Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1838-04-28

From the ahova nua a4ions. and from fhe
sources frono which thev came 4 fr,1sf
there can no Ionoer' ai,v doubt on tI1o
public mind az, 10 the manner n which
The Sub, Treasury bilI. ' If Il sbaII become
a law ii, its present share. viii be car-
ried into effect; and leave II 10 fl,1
Judgment ofaeyery rational man 10 say
whether the receipt of the notes Of spe-
Gle paying banks, under such regulations,
and under the discretionary power claim
po by the executiye,is far worse Thai, tIie
positive and absolute receipt Of gold and
silver onlyaj la the latter case. lie
banks would only suffer In consequences
of their specie being drawn from them,
and deposited in these SUBJ Treasury
vaults, by which they would be disabled
TO extendthose accommodations towhich
the merchantiIe community is entitled.
In the former, itlwould subject them to
the same Inconvenience by The present
ment Of their notes for specie, and but Il
in the power Of the Executive to pull
down or build up any bank he pleased,
from the mannerin which he could ac-
cumulate its bills, if. it continued to do
business, and suddenly present them for
specie. The same remark IS also appIi-
cable 10 Mr.. Calhoun's proposition
whilst bank notes are received,y y sby
which one. sixth was 10 Be rcceised in
specie the first year, two-sixths the Sec
ond year, and SO on till The whole rel rc
ccipts of the public revenue should Be In
gold and silver. Who can fail 10 see
that, under such system, every bank
throughout the country may be destroy
ed, and all those evils, which have been
so fully depicted during The discussion
of this question, inflicted on the commit
nifty. Ii is in fact establishing a GOLD
and silver currency, for officers and
contractors of government, and leaving
the people at the mercy of The executive
or the Secretary ofthe Treasury. The
banks cannot resume specie payments.
if they continue 10 do business under
such a system. Nay, they cannot live
but by Executive clemency.
The great evil consists in the adoption
of the Sub.Treasury system IN anv
form. That done, all others must fol-
low. There is no way in which the Oh.
iections to lis adoption can be over.
come. II is not capable of being made
by any amendments either useful or
harmless. hope the country will not
be. deceived byItbe present form ~ The
bill. 1t was right to strike out the spe.
Gle clause, II we could, because that was
giving blow which destroyed what liz
tie congruity it had, and left it in a shape
in which il was hoped none would seri-
ously think Of passing it.
2 1t contains powers which led directly
to an unmitigated despotism of opinion.
You have not failed to see, in reference
to the progress OF this measure, the dam
gerous extent of Executive influence.
You can scarcely imagine the evils
which may follow the exercise ofihe adj
ditional powers proposed to be confer
red by this bill on that department ofthe
government. Away, then, with the
whole syslem-away with the vaults
and safes, these barsand bolts. Let the
government deposite its funds in sound
institutions, and let there be received
the notes Of such banks as the deposite
banks will agree to credit 10 the govern.
ment as cash. Letthe government then
make its drafts on those repositories,
and let the holders draw such currency
as they desire. a n;,.,.,.,. e.s..-..,l,.
am utterly astonished Of The man