Othel lla mug 61   , ,111 (,],61.61) become 8, C](:1m· lggg to his creditor. Xvhélli
1*,11111 1l0(51l1I10[1b lll illl illjlléhlpl} to ]_)0l.‘SLl8.(l€ COI]g1`€SS to ]_)l'OVlll€ lO1` lZl1€ COll(E'ClC-IOD of l'1l.1€   clear IOSS to hllu 1 O1 gp l`}1DPu‘1 ’ [Lf (HIE )urC¥l,_LgQ Of 0, hO1___j€ will hold gOOd in Every Case
l‘CV0llll(l 111 specie exclusively; and he concludes with these words. “ It may be safely   I have h€1`€ Sala- Of -‘- Silugtg CASS F)duCt,,lm in Zim ( ummty (gf mouev Owm.8, bv W],OmSO_
1LSSlllI1C1l, that 1111 motive of cw1.vc21.iem·e to the ciéizen, 1`€11Ll11`€S the 1·ecept1o11 of Bank ` U of 8 debt Qmstméi al? 1 G _1tmG fl 1,6,,,0 b€Cn‘cOHt,_é(_tG,, It may bé Said, tvhag what thg
. . .... 1 . . _, ` , - 1 1 r - ’ - . · . * `
p:1pe1·." In §L1l1lllil<)Il to this, M1-. S1l11s Xvlflgllt, Se11ato1· 11-om New York, and the pgliti- 1, even, and 101 Wh&l5S0· · · ‘ ‘ 1 t - l to -1 1-e1- - limited extent. I1. IS more géllélfllly 131116 » 21 cz occ 5 .
5111111111 1.1111 l`l1'l~llZ 1jlll)—f1'€H.Slll`y L1ll, and that b1ll ])l`OV1Cl.€Cl for ultmnately collectmg the   MG 0¤ IY - _, 5 f ,1, , bt than he mms bv the ,,,m,0,,S€d ,,,,],,0 Of 1],0%. he
i·(1vg11111; 111 speeie. lt IS tz-uo, I know, that that Gl21.11Sc \VB.S Slh\`1Uk€11 fl'01Il 13}.16 blll, bllll It V m€dZtm# by 1051]*%% mma .0b IS ( (2- 23, ith mm; Of hit-. propel-ty {O Pm- l1i¤ dg-l>t¤ 1111111
. . . 1 . , ·· · 1 ‘ . ; ra _ ‘ '* ’ - *7
was 1101111 by thc votes ol tho Wlugs, mded by am portion only of the Van Buren Sena l 00ll€Gl3§ 1 Ul? d€Z":<" by Ht ,61 Pm {11,:5 VV ,il_€,vb1_€akiU“ up in his bugiigsgl ,,,,1,1,,],,3,.61):,,
tors. No Sub-T1‘e:1su1‘y bill has yet become :1. law, though two or three have been con- _   hG‘l‘cCc$V€d U1 G0¤t1`¥l·;>lU¤§§ t lf,-1, Pqicgeggj ‘ ~ ’· ¤ ‘
. , V . , 1 · -· 1.’.
` ` Y ` - ·' l 1 i ‘ l ‘ ll 15 Cl l l)61[10 j11‘O\\`]] Ll )OD. 16 \\ Ol C lll. 11 is ( Y _
s11lo1e1l by (;O11g1€S“l, some XVIE11 aud some 11¢11;hout the 5136016 clause, so   a I :1 m11: , TE, ahem, Cllistmsg thm Created wm, to be Surg, bg ,6,,,,,0,,a,% b€G_,u,:_€ “,h,m,VG1
1;h1¤1-9 1S room for qu1bbl111g upon the question of Whether the ?LCl¤11lJ1Sl51'31li10I1 fi1VO1‘ 13116 6 E * _ L, Ut ’f money in mn, Community time WU] MUUSL the
" exclusive s mule doctrine 01- not; but I take it, that the fact that the Pl'GS1(l€Ht at H1-st change 13151}* OCGUY ID ¤ 19 quam } Y O _ ~ _ ~. _   __.’ ,· _ ,_, ,
1 · · - · · · 1 · t ‘ l1ced· but 1vh1le that ad]11st111e11t1s QIOQIGSBIXIQ`, all s111;fe1 111011, O1
111·g0d the spome doctrmc, and th11tu11de1· h1s recommendation the first b1l1 mti-Oducgd , dmaugemeu ]J10€ 1 1 . tb thu 1,€DdG1_S me dGqim,),€ ~.WhV then, Shall WB
, . 1 . · · · ; , 1 y · 1 7 ‘ Y , ()' ` L ( ' ` } `
m11b1·11e111l 1t, 1v111·1·:1.uts us 111 ch111·g1ug 1t as the pol1cy of the party, uut1l their head as » 16551 mid W1) m€*”5' F50 "‘ GQ,   it ,3,3 but ,€,,,pO,_,,,,,/ mlleqs We ,.8%,,,9 Soma equi,
pul>li1:ly 1*01111111zs it, as he at lirst espoused it——I repeat then, that by the Sub-Ti·gg,gui·y, ij SUfl”`G1‘ a SOV$1`€ dllllflll tj, @'1€!l 1 1011:, · — . >
the 1·cv1>11111: is to bo collected 111 tpccie. Now mark what the eiiect of th1s must be. By &l€1¤1¤ f01` it - _ t U EGG, )l_Odu(_€d bv Z, ,__,_,d,,Ct,iOn Of the (,,,,,,],,,105,
1111 es1,i111s1t11s ever made there are but between 60 and 80 millions of specie 111 the ‘ lVh¤13 I h9»V€ MGD Sa} mg H5 O IG O 1 “ ~ . - _ , 11 1 ,1 1
· 1 1- 7 · ‘ 1 ' · l t *· to the 1/·/Lola country. I now propose to snow that 11 11011 1 1)}.01 uce
Umted lntates. lhe e-xpe11d1tu1·es of the Government for the year 1838, the last 101- ci 1110135}*1 19 {L Gs Jh ,,,h_ DOH the CMZGHS Of thoge States and TG,.,.,tO1.i€S in
which 11111 have 111111 1111; 1`€1)O1'1J, were 40 millions. Thus 1t is seen, that if the whole   i12’?°“1“"` ¤¤¤l2>€*1*-aye? alélg ,152111 d 0,%,8% in t1,O¤,, States and 1161-i·1tO1·1€S, as 1111
1·ove1111o bo collected iu specie, it will take more than half of all the SPGCIG 111 the nat1on   Whlch @116 Public hl-HC S   *5 hula, Or Heérlv [LH ,516 XDOHGV in them, ,8 Smmowed
to do it. By this means more than half of all the speme belonging to the 1 know, im-m the g1eat_gu f y 11 IQ halfbc lpducéé {Laid Couseqdeutly every thing under
. . . . . ~ 7 ' · l_, ( '3
l11`tcc11 million of souls, who compose the whole popu1:1t1o11 of the country, IS thrown   up- Y1 hw the (lll-{Lum-D' O I?OH°}_ S 9* 1,,01] thi; rica Of thosg lands bgim,. Eyed by
mtg the hands ol the public ofhce-holders, and other pubhc o1·ecl1to1·s, composmg 111 1 1Ud1V1€luH·1 CORP O1 bmughll (fowl m l11?l?€\ iu fouowptlmt the P,_0d,,c6 O,. Zc,bO,Y’th,,,t ,,0,0
number, perhaps 110t11101·cths111 one-q11111·ter of a million; leaving the other fourteen 1 1211v,W1H1‘€m¤1¤ ¤S_UO“'l O D§CGSE’g8> 1 sg mu ,/,6,, Lqiqg but Sufhcient to 1,,,,.0],,,56
m11l1o11s and th1·ee—qua1·te1·s to get along as they best can, 1v1th less than one-half Ot the =, IZLISGS money Bufliclcllt LO PWS iw; I   dmicult Y md llwdqhip Wm hq,} ag hwg, in
, , . . . < 1 ·· ’
speew ot the country, and whatever rags and sh11;1—plaste1·s they may be able to put, 1 40, 01 PGUMIJS BOE that _m“Cf·t, M, ld? Shu, Milam uUdiSpOgGd Of Knowing, as I
11.1111 keep, 111 ci1·c11l11tio11. By this means, every 01*1ice-lnolder, aud other pubhc c1·edito1·, *_ $01116 d€3`1‘€€1 {LS 9-UTY PO*"t1OD O NSG lm ibm QD, Gunter in P,_OCu,_iDg homes I hesitate
. . . . . 1 . · , j J
may, :1.11d most hkely 11*111, set up shaver; and 11 most glomous harvest W1ll the specue , well C10. 1138 dlf£`l€u1t§’ that PQOI lgecgi G 7 lbhc MUGS Shan be doubled 0,, tmbled, OL
men have of it ; each specie 111:1.11, upon a fair division, l.1a.v111g to h1s sl1211‘e, the fleeeiug . not to SM', that whe? the Plgg O ,6,lEm Cu,,‘£,OWu ,00 one milf O1, O,,€_thi,.d Of their
of about :19 mg 11101.1. —* In all candor, let me ask, was such a system for beugfitmg 1, · 1vh1cl1 IS l3lJ_G Si111}€ GUNS, P}01U‘i€ lug, El _m )OSSib,G fm them to PYOCUYG those homes
tho few :11; tho expense of thc many, ever before devised? And was the sacred name of " ]J1'€S€Ut 13110651 il? 11*111 be mt B OSS Jim 1 1 `
· ·: · · - · l l so sucl 1 euormit arraiust the riwhts f t ‘ fit '¢H· . . . Y
KTEZEF1 `°"   ”’°f°’°   ° “°   °‘ ° ‘ “‘ Y - ·= ° lm in   1., .,..1.. I 1.....6 1..1.1   1., 111 11..111 11.1 §,.1.,1-.111..1.1 101111 11;5,,11;;·;
4 l - · · · · 1. ‘ ' - · (;0lleete( 01- revenue UF JOSGS ‘1
I have 1111-1-11d1· Slllll that thc S11b—'1`1·0asu1·y 11*111 reduce the quanhty of money 111 c11·- lvhé 0¤11€¤0Y1 It 15 Oftgu mg€dTth8‘b the mggqru ther that __, National; Bank Produces
c11l:1.t11111. Tlus 1)(>S11L11)ll 1S st1·c11gtl1e11ed by the 1·eeolleot1o11, that the 1-1,-ve1111g is to bg - Zze zrllc 111 the Wfi1U1tS·Of 15119 10%*11),; R Szgégm Of-Coutiactious and G\;1m¤qiODS’,,hau
» . . . 1 1 I ` , · - 7 I - •·-·
1-oll1~1et111l 111 speuw, so that the more :111101111t ot l`€V€*l1ll€ IS not all that IS 11‘1tl1cl1·a1v11, , g1€¤Q€1 dew-¤g€m€Ul? m the °§“mH?}*,_ Yf';m5 In mph, I Deed 01,15, Show, that expe-
but tho 2LlllOU1.111 of paper ci1·o11latio11 that the 40 millions would serve as a bas1s to, is · tllé SUb·T1`€¥l$m`Y “’O“1d PlO§l§8t£’1,;‘“$ )1_g‘)OSitiOnS “ ’I,B ig ml ,mdiSPut€d MCL that
\\'ll·l1lll'1l.\\'l12 11*1111111 would be in a sound state at least 100 1111llio1;1s. 1Vhe11 100 millions, ~ 1·1e11ce p1‘01*€S 11110 00Y1l?1€¤_Y 0 SF, · Gsfgllthel Goveminent $,,,5 OOO aunuullm fo, the
. . . · 1 - — . ~ · .
o1· more, ol thc C11’Clll1L1.l10]1 we 11o1v have, shall be w1tl1d1‘aw11, who can contemplate, , the l£l1>G B0-HL Qf hm? Umtéd {L €S>,?”{,1( D the timgs Of its Céuection and diSbm.S€_
\\'ll~llOlll1 l.l5l'1`()l', the distress, ruin, ba11k1·uptcy and boggary, that must follow. ’ ]91‘2UlZ€{]¢ of USUJS M16 Public mo]-my G Week T H h` T mid this Sum ,,1,,,,,,,]]:,, fm.
V ment. Can any man suppose, that the 138.11 11 ou .1 age % if in rmiitv there was A
‘11111l11··Ill1 111'J:11111111·y, lH2lll,1l11·S1·11:111=·11` [ll1‘ 1111111-11511111-:1 1;/1111111-c is I/111 it 1lIll.`U'l··ll1[jj 1r0n1·ma111Is 11 ]11·1~1111'11m nfm1t-[0 twenty 5163,1-5, ;)_[1(l then ()l;1‘€1‘€d to 1'&ll€'\V ILS   O C OtSO;f th Bxignlié and COD
ig, ·1111·1`1>111 ·` 1511. 11 1‘ 1 ,1 11; 1 · 2 1-1* ¢*11!1r11. li'-1-* _*·:11· 1111- 5-11:11 1- :11 lt- -'1‘z- . · - _ · ' ·. ` S L1]_‘S6D]€I1 O 1 G l` ’ '
Dl*l11|·~1·!1···-/, ’1‘l1:1lH111·[· ;l·1·ll1·11111y 1111111- '1‘1·1·us111·1-11.- 1111-.-1-1111 :111·1111111111(111—1111111·.111;111·il111t11- 111;)a,,11,;Cj;1uc;l,;,§;T no tune 1]Q11jG1V€H11]g l)G13\V€€Ll the G0ll€0t1OI1 ·Ui( ( I _t _, ’
111 1-111111111111i1-:111- 111 11111 $1-11:111- :111y i111`111·111:11i1111 111- 111:1)* 1-1-- 1111111 us to 1*1-1-1-1p1 :11111 1llsl1111‘s1-1111-111 of 1111- funds, :11/1icl1 is ’ Scquently DO P1-ivjlggg Of ·u5(.7?,g the DJODGY €Xl?€lld9d to 1 · 1 B L I _, 1 , t
·- 1I_· 1:1·1· -1-1-1-' ·1·1l 111 ··s 11 -1 1 11 · 1 I1 1` -111--1111;;, 11/1--1;/s fn ws/1, :11111 is -v·1·y I:1y l-posit ~ li111l11l11 1,1 tl . , _ · 1 ' ` , 3,]] ’ ].1B€( OU OID
liI\‘ll}Pl:\}(lilll¤l 1ll>1l*lll'%1l\|}{[>l:l¤lll<7llI1I¤|‘l·l1'Slll11G':1l`dl;·r1l[‘l1:lIl1l(l'l\‘S."' 1*111111 (lf [ll1‘ 1:ll1|111‘1‘1‘y; 111111 lpll 111111);; paid 1_)uf,11§hj1                      8*   _ 7t f 55- P I'-
1*11111-1- Il11< 1·1·~111l111i1111 1l11— S1·1·1·1·1111·y 1-11111111111111-:11.1-11 111 1111- 11·l111»11- 111-11;:1*11111-111 1111- ]l1\}'lll<'llt l>1·l011gs 11111st :111111-:11- p1-1-:1011- t   1,iOd iuterveuiu betwcell {ghg flmg   1]l16 late BHDk got In O SUCCESS u ORG
H1-11:111-, :1 11-111-1-, 1111- 1'11ll1111·i111g 1-x11·:11-1 1`1·11111 \\'l1ll'lI, 1·I1:11*1y :1111* 11‘i1l1 thc 1*111-cli111·1,11*111-r,s1:11i11g1l1e:1111<11111l :11111 tu 11*110111 O 6 P9 _ g (1 8,1, u )Ou   to Show   dujjgug
11 11111111 1111 (111- 1·1-st 111' 1111- 1-11111- is il 151*1-:11 \'11l'l1‘1)' :11111 1011 l:11·g1· :1111o11111’ 1-1111st:111l1y i11 1;i1-1-11l:1- Griod (181-anqemglyt Occumjgd 1]] {$1],6 Cl`L1‘1`GHCy, It P1 OVBS no lug" _
1111111111-, 111111, 111111011 11*1111-11 lll his 11:1ily [1:131111-.-111 /11· lose-.-; zwtlziny, :1ud P ’ ° , , ‘thG]_- [)e]Q;;·g   got, inl',0 S11CC€SSfUl Operations Or
111-1*1- is 1111---111-:11,-1 1"1·111111l11- l1y111-1·,111-1111.;:11111111 tl1111 1-1-11111-s tl11>s1- 11*111) l1:1.v1- p:1y1111-ms 111 111111:1- 111 11111 1+111-11i·11i1ig111apply be 9Xp(-1(}1)€d to 1‘€gl`llB1tB the Cullgncys G1 1 _ I f   d gt
111 1111- 1111··sl11111, to 1|1u 1:111m#y1vh1n1g/1¤r:1 (lj/[lll/I. _r}1r liumburg 1:111·1·c11c_1/, 111111:11 6 ,   S cri led and t,h1·OWD into dggttll QO11VL`llS10l`l$,   the YG]-nova O 6 613051 S
‘*H11:1-1;,1>1·11>l11·1·l;!, lr1¢l·l, 1:1-1-psiti111·1111s1:11111111111011; :111-11111-li--1*1-it f1·1-11111-111lyoccurs (170 67 1 Wa]   . . ij U- inst   We do 1101] PY€l1€D.d
"'l‘l11» 1111:1111%:11 :11·sl1·111 111` lI:1111l1111·1; is, :1s 1':11·:1»1 is lil1\l\\'ll, 111:11 1.111- hugs \\'l1l1’ll :11-1- s1-:111ed :11111 l:1l1e1l1·11 11-1111 1111»11111111111t, f1·Om   and other hOSl’,1lG ]1l8B1S`Ll1`BS of the Gc>v<=>1¤m€¤ {308* I   t t Of cu1r€DC§
1· ·1·1 :<111|1I··, :1s111:1yl11· 1111 1|1·1s~l_1`·1 1.·1. :111: 1-··it1·y. :1·- ·-(11- -1:1g:1'1t tl -1; k ·`1l tb- 1; - 11, · , ' ' ` WDC 11111 OYDQ S 81 G `
""l`111l11*111111-:11111111111 111' lll:111111111·,;l111iI111l1l111:1111-ylsl1l111111II`11111‘ li‘R\`i1lll;1l1-:11: rlpithf,\g;‘ol1lllolB11i1l111ls1-111}:1111;,plmk   B4 Natlcual Bank can establish and malntalll al SOUH L d   tl   has 6Si·,8_b_
:11111:1l1:1|1`1111lli1111>11»1`111111·l1>¤1·111·1·1·111, 111- 11111- 111illi1111 l11‘11 111111- " JOHN ()U1‘HBER'l‘_" · in the Gouutry in Spin; Of the Nghlgual (}OVG1`DlIl€D1l`1§ but \Ve O Say? a'
111-111:1111l1·i;11111·-11111 1111111s:11111 111-1- 111111111·1-11 1111ll:11·>1: :111111-x- "1‘111l11- 111-11. Ll·Z\'I \\'1>1>11u1:v, , Y · _ d H do SO again by fl]9 aid of   GOY€1`U*
1-1-pl u111l•-r 1*1-1·1 1-1112:1-r1li11:11·y 1·lr1-11111s1:1111·1-s, :1111* 7111111- {hun **51-1-1*1-1:11*y1111111-'l’1·1-:1s111·y, \V:1s11i11g11111, D, C," · l1Sh€d 81Dd Iniuutalued Such a' Curlencyi an Ca , 0 . ’ t   '
11:11- I111fr` I/11:1* 111111111nf is in 1-ir1·u:'11f1'11n,111111::11 1111111-11, 1:1x1-11, This 11-111-1- is {11111111 i11 S1-11:11q 1)(11;111111;u1,'p:1gg 113, gf 111:1 tl _ d f fthe]., SDA   HO duty ig mQ]‘Q ],[D1)B1'8.l'11V€ OD   Goverumeu 9 ` an
1111111·x1·1¢11·_ 11111s1 111- 11:1111 lll 1111111l1111·1; 1‘lI1'1'1‘ll1‘}'. 1'/11w·11ns1*· S11ssi1-11111 l1·l¥i$»`ill'. men ` au. We u yl ' ' th Sound and ulllfOl`T-H Gl-u`1`9Dcy·
» the duty 1t owes the people, of fll1`I11Sl]111g em 11

 4 · 5 A
I now leave the proposition as to the effect of the Sub-Treasury upon the currency It is often urged, that to say the public money will be IDO1‘€ secure in at National
oi` the country, and pass to that relative to the additional expense which must be incurred , Bank, than in the hands of individuals, as proposed in the Sub—T1·easury, is to say,
by it over that incurred by an National Bank, as at iiscal agent of the Government. By that Bank directors and Bank oiricers are more honest than sworn otlicers of the Gov-
the late National Bank, we hud tl1e public revenue received, safely kept, transferred and ernment. Not so. VVe insist on no such thing. WVe say that public officers, selected
disbursed, not only without expense, but we actually received of the Bank $75,000 with reference to their capacity and honesty, (which by the way, we deny IS the prec-
unnuztlly for its privileges, while rendering us those services. By the Sub-Treasury, tice in these days,) stand an equal chance, precisely, of being capable and honest, with
1l(2(5()1'lllllg to the estimate of the Secretary of the Treasury, who is the warm advocate Bank otlieers selected by the same rule. \Ve further say, that with however much cure
of the system and which estimate is tl1e lowest made by any one, the same services are selections may be made, there will be some unfaithful and dishonest in- both classes.
to cost $60,000. Mr. Rives, who, to say the least, is equally talented and honest, esti- The experience of the whole world, in all by—gone times, prove tbls true. The
mates that these services, under the Sub—Treusury system,ca.nnot cost less than $600,000. Sa,viou1· of the world chose twelve disciples, and even one of that Small number,
For the sake of liberality, let us suppose that the estimates of the Secretary and Mr. ` selected by superhuman wisdom, turned out at traitor and 0. devil. And, It may not be
ltives, are the two extremes, and that their mean is about the true estimate, and we improper here to add, that Judas carried the bng—wes the Sub-Treasurer of the Sn-
shall then iind, that when to that sum is added the $75,000, which the Bank paid us, viour and his disciples. _ _
the ditlerence between the two systems, in favor of the Bank, and against the Sub- We then, do not say, nor need we say, to maintain our proposition, that Bank oiiicers
Treasury, is $405,000 at year. This sum, though small when compared to the many are more honest than Government officers, selected by the same rule. VVht1t We do
millions annually expended by the General Government, is, when viewed by itself, very ` guy, is, that the interest of the Sub-Treasurer is against his cZuty———wh1le the ’l7?·~$87'€8$ of
llH`g`f=; lllltl much too large, when viewed in amy light, to be thrown away once 9. year the Bank is on, t/Lg side of its duty. Take i11Stm1C€S—-—£l. S1ll)—TF6£LSL1l`€1' lla/S 111 lJ1S l13»D€lS
for nothing. It is sutlicient to pay the pensions of more than 4,000 Revolutionary Sol- one hundred thousand dollars of public money; his duty SayS——"_Y0u ought to pay
diern, or to purchase ra. 40 acre tract of Government land, for each one of more than this money Over-"—but his interest says, " You ought to run eweywith this sum, and be
8,000 poor families. a. nnbob the balance of your life." And who that knows anything of human nature,
To the argument against the Sub-Treasury, on the score of additional expense, its doubts that, in many instzmces, interest will prevail over duty, and that the Sub—T1‘éaS—
f1`lGHllH, H0 fill' ILS I l{110W, attempt DO l].l]S\V€1`. They choose, so far as I can learn, to r urer will prefer opulent knzwery in 21. foreign land, to honest p0V€I`t»}’ ill? l-TOIUQ? _Bl`{t5
trout the throwing away $405,000 once u year, as a. matter entirely too small to merit how different is it with a. Bunk. Besides the Government money Vdeposited with it, it
» their democratic notice. is doing business; upon it large capital of its own. If it proves fmthiul to the G0V€1‘IQ*
I now come to the proposition, that it would be less secure than st National Bank, as ment, it continues its business; if unfaithful, it forfeits its charter, breuks up its busi-
11. depository of the public money. The experience of the past, I think, proves the truth ness, and thereby loses more than all it can make by seizing upon the Government
of this. And here, inasmuch as I rely chiefly upon experience to establish it, let me funds in its possession. Its interest, therefore, is on the side of its dutyjis to be
ask, how is it that we know any thing——tha,t any event will occur, that any combination faithful to the Government, and consequently, even the dishonest amongst its manag-
of circumstances will produce a. certain result——except by the analogies of past expe- ers, have no temptation to be faithless to it. Even if robberies happen 1De the Bank,
rience Y \Vhut has once happened, will invariably happen again, when the same circum- the losses ere borne by the Bank, and the Government loses nothing. It is for this
stances which combined to produce it, shall again combine in the same wary. We all reason then, that we say a. Bank is the more secure. It is because of that admirable
feel that we know that xr blast of wind would extinguish the flame of the candle that feature in the Bank system, which places the interest and the duty of the depository
stzmds by me. How do we know it? We have never seen this flame thus extinguished. both on one side; whereas that feature can never enter into the Sub-Treasury system.
lV0 know it, blécmlse we have seen through all our lives, that gr blast, of wind ggtiu- ` By the 1B,tt61·, the {merge; of the individuals keeping the public m0I1§§’, will WSQG im
guiehes the Hume of tb candle whenever it is thrown fully upon it. Again, we all feel eternal War with their duty, and in very many instances must be victorious. ln answer
to k~<»~~ that we have to die. How? We have never- died yet, We know it, because to the mgumeut dmwu from the fact that individual depositorxes of public ¤10¤€y,
we know, or nt least think we know, that of all the beings, just like ourselves, who have have always proved unsafe, it is urged that even if we had st National Bank, the money
been coming into the world for six thousand years, not one is now living who was here has to pass through the same individual hands, that it will under the Sub—Treesury.
two hundred years ego. This is only partially true in feet, and wholly fztllzrcious in argument.- ·
I 1-Upcuil th011,tl1f1tD\VG kuO‘v llothiug of \Vh[l.l] will hR,1)}_)G]] il] fl]l][`[]_‘€, but   thf} {`(,D[],1Qgy   iS ()]_]]_y ]_')[],]_‘t,i{],11y t1"[]€, in f{LGt: b€C{l.uSG   tha Sub"C[`1`Ga·Su]-`y blu; foul. R9C€1v€1`S
of experience, und that the fair analogy of past experience fully proves that the Sub- General are to be appointed by the President und Senate. These arenew ofhcers, and
T1'0il·SUi`}' “YOu1d bc nr 1(`SS Safe depository of lll1G PlIl)llC [HONEY   fl, NH,tiOHa,1 ]3g\_]_]k_ CO}]SQq'{_'|_@]]t.;|_y’   (]{],]]]]Oi', bl} tl`l_],G   th€ [HOBBY, Ol` any po]-`t1O]1 Of lbs has heretofore
EXiUUlN0 ilk By U16 S¤lJ·T1‘€ltSll1'y scheme, the public money is to be kept, between the lmgggd thyd their- ]_1gu]dg_ These four new OftlG€1'S RTE to be l0€&t$€Cl ?\l?·N€\Y York. BOS'
times of its collection and dishurseinent, by Treasurers of the Mint, Custom-house oth- ton, Charleston and St. Louis, and consequently are to be the C.l8POS1l'»Ol'16S of all the
eers, Lum] otlieers. mul some new officers to he appointed in the same way that those money collected at or near those points; so that more than th-ree-fourths of the public
Iirst enumeratted ztre. llus a. year passed since the orgunizzrtion of the Government, money will fall into the keeping of these four new ofticers, which did not exist as oth-
tilltlli i1lUiN‘l'0\l5 l1<* |1\0l10)’. and of forty yeatrs that Nations;] B;r1)kg;u·g Safe t]€POSigm·j€S’ GO]]€CtO1· O1- Rgggjvgp, is tg deposite in Billlk all the IHOHQY Ul h}S 118-1163 at the Gnd of
we ure not left to rely solely upon that experience for the truth of those propositions. each month at most, and to send the Bank certificates of deposite, to the Secretary of
It experience were silent upon the subject, conclusive reasons could be shown for the the Treasury. Whenever that certiicate of deposite fails to arrive at the proper time,
truth of them. the Secretary knows that the_oi·Hcers thus failing, is acting the knave; and 1f he is him-

 T  `2
6   7 .
self disposed to do his duty, he has him immediately removed from office, and thereby   be us secure in the Sub-Treasury as in a National Bank, or that the additional insecurity
cuts him oil` from the possibility of embczzling but little more than the receipts of a hi] would be overbalanced by some good result of the proposed change.
single mouth. But by thc Sub-Treasury System,-the money is to lie month after   No one of them, in my humble judgment, will he be able to do; and I venture the pre-
mouth in the hands of individuals; larger amounts are to accumulate in the hands of   diction, and ask that it may be especially noted, that /16 will not altcmpt Z0 answer l/ze
the l_{ea;c·ive1·s General, and some others, by perhaps ten to One, than ever £llCCL1UlUlEllZ€(l   ]7?'O}JOSlZZO?2», Ubdl NLG Sill)- T/‘6ClSLM‘y would be more efc]J6?zsl‘ve lhan a Natioyval Bank as -
in the hands of individuals before; yet during all this time, in relation to this great   . cl_/iscul agent of 6/te Government.
sLal{¢·, the Secretary ol` the Treasury can comparatively know nothing. Reports, to be   AS a Sweeping objection to a National Bank, and consequently an argument in favor
sure, he will have, but reports arc often false, and always false when made by a knave   of the Sub-Treasury as a substitute for it, it often has been urged, and doubtless will
tu cloak his lcuavery. Long experience has shown, that nothing short of an actual de-   be again, that such a bank is unconstitutional. We have often heretofore shown, and
manet of thc money will expose an adroit peculator. Ask him for reports and he will 5 therefore need not in detail do so again, that a majorit