Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-08-18
I1BRR1Ys
SATURDAY" w:"am:AUGUsr IS, 1888.

on the address of Mr.. lIadIey, that re
quires notice. The Advocate says, tina
by the operation ofthe Sub-Treasury bill
the Government will require the use of 81
out 30 millions ofspecie now in the United
States; and thus cripple Banking opera
lions, In the first place though the Gov
eminent should expend 80 millions per an.
nun, yet it ought 10 be rccollected that il
Is constantly receiving and paying out this
specie, and at no time can il have in its pos.
session over one million Of dollars. Now
il is not likely that one million would pro-
duce the serious embarrassment 10 the
Banks that our friend of the Advocate pre-
sents. We are DESTROYS Of correcting this
error as it is so plausible as to deceive ma
ny well meaning men, and lead them TO
oppose the subTreasury bill FickSburg
Sentinel
We are DESTROYS Of correcting one err
ror in the above remarks. The Sentinel
lsof opinion that the government, under
the operation of the Sub Treasury, can at
no time have in its possession over one
million Of dollars. That this is a most
gorgeous blunder, is manifest from the
assertions Of the supporters of the meas
ure in Congress. At the close of the late
session, the loco toco members held meet
ing, John NJ. Niles of Connecticut in the
chair) and manufactured document sty-
led an "address to the people of the Uni
ted States" In that address," speaking :
OF the Sub-Treasury, they say
at is objected that this is u measure of s
hostility TO the banks The Government c
Is not to be hoarder Of money What it f,
collects It soon eXpends; and it has seldom 81
occurred in our history that it has had on b.
hand, at the same time, more than six or c,
eight millions of dollars Il ought mol 10 al
continue any system of revenue which
VIII enable 1t to hold a regular surplus ex. of
ceeding five millions" te
From this il seems that the party think pc
that there will be at least five millions Of XII
dollars IN the possession Of the Govern. VI. VI
ment at all times; and from the peculiar pp
phraseology, it would seem that this a. tn
mount wasintended to be the minimum of "a an
permanent surplus. M
But suppose that the Government would ~;
never have surplus of single dollar,
and that all the revenue should be in me
ransim. What advantage will it be to Of
ne banks, that the government is con- VI VI,
SANITY receiving and paying out its spe- a !
,lef 1t will not be paid to the banks, but one
Will be confined to the government and its cat
iebtors and creditors. The effect of the dei
'ub-Treasury will be to force into crcu- m hs
alton the whole amount OF the annual ha,
revenue IN specie, and take that amount vim
rom the vaults of the banks. The expen- clio
IIturas Of the Government now, exceed 'lIo
,,lr 100000 yer
laii the amount of specie in the whole Ov
Jnlon, and to that extent will banking op- III
ra'lons be crippled by the Sub Treasury. not
In connection with this we would sug- NJ
eo, ono,Lo :J rs adv
mel. But a short time since there was bor
nrplus OF forty millions in the Treasury; kno
art OF this has been deposited with the 9TH
tatcs, subject to be refunded to the Gov 'he
rnment when called for, and part Of it NV
TILL remains with the State Banks. me
II the Sub-TreasYry goes into operation, tell
nc moneys remaining on deposite with as
ne banks must be paid to the Treasury U.s.
gents, in specie. Now we ask will this he,
Of cripple the deposite banks? What mig
respect will there be for a resumption of Y
,ecie payments nv ,boso hoOl,. H. dep
,o.o I'm L. ton
-, "i"'' waning a. ter
leir doors? We know not the amount con,
10 the government by the banks, but it is fasI
veraI millions, and was not deposited in
'ecie by the Government. The Govern.
ent is now living on its credit, and it may In
deemed necessary by the powers that ult,
to call on the States for the money de- NeP
'slted with them, and the measure can be tr; O
ged, like the Independent Treasury, on of s
g ground that IT was proposed at the last the
sslon by some of the opposition. Here nave
On would be forty millions besides the s soId
nual revenue Of the govcsnmen, liable we !
be collected in specie in a very short have
he, and that, too, just preceding the Pres ing .
ntial Eledtion. ted il
Van RI u,c that
'.,n '"lu'uo'' 'of fe-e'ectlon, their
is proverbial for his cunning, and there NEAR
DO no doubt but in eyery prominent have