, 1840-06-06
FOR THE

as my leisure may permit, in the investigation
of the Independent Treasury Bill, as 1t has
passed the Senate Of the U. S. | am fully
persuaded that there has been no ques-
ton proposed to the people since the first Or
ganlzatlon of the government, that has been
the object of such wholesale denunciaton
and unfounded Misrepresentation, on the part
OF lis opponents, and lear | may say that
is SO imperfectIy understood by those who
approve of it, as what is Familiarity known as
the Sub Treasury scheme. The great object
OF those in opposition TO the present admin
~iStration has been to mystily and obscure an
institution, which for simplicity of design
and practacability of execution, has never
been surpassed, and which in fact, is now,
and has been since the adoption of the Con-
stitutlon in practical operation in every state
and county of the confederacy-whle the
novelty of the measure, and its departure
from the practice of the government for the
last 25 years, for a time startled its support
ers, and led them TO pay too much respect TO
the clamor of its opponents. To remove
the veil which prejudice and passion have
thrown around it, to divest ii Of TIE false CO
Touring which ambitious aspirants for power
and place have sought TO surround it, and to
exhibit a scheme which has been very Justly
characterized as "the great measure of deli
verance and liberty" in its true light. will be
the object of this communication. The wri-
ter has not the arrogance or the presumption
to suppose that he will shed additional light
upon a subject that has occupied the minds
OF the wisest statesmen and ablest political
writers OF America-he aspires to he moth
ing more than 4 "~retailer of other mems
wares" His only expectation is TO present
the views which his reading and reflection
upon this subject have impressed upon his
mind, in Il style that will be comprehended By
the plainest understanding. His experience
has brought him to the conclusion that the
large majority of country readers are more
apt to weigh and reflect upon what they
know is written by one from their own ranks.
and who, like themselves, moves in the COM
mon walks of life, than the speech or the re.
port OF one whom they suppose is above
them IN Intelligence and reputation. As in
the physical world. distance lends enchant-
ment to the view," so in the intellectual and
moral world, man is apt to place a higher
estimate upon the requirements Of him whom
fortune or talents have placed in authority.
uiu " I liiut llc WIFI WHO'LL lie Is Ill tic !
habit of daily intercourse ,i1s fIwv, ol.:~-
to superiority over him.
To discuss any subject with profit, it is
highly essential that we should understand
the nature of the question to be discussed
What then is the nature and object OF the In
dependent Treasury Bill! ] do not know
that | can do better on this part of my sub
ject, than to adopt the definition and re-
marks of Mr.. Buchanan in his able and ar
%gumentative speech in the senate.
''Since the origin of the government. our
own responsible officers have always collect
ed the public revenue, and have always dis
bursed the public revenue. Heretofore du-
ring the intermediate space of time between
its collection and disbursement, it has been
deposited with banking corporations. The
object of this bill is to provide that our own
responsible officers shall be substituted as de-
posltarieS instead of banking corporations.
and that these officers shall hereafter not on
ly collect and diSburse the public money, but
shall have the custody of it between its col
lection and disbursement. Under the provi-
sions. of the bill, every officer throughout the
United States who receives public money is
constituted a depository. But there are GER
tain points, where very large sums of public
money are collected Or are discussed or both,
and at these points, both the security of the
revenue and the public convenience require
that there should be depositaries distinct
from, and independent of the collecting Off
GERS. These points are Philadelphia, New
Orleans, New York, Boston, Charleston and
st. Louis. Accordingly, the bill proposes to
convert the mint at Philadelphia, and the
branch mint at New Orleans into places of
public deposite, and entrusts the custody of
the public money to the treasurcrs of these
institutions respectively, and it creates sub
treasures, each to be under the control of n
receiver general at New York, Boston,
Charleston and 81. Louis. Thus far, in add
ton to these provisions, the bill contains
what has been commonly denominated the
specie clause. This section provides that
one fourth of the dues of the government
shall be collected in gold and silver after the
30th June 184O-one half after 3Oth June
l841-three fourths after the 3Oth June 1912.
and after the 30th June 1843 all the revenue
of the government shall be collected, and all
its disbursements made in gold and silver