The Iowa patriot. [volume] (Burlington [Iowa]) 1839-1839, 1839-08-08


ing assembled at o'clock, and in few
minutes after the police made their appear
ance, and made an effort to arrest the lea
ers. They were overpowered and driv-
en- from the field, after receiving some Sc
we're wounds. The fourth regiment of
dragons was called out, to which was
added some infantry, and the rioters were
in turn driven from the ground.
From the Cincinnati Chronicle
THE GOVERNMENT--SUB TREA-
|. SURY OR A NATIONAL BANK.
The present administration of the U.
States government have, either through
uncommon ability or inability, presented
one of the most extraordinary examples
of financial management ever recorded
Four years since it was in possession of
a surplus revenue of thirty millions
Then came the commercial crisis, and
the government, like individuals, became
embarrassed. But, now after ample time
to provide themselves with means, more
than a year after every solvent bank of
the country had resumed payment, in
times, however scarce money as an arti-
Gle of trade may be, of most unusual pros
perity, the administration of the U. States
Government still have out an unredeem-
ed issue of millions of Treasury Notes,
literally forced loan from the people,
The money, however, is of little conse-
quence compared with the disgrace of the
fact.
But this is not all. Having denounced
the U. States Bank as insolvent pro-
nounced it the enemy Of the country, and
rejected the wise policy which had pro-
vided a national currency by national
institution. After all this, the govern
ment treats with this very institution for
its aid; receives its notes in payment, and
finally is compelled to acknowledge that
all other schemes of finance have failed
In this situation the President, officially
and unoficially, presses the adoption of
what is called an Independent Treasury;
or system of Sab Treasures. But
what does this scheme propose?-No-
thing but an independent mode of keep
ing, collecting and transmitting the funds
of the u. States. Allowing, then, that
it contains no mischief, it certainly has
for the people of the U. States no good
1t contains no legislation to regulate the
currency Or provide for the general acez-
fare.
1t is saying nothing against the integri-
ty or solvency of local banks, to say that
they have utterly failed in supplying a
currency of uniform stability, or in equal
izing the domestic exchanges. In this
last point consists all the difficulty. Take
for example the losses of the Miami coun-
try alone in exchange. The difference
between the cost Of transmitting funds at
Cincinnati, by means of the u. States
Bank and the cost at present, is more
than equivalent to 100000 per annum.
This immense tar is paid not by the mer-
chant but by the consumer. And thus has
the region around Cincinnati, which more
than any other contributed to support the
policy of General Jackson, paid this enor-
nous tax upon its folly, and must contin.
ue to pay it till that policy is reversed.
The President and his chief supporters
have resolved to abide by the sub.treasu-
ry. If they mean las they are commit
ted to do) in all possible contingencies to
oppose National Bank, they are right in
supporting the Sub-treasury.- no.
thing is palmer than that they cannot car
Try on the government by financial ar
rangements dependent on the local banks.
There is with the government but one
question, a Sub-treasury or a National
Bank. There should be no other with
the people. What the result in time must
be no well informed man really doubts.
Were the sub-treasury in operation sue
cessfully, the scene of republican gov
eminent entirely separating itself from
the wants of the people. thousands of sal
aried officers gloating themselves with the
use of the public money-the national re-
venue collected in gold and silver, while
every species Of unequal paper money
must answer for the people; the great du-
ty Of government neglected, while the sell
fish, heartless interests Of politicians only
are cared for; all these would soon cure
the evil and provide permanent remedy.
A national bank must as certainly be pro-
vided IN the end, as that rain follows
clouds. But why should the whole peo-
pie of the United States be, for years, the
victims of mere politicians?-Why should
party spirit SO act the tyrant over the will
and understanding of freeHen!
The results of the Presidents election
eering in New York city, are thus given
by correspondent of the National Intel
ligencer:-
The PRESIDENT left us at l o'clock.
He is to go to Albany all the way by land,
and to take the towns Of the river on his
route. Preparations are made for him all
along, and the chart Of his route is fully
laid out. Of course he will be long
time on his way, and as the newspaper
chronicles are few on the way, shall
hardly be able to chronicle what is done.
His departure from this city presented
an extraordinary contrast with the arrival.
Though the Administration papers en-
blazoned the programme, and the party
GXertHd itself tn n111sfar ,e, ~