Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-08-10

Ity spirit has ever been disguslingly 10
toierant--ot that party, too, whose lea
4 der, in the Senate, unblushingly avoweo
i the principle, that the Offices created 70,
the regular administration offhe govern
/ ment, are the proper spoiisof victory
IS not the statesman from whom a free
people can hope for measures of patriot
ism or generosity. His administration
thus far, has not disappointed this cal
culation. History will search in vain
for one act worthy Of preservation. In
peaceful and prosperous times. a govern
ment doubtless acts wisely in leaving the
affairs of the people to their own man.
! agement. But these times ire not pros.
| porous, and cannot be considered peace.
tul. Mr.. Van Buren, had been in Office
llflftie more than two months. and the
boasts which he made in his inaugural.
of the wisdom of the financial measures
which he had advised, had scarcely
reached our remote frontier, when the
whole nation was appalled, by spectn-
Gle of universal embarrassment, and an
empty treasury. Congres IS was conven-
ed at the earliest possible day, by the
| proclamation of the President. The
whole United States were in condition
far more perpexed than al any former
period, and the people looked forward.
with deep anxiety, 10 the message of
the President, as the index for the ac-
ton Of Congre ss--of several recon-
mcndations contained in that state paper.
one, only, has attracted much ofthe pub
lie notice. The advice that Congress
should pass bankrupt law, applicable
to corporations alone, was so obviously
unconstitutional, and so universally obi
Gus, that not one of his friends had the
courage to propose it as law. But the
other, which proposed that the whole
revenues should be collected in the pre-
cious metals, and remain in the custody
of oifice-holders for safe-keeping, occu-
pied the attention Of congress during the
whole extra session, and has been a top
ic of discussion, in the two sessions
which have succeeded.
This proposition, familiarly known as
the ''Sub-Treasury," has been made the
leading policy of the administration; and
1t has occupied too important place in
the political discussions of the times, to
pass unnoticed. We might satisfy our
present purpose, indeed, by a bare
statement of its principal features, ii it
had been permitted TO fall under the
condemnation of the public. But, de-
cIded 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 author, with pertinacity without
example. And the declaration of the
party leader, in the House of Represent
tatives. that it should be in practice, in
spite of lamentations there and else
where, leaves little 10 be hoped from the
forbearance of the President.
The President proposes to have the
revenue collected in the precious met
ais, and kept by men under his control,
and subject to removal by him, at his
own will and pleasure. And to make
them more honest than they have been,
or are likely 10 be, under the system of
party morals which now prevails, he re-
commends ignominous punishments for
future defaulters.
We will not allege that Mr.. Van Bu-
rem intended by this plan to cure the dis
orders of the currency which previous
acts Of the Executive had occasioned.
His design extended not beyond the care
of that fund, from which he and his de-
pendants derived their revenues and so
he hesitated not 10 avow, in his first
message to Congress. But the univer-
sal dissatisfaction or the people, against |
a government which had embroled the |
finances of the country beyond all pros
pect of entire relief, drew from his sup |
porters arguments which he was asham- |
ed 10 advance; and the public have been |
told, with piquancy and earnesiness
which seems the result of conviction.
that all the evils of loss of credit, and |
depreciation of currency, can be RENE |
died by the destruction OF the very IN |
stitutions which have heretofore sustain |
ed the one, and equalIzed the oiher-t
that 10 be rich aud prosperous people,
we must reject all the experience of the |
most improved States in Christendom.
and adopt the usages OF the Turks aud |
Africans. Preposterous as this propo- |
sition is, il has been gravelv and repeat
edly urged; and all the little popularity |
which the Sub Treasury has acquired.
IS based at least upon this suggestion,
under the plausible DISCUSSES in which /
ingenious disputants know how to clothe |
their sophistry. Let US examine, then,
the operation of he system.
First. The leading motive of the
fTeSiuent, III pFopoothS 'nis Pioh, ~"
the safety OF the public treasury. The
Bank of the United States had been vio-
lenlly deprived of the trust which none
ever pretended that it neglected; aud
some favored State Banks had been Sc
iected to take charge of the revenue,
under conditions which leopardized their
own credit, as we'll as the safety of the
deposites. Their suspension of payment
involved all who contided any thing 10
their care; and the public suffered ~
common with individual depesitors. To
prevent such losses in future, the Presi-i
dent proposed to substitute men for mon
led institutions, as castodians oil the
public treasure. 1t IS much to be Ia
mented, that the pride of consistency IS
sometimes too strong, even IN men OF
elevated stations, for the control OF pat
N IL han