The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-09-29
| dies think that we are are ohaye sa var.
with England shYrtiy. We hope the.
clans will be false Prophets this;iime,
Ffonsthe NeY York Eu.1aiing Pgst

the constitutions. would separate The pubss
lie money from the executive control, and
perform the operatiobs5of the treasury
without being burGensome to1the people,
or inconvenient or expensive ,to4he gov-,
|ernment."-Jfr. z ylcr' s Second Veto Mes
sage. ~ ~: s, 4, <
This is "a good though rather general
|descriptionof the machinery wewant for
keeping and ,lisbnrsing the publicstng1ey..
Give us, such a scheme and nothing more
is to be desired;-take the disposftionsof
the public money out of the hant.s Of the;
executive. make safe, simple, cnnsepieHi.
Eunexpensive arrangements FOR guardingsi,
and paying itover whenrequired. and no.
| thing more is wanted. =: : u =
We. have never had but one scheme 9
which answered,all these conditions, aud
thai is the: srblreasnry scheme which
Congress has just repealed. When we
kept the public money in the Uniied States !
Bank every one knows the trouble we
lad with it. When portion Of it was :
wanted to payof thethree per cent stocks
of the. United Slates. Mr.. Bidlle imu1edi-
atrly posted 10 Washington. TO tell the
Secretary of The Treasury that the. doing
so would break half the merchants in New
York and Philadelphia and findings that !
t he could donothings in that tquarter,s in- !
lrigued, and successfully, 10 make the
owners of the stock DECLINE TO presenfit
for redemption, and thus sfrus.rate the
operations of. the treasury. When at
length the public money was withdrawn
from that bank, every body knows how
gradually General Jackson was obliged to
do il, what, difficulties Of every kind he
had TO encounter, and what panic ensu- !:
ed in the money market. So whenit be.
came necessary at last 10 Withdraw the,
public money from the, state banks, with
which it was afterwards deposited. the
process was slow and difficull, and a con- {
siderable portion Of it was lost. - !,
Neither Of these methods was conven-s
lent, safe. or economical, and one Of
them was not constitutional. Contrast
them with the sub.treasurysystem. Read
the following paragraph. which appeared
in the Commercial, Advertiser about a
fortnight since.
"CLosE OF THE SuB;TREAsuRY-INNE NEW
YORK. The act repeoling the sub -Trea-
sury having gone into effect the Receiv-
er General of New York, Roberto. Cor
nell, Esq. yesterday morning received in-
slruclions 10 pay over all the money in I.
his hands to the merchants Bank, which
has been selected by the Secretary of the
Treasury as the depository of the. public
money for the present. The Receiver,
General was also instructed to furnish TO-
the cashier Of that bank a list Of such
drafts as the Treasurer Of the United
States has given nutice Of being drawn !.
upon the Office in New York, in order that
they may bepaid by the bank. We are
grati6ed to add that he. was enabled al
once to comply wilh-these Instructions, :
on the very day of their receptions His
accounts were at once. closed; all rhe mo.
ney in his hands paid over to the bank;
lripiica.e receipts in full taken, and adyiess
of the final closing .oi the, sub treasury in
New York forwarded 20 the Secretary of
the Treasury, by The mail Of Yesterday
afternoon. Here, ihen, is an example Of :
Whig prnmplnsss and integrity. The
cash account has heen examined and the
books balanced every day before leaving
the Office, and in the end The accounts ba.
lanced to cent. -@zsa :
+ HIC JACET SUB TREASURY.
The great Van Bnren Second Declaration
of Independence" ,-.
Here is The testimony of an enemy to
the excellence Of the sub-treasury system.
Never was there system Of more COM
plete or more expeditions responsibility
What would have required the. neg"cia-
tons and arrangements Of months, if 8
bank had been the depository, is done in
an instant. No preparation is necessary, z
no gradual steps, no time is needeu 10 dis
entangle the funds nf ,lie. United States
from other affairs-the direction is given
at Washington, and obeyed as soon as it
reaches New York. ThereIis no incon-
venience, no alarm, no loss; to Wall street
suffers no shock; Front street does not
hear of the event; the merchants obtain
their accommodating as usual; there is
no necessity to sendon an agent to remon'
strate with the government.
We doubt whether the wit of all our
legislatures both state and national, has,
within the lasttwenty-fve years devised
any thing so perfect in its way as the mode
of keeping and paying out the public mo-
ney which Congress has just had the folly
to abrogate. 1t was in harmony with the
constitution; it separated the public mo-
rey from the control Of the Executives"