Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-10-12
THE sUB.TREASURY.

We have repeatedly eudcavorcG to i'm
press upon our readers the all important
fact, that when the novel pohcy Of the
proposed Sub treasury scheme was first
advanced. 1t vas mct with signal opposi'
ton BY Mr.. Van Burcn, and ms friends
They now support II, without there beng
any visible reason for such complete and
total abandonment Of principles; except,
that the proposed project is wei adapted
to give increased strength and permaneDce
to the party in power, at the expense, II
may be added, of our republican theory OF
government, and to the great peril of pop
uar liberty.
Among the positions once sedutonSly
maintained, but now discarded by Mr.. Van
Buren, and his friends, was the superior
safety aud efficacy of the State Banking
Institutions, over individuals, as the fiscal
agents of the General Government. Upon
this point, we cite two extracts from the
report of Levi Woodbury., Secretary the
Treasury, made to Congress IN December,
1884.
at is gratifying TO reflect" said Mr..
Secretary Woodbury., "that the credit
"gven by the Government, whether 10
bank paper or Janh agents, has been &C
- companed by smaller losses in the c%pc-
" rience under the system Of State Banks
" IN TINS UVu,",, d.. - s,o,.;oe'e and
under their severcst caamI,ies, than any
"other kind of credit the Government has
lever given in relation to It's pccnnlarv
transactions. Hence, unless the States
Sand the United States should both deem
sit proper gradually. and in the end en-
"lirey, to dispense with the paper system,
"and which event is not anticipated, the
Government cannot escape occasional
losses from that quarter; and can never
hope to escape all losses from banks "a
fiscal agents, except by the employment
in their place Of other and individual
"agents, who will probably be found Tess
responsible, safe, convenient and eco
nomca."
1t will be seen from the above extract
that Mr.. Woodbury. is, or was until it
became his personal interest to pr9csS 0
change Of his oplnions-the decided sus
iainer Of the superiority Of State Bank
agencies.
Unfortunately for his present reputation
for consistency, he was not content to refer
only once to the subject. but in another
part Of the same report, by way Of showing
his zeal IN The cause, enforced his opinions
by referring to facts and documentary
proof.
We present this extract also TO the
reader, as still farther condemnation OF
the gross inslncerlv Of the administration,
in its protence 10 patriotic motive, when
it began to lay is plans for comprising The
custody of the Public Money.
Mr.. Woodbury. says, that it is a ''sincu.
lar fact in praise Of this descripl ion Of
public debtors, tho selected Banks. thot
"there is not now due on deposltcs, from
"the choie Of them. which have ever stop
"ped payment, from tho establishment Of
"the Constitution TO the present moment,
"a sum much beyond what IS now due to
"the United States from one mercantile
e." firm that STOPPED payment in 1925 or
1926. and of whom ample security was
" required and supposed 10 be laSon under
"the responsibility of an oath. II we IN,
" clude the whole present dues TO the
." Government. from drscredteG banks. al
"aU times and If all hinGs, whether as
Repositories or not. and embrace even
" counterfeit bills and every other species
:" of unavailable funds in the Treasury.
Oh" they aciH not erceed ultat as due from tDo
" suck FIRMS"