Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1839-11-02
For the Mnumee City Express.

the vitality of our institutions in this evil
than in almost any other. Our public men
yield to the momentary freaks and prejudi-
ces of the people, and thus establish them in
their errors, rather than at the risk of their
stem the storm, and by reason and
argument dispel the illusion, and give a
healthy tone to the public mind.
The administration journals have recently
been publishing the sub-treasury bill, and
have challenged the papers representing
the views Of their opponents to publish, and
give it an impartial consideration. we
presume most, ir not all, Of our readers
have seen this document.
The prominent objects of the bill are to
change the depository of the public funds
from banks to individuals, and to collect
the revenue arising from duties, the sales
of public lands &c. in the legal currency Of
the country-gold and silver.
We have heard the sentiment frequently
expressed, that this project, however Just
aud polite it may oe, should be defeated, if
for no other reason, than TO prevent the
present dynasty from perretuatng their
power. AS we have before stated, this very
feeling incapactates large and intelligent
class of the community from giving the sub
ject an unimpassioned investigation. With
many, also, it is sufficient to condemn the
measure in toto, that it is u change, an in
novation upon the beaten path Of our Fa-
Tiers.
There are many strong and perhaps just
arguments made against the sub-treasury
the one that is enforced most urgently is
that it will greatly increase executive pat
ronage. Is not the state bank deposite sys,
TEN liable to the same objection--are there
not directors, presidents and cashiers to be
operated upon? Political favorites can be re-
warded in one case, as well as the other
We think, however, that the present argu
ments used in advocating and opposing the
sub-treasury, are not such as will affect the
views and feelings Of the public in deciding
upon this measure. The great battle which
is to decide upon the mnnner of collecting
and dlsbnrsing the public revenue will be
fought on another question--the credit sys.
tenn. If public opinion sustains and perpe-
tuates the present banking system, the
banks will be made repositories buff free
trade in banking should be the principle
adopted, of necessity, sub-treasury sys,
TEN must be established.
The strong probability is, that in some
way, our public domain will be distributed
among the states. Public opinion is ur.
gently demanding this measure, and we lool
upon it as means of completing and con
tinulng the system of internal improvements
entered into by the different states. While
there is a commendabu zeal in favor of IN
ternal improvements, there is, also, strong
opposition to the states running into deb
for that purpose, thus increasing the taxes
which are in mauy instances burdensomc
The difficulty also, Of borrowing money OF
state credit, and the necessity of adopting
some plan for the completion of public
works already commenced, and which if no
com pleted will be of great loss, will rende
the division of the public lands among the
states, popular act.
The ceding of the public lands to the
states, and the gradual diminution of duties
will reduce the public revenue to an amount
winch VII be. needed TO carry on the ma
chinery of government. II the revenue
then, is reduced to the actual wants of the
government, the deposites certainly cannot
be of any benefit, either to the banks, or tc
the community. If there was large sur.
plus in the revenue, it would be of advan.
tage to the country to put 1t in shape to be
used, but as it is the probability that suc
will not be the case, the banks would be as
unwilling to do business without compensa
ton, as individuals.
We are favorable to the sub-treasury for
the reason, that il produces an entire alien
alton between the government and the
banks. The less the government has to do
with the regulation OF credit and currency
The more it is for the interest of the people.
In the remarks we have made, we do not
wish to be understood to be favorable to one
feature in the sub-treasury bill, the specie
clause. A currency which is sufficient for
the souereigns, should certainly be for the
servants. A currency established by the
people is rarely known to depreciate, but 1t
is historical fact that currency created
by government alone, always deterorates
in value. Our limits will only allow us to
give this partial consideration of this ques-
ton, and we hope more full examination
OF 1t by our readers will lead them to the
conclusion, that every act which removes
the power of the government from intcrfer-
ing with, or regulating the currency, to the
people, is POINT gained In pcrfccling our
system OF credit. b.
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For the Maumee City Express