The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-07-25
OAWDAM JOURNAlhe
CAMDEN. S, CAROLINA.
SATURDAY MORNING, JULY 20, le4o.
THE sUB.TREASURY ACT.

There arc few of our readers, immagme, who
nerpse the laws of tho United States, as they ap.
near in the news papers, in which they are published
.tby authority.n Believing this to be the case, and
believing too, that there are many of them who arc
anxious to sec the provisions of the Sub Treasury
Act we take occasion to call their special attcn-
ton TO it. Il will be found in our columns todaJy,
and we hope it will receive an attentive pcrsul Ii
all, or any. of the mischief which has been pre-
dicted from its passage, can grow out of it, we
confess ourselves at loss 10 perceive in what man.
nor TIE 10Th section of the act, which contains
the specie clause, and about which such hue and
kcry has been raised from end of the country to
{the other, seems to us quite powcrlcss in the way
IF mischief, and if any reason is &c be found tor
mplaint, it should be because it docs moi bring us
the legal currency at an earlier period. From
lis section it viii be perceived that nor, one fourth
all sccies due the Gc:;c.n!ac. = 3 fa
specie, and from and after the Both day OF June
next, one half will be required; on the 3oth June
1912 three fourts; and on the Both June 1913, the
whole amount will have 10 be paid in gold and silver
only.
No one cal have witnessed, the embarrassments,
the difficulties, and expense which has attended the
transfer and disbursement of the public funds, ul
der the system of making Banks the financial agents
of tho Government, without being convinced that
some change was nccessary-that there was some
thing radically imperfect in its orgauizatoii, which
prevented its accomplishing the end contemporaries
The plan adopted by this Act is perfectly SIMPLE ana
will no doubt efectually Danish the dihcuiucs ol
transferring and discussing, besides being OF no
doubtful consttutonalty and this last feature par
ticularly should be an especial recommendation 10
every democratic republican,. 1t Will have the ci'
feet TOO, of preventing the violation Oh one portion
of tho Constitution, which under the cd system,
was frequently set at naught. The Constitution
saws all duties, imposs and cxcses, shall be ull-
form throughout the United States" So long as
Bank notes were receivable this article was papably
violated To make the duties equal at every point,
they must be paid at every point III currency OF
equal value "throughout the United States" when
it is known to every one conversant With connerc'ai
affairs that no article of commerce has been more
fuctuating in its value, for the last tour years than
Bank notes. What is the state OF things now IN the
South Western Safes? Bank notes are worth in Mis-
sissippi. the best of them, from 10 to 81 cents III
the dollar; in Alabama from so 10 s. and in Gcor-
qia from is TO 90 cents and We might go OH TO emu
merate q number of other States, in which the cur
rency is equally as unsettled, showing the utter
impossibiity, unless with provisions something like
this Act, of making the duties, imposts, and eX
cses uniform throughout the United States" But
we need not dwell OH the subject; the Act will ex
olan itself, and its best recommendation, we doubt
not will be found, in TIC stability and uniformity II
the currency which it will give to the country, at
ter it has gone fully into operation.
e, - r. . Al ,l,o Ranks in the CITY of