Speech Of Mr Clay Of Kentucky On The Sub Treasury Bill Delivered In The Senate Of The United States February 19 1838 PDF Download

Excerpt from Speech of Mr. Calhoun, of South Carolina: On the Sub-Treasury Bill: Delivered in the Senate of the United States February 15, 1838 I regard this measure, which has been so much denounced, as very little more than an attempt to carry out the provisions of the joint resolution of 1816, and the deposite act of 1836. The former provides that no notes but those of specie paying banks shall be received in the dues of the Go vernment, and the latter that such banks only shall be the depositories bf the public revenues and fiscal agents of the Government; but it omitted to make provisions for the contingency of a general suspension of specie pay ments, such as is the present. It followed, accordingly, on the suspension in May last, which totally separated the Government and the banks, that the revenues were thrown in the hands of the Executive, where it hat since remained under its exclusive control, without any legal provision for its safe-keeping. The object of this bill is to supply this omission; b take the public moneyr out of the hands of the Executive and place it under the custod of the laws, and to prevent the renewal of a connexion which. Haprove! So unfortunate to both the Government and the banks. But it is this measure, originating in an exigency caused by our own acts, andi that seeks to make the most of a change effected by operation of instead of attempting to innovate, or to make another experiincnt, as been erroneously represented, which has been denounced under the na of the Sub-treasury with such unexampled bitterness. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.