The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1840-02-27

e would deny the payment ot. specie f,
money received on deposit.
J, T.le practice then Of receiving nc
E thing but specie from debtors, or ,
j immediately converting the notes +,
ce'ved INTO specie, and locking thu
4 up until the time OF disbursement n
: rlves must be fesorted to, in order t
/, carry Out Your wishes.
: In!s, | apprehenI, would be ruin
Gus 10 snciety. A large portion q
), me specie that might otherwise circu
late, would be Withdrawn from til
), use OF every person Il considerable
P"rt'onlol each year, this would Ell
i fecl the price OF property, o Iahou
! ana 'oicvery thin ! ,!s. I'll would rem
der II xttoimpossib!e Tor even pru
dent nan, who happened to be in debt
ever to extricate himself.
Besides this the heavy draws foI
specie upon banks would compel then
IN short time, either to winI up .,
70 40 y very precarious business
! whenever suspension of specie pay
ments would take place, we wouil
have a deprecated paper currency.
on which 10 do the business of the
country, and specie would become an
article OF merchandise. 'Tae man in
oi'ce, or:wh"thad :. job or con .ract
with the government would receive
h's salary or his pay in specie, which
he would Immediately sell for bank
paper, receiving u premium Of some
ten or fifteen per centum, and with
that paper pay his debts or purchase
such property us he might wish.
'InIs practice is at this moment in op-
sela1Ion. For every hundred dollars
paid me us Il member OF Congress,
can receive one hundred ami eight or
nine dollars in bank notes and with
them pay the landlord who feeds or
the tai'of who clothes me.
1t has appeared IT, me, if we COM
mence tins entire operation which
your resolution contelnplates, and 90
mo TINS thorough nard IN ,nev 81 stem,
we snail presently, in Tennessee, es-
peciully, be in Il deplo.able condition.
Look ut its elects: ali debts ana tax
es are to be paid to the federal gov
ernm mt in hard money or in bank
notes, Tor which the specie will he
immediately received, and the spec e
thus received is to be locked up ST.
cureiN, until 1t is paid out in disch;uge
OF some debt due by the government.
S.pp,.se our first years lakes paid, in
all the States amounting 10 some
twenty live or thirty 'n,Il,ons OF dol
lars. Ilat Is only to be returned in-
to circulation w.en the federal gov
eminent pays the debts which i, owes.
What chance will Tennessee have to
receive, by federal disbursement, any
portion vi what she may have paid |!
We nave no 'orts. no tuunIries, no
arsenais, no tortiflcltlons, no army ,
no navy, navy yards or dry docks.
In short, we have next to no objects
upon willcn The federal government
expends money. therefore none OF i:
would De returned to US. We must
pay up ouriuli proportion OF all midi
rect taxes IN nlrd money. with GER
talnty that little or none ot it would
be returned to us by federal expend,-
lures, and IN the course of Il very
lew years we must lie drained oi ev-
cry nard dollar we now have.
There is another class OF obiec-
tons against tins measure entitled,
ana THINK, 60 still more grave con-
sideratluns.
Inc addition il will make to the
powers Of The federal executive. Ev-
cry officer with whom the money is
to he deposited, or lett Tor sate-Aeep-
ing, viii ue a1alpointel by the President
ana 'e0soradie. ut his pleasure. We
might us we'll give ITO the president
himself Us ent,ust it TO those wnum
he can and Will control.
This plan will multiply officers and
increase considerably our expenses
ut lis commencement and in the end
no man can l3resee the SWar.ns of de-
pendents it may gener;l1e, ana tie ;,d-
dlllons 1t may occasion to our expen-
ditures OF the public money.
BY the use ol the patronage alrea-
dy belonging to that officer, we all
Know AMI Ieel that ]. large portion of
the power vested in the legislative
department exists only in name; it is
in substance vested in, AMI expressed
by the president us he wills; s.laIl we,
then, give him Il controlling power
over all the pecunIlry resources of.
the federal government? For one |
cannot consent to it.
L silly, this Sub-lreasury is nothing
but Il stepping stone to Il bank crea-
ted by the federal government, bot
toned ON its own funds, attached to
the Treasury department., and all pla-
ced ut the control of the President,
or Of those WHO will never have any
will which does not correspond with