Abridgment of the Debates of Congress, from 1789 to 1856.

504 ABRIDGMENT OF THE H. OF R.] Local Bank Deposit Regulation Bill. [JuNE, 1834. containing them, taken in connection with other are left to shift for themselves. The gentleoccurrences, would amount to a virtual acknowl- man had done him the honor to advert to some edgment that they could not enforce. remarks of his during a former discussion. This Mr. F. was decidedly opposed to the tenth topic, from the manner in which it had been section of the bill. That section provides treated, required no reply. Mr. W., at the "that. until the Secretary of the Treasury time referred to, had expressed plainly what ho shall have selected and employed the said banks felt strongly, but having said what he thought, as places of deposit of the public money, in was too fond of his own repose to harbor ill-will conformity with the provisions of this act, the to any one. If the gentleman had satisfied his several State and District banks, at present conscience on the occasion in question, by the employed as depositories of the money of the belief that he was merely performing an honest United States, shall continue to be the depos- act of public duty, Mr. W. would be the last to itories aforesaid, upon the terms and conditions disturb its tranquillity. upon which they have been so employed." The House had votedMr. F. would here remark, that if the Secretary That the Bank of the United States ought of the Treasury, or rather the President, had not to be rechartered: the power of depositing the money in the local That the deposits ought not to be restored: banks, as had been done, and the power of en- That the deposits in the State banks ought tering into the contracts which had been execut- to be regulated by law. ed, the contracts made with those banks were This bill, then, is the regulation proposed; already legal; it required no act of Congress the sanction of the Secretary's act; the adoption to give them validity; and he could but regard of the executive policy; the legislative recognithis proposition as indicating some misgiving, tion and approval of the President's experion the part of the committee, as to the legality ment. This, we have heard from high authority, of these transactions. Mr. F. objected to the is the only measure of relief the country need provisions, because he considered them illegal, expect. As to the people, indeed, we are and was opposed to thus giving the sanction of assured their distresses are imaginary. They Congress to unauthorized acts of public officers. only require to be relieved of the panic-makers. But Mr. F. would not longer detain the House The approaching adjournment will do that. with an examination of the details of the bill. " The Government," feeling no distress, (except He had only to repeat, what he had already in the Post Office,) can get on without this bill, frankly stated, that he could not vote for a law, having the custody of the treasury already. in any shape, to deposit the public money in This assurance is consolatory. But why, State banks, during the continuance of the then, must we be goaded to its adoption? The United States Bank charter, provided the United spirit of party, he hoped, might be satisfied States Bank was able to comply with its con- with the implied, equivocal, negative sanction tract for the safe-keeping and transfer of the we have given to the past by only not conpublic money. Were he to do so, lie should demning it. Shall we be urged-would it be consider himself as sanctioning, notonly what prudent to urge us farther? If we pass this he regarded a violation of the plighted faith of bill, we make all that has been done our own. the Government, but also a violation of the law There are reasons for acting on it definitely, of the land. The President had openly announc- however. All sides of the House feel that. ed to the world, that the act of removing the The country is tired of evasions. The friends deposits washis own; he assumed the respon- of the administration are, in some degree, sibility; and, for one, Mr. F. could not consent pledged to pass it through this body. They to share it with him; he would, in no way, will do it the more readily, because it is sure sanction or ratify the proceeding. Be the con- to fail in the other. They desire the Senate sequences what they may, he would have neither shall reject it, so as to incur the odium of defeatpart nor lot in the matter. ing a measure which is to put an end to corMr. WILDE said: In brevity he hoped to rival ruption, and give us a better currency than the the honorable chairman of the Committee of United States Bank. Every true believer exWays and Means, (Mr. POLK;) in close ad- pects the fulfilment of the prophecy with impaherence to the subject, he aspired, if possible, tience. If the Senate will not pass it, the preto surpass him. There were times, he thought, diction cannot be falsified. when the gentleman discussed the Bank of the Besides, the state of parties may change. United States rather than the deposit banks. Responsibility assumed, may be enforced. The It was, perhaps, difficult to separate them; and custody of the treasury, with our friends in sometimes expedient to bespeak favor by flatter- power, is safe and easy. Rendering an account ing prejudice and odium. Party tactics seemed of its seizure and deficit, to our adversaries may to consist in directing all your strength against be less pleasant. On the other hand, the opwhat are supposed to be the weak points of position may desire to see the administration your adversary, taking no care of your own. commit themselves and their friends to this Accordingly, the Bank of the United States, measure. They may hope, if it passes, that though already slain, as we are told, by the the Senate will amend it, and send us something Hero, is daily reslain by the humblest of his better. Perhaps they deem the worst measure followers, while the pet banks and Post Office which the Government can adopt better than

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Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 504
Publication: New York, [etc.]: D. Appleton and company [etc.]; 1857-61.
Subject terms: United States -- Politics and government

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Abridgment of the Debates of Congress, from 1789 to 1856.

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