Page:Life of Henry Clay (Schurz; v. 2).djvu/151

Rh out law, and the spending of public funds without an appropriation by parliament; and that Martin Van Buren, in proposing the safe-keeping of public funds by government officers, was very far from aiming at such a privilege.

In truth, the only objections of importance to the sub-treasury scheme were those brought forward by Webster in a series of speeches on the sub-treasury bill which discussed the subject of currency and exchange with remarkable grasp of thought, clearness of statement, and brilliancy of reasoning. Webster blamed the President for not recognizing in his recommendations the power as well as the duty of the government to secure to the people a safe and uniform currency, which would facilitate the domestic exchanges, and for not aiding the banks in their efforts to return to specie payments. He expressed the apprehension that the sub-treasury system would temporarily with draw large amounts of money from active employment, — an evil which could be reduced to the smallest proportions by confining the revenues of the government to its current wants, thus avoiding the accumulation of a surplus. But Webster did not see in the sub-treasury system the downfall of republican institutions.

As to the question of remedy, however, Webster and Clay substantially agreed. Their invention did not go beyond the establishment of another United States Bank. That was their panacea. Clay confessed that he felt himself unable to sug-