Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-11-15
TIE SuR.TREASuRY.


We have repeatedly endcavored 10 i'm
press upoRour readers the all importan
fact, that when the novel policy oflhe pro
posed Sub Treasury scheme was first nd
vanced, il was met with signal opposition
by Mr.. Van Buren, and his friends. They
now support il, without there being any
visible reason for such complete and TO
tai abandonment Of principle, except thai
the proposed project swell adapted to give
increased strength aud pormancnce to The
party in power, at the expense, it may BE-
added, OF our republican theory OF govern
ment, and to the great peril of popular
liberty.
Among the POSITIONS once seduIousIy
maintained, but now discarded, by Mr.
Van Burenfand his friends, was the superb
or safety and efficacy Of the State Banking
institutions, over individual; as the 6Sca
agents oflhe General Government. Upon
this point, we cite two extracts from the
report Of Levi Woodbury., Secretary of the
Treasury, made 10 Congress in December
1884.
sit is gratifying to reflect" said Mr Sec
rotary Woodbury., shat the credit given
by The Government, whe' her 10 bank paper
or bank agent, has been accompanied by
smaller losses in the experience under the
system of State banks in this country a,
their porSt periods, and under their sever
est caIamities, than any other kind OF
credit the Government has ever given in
relation to lis pecuniary transactions,
Hence, unless the State aud the United
States should both deem it proper gradual
ly, aud in the end entirely, 10 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 as fiscal agents, except by the EN-
ployment in their place OF other and indi-
'idual agents, who, will pro5ab y be found
eSS responsible, safe, convenient, and C.
1t will be seen, from the above extract,
hat Mr. Woodbury. is, or was--unliI it be-
;ame his interest TO profess change Of his
'pinIons--the decided sustainer Of the su-
,erlorty of State bank agencies.
Unfortunately for his present reputa-
ion for consistency, he was not content TO
eier onl y once to The subject, but in anoth-
r part Of the same report, by way of show.
ng his zeal in the cause, enforced his
pnlons by referring TO facts and documen-
airy proof.
We present this extract also to the rea-
err, as still further condemnation OF the
ross insincerity of the Administration, in
IS pretence 10 a patriotic motive, when IL
egan to lay its plans for comprising the
uslody o(the public money.
Mr.. Woodbury. says that it is a" singu-
ar fact in praise oil this description of pub
ic debtors, the selected banks, that there
5 not now due on deposites, from the
,hoLe OF them which have ever stopped pay
nent, from the establishment of the Con
titu ion to the present moment, sum
much beyond what is now due 10 the Uni
ed States from one mercantile firm thai
stopped PAYMENT 1926 or 1926, and OF
whom ample S curlty was required and
uppo sed 10 be taken under The RESPONSE
,ility olan oath. five include the Who'll
present dues to the Government, from dis
credited banks, at all tim sand taH kads,
whether as deposit' ries or not, and embrace
wen counterfeit bills, and every other
species Of unavailable funds in the Treas.
Try they DiI MT erc"ed wtat is due from
100 such frms."-Aidaay Duly "A 'certiser.