Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-09-21
From the " y. Era.
AN T%lNTFNDFD COMPLIMENT.

We have supported the independent Treasury
plan because of lis simplicity and adoption - thc
institutions OF the country. The public moneys
anGer that .ys;cm kept independent OF any pr
vate business operatious-it was a system without
complication. by winch the receiver. at a single
glance could perceive the state of the finances and
render ms accounts accordingly. Whenever the
Government needed rs funds. there they were.
They could be drawn without fear OF suspension on
the part of the banks and without inconvenience
to any branch of industry Tins we urged before
tie vassage Of that important law IN rs favor. and
now that the reckless hands Of Federalism have
ait i PROSTATE, It's opponents PEELED 20
know edge the beauty and simplicity OF is practical
operations. Read the following:
From The Commercial .ldrcrfiscr.
Ciosr OF THE sun EKEASu RN ~ MY York
The act repeating the Sub-Ireasury having gone
into effect, the Rcceiyer-General Of New \ OK.
Robert &. Cornell Esq, yesterday morning receIv-
ed instructions TO pay over al the money IN his
hands to the Merchants Bank which has been
ected by the Secretary OF the Treasury The de-
postory Of the public money for the present. The
Recelver-General also instructed 70 furnish 10
the cashier OF that Bank list Of such drafts the
Treasurer OF the United States has given notice OF
being drawn upon the Office IN New ork in order
that they may be paid by the bank. UC are graft
fed 10 add that such tie condition u Nh Cor
nell ecccrnts that he cas cRa5ied ~ Oncc D. ccmpiy
icfb tbcse Instructions on tc rery day IF tier re-
ccgiioa. lis accounts irere al once ci0S,d al Ike
moReg Ia has hands paid orer u he baak ripiicGie
receipts ga fH taken, and adrices u f fRat closing
of the SaJ Treasury az Mar York. fofrcaried 10 The
secreiarye II IKE Treasury, by tie NAL q yesierday
afternoon Here, then, Is an example Of Wing
promptness aud integrity The cash account has
been examined aud the books balanced every day
before leaving the Office, and IN the end the account
balanced to a
+ HIC JACET SUB-TREASURY.
The great an Buren, second Declaration Of indie
pcnGence
Now we ask why was this most wise and whole
some system of Government finance repealed
what reason has the - Wing" press TO cry in JOY
AID gladness He facet Sub Treasury! In single
day the Sub-Ireasury in this city, which more
than one half of the whole revenue is collected, the
accounis lcerc closed, ALL TIE MONEY PAID
on Err trplcate receipts in full taken and advices
Of It's final closing sent TO the Secretary of tie
Treasury The practical experience OF Stephen
Allen the former receiver so perfected the arrange
ment OF the Sub Treasury for this city, that Mr.
Cornell, who fortunate enough to have such a
predecessor, enabled 10 DO all this moment
warning! This then is the +" OF .ous SUB Treas
ury''-ihe wicked Sub Treasury''-ihc :. union o
the purse and the sword" Had the public money.
. been placed i'm the banks to he used as they wcr,
in the late United states Bank and ia the pet banks
think YOU that such would have been the result ot
an order from Government General suspension-
universal commercial dstrcss-reei and stop laws
might be expected TO follow the demand. Well may
the poet cxclalm-
, " Truth crushed to earth viii RAISE again
+, The Commercial is forced TO acknowledge ia,
success Of that great measure Of dclverance aud Id
crty while with becoming disregard of right an,
reason. it Eendishy cxclams lie jacsi Sab
treasury the great Van Buren, second Declara
tion of Independence :"