The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-07-08
From the New York Evening Post.

THE INDEPENDENT TREASURY BILL.
We are happy to announce to our readers the
passage of the Independent Treasury Bill in the
House of Representatives. Before this time it
has undoubtedly become the law of the land.
We ought not perhaps TO regret that IL was Tot
passed earlier, since a measure 0t such imper-
tance onght TO be carefully considered in all its
various bearings, its various provisions skillinly
djusied TO each other. and every possible ar
rangement made for sbviating those difficulties
in practice which often attend the change from
one system 10 another.
All doubts in regard to the proprIety and ne
cesssity of this great measure are now wholly
dssipated there is no division. no scruPle, no
shadow OF apprehension in regard to It among
the democratic party. aud even many OF their
adversaries, acknowledge 10 private converse
ton its wisdom. One Of these, man OF great
experience aud much reputation as fnancier,
admitted the other day to friend OF ours, that
the indie pc ndsnt treasury scheme was the most
judicious that could be adopted IN the present
circ umstances. and that if it were passed into a
law il weuId crown the administrator with SOL
i'd and enduring popularity.
Ii is infinitely to The credit OF the President
Of the United States, that when the explosion
Of the Banking institutions took place in 1887 I;
when private credit was threatened when 10
the eyes of Thousands there appeared no remedy
for the general embarrassme nj. except by ad-
ding Ia the causes out of bch itarosc, he had the
sagacity To discern the true policy Ofthe nation,
The boldness Immediately to proclaim IL. and the
frmness to adhere il. in spite OF the interests
the alarms and the solicitations Of those who
called themselves his friends. His courage, his
truth and fidelity are now rewarded by seeing
a Congress chosen in the midst Of fierce dis
cussion Of the policy he then recommended and
coming TO their seats with Instructions from the
people on that very point, ratfying and adopting
il in the most solemn manner, as the future policy
of the haion. The great lesson which the gov
ernment has been taught by its connection with
the banks, has now been digested and applied !;
il has been embodied in a statue and a system
which will endure, at least, until the history OF
our late financial troubles is forgotten. If Mr.
Van Buren, were AT this moment TO retire from
office, he would GO into ptivate life with honor
enough to satisfy almost any ordinary ambition
In regard to the proceedings by which the
dopton Of this auspicious measure is 10 be Gel
sbrated, we cannot do better than TO copy the
language of the Washington Globe.
"tt is now nearly three years since the defea,
Of this measure was celebrated by the opposition
with sacrilegious rejocings' Desecrating the sol
emn ceremonies Of the dead. they paraded at md
isht coffin, upon which Sub Treasury was in
scrbsd and after insulting the high functionaries Of
the government, with groans, mock music, and the
firing Of cannon, tossed it contemptuously into the
canal This was the funeral of the Independent
Treasury. We have just witnessed its glorIons res
direction. Republicans. celebrate every where your
triumph but celebrate ii with decorum and dignity
like men who in it something greater and higher
Than mere personal party victory"