Speech of Henry Clay, of Kentucky, On the Bill Imposing Additional Duties, As Depositaries, in Certain Cases, On Public Officers : in Senate of the United States, September 25, 1837
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Hitherto 1 have considered this scheme of sub-Treasuries as if it was only what its friends represent it — a system solely for the purpose of collecting, keeping, and disbursing the public money, in specie exclusively, without any bank agency whatever. But it is manifest that it is destined to become, if it be not designed to be, a vast and ramified connexion of Government banks, of which the principal will be at Washington, and every sub-Treasurer will be a branch. The ."Secretary is authorize...d to draw on the several sub-Treasurers in payment for all the disbursements of Government. No law restricts him as to the amount or form of his drafts or checks. He may throw them into amounts suited to the purposes of circulation, and give them all the appear- ance and facilities of bank notes. Of all the branches of this system, that at ISew York will be the most important, since about one-half of the duties is collected there. Drafts on New York are at par, or command a premium from every point of the Union.
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To quickly assess the difficulty of the text, read a short excerpt:
Hitherto 1 have considered this scheme of sub-Treasuries as if it was only what its friends represent it — a system solely for the purpose of collecting, keeping, and disbursing the public money, in specie exclusively, without any bank agency whatever. But it is manifest that it is destined to become, if it be not designed to be, a vast and ramified connexion of Government banks, of which the principal will be at Washington, and every sub-Treasurer will be a branch. The ."Secretary is authorize...d to draw on the several sub-Treasurers in payment for all the disbursements of Government. No law restricts him as to the amount or form of his drafts or checks. He may throw them into amounts suited to the purposes of circulation, and give them all the appear- ance and facilities of bank notes. Of all the branches of this system, that at ISew York will be the most important, since about one-half of the duties is collected there. Drafts on New York are at par, or command a premium from every point of the Union.
What to read after Speech of Henry Clay, of Kentucky, On the Bill Imposing Additional Duties, As Depositaries, in Certain Cases, On Public Officers : in Senate of the United States, September 25, 1837?
You can find similar books in the "Read Also" column, or choose other free books by Clay, Henry, 1777-1852 to read onlineMoreLess
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