Canton herald., 1837-11-05
Lliler 10 me Editors, dated

W friiIHNtNNf wv ~ fff'
The long agony is over, and the
Sub-Treusury system Is defeated IN
the House. On motion TO lay the
/ bill upon the table on Saturday even
inp at Q o'clock p. NJ. the vote stood,
ayes 20 noes lO7. On motion subse-
Iquently made to reconsider, the vote
stood, noes ll9, ayes lO6. This is
glory enough. Mr.. Van Buren's adj
mlnlstration has been defeated on the
only important measure it has brought
forward during the session. The bill
to authorize the issue Of Treasury
notes, TO extend Merchants bonds,
and to.postPone the payment Of the
fourth insta ment of the surplus reve-
nue were passed by mixed votes, but,
at the same time were looked upon by
Cambreeng and Wright rs measures
that would be followed, as a matter Of
course, by the passage of the Sub
Treasury bill. In this they have been
defeated. (Thanks to the honesty and
/ frmness of the House Mr.. Van Bu-
rem must now make up his mind to
change his policy in relation to cue
rency; or he viii inevitably find him
selfin a powerless minority in less
than two years; not only in the
House, but in the Senate; for as soon
as the State Legislatu es have an OPP
portunity of speaking by authority to
the 10 or - Senators who are gross
| ly misrepresentIng their respective
states, we snail see the Senate re-
sumo the independence it possessed
four years ago. And then the me-
talIlc humbuggers may bid "long far
well to all their glory" You have,
doubtless seen the rumor that the
plates for the Treasury notes were
ordered to be engraved early in the
session. did not believe this report;
for | did not suppose the President
would dare to take things for granted
IN this way, am now authorized to
say to you that the rumor is true. -
The plates have been in the hands Of
the Engrayer for three weeks; and
will be completed in three days from
this time. The notes will be issued
this week. But the party will not be
able to use these notes to breaku the
banking system as they intended to
do, if the Sub-Trcasury bill had pass
ed. During the discussion Of the
treasury note bill Mr.. Wise proposed
an amendment, prohibiting the pay
ing out of,reasury notes as long as
there should be any specie in the trea.
sury. The party opposed this amend
mcnt; and it was lost. This manq-
yer afforded a key to all their designs,
They intended to hoard all the spe-
Gle received; and pay out nothing but
treasury notes. In this manner the
banks would have been destroyed gra
dual!y, but surely, while the treasury
would have been converted into a
tremendous banking establishment
! with all the precious metals in the
Union in its vaults. Thank God, thew
are defeated. Mr.. Woodbury. is com.
PEELED by law to select specie pay.
ing Banks as the financial agents of
the Government. This will encour.
age the Banks gradually to prepare to
pay specie; and we may expect ge-
neral resumption of specie payments
IN SIX months. The simple issue of
treasury notes must be benefoially
teit throughout the Union. If they
are made to bear high interest, they
Will, to be sure, be bought up by capi.
taIlsts aud laid away. They cannot
circulate; but they will cause specie
to the full amount to be unlocked and
thrown into the specie market, If
they bear low interest, as think thew
Will, they will form a circulating me-
dunn, and of course will 90 very far
towards equalizing exchanges. In
either case the country will be bene.
htted; but more in the latter than in
the former mode. BY the defeat of
the heSub-Treasury bill, the question of
National Bank is left open; and we
may expect one in two or three years.
MIR, Calhoun is preparing to bring
the Texas question before the Senate
early in December; and intends iden.
tliyng the question ofanaeration with
the question of the Union. We NAV
look out for a session Of great excite.
ment; and if the old ship can weather
the impending storm she can stsnd anv
thing. think it very ploblematica.
:. FOR THE CANTON HERALD.
Nessrs. Editors:
ltappears that lhave to put myself
I IN tho trnnl,la &c -,