Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-09-08

| .l"i' " toScI uicH pIoCccutu 10 HlsloIlC-
az view OF the currency question in this coun-
| Wy, which, for the sake Of breyity, we omit.
! Eds. J. Of CT
We have heard much from the Admins
I traiion against banks and banking systems. !
! DO not mean TO discuss that topic-bu, will
I say, that their tampering with the currency,
and course in relation 10 it, has more than all
olh~f causes increased these banks
Mo- -ir. Van Buren's message contains a
fatal principle, one altogether wrong--the
! principle that the government has nothing TO
do with providing currency for the country,
in other words, proposing a separation be-
tween the money Of the government and the
money of the people. This is great error
one which cannot be compromised with
one which is susceptible OF no ameioraiion 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 ex-
poets that he or his children, or his childrcns
childion, shall see the day when only gold
coin, gli,,ering through silk purses, will be the
currency of the country, TO the entire exclu-
sion Of bank noiesl No, one. But i, is the
neglect of government to perform its duties
that makes these bank notes questionable.
You here, in New York, have sound bank pa.
per, redeemable, in coin and IL you were sur
rounded by Chinese wall, it might DC ndiflet-
eni to you whether Government looked after
the currency or not. But you have daily bu-
sncss relations with Pennsylvania. and with
the West, and East, and South and Won have
direct interest that their currency too shall
be sound for otherwise the very superiority
of yours is, to a certain degree, an injury and
loss TO you-since you pay in the equivalent
OF specie for what you buy, and you sell for
such money as circuates in the States with
which you deal But New York cannot effect
the general restoration of the currency nor any
one State, or any number of States short ofthe
whole-and hence the duty Of the General
Government to superintend this interest
But what does the Sub-Treasury proposcs
Its basis is separation of the concerns of the
Treasury from those of the people. That bill
provides:
SuJ-7redsury Lar.
That there shall be provided in the New
Treasury building atWashington, rooms for the
use of the Trcanrer, and fire proof vaults and
safes for the keeping of the public monies 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 Or
leans, shall also be places for the deposit and
safe keeping of the public monies, and that
there shall be fre-proof vaults and safes also
in the Custom Houses of New York and Bos-
ton, and in Charleston, South Carolina, and
St. Louis, Missouri, and that these also shall
be places of deposit.
That there shall be a Receiver General at
New York, Boston, Charleston, and st. Louis.
That the Treasures Of these Minis, and the
Receivers General, shall keep the public mon
ey without loaning or using il until ordered TO
ho ,nl int han aft .o'I
urers and Receivers General, all collectors Of
public money are to pay what 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 becomeing
due to the United States, after June Of this !
year one fourth shall be paid in specie after
June of 1912, three fouthrs +; and after June
1913; the wholc. So that after June, 1913, all /
debts due the United States, whether for du-
ties, taxes, sales of public lands patents, post
ages Of letters, or otherwise, "slall be pad
in gold and silver only"
That from after June, 1913, every officer or
agent in the Government, in making disburse-
ments or payments on account Of the United
States, shall make such payments in gold or
silver coin only
Receiver General in New York to be paid ,
$1,000 salary-thc others, each, $4,000.
] propose TO say few words on these pro- |
visions. In the first place, il seems very awk-
ward to declare by law certain rooms in Wash |
ington, and certain safes and vaults therein The (
Treasury ofthe United States. We have been 4
accustomed heretofore to look upon the Treas 4
ury as a department Of the Government, recog-
nized by the Constitution which declares that
no money shall be drawn from the Treasury,
except upon appropriations made in 5ue course /
OF law. II may however, be made question |
whether any thing but these rooms and safes |
at Washington are not withdrawn from the ,
protection of tho constitution. II is senseless I
II is absurd. II is as if the Legislature ofN. /
York should declare that certain desks and ia
bles, in certain large room at the United
States Hotel, constituted the Court for the
Correction Of Errors of the State Of New York.
What else does this bill do, II declares there
shall be certain vaults, and safes, and rooms
But il has no, been for want OF adequate vaults,
and safes. and rooms, that we have lost our
money, bu, owing 10 the hands 10 which we
nave trusted the keys. 1t is in the character
IF the officers and not in the strength Of bars
md vaults, that we must look for security
IF the public treasure What would be
bought in private life II some rich merchant,
]. ]. Asior for instance, should deteuninesno
ongcr TO trust his money with bank directors,
Who, nevertheless, have a common interest
With him in uphcdIng the credit and stability
# the currency, and should build for himself
criain safes and vaults, and having pla-
cd his lIeasuroTs therein should Of some 40
y 80 hungry individuals, who might apply for
he Office Of treasurer, give the keys TO him
Who would work the cheapest. You might not,
erhaps, pronounce him insane, but you would
erainly say lao acted very mike / / A Sfnr |