Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-05
From our Evening Edition OF yesterday
From our correspondent Rothschias-No' AhA.I

I hold Il NEXT "a impossible in this country ever to
10 displace administration that wi 'hrow Hse Tor
support upon the great body Of the democracy with the
avaed intent of protecting the people from the aggres
sons Of the rich General jackson came into office
der this plea-his whole reign was regulated ey TINS
ia advocate and his rule to be sgnased by
devotion to the same principle Recollect-his princi-
NE i ~ nrotec the poor from the encroachments of the
rich Therefore | look upon the establishment of the
sbtrsasry system certain, and the prescription Of
bank bills equally Talk the opposition in and
out Of Congress may, Mr.. Van Buren, will be sustained
he will carry his measures The greater the rum 70
the rich and the property holder the greater the merit
for he will tell the people that this is sacrifice for their
good Do you say, then, that there will be no
end of this arragnng the poor against the rich Yes
believe there will be no end Of it. The many will
come Mr. Van Burens aid and the louder the cry Of
distress the louder will be the shout Of hosannas to the
ruling powers To hoodwnk the agricultural and labor
ing interests is his policy by getting up hue and cry
against the banking system And when this scheme
shall have out other prejudice will be appeal
ed to- and so on to the end Of the chapter Abolition
5, vii, come in as valuable aid at the proper time.
With such prospect before us, all we have to do is
to examine the schemes of the party, and how they
will work. To counteract the designs OF 50 tagtous
faction the now in power, is a Hercuean task so
far as am able l will exert every means AS the
country doomed their cursed rule no pains should
be spared expose the tendencies OF their measures
take it, them for granted that the subreasury scheme
will be set in operation and that MIR. Calhouns anti
bank proposition will become law. Should they I'M
expectedly fail will be time enough to talk OF other
measures.
Take the Ist of January 1893, as the day which
the sub win be for the first time in full blast
Consider the Treasury wholly unembarrassed, and with
five millions of specie in its vaults that day throw
aside the balance due from the deposte banks the
pended appropriations the Treasury notes. &c This is
get starting point under the system Iwohiths
of all the customs of the country are collected IN New
York. Put down the customs for 1888 at 10 millions,
and the sales Of public lands millions Here we shall
have revenue, for the next year, OF q millions ncu-
ding tbs amount in the Treasury. Let us suppose that
the all not
AT New York six millions of dollars will be collected
In this city, then will be the largest subtreasury For
the sake of simplcaton will call the mothertrea
sury.
TO pay the debts oft the Government, the Secretary,
who is the cashier of the Treasury will issue drafts
payable sight upon such points where there may be
the requisite of specie. These drafts orders
being based upon CON- will be better than coin, and will
command premium Instead, therefore, OF going 10
the subtreasury which is drawn for the specie the
holder II into current money at almost any
spot he may please but better terms in New York
than elsewhere because that city is the great depot of
coin, and the demand for these drafts there will be in
While they command an agio they will be
used for bills of exchange and return to the
streng boxes of the Treasury After sufficient number
of them shall be issued they will be used tobuy up coin
for payment Of custosasAands, &c.
To supply fb< specie, however, required for the %
~-f revenue in 1888, the State banks, should any
of them resume will be looked So that whether they
resume they viii be FRUSTRATED BY resuming
their paper will continue fall till il viii not be taken.
BY resuming if their circulation exceed their specie,
their coin viii be extracted either by individuals the
sub-treasuries Let suppose, that the drafts
the sub-trcasuries will average premium over coin
equal the expense oil transporting specie from New
York TO New Orleans. No matter what quantity ofthem
may be out the demand will not be limited TO the alb
sorbing power of the revenue for they will constitute
valuable species Of exchange foreign and domes
tic Place this ago four per for the sake Of
ample and this will not be lar from the truth IL is ev
dent that while these drafts bear premium they will
never be presented for redemption Specie is wanted
TO pay the public dues The broker discounts the trea
sury draft at say per cent This will rise spe
Gle gets scarcer till the draft and specie shall be equal
When will this happen
The public receipts for 1888 Ihave placed at 90 mil
Irons There said to be 80 millions OF specie inthc
country No drafts will be returned the treasury till
40 millions Of coin shall have been collected and paid
into the strong boxes of the United States Here then
we have 40mlions of paper money representing abso
lutte coin and 40mons Of specie for the current trans
actions Of life All thscan be done in two years, at the
moderate computation Of revenue above made for Gus.
toms and lands and limiting the expenses OF the govern
ment to the receipts have not estimated the millions
found IN the treasury at the OF the next
year Leaving Of consideration the political power
derivable from the possession of 40 millions Of specie
we shall have arrived at curious crisis in two years
ehence Every State bank will be crushed, and values
be reduced &C per cent. New York will be the specie
Of the Union II being the best market for coin
the import trade will increase and be taken almost
nrely from ether ports of entry. But what will take
place 50 soon as specie and Treasury drafts are equal
The latter will be paid into the Treasury for dues, and
the cashier will issue drafts fe public creditor
The value ofspecie and drafts will under such circum.
stances only vary according the demand upon them
Tor public dues. Under this system private credit
not exist to great degree while mercantile credit will
be limited 10 about 80 millions. have Admitted for the
sake OF the argument that the receipts Of will
be ID millions per The probability is however
that they will exceed 10 millions under Mr. Cal.
houns new policy. Commerce cannot flourish under it,
III persisted in, what have described as the effect OF
two years trial win require perhaps FIVE six years
TO bring about DO not Mr.. Calhoun and MIR. Van Blu.
rem see that their policy beggar the country and
concentrate apoliticel power in their hands
In this estimate Of the operation OF Mr. Calhoun pro
position, have paid attention to the amount &c bank
bills now IN circulation money They must be re.
turned for the specie and the will be dead loss
70 the country Hence so millions Of coin are the only
basis upon which Mr.. Calhoun builds his cdi6ce =
An increase Of the precious metals however mprooa
Die viii Tend TO aggravae the operation of the scheme
These wise heads will see long. the fatal tendency
ottheir projects. accuse them Of ignorance They
know well how they will operate. Looking,at all sides
OF the subject have to the conclusion that they
are guilty OF an absolute conspiracy against the pros
periiy and liberty Of the country This is strong Ian.
guage Its truth will soon be verified. Credit az a
means OF increasing the money of nation has been ex
eed with the happiest influence for the last 200 years
And yet rulers would destroy it, and bring back
the condition Of the Mexican the Spaniard or the
Russo. What is this but vile conspiracy arfully adj
dressed the passions and preudices OF the people 10
be sustained by them against themselves under the inn
preston that they are fostering equal rights.
WAsRIsGToS, oct. 2, 1897, M
1gth d,v Of Drfnhor vyas Gx cd this eve,ing h.,