The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-08-22

forward, with deep anxiety, 70 the message
Of the President, as tho index for the action
Of Congress of several recommended
contained in that state paper, one, only, has
attracted much Of the public notice. The
advice that Congress should pass bank
rupt law, applicable to corporations alone,
was SO obviously Unconstitutional, and sol
universally odious, that not one ofhis friends
had the courage to propose it as law. But
the other, which proposed that the whole
revenues should be collected in the precious
metals, and remain in the custody Of Office
holders for safe-keeping, occupied the at,
tention Of Congress during the whole extra
session, and has been topic Of discussion,
in thetwo last sessions which have succeed
cd.
This proposition, Familiarity known as the
aSub- Treasury has been made the lead
ing policy Of the administration ;and it has.
occupied TOO important place in the politi-
cal discussions of the times, TO passunn0ticed.
We might satisfy our present purpose, In
deed, by a bare statement Of its principal
features, if it had been permitted to fall un-
der the condemnation Of the public. But,
decided as has been the failure Of the Van
Buren, party, to convince the people of its
wisdom, it is still pressed upon us BY its au-
thor, with q pertinacity without example. =
And the declaration of the party leader, in
the House Of Representatives, that it should
be in practice, in spite of lamentations there
and elsewhere, leaves hale TO be hoped
from the forbearancc of the President.
The President proposes to have the reve-
nue. collected in the precious metals, and
kept by men under bis control, and subject
to removal by him, at his own will and
pleasure. And to mako them more honest
than they have been, or nre likely to be, un-
der the system ofparty morals which now
prevails, he recommends ignominious pun
ishment for future defaulters.
We will not allege that Mr.. Van Buren,
intended by This plan to cure the disorders
of the currency-which previous acts Of the
Executive had occasioned. His design ex-
tended not beyond the care of that fund,
from which he and his dependents derived
their revenues; and so he hesitated not to a
VOW, in his first message to Congress. But
the uniyeral dissatisfaction Of the people, a
gainst government which has embroiled
the fnances Of the country beyond all pros
pect of entire relief, drew from his support
ers arguments which he was ashamed to ad
vance; and the public have been told, with o
piquancy and earnestness which seems TIN
result of conviction, that all the evils Of los.
of credit, and depreciation of currency, car
be remedied by the destruction Of tho yer,
institutions which have heretofore sustained
the one, and equalizcd the other-that to b.
a ricrand prosperous people, we must re
ject all the experience Of the most improved
States in Christendom, and adopt tho usagc'
of tho Turks and Africans. Preposterou
as this proposition is, ithas been gravely ant
repeatedly urged; and all the little POPULAR
ty which the Sub Treasury has acquired, i
based at least upon this suggestion, undo
the plausible DISCUSSES in which ingeniou
disputants know how TO clothe their sophis
try. Let US examine, then, the operation
of the system.
/ First. The leading move of the Presiden,
] in proposing this plan, was the safety Of TIL
4 public treasure. The Bank of the Unite,
States had been violently deprived Of th'
trust which none ever pretended that it ne
i elected; and some favored State Banks ha,
been selected to take charge of the revenue
under conditions which Icopardized thei
own credit, as well as the safety ofthe dcpos
4 ties. Their suspension of payment involJ
ed all who condded any thing TO their care
and the public suffered in common with in
} dividual depositors. Topreycnt such losse
) in future, the President proposed to substi
tute men for monied Institutions, as custe
dams of the public treasure. Il is much
be lamented, that the pride Of consistenc
is sometimes too strong, even in men Of ele
J waited stations, for the control of patriotisl
: and virtue. Doubtless, when error is PROVED
and failure is acknowledged, by the projet
: tors Of scheme, the most obvious sugge.
ton Of good sense is to fall back to the fir
J departure from tie line ofprudence. Ha
! this been done-had President Van Bure
: recommended recurrence to resoairc
: cess, much Of the diitres Which folIowe
{ 1.-The suspension would have boon inverted
!, lard the puBll0 treasure, which. had bee
!, keptand disb0rsed, for many years, wiiho,
I the smallest charge, or any loss whateve
d would again have entrusted to those wi
/ had 80 faithfully guarded l.. Instead Of chi
y il is proposed, as measure Of prudence,
i place the whole receipts Of tho freasur
9 Iamounting to more than thirty millions,
J, tho care Of men selected, as Office holde
/ have already been, under the rule Of 4
Q Ipfesent party, from the class Of active par
! sans Of the President.
'fl 1.-THE people could ever have hesitated,
IS their opinion Of such = plan, the late dew