, 1840-06-27
THE INDEPENDENT TREASURY
BILL.

take OF the subject under discussion, | shall
ind 1t necessary to my purpose to pass in
review before my readers the eypedlency
and necessity of a National Bank. From
circumstances surrounding its investigation,
the Independent Treasury cannot be viewed
except in connexion with a bank, which is
intended to supply its place TO some extent,
to perform the offices which are assigned
to the system proposed by Mr.. Van Buren,.
The two questions are so interviewer, and
the existence of the one SO Incompatible with
that of the other, that | must be %pardoned for
any depression that | may make from the re-
al point at issue. 1t is true that those who
oppose the administration do not proclaim it
to be the intention of their candidate, and
of their patty to carry out this measure
they have not in any confession Of faith that
has come 10 the knowledge of the writer,
avowed this TO be the object Of the present
struggle for power. Upon this, as upon eve
ry other vitality important question Of nation
al policy, the leaders have not condescended
TO inform their followers of their intention
but are acting upon the principle which they
have avowed. that they must be supported
with "something akin to generous conf
dence." Notwithstanding this concealment
of their views, it is apparent to every retiec-
ting mind, that the true issue before the coun-
try is. whether we shall have a treasury in
dependent of the banks, or a monied corpo-
ration for the safe keeping Of the revenues
ofthe government; and this c~loaking Of their
opinions is but one of the many frauds which
Is attempted to be practised upon the people
and is perfectly in character with that system
OF electioneering BY which the opposition
hope TO dupe the people, and steal into power.
In my article published in the Journal of
the 9th inst, | defined what | deemed the
sub-treasury 10 be, and l attempted to show
that the plan proposed was the natural mode
by which the public revenues should be kept,
and that nothing but a slavish imitation of
every thing British has brought about opposi-
tion to it. In this number ! promised to give
a history of the plan proposed, and to re-
deem this pledge is the object of this CON-
munication.
Let US recur to the history of the govern
ment during the administration of Washing
ton, and prior to the adoption Of the federal
constitution. The government under which
we live went into operation on the fourth of
March 1879. On the 3Ist of July Of the
same year, the act TO regulate the collection
OF duties was passed (see acts of congress
1889 and its 30th section provided: "Tha,
the duties and fees collected by virtue of this
act shall be received in gold and siiuer coin
only, at the following rates-that is to say
the gold coins of France, England, Spain and
Portugal, and all their gold coin OF equal
fneness at SO cents for every penny-weight:
The Mexican dollar at 100 cenIs-the crown
OF France at Ill cents, the crown of Eng
and at Ill cents, and all other silver coin
OF equal fineness at lii cents per ounce."-I
Here was a positive law of congress passed
IN strict conformity with the constitution
that the whole revenue was TO be received
IN gold and silver coin only, and passed too
by many OF those who had aided in framing
hat lnstrumea ut. Here is a direct and au.
lucrative command that nothing but hard
money was TO be received by the collectors
OF the public dues. By this act the specie
clause In the Independent treasury bill was
IN complete operation Immediately after the
organization OF the government. Did con-
gress repeal this law, or by what means was
1t avoided, and set at naught? The answer
Is easy:-On the 2nd of September of the
year, the act to establish the treasury
department was passed, and nine days after,
Geni. Alexander Hamilton was placed at IFS
head. On the e2nd of the same month and
year, he issued an order to the collectors of
the revenue IN these words:
TREASURY DEPARrMENr,)
September %, I83s.S
'SIR:-ln consequence of arrangements late
ly taken with the Bank of North America
and the Bank of New York, for the accom-
mediation Of the government, | am to in
form you that it is my desire that the notes
OF those banks payable either on demand,
or at no longer period than 30 DAYS, after
their respective dates, should be received
in payment of the duties as equivalent to
gold and silver, and that they will be re-
ceived from you as such by the treasurer
OF the U. S. This measure besides the
immediate accommodation to which it has
reference, will facilitate remittancss from
the several states without drawing away
their specie. shall cause you 10 be fur.
nished with such indications of the genu-
Inc notes as will serve to guard you against
counterfeits, and shall direct the manner
of renting them. In the mean time, and
A-A E-A