be accepted in part payment of public dues, but in decreasing proportion from year to year, until a certain period, when the government should accept only specie.
With regard to the subject involved in the bill, both parties executed some curious marches and counter-marches. The Democrats had, under Jackson, approved of the transfer of the public deposits from the United States Bank to the selected state banks, the funds to be used for the accommodation of the business community. Now they proposed the withdrawal of the public funds from the banks, and the absolute prohibition of their use for private accommodation. The Whigs had violently denounced the “pet bank” system as unsafe and demoralizing; now they insisted that the withdrawal of the public money from the banks was an attack upon the banking system, and would be ruinous to business interests as well as dangerous to free institutions.
The debate on the sub-treasury scheme extended through four sessions. It was one of the most exciting in the history of Congress. At first popular sentiment, stimulated by the influence of the banks, ran strongly against the measure. In the extra session of 1837 the bill passed the Senate, but was defeated in the House. In the regular session of 1837-1838 it failed again. Being pressed with great perseverance by the administration, it passed at last in the session of 1839-1840.
