Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-04-02
[WHoLE No. 522.

brry, in speaking Of the Information re-
\ Iquested-- 4,
.ln now transmitting the same, | beg leave
first 10 advert to the peculiar organization OF
this small but wealthy commercial. Republic,
.,chieh admits Of Institutions LITTLE Frr-
! TING LARGER STATES"
: Again in speaking Of the amount OF ihs
4 revenue, he says" The amount OF the yearly
revenue IL treated asa STATE SECRET,
and NEVER PROMULGATED; but il may
II. be GUESSED Ar, and estimated at about
a HALF A MILLION OF DOLLARS, or
$50. 900 FORMS"
This is the precise state Of things that
would suit Mr.. Van Buren,, If the writer mis-.
takes not. He would feel much safer If ihe
people were obliged to confne themselves 10
GUESSING, aud in fact II is about all they caa
do with regard to The public money, al present.
The Consul says further
"Of the Only two descriptions of paper
money existing IN Germany, that of Austria
appears but seldom in these parts o! tho
country"
"The Prussian treasury notes, however,
enjoy an extensive circulation over the grea-
ter part Of Germany"
"Tho Prussian treasury notes bear no
Interest their denominations are limited to
! |. 5, 100, and 500 Prussian thalsrs, and
BERLIN is the only place, where they nay
be presented for exchange against com, out
agreeaby to law, the moiety Of all The pay.
rlenis for public dues is to consist IN THESE
TREASURY NOTES. This very Law,
however, which tends to strengthen the
credit Of these notes, ut home and abroad,
cannot be rigiaYy enforced, for as they afford
/ for mercantile operaiions and for Lareiiers q
MEDIUM .(reque,ily more eonpeniea Than
luSx
every where, and not ut oil times TO DO OBJ
tanned in sufficient quantity"
4 Here is the practical operation of sub
treasury, described in the compass Of nut
shetland it is precisely what has been re-
peatedly shown in Congress and elsewhere
would BE- the operation Of the sub treasury
bill. which has lately passed the Senate
The drafts which will be drawn by the Soc
retary on any place OF dcposite he chooses,
will ever command premium IN the market,
for tho same reasons that the Prussinn treas.
ury notes do, aud will always be exchanged
by the receivers of them with brokers Tor
bank bills, as long as the latter ore IN mar
ket. For instance, a government officer 70.
ceives a draft Oh one ol the sub treasury
dopositores for one thousand doliars.-Tho
whole nation is responsible for the payment
OF this draft, aud 1t immediately becomes the
safest and most convenient currency Tor ~
nitiance abroad as well as for the traveller,
as its value will be uniform throughout the
States and probably in Europe. lie VIII OF
course take this draft to broker aud sell u
for bank bills, ut ] or per cent above por,
and in case the seller wlshes specie he viii
draw il from tho banks with these bills
The whole payments into the sub treasury
ars to be in silver and gold, as has been be-
fore stated, when this sub treasury scheme 10
put into full operation. Can any one suppose
the broker who purchases this treasury draft
will carry it 10 the treasury and demand the
silver and gold for ii? why should he when
lie can again sell 1t to some merchant Tor
remittance or some traveller Tor or . per
cent premium and receive good bank paper,
in payment with which he walks TO the banks
and obtains the specie which again he sells
to some one for bank bills at 1 or per cent
who has payments 10 make To government,
and who is unwilling to call on the bunks hr
the specie. In this manner will the whole
amount of specie received by government
renuin in the vaults Of the sub treasury, just
so long as .ur. Ian Buren, or any other PreSs-
dent chooses IL shM.-ln this way did the rps.
Gle remain in the Banks VI Amsterdam and
of Hamburg for ceDturies--they being GO
vernnent banks 1t matters not what name
we give thing, II stlll reips'ps 10 " 'hs
same, whether we call it a sub treasury or
government bank.
A travelling lecturer, in the service OF tho
Van Buren party, stated not long since at
public meeting in Newport, that at time
during Napoleon's wars, Davoust, one Of his
Grand Marshals, pundered the Bank OF Ham
burg, and found the identical kegs Of specie
in its vaults that hud been placed there more
than one hundred years beioie, as was known
from the marks of fire being on them which
had occurred in 1896 or 1867.
The writer of this article was in Cncinna-
Il in Ohio. in tho summer of 1919. II was
at n time when nearly all the local banks in
Ohio were broken. or had suspended specie
payments. from circumstances which have
been more fully stated in the first of these
communications. When about to return
home. the writer with great deal Of difficult.
nv. providcd himself with nbout 200 dollars
in specie.-The only way he could obtain
This su,o was 10 purchase il NJ individuals, in
suns ot from ono IN 6ve dollars n, a time, and
nav in the local hank papcr and the city cor
po,,,;,n ,,ckc,s (which he haJ received in
pov,aen, Co. m.onf,c,nrsd ooo,sl nt obeut
pay ,'sa,.;,,, ,h. sa,Icrs IF Tho suscio chose
y ,ro"" an ~ IN ner centrWbcn his
snsc;e mostly in s;l,er was collected (which