Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-11-01
THE sUB.TREAsURY.

and addressed 10 the Wings oil virginia. The
object Of the article is TO induce the Wings OF
Virginia 10 become the advocates Of the new
system brought forw ard by the supporters of the
Administration for the keeping Of the public mo-
MES. The writer of The article, says =:
at is important for the best interests OF the
corntr, that the system Of collecting and dis
bursting the public revenues recommended by the
Presideni, in his late Message to Congress,
should receive the calm deliberation OF Inc Anne
lean People. All time when all other systems
have either signaliy Failed, or are hishiy cAcep,,
tiosable on grounds both OF constiiutionalIty and
expeaiency, it is peculiarly proper that any
new expedient should meet with impartial ex-
animation and be pronounced upon with candid
decision"
w. agree with the writer Of the article, that
the plan brought forward by the administration
and its friends, deserves the candid and careful
consideration Of the American people. II is, in
che history Of our country, a new proposition
and should not be adopted until some guaranty
can be made, that il will not, like preceding ex-
ncriments, produce trouble and embarrassment
20 the country. in 1899 the country had a cur
rency as perfect and as sound as the wit of man
could devise, and the Government had a means
of collecting and disbursiug its revenues that
was Of once expeditions, easy, and perfectly Sc
cure. Pretext was found for making war upon the
system that worked so admirably. 1t might,
possibly be abused-foreign influence might be
exerted in the management Of the fiscal agent
to the injury Of the n~ation-there was too much
paper and too little specie in circulation, and a
different system might decrease the one and in
x..z. IL Al. The annpf t,iahf pnoddla with
politics, or do this or do that which it ought not
10, and a thousand other things were urged as
an excuse for the destruction of that admirable
system. twas destroyed. Another system was
reared upon its ruins. When first started into
operation, the new system worked fine. While
the reception Of the revenues was all that the
new fiscal agents were required to perform,
there was no let or hindrance TO their successful
discharge Of all the duties required at their hands.
But the moment that these agents were required
10 pay the revenues back TO the country the whole
sxstem was blown 10 flinders and the nation
filled with distress and suffering, bankruptcy
and ruin. The government, possessed Of millions
became embarrassed and troubled for funds for
its ordinary transactions, and congress was cal
led upon TO ~lcgislate the government out oil its
difficulties. Congress met, and the President,
IN his message, laid before that bcdy a suggestion
of the ~propriety of separating the fiscal transac-
lions Of the government from the banking insti-
talions of the country, and to collect and disburse
its revenues, by means of individual agents.
Shortly after its suggestion by the Executive,
the new plan in all its details, was brought Tor
ward in Congress, passed by the Senate, and
was laid Oh the table IN the House OF Represen-
tatives, where il remains at the present time.
The plan proposes that the public revenues be
collected in gold and silver, and that individuals
be appointed TO receive and keep it for the 60
yernment until it is wanted TO defray the expen-
ses Of the nation. To this plan, the first obJec-
ton that presents itself, is, that il creates two
sorts of currency in the country, the one used
by the government and composed of the precious
metals, aud the other used by the people, compo-
sed Of fluctuating aud valueless paper. Is the
creation Of SUCH a state OF things compatible with
the spirit and objects of our government! This
government was founded for the equal benefit
and protection Of all who live within its borders,
and all attempts TO make il otherwise, are in op'
to the spirit in which it was founded. If the
government receives nothing but specie for its
revenues. il must, in consequence OF the immense
amount of those revenues, consume a very large
portion Of the specie in the country, and, should
its revenues increase as fast as they have for
some years past, the day cannot be a great way
of, when the whole specie circulation of the
country will be insufficient to meet its demands.
The business Of the country its commerce and
trade, at home and abroad, aud the thoussnd ne
transacted and satisfied with a currency that
cannot be a whit more valuable than so much
brown paper. This must and W i'll be the inevita
bic and certain effect Of the sub. Treasury sys
lem, upon the currency and upon the country,
when it shall be adopted. Its advocates may
while endeavoring to procure its adoption pre-
dict otherwise, but let il be remembered that
the promises that were made in the carly stages
Of the first experiment have never yet been
fulfilled. The connexion Of the government
with banking, when properly regulated has ne
yer failed OF being advantageous 10 the govern
ment as well as 10 the country. II has given us
a currency that was sound in all its parts-that
gave our country, aud its merchants, character
and standing abroad-that has filled the Golfers
of the Government aud the citizen, with wealth
and plenty, and made every description of bush
ness 10 flourish and prosper. The smallest de-
parturc from this connection, has, whenever
made, been attended with the same result-em-
barrassmcnt and trouble. The inference, then,
is fair, that, the greater the separation, the more
wide spread and disastrous will be the attend
ant evils.
Another great objection TO the Sub Treasury
is, that Al will compel the banks 10 close their
doors, and wind up their business. The Banks
have, through the management of the officers Of
The Government, been compelled 10 suspend
specie payments, and the adoption OF The Sub.
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