Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-08-26

TREASURY BANK. |
We some time since expressed the opinion that |
the Administration had Determined upon attempt |;
ing a Treasury Bank, as a remedy for the exist |
ing condition Of affairs. This opinion has since
been strengthened by various facts that have
reached our ears, and scarce 4 doubt can now be
entertained on the subject. All the leading Ad- |
mnistration papers, or nearly all of them, seem !
favorably disposed towards such undertaking,
and IT IS highly probable that Mr.. Van Buren |
himself will say something upon the subject, in
his Message to the extra Session of Congress-
We are not yet prepared TO give opinion III
iation to this scheme, disposed as we to give
any plan fair TRIAL, that NAV seem reasonable
ar practicable. The community have suffered
long enough, and it As high time that something
should be attempted in the of relief. IN
confirmation OF the views above expressed,
give the following extract Of article that
Gently appeared in the ST. Lawrence Republican
OF New York, and attributed to the pen of the
Hon. Silas Wright, Que Of the Senators from tha,
State and supposed TO enj ~ the confidence, both
personal and political of the President.
''What, then, can Congress do? We answer.
try the yet untried expcdent. Produce perfect
and entire separation between the finances of the
nation and all the Banks of issue, discount,
however, or by what authority existing between
the National Treasury and those artificial crea-
tons OF legislation upon which we have unfor
tunately attempted to depend. We have tried the
faith of these soulless cxis:ences, IN all their
forms Of being, and that faith has always failed
us in the hour of utmost need. Now let us try
the faith of natural persons, of moral, accounta-
bic agents Of frcemen. Let Congress trust the
safe-keeping OF the public treasure with citizens,
and not as bank corporaturs, with men responsible
to itself, and not to a monied institution"
4 We also annex by way Of inform, ton, the fol-
lowing protest of the National In;elligenccr
against such scheme seems to be in embryo;
reserving to ourselves, how the right to speak
upon the subject at length, the moment are in
possession Of the proper information.
| l. 1t is ar untried scheme, in favor of which
hardly any thing can be alleged but that it
tried; which, (far from being reason for prefer
ring it to the resort to National Bank, which has
been tried and found be every thing desired for
the convenience, econ2mv, and even emolument
Of the Treasury is itself decisive objection
to it.
9. 1t proposes a retrogreszon in the march Of
Improvement; entire REMUNERATION OF all the
advantages Of experience, and a wif1 disregard
of the lessons she has taught, concerning the Gus
tody of public treasures. from the reign Of u
4{{dS4 C <SAR de.xa n as.Aee = : ~'>'A<
1t proposes, without any sort Of necessity, ans
upon n mere pretence OF cxpediency, to swe.
the Executive patronage, by creating from one t
two hundred Offices, with liberal salaries, where
with the President of the United States will b
enabled to reward unsatisficd expectants, an
, hold out temptations to future political knave
, and mercenary demagogues.
a. There is no security that this legion Of Office
{ holders will be ut all more Trustworthy than III
h Deposit Banks which have stopped paymen. wit
: the public money in their vaults. There is eve
: ry reason, in fact, to presume the contrary.
, 5. Suppose, however, that under the frame
e SO clumsy machine the money affairs Of ii
:: Government could be managed for a time, it ye
o presents possible hope Of relief to tie Peopl
d from the paralysis under which the country no
8 abors, from the great inequality Of exchange
v and from the confusion and variety of rag-none
l. in the every day market.
e B;cknelrs Reporter.