Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-01-26

Friday Morning, January 20, 1893.

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THE SuB.TREAsuRY SYsTEM-Of all
the devices of cunning politicians for IN
creasng the power of the Executive, there
has never been one contrived better calculated
to effect its object than the sub-Treasury sys.
tenn which is now proposed TO be adopted by
the administration for the management OF the
financial affairs of our government II con-
templates complete union of the purse and
the sword in the hands Of the President ;
and if adopted, would increase the already
overgrown army of government officers,
scattered over the land, to an alarming de-
gree. II will be seen, by reference to our
Congressional reports, that the friends Of the
administration have brought forward bill
in Congress for the establishment OF this sys
TEN, and they are determined to persevere in
their efforts to procure its adoption, notwth-
standing the people have set their seal Of
reprobation decidedly upon the measure
BY this scheme, the Treasury at Wash
ington is TO be the grand mother bank
the Secretary Of the Treasury, the Cashier
the Executive OF the Union, the President
and Director, and postmasters and 9th
er receivers of public monies to be branches
and depositaries of the public funds Thus
we are to have real monster created, with
not merely single branch in State, as the
u s. Bank had, but one or more branches
in every to,cn Now Gen. Jackson, and all
his party, have ever urged as the great OBJ
lection to a national bank, the political infu-
ence which its great capital and extended
operations gave it, Now, we ask. what
were the means which the U. S Bank pos
sessed for becoming a mschievous political
engine compared with those which this sys-
TEN will pat into the hands Of the Presi-
dent and his retaners, the office holders p
This plan makes, in fact the President and
his Secretary of the Treasury the great
bankers OF the nation, and enables them 10
and make plenty or scarce the
whole circulating medium of the country, |
which, on this system, is TO be specie. In |
addition TO this, it creates them stock .jobbers |
Or brokers, on a large scale, making il the |
duty of the Secretary of the Treasury TO
buy and sell stocks, as the money in the
Treasury accumulates or decreases.
But thanks to the Conservatives and
Wings there is little danger of this bill be.
coming law. The New York Express
says:
"Our opinion, as stated before in our ediio
rial columns, that the Treasury bill as
reported by one Of our Senators, can never
meet the appreciation Of the Representatives
Of the people, is confirmed by the decided
expression OF opinion in the Madisonian
he organ Of the Conservatives. That pa
per says:-"No one in his sober senses, now
doubts of the total defeat Of a measure with |
which the Executive has unfortunately, il
seems TO us, resolved TO sink or swim We
do not believe that its warmest friends
expect 10 carry it for the present at least"
Again III is bill, in reality, to
charter Treasury Bank with capital
equal to the public revenue, and power 10 in
vest SURPRISES in stocks. and to meet deticien-
lies by sales OF stocks and issues Of notes
II conlemplates dlscredit OF all local curren-
~, by rejecting it after an interval from all
receipts of the federal revenue. The ehec,
Of which, united with the avowed policy of
gradually reducing the number Of State
Banks will be the ultimate destruction Of all
Banks, except Treasury Bank, which, some
presume, it is intended shall supply the only
of the country. The idea of send.
ing the Treasurer into market to trade in
stocks, seems like ludicrous boast of com.
petition with the Bulls and Bears of Wall
street. The confidence extended TO the
Banks, of making them special repositories
,l the public money to be kept by them un.
Ter the lock and key of the officer deposiling
he same. is a stretch OF libcraliiy by which
hese institutions will feel, no doubt, highly