Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-07-23
THE SIIR-TREASuRY

THE SUB-TREASURY.
When George the third, and Lord North his
Prime Minister, formed their plans to enslave
the American colonies and render them tribu-
tary to their own will and caprice, nothing ap-
peared TO them better calculated to further
their designs than by arbitrary legislation to
destroy the currency of the colonies, and to
tamper with the credit system. Believing that
by injuring the colonies in their pecuniary af-
fairs and harrassing them by deprecated
currency, in connexion with odious taxes and
duties, they would break down the free and
heightened spirit of the citizens and reduce
them to the condition of slaves, they went as
siduously to work and passed laws which were
only paralleled by the code of Draco.
Lord North established the Sub Treasury
system, and so severely did it bear upon the
people of the colonies that it proved to be one
of the germs of our glorious Revolution; for
instead of tamely submitting to its provisions
it served to kindle the spark of patriotism in
the breasts of the colonists, and from which the
flame of the Revolution broke out
Martin Van Buren, desires to ensave the
people of the United States and render them
tributary to his views and plans, and by re-
markabe coincidence, has adopted the very
method which Lord North instituted to carry
out his nefarious designs. He has tempered
with the currency, until the whole money
o,,o-ot;o,,s of 4bo u oY,,hl;o o-o n, stoto of L.
mentable confusion. He has made war upon
the credit system under which the country has
rose to eninence. He has destroyed the
equality of exchanges throughout the length
and breadth of the Union. He has established
by his own fat the sub-treasury system, which
he says, in the language of Mr.. Cambreleng,
"shall be continued until 1910 IN spite of The
lamentations Of the people,"
Every measure which he has proposed has a
direct tendency either to subjugate the people
or drive them to Revolution! and not of those
measures are so well calculated to produce one
or the other of these effects than by instituting
and insisting upon the continuance of the sub
treasury, measure giving to government off,
GERS and retainers of the crown a currency of
gold and silver and leaving deprecated and
rag currency for the people, who are in fact the
soUereignS To prove our assertions and to
exhibit to the reader the exact parallel between
the measures of King George the third and
Lord North and those of King Marin the
first and Lord w oodbury, we extract passage
from "BoTTA's History of the United States .
work extensively circulated and universally
read. The words in capitals and italics de-
serves particular attention in their connexion
with the passage.
" But the English government did not
stop here; as if not satisfied with having
excited the discomfort of the colonists, it
desired also to urge them to desperation.
In the month of March, 1864, the parla-
ment passed passed regulation, by which,
if on the one hand traffic was permitted
betw cen the American colonies and the
French islands of the West Indies, and
others apperiaining to other European
powers; on the other, such enormous du.
ties were imposed on merchandise impor.
ted from the latter, as to create, as usual
an almost universal contraband, in every
article, with immense disadvantage to the
commerce itself, and equal prejudice to
mercantile habits and probity. To crovn
so great an evil, it was ordered, by the
same bill, that the sums proceeding from
: these duties should be PAID IN SPECIE
INTO THE TREASURY OF ENG.
4 LAND. The execution of this ordinance
must have completely drained the colonie.
of the little money they had remaining, tc
be transported TO Europe.
The secret evaporation redoubled, a
the first intelligence of measures so cara
ordinary. They remarked that they wert
even contradictory; that ii was requiring
thing, and, at the same time, withholding
The means to perform Il since the govern
nlent depriued Them Of all faculty of pro
curing specie, and yet would have then
. furnish it, 10 be transported to distance
Of three thousand miles. Bot. as if the
ministry were afraid the tempest of indig
nation, excited by these new laws, should
be appeased too soon, they wrested from
the parliament another act, which appear
ed fifteen days after. 1t purported, tina
!, bills Of credit, which might be issued il
future BY the American colonies, shosl.
no longer hare legal currency In payments
and that, as to those in circulation, they
likewise could not be received aslegal pay
ment, after the term prefxed for their re
demption and extinction. It. true, how
ever, that all the money proceeding from
the duties above mentioned, was directed
BY other clauses Of the bill, to kept ii re