Lexington union. (Lexington, Miss.) 1838-18??, 1840-07-25
EXTRACT FROM GOVERNOR
TROUP'S LETTER.

What is called the Sub-treasury (f it
means the dealing by The Government in
gold and silver exclusively consider moi
only a Constitutional, lut an extremely
wise and very expedient measure. II
ought never TO have been dealer in any
thing else-at least such has been always
my opinion. ! thought the Constitution
required II, and il seemed to me TO be the
most unreasonable that Government
which was compelled to pay ali lis deJts
in gold and silver, should at the same time
be compelled 10 receive any or every kind
OF paper which might be called money in
payment of debts due to tse!t. You would
no doubt al this moment fec! il somewhat
comfortable and refreshing 10 look upon
great dealer in gold and silver, a dealer
without premium and w!,hqat discount,
and therefore without profit; dealing to
10 the amount Of many millions per an.
mum; and 10 the amount Of manythousands
per diem constantly receiving and as
constantly paying ouI--'he grathcation Of
the senses in such sad times, would be
something, and the chance Off dime find
ing its way 10 Your pocket, would be
something more; but if this dealer so
dealt, that we coon began T. see that we
could command as many dimes as would
do for our market money, we would feel
we had derived precious benefit by his
dealing, and that indeed blessing had
lallen upon the country. If the dealer
happened so to deal, ITO supply constant
y and uniformly, a small change circnla-
ton, or pocket money sufficient for the
every day wants and business OF life; then,
indeed, New Era would have opened,
which the past had never seen, which
would be IN glaring contrast with the
present, and which the future would hail
with thanksgiving aud praise, and The
more joyously, as what was, will he no
more, and what is, will be and must be
forever, at least as loug as the dealer lasts
and deals in gold and silver exclusively.
Now il this can be accomplished by a
great dealer, it is more likely 10 beaccom-
plished by the Federal Government, Than
by any other agency we know any thing
about. lst, lis dealings will he large
enough. 2ndly, il will be to the same
amount or nearly so, from year 10 year
in times Of peace, increasing i<adually,
perhaps N proportion to 40 decreasing
popoulaiiuD, & a Subsequently increasins
expenditure. 3rdly, paying and receiving
equal amounts in equal times Or nearly
so, the small change circulation could
never be suddenly contracted or enlarged.
| will moi pretend 10 say what The amount
Of small change il circulation should DO
IN such country; il il sufficient, If il
gave you only The change for shin of
beef, 10 the butcher, and loaf Of bread
to the baker per diem. But il must nee
essarily give great deal perhaps
all we want. Stating the average reyen-
ue and expenditure al 20 millions. some
4or > millions Of specie VIII suffice 10
carry on the annual operation, the balance
in The country, whether il be- 40, so, 60,
or 10 millions, will be lell TO sustain the
paper, which, whether II amounts to 100
or 2l0 millions, will be quite ample for all
the demands Of Trade and Commerce
perhaps quite enough TO satisfy the era
wings ofihe most extrayagant d the paper
money lovers. This paper will be SO
much soundcr than il would otherwise be,
because instead Of comparing paper with
paper, as you are now forced 20 do, you
would compare il with an ever present
standard d: gold and silver. AnaddiIion-
AZ and certain effect Of q merely metallic
currency for Governmental purposes,