The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-10-08
[ NUMBER 2.

cy Of equal value, credit and use, wherever it may
circulate. The Constitution has entrusted Con-
gross, exclusively, with the power of creating and
regulating a currency of that description and the
taken, during the last session, in exeeu.
ton Of the power give every promise Of success.
The Bank OF the United States has been organized
under auspices the most favorable and cannot fail
10 be an important auxiliary to those measures"
How that sounds now as an argument for
the Sub Treasury Now you have set up
a doctrine vitality affecting the business and
pursuits OF the country, fatal 10 your fa,ni.
lies, and you must determine for yourselves
I # it shall be the doctrine Of the country
But before determining, look well al the
Cons,iuton-weigh all precedenis-and il
names aud authority arc to be appealed to,
contrast those Of President Van Buren, with
those Of the dead Patriarch, whose words
have just read to you. and decide accord.
I DINGHY.
/ We have heard much from the Admins.
traiion against Banks and Banking systems.
| do not mean 10 discuss that topic-bUt
will say, tha! their tampering With The cur.
rency, and course 10 relation 10 il, has more
4
Blu, Mr.. Van Buren's message contains
a fatal principle, one altogether wrong
the principle that the Government has moth.
ing 10 do with providing currency for the
country, in other words, proposing separa.
ton between the money Of the Government
aud the money Of the people. This is the
great error-which cannot be compromised
wlth--whch is susceptible Of no amellora.
ton, or modification, or remedy, but the
caustic which shall totally eradicate it.
Do we not know that there must always
be Bank paper Is there man here who
expects that he or his children, or his chil.
drens children, shall see the day when only
gold coin, giltering through silk purses,
will DO the currency of the country, to the
entire exclusion of Babk notes! Not one.
But II is the neglect of Government to per-
form It's duties that mako these Bank notes
questionable. You here, in New York,
have sound Bank paper, redeemable in coin,
and if you we're surrounded by Chinese
wall, ii might be Indifferent to you whether
Government looked after the currency or
not. But you have daily business relations
with Pennsylvania, and with the West, and
East, and South, and you have direct in
terest tina, their currency too shall be sound;
for otherwise the very superiority of yours
IS TO certain degree, an injury and loss
to yod-slnce you pay in the equivalent OF
specie for what you buy and you sell for
such money as clrcula,es in the States with
which you deal. But New Y ork cannot
effect the general restoration of the curren-
cy, nor any one State, or any number Of
States short of the whole--and hence tho
duty Of the General Government TO superin-
tend this interest.
Bot HhOi does the Sub. Treasury propose
It's basis is a separation of the concerns of
the Treasury from those of the people
That bill provides:
Sub Treasury Lac.
( That there shall be provided in the New
Treasury building at Washington, rooms
for the use of the Treasurer, aud fre.proof
vaults and safes for the keeping of the pub"
lie monles and these vaults and safes are
declared to be the Treasury of the United
States.
That the vaults and safes of the Mint in
Philadelphia and the Branch Mint at New
Orleans, shall also be places for the deposit
and safe keeping of the public moneys, and
that there shall be FIRE proof vaults and safes
also IN the custom houses of New York and
Boston, aud IN Charleston, South Carolina,
and ST. Louis, Missouri, and that these also
shall be places Of deposlte.
That there shall also be a Receiver Gen.
eraI at New York, Boston, Charleston, and
81. Louis. That the Treasures of these
MINIS, and the Receivers General, shall
keep the public money without loaning or
using it, until ordered to be paid out; and
into the hands Of these Treasurers and Re.
ceivers General, all collectors of public mo.
ney are TO pay wha. they receive.
That the resolutions of Congress of April,
1916, be so far altered, as that hereafter Of
all duties, taxes and debts due and becoming
due to the United States, after June of this
year, one fourth shall be paid in specie at.
ter June Of next year, one half; after June
of Is42, three fourths; and after June,
lS43 the whole. So that after June, lS43,
all deb,s due to the United States, whether
for duties, taxes, sales Of public lands, pa.
tents, hostages Of letters, or otherwise,
"shaiI be paid in gold and silver only"
That from add after June, ls43, every
officer or agent in the Government, in
making disbursements or payments on &C.
count OF the United States, shall make such
payments in gold and silver coin only.
Receiver General in New York to be-
paid $4,000 salary the others, each. 50, 500.
| propose to say few words on these
provisions. In the first place, il seems ve-
ry awkward TO declare by law certain rooms
in Washington, and safes and vaults therein
The Treasury ofthe United States. We have
been accustomed heretofore to look upon the
Treasury as department of the Govern.
ment, recognized by the Constitution, which
declares tina, no money shall be drawn from
tho Treasury, except upon appropriations
made in due course of law. II may, how.
ever, be made question whether any thing
hut these rooms and safes at Washington,
are not now withdrawn from this protection