The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-08-14

N''' "0tefnmeHf and he banks is dissolredn Sc
never was there more perfect humbug. The
u""o'y connection dissolved! On the contrary
me legal connection is dissolved, and The literal
ana unaoty connection is instituted That i
the fact. The Sub Treasury law is moi execn,.
co. why does not the Secretary obey the 18th
| section and remove the public deposites from the
pahksl Why IS mol the connection dissolyedin
fact as well as in lar2 Why is meretricious
intercourse kept up with the banks in eyery
quarter of the Union?
Perhaps the Globe Of Tuesday intended The
following for an answer:
Any person who has read the ACT ofConp,ess has
seen hat makes no nep regulations about the Keen
'"g y money which Is NOT IN The Treasuryn
And where is The Treasury? The new law
locates il in the vaults and safes Of single room
IN the second story of the new Treasury build
ing IN this city, and now il is publicly declared
by The Globe that there are no new regulations
| about the keeping Of money which is not IN he
Treasury, and that such money as is not in he
Treasury IS not in the keeping Of the Treasurer
See, then, how this nation is deluded Where
IS the guaranty that there ever will be any money
likely TO be "plundered by an hundred hands
where one could not reach il beforen2 Are we
all asleep that we do not see that the public mo-
ney is all in the hands of the partizans and para
sites OF the Executive, and that nobody can tell
when il comes, or whittier it goes?
Our mind is weighed down with the import
ance OF this subject. We are determined, if
possible that the public shall be awakened TO all
ITS enonnities, and its cruel, cruel humbuggery.
The Sub-Treasury is one of the rooms in the
second story of the new Treasury building-itis
enclosed by the ordinary brick ceiling, and within
is lined by an oaken case. Within that are the
ordinary safes used by merchants There is a
teller, like the teller of bank, and Mr.. Wood
bury is the President, and Mr.. Selden the Ca
shier. Who keeps the key we have not learnt.
This is the celebrated, and long Wanted hide
pendent Treasury, in which, we do not believe,
there is at this time, nor has there been at any
time over $4,000, although the expenses Of Mr..
Van Buren's administration, as has been hereto
fore shown amount TO upwards 100000 dollars
daily!
How do they get specie? They issue post
notes, or promissory notes payable II months
after date, bearing interest up to the day Of re-
demption, and SELL THEM to Messrs Corcoran
& Riggs, the Brokers!
These Treasury notes from $50 upwards are
made payable TO ORDER, and thus the payee, or
creditor, is required TO become endorse, for the
empty Treasury, (or debtor,) and may be pro-
tested and sued by the innocent purchaser for
their non-payment by the Government at ma
turity.
i We state what we believe to be the solemn
) truth in regard TO these matters and the public,
by degrees, and ere long will learn that it is so,
TO their sorrow, and the shame Of the Govern
ment The hard money policy Of the Govern
ment has been suicidal Ii has put an end to
enterprise, and dried up the sources of revenue.
There were S1,500,000 Treasury notes 10 be
ISSUED after the LIST Of August There Were
about 81 100000 in deposite banks. What
available funds there had been must have been
swept off by the appropriations, unless suspend
ed by the direction of the President. At the
rate therefore, the Administration has gone on
heretofore, spending S3,000,000 month, what
will be the condition Of the Treasury at the end
Of August, even if all the Treasury notes are
out, and the deposites in the banks realized
Utterly, Incidentally bankrupt.
Even now the public interests are groaning
under suspension not only OF specie, but Of
almost every kind Of payment. Can the most
necessary payments for labor be made? Are
the discussing officers put in funds to pay for
any thing VIII the Sub-treasurers be able to
! comply with the 9th section Of the Sub-treasury
act, and pay the pensioners on the 4th of Sep
TENDER next} They can answer Indeed there
is not money enough in the Treasury TO enable
Mr. Woodbury. to carry on the Sub-treasury
buildings without detriment 10 other branches
of service.
One OF the most fashionable and unquestion-
) able facts of the day is the return to the Sub
treasury Of discussing officers of drafts .'unpaid,"
and Mr.. Woodbury. is driven TO the necessity of
trying again, and again, on other depositaries
Mr.. Woodbury. knows whether this is truth.
We regret this state of things, for the honor
and credit of the country But it is just what
we have repeatedly predicted would be the con
sequence Of Mr. Van Buren's suicidal policy
Indeed we can look back over the discussions
Of the last three years, with conviction now
confirmed by experience, that we have faithful
lily performed our duty, in pointing out with
truth and earnestness the tendency Of the mea-
sures we have opposed. We now see our pre-
dictions verified before our eyes, in a reality so
much worse than even we anticipated that it
actually beggars description.
If Mr. Van Buren, had particle Of magma
nimity--if he regarded the present dignity and