Liberty advocate., 1839-05-30

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losses Nigh: not wiring tear from widow or
an orphan 1But adopt plan which shall keep
every bank in the country IN eternal jeopardy,
and soon you will clothe the land IN mourn
ing.
Ihaddition to the arguments which hnye
msIHloned, il may be affirmed, that tins scheme
mrstnCeessarily lead to government banking.
RsadiEg this fact as among what, perhaps, may
pruDerly be termed the p0tentiaitLteS OF the sys-
(arAsI consider il among the most formidable
sAEgc,ions to II. For example suppose the
subireasury in fall operation, and you have
vo,r. ,r.denosites of silver at several different
noiafs 4 goes to the disburslng officer Tor
n,yment of his salary, If he gets dFait on
New York, in consequence oil the exchanges, IL
NAV be worth Eve per cehtum premium; u on
New Orleans, may be at discount ol hVe
nor cen,ur. Nqk, that officer Of the Govern
n,aat :, 81 detesfntnss this nptter, must neces-
Isarilv have great power over those VINO are ~
Ihe maid. Here is n great source opened oil pa
ltronage and corruption. Agaln-when these
drafts ore 1iven if upon convenient point,
Hhev would be greatly preferred by the holders
n sooce They would not consequently be
nrasanted:i if not presented, they soon till the
Ichannels of circulation and become 10 alt IN
tents and purposes bank paper. II you sup
nose This state orthings to last, the suo-tfeasu'
~ would realize the fable OF the mons Gen.
the specie might flow in, but would never now
ont. and such an operation OF course would
|hraol, every bank in this country. bat we
are here met by the provision that Wo'lo 20
enacted. that these drafts should 30 pre'en'eo
4 within certain time, or not honored. Now
-I,othis we say, that the power that male 'i'sn.
5 easiIv be tempted to unmakc; ana SO Hfeat
5 would be the convenience and proht OF the5c
] draGs. compared with specie, that the Govern.
2 ment MIGHT. in a very few years, De temP'eo
p to give the holder a discretion IN inc mater
/ Iyor yo,ll then have The sUb.treasury BANK
inq institution, conducted on principles similar
/, to those unon which the celebrated bank OF
= Ars,rrdam did business Like as IN the case
or ,hot hank. il might soon be di diScovered, that
5 there would be no likelihood Of al the silver
:. heinz called for at oAce and Consequently mat
II . I,roe norton might be loaned out or maze
If wav with by the conductors ot the inSlilut''n'
e Rut aoain: supposing your whole banking
e system should be cnlang rei, tau1 fcco,'o1'
nj is hare ne in mechanics, the weakest INK 10
10 thn cbain is the measure OF the Wh2l9 sySse'nD
l. I,be b,nkino system being endangered cFedH
IS ond confdence of course would fail, great con-
,r traction would take place in the cIrc iaHAs 'i,S'
< AIM, honkruptcv and distress would cover me
N Ilond--cnn you doubt, for one moment 10 "i!as
H. the eyos Of all would he turned tor rellet
II. i, s',cL = nariod orcalamaity? Most asSuredly
m - ,,o,r sub.treasury. Just at such peflol us
70 strong boxes might be e7uted with the precious
to Imo,ols II would then have the ltte-bloo1' .he
al yery soul Of The banking system! All that
II would he wanting would be to endue II WIN the
plICorms and privileges ofthe system! ANA does
mI ouv one doub. that people, ground INTO the
) very dust by monetary pressure, woald heSl-
v tate for n moment to confer such privileges
* when immediate relief might be the conse-
te oucnce? You might almost as soon expect tte
m ebinwrecled mariner TO hesitate in sezing me
that fortune had thrown IN his way, as
re 10 sunoose thatlhe representatives. OF dlstres'
,at sed and suffering community, would pause 70
in Ic,lcnate the remote consequences Of measures
m which would check for the present Inc overwhei
in roing tide Of national calamity The experl
re once If modern times has shown, but TOO con
- clnsivev. that, in the agony oil commefcla
60 commissions. patriotism and virtue VIII of
lid sacrificed on the shrine of present inter
ISL Iests.
20. So far have been considering what the peo
No nle themselves would be willing to do--wha
MD change they would likely to call for IN tn
Ily snh.tTeasnry system have been supposln
he the Executive all the time entirely passive
hv I'm, can we anticipate such contcntednoss, sue
ate Iinerlia? Those who do, have more conhdenc
rn. lin the integrity and rectitude OF human natur
he under strong temptation than have. NO! yo
:. NAV rest assured, that sooner or later SON
nv. popular Executive would breathe the bfea'
on. Ior life into the system. You talk OIL thus an
tho that device TO restrain the Executive; OF tn
ont and that provision TO make your su0-treasuf
and work according to your antclpations. va
,rn. daluson! You are but binding the sleeplt
!, ~ Samp,on with silkon threads! Your Execuu
,he will watch for his times and seasons OF encro &C
.;no ment He will build up and arm IN MS oV
n 10 defence this mighty ally, and woe DC 70 y
IA. country that shall witness tho coasummau
.cis. of such monstrous alliance
! he Mr. Calhoun relies upon what nc terms
an. antagonisical position olthe State banks %
.the Federal Goyenment,a ,as soon as the latter shoN
,hn he divorced from the former But what, let
n,r. AJAX. can be the value OF such anagonlsm, wh
nOo YOU have drainei the banks OF their llte-oioo
'con Enleebled and exhausted, their struggle
,hN, be for mere existence. They will become
ord Icrouching slave Of the Exec ltise, ready %
,he his bidding. No, sir. Only give the Presld
,heIor the United States the snb-treasury, hemn
70 oIIin and guarded BY all the devices which
,seCI wisdom OF man can devise, ana WIN @ v@eut
tber Ito prophesy, that not one generation VIII P
,ono away before all the tramn3ls wlll be remoV