administration, as a means of collecting, safekeeping, transferring, and disbursing the revenues of the nation, as contrasted with a national bank for the same purposes. Mr. [Stephen A.] Douglas has said that we (the Whigs) have not dared to meet them (the Locos) in argument on this question. I protest against this assertion. I assert that we have again and again, during this discussion, urged facts and arguments against the subtreasury which they have neither dared to deny nor attempted to answer. But lest some may be led to believe that we really wish to avoid the question, I now propose, in my humble way, to urge those arguments again ; at the same time begging the audience to mark well the positions I shall take and the proof I shall offer to sustain them, and that they will not again permit Mr. Douglas or his friends to escape the force of them by a round and groundless assertion that we "dare not meet them in argument."
Of the subtreasury, then, as contrasted with a national bank for the before enumerated purposes, I lay down the following propositions, to wit: (1) It will injuriously affect the community by its operation on the circulating medium. (2) It will be a more expensive fiscal agent. (3) It will be a less secure depository of the public money. To show the truth of the first proposition, let us take a short review of our condition under the operation of a national bank. It was the depository of the public revenues. Between the collection of those revenues and the disbursement of them by the government, the bank was permitted to and did actually loan them out to
