ON THE SUB-TREASURY BILL.
the ladies should buy only half the amount of silks, calicoes, teas,
and so forth, during the year, which they had been in the habit of
consuming; and in this way by saving, the colony would make
the required sum of one hundred thousand pounds. If we would,
for a few years, import only half the amount from England that
we have been in the habit of doing, we should no longer feel the
influence of the London money power.
Mr. President, gentlemen, in my humble opinion, utterly deceive
themselves, in supposing that this measure is demanded by a major-
ity of the people of the United States, and in alleging that this is
proved by the result of elections of the past year. That there were
a vast majority of them opposed to it was demonstrated incontestably
by previous elections. The elections of last year did not in many,
perhaps most instances, turn at all upon the inerits of this measure.
In several states the people were deceived by assurances that the
sub-treasury was at an end, and would be no longer agitated. In
others, the people had reason to be dissatisfied with the conduct of
their banks; and they were artfully led to believe this bill would
supply a corrective of the errors of the banking system. And where
they have apparently yielded their assent to the bill, it has been that
sort of assent which the patient yields, whose constitution has been
exhausted and destroyed by the experiments of empiricism, and
who finally consents to take the last quack medicine offered to him
in the hope of saving his life. I know the people of the United States
well. They are ever ready cheerfully to submit to any burden
demanded by the interest, the honor, or the glory of their country.
But what people ever consented to increase their own burdens
unnecessarily The effect of this measure is, by exacting specie
exclusively from the people, and paying it out to the official corps
and the public creditor, to augment the burdens of the people, and
to swell the emoluments of office. It is an insult to the under-
standing and judgment of the enlightened people of the United
States, to assert that they can approve such a measure.
No true patriot can contemplate the course of the party in power
without the most painful and mortified feelings. They began some
years ago their war on the bank of the United States. It was
dangerous to liberty; it had failed to fulfil the purposes of its insti-
tution; it did not furnish a sound currency, although the sun, in all
its course, never shone upon a better. In short, it was a monster,
which was condemned to death, and it was executed accordingly.
During the progress of that war, the state banks were the constant
theme of praise, in speech and song, of the dominant party. They
were the best institutions in the world, free from all danger to
public liberty, capable of carrying on the exchanges of the country,
and of performing the financial duties to government, and of
supplying a far better currency for the people than the bank of the
United States. We told you that the state banks would not do,