Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-02-02
pro,n,et, of the Snb. T,easuru Scheme

Prospects of The Sub. Treasury Scheme
The Washington Correspondent Of the N.
Y Express declares that this enormous
scheme for increasing executive patronage
cannot succeed The present bill is more
Objectionable than that Of the late extra SEES
sion, which could not be forced through the
lower house, and therefore the administration
cannot hope to succeed with H. The Con-
scrvatives in Congress, TO man, and the
Richmond Enquirer, CONSERVATIVE one OF
the most If not the most influential paper in
the Union. are opposed to it. Mr. Rives has
brought forward plan by which he propo-
ses to make use of not exceeding 25 Banks
to receive and dsburse the public monies,
with certain restrictions and safeguards, and
these banks are to be induced to make an ar
mngement to receive each others bills and
drafts at par Now the great objection TO this
is. that il will never answer the purpose OF a
national bank in equalizing exchanges and
furnishing paper currency equally good
in all parts of the country. The local banks
can never be made permanenflyto operate in
such way as to effect this object. Al
though many safeguards may be adopted,
which Gen. Jackson omitted, still the plan is
liable to many Of the weighty objections mr.
ged against the late pet bank system. But
any thing. we say, any thing rather than the
present state Of affairs and the scheme OF Mr.
Van Buren, for using locomotive. iwo-legged
pets. The Richmond Enquirer has the fol-
lowing remarks on this scheme.
I'VE have examined the present Sub
Treasury Bill. 1t is stronger measure
than the bill OF the extra session In spread
ing Mr. Calhoun's principle over sir years
instead OF four, II is so far milder in easing
of the banks. In permitting payments at
Washington, and issuing certificates TO be
received for the public lands, it softens the
acquisitions Of the specie circular. But j,
embraces the feature OF Reeeirer- Generals.
which was not found in the former BILL
This is an important, innovation in our sys-
TEN of finance. 1t introduces new class
OF officers, for preserving the customs. dis
tinct from the officers of collection We fear
this would be only the entering wedge 1t
is the mustard seed. as Mr. Rivcs called the
former bill 1t has already expanded from
Collectors to Receivers. and who shall say
that it shall not further expand from four Re
ceivcrs TO twenty or fifty , In fact, who shall
stop the augmentation of tax.receivers under
the administration Of some future ambitious
PRESIDENT II Boston, and New York, and
Charleston, and ST Louis, are to be honored
with Receiver. General. why may not Phil.
adelpbia. and Baltimore, and Portland, ard
other commercial towns claim, at no distant,
day. similar distinciionl This bill also
provides for n similar set Of Bank Commits
soners. 10 travel through the country to in
specl the condition Of the Banks. which the
former bill directed 10 be appointed
After this comparative view Of the two
bills, why should we add. that as We could
not support the first. we cannot of course.
support the last7 Must We go over the
ground we took before2 Mus, we enumer
ate the objections with which we have SO fire.
quen,y bored the public
This bill increases the Executive patron.
age by disappointment OF Receivers. General,
Bank Missionaries, and by placing the pub
lie funds more Immediately under the control
OF officers appointed and removable BY the
President
at makes those funds more insecure than
they would be in the banks. subject to the
draft Of the Treasurer OF the United States
with all the checks OF the Treasury Depart
ment
ut distinguishes The money OF the country
from that OF the Government, by refusing
after the expiration Of six years. TO receive
any thing but hard money or Government,
paper"