Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-02-26
"His name shall be his monument

ington,"-a correspondent of the New York Cour-
Ter and Enquirer-says extra session of Congress
MUST be held for the repeal of the Independent
Treasury act. This correspondent, Mathew i. Da-
WIS., is admitted into all Federal caucuses held at the
capitol, and therefore his statements may be taken
the sentiments of the Junto who have an unbound
ed influence over Gen. Harrison. Others of the
party deny that Gen. Harrison has any intention of
calling session before its annual meeting. How
far such statements have been authorized, we pre-
tend no knowledge yet it is certain that his cond
ding friends are in favor of the measure, and if
session is called it will be because they fear the SEN
tence of people in their sober second thought
TO give every measure adopted by the lawmakers Of
the land, fair trial before judgmen. is passed upon
them, is painciple which has ever guided the pa
up to the late election, dared to raise his
voice against. Thousands may doubt the expedi-
cy of measure, but when majority has approved
it, the lover of our free institutions looks to its effects
to afford the nation the evidence of its impraccab-
ity, before he strives to repeal it. Not so with the
modern wing party. Chagrined because of the fail
ure of their various schemes to obtain power and
ecstacy at their final success they ready to tear
down the pillars of our government, not because
they have not answered good purpose, but because
they stand in the way of banking and stock obbing
specuations, and because they established in
defiance of their will
The Independent Treasury is certainly, for the
first time established according the letter and spr
it of the Constitution. Under the present act all
the revenue of the Government is at all times under
the control of the Head Of the Treasury Depart
ment There is not dollar belonging to the Gov
ernment in the hands of Receivers or Collectors,
that he cannot command for its purposes, and not
copper can be withheld except by subsection to a
heavy penalty. The system is economical, and all
the first expenses have already been betrayed ly the
Government, so that no saving of expenses can be
made by its repeal at this or any future day.
The press throughout the country has kept its
eyes upon it, and has not as yet found flaw in the
system which experience has pointed out. The
Wing party have kept mute upon its merits, while
IL
established.
With these facts alone, before the country, we
would submit the question whether its repeal would
not be an injudicious well as dangerous measure
1t has now become part of our form of government,
and should not be changed for slight faults, even if
they should be found in it. Too much tnkering
with national affairs is productive of more lasting
evil to the country than can be remedied by the
flood of bank issues attendant upon the change pro-
posed, even if the greatest promises of the wings
are realized.
In proposing to repeal this act, what substitute do
the wings offer ! None! They are striving to re-
peal it, with determination to stand out against the
known wishes Of the people SO long they shall
remain in power. to force the nation into acqui
esccncc with their viii in the establishment of Ma
tonal Bank, when they will feel free and independ-
ent Of the will of the people. Their success in these
two proposed measures will leave no other alterna-
tive than resort to the old deposite system, which
has once placed the government at the mercy of soul
less corporations. producing great embarrassment in
her financial concerns, terminating with heavy loss
to the government.
Notwithstanding the inutility of this system, so
dearly proved, the wing party anxious again to
adopt it, proving plain the mans face,
that it is not to facilitate the operations of the Gov
ernment but to promote those of stockholders and
spectators. By placing the funds of the govern
ment in Banks, as basis upon which toissue double
treble the amount deposited, it may afford tenn
poray relief to depressed trade, but it cannot prove
lasting. By it not dollar of metallic coin is added
to the wealth of the country, however much the
shadows may increase, then how can it be of any
permanent advantage to the country? 1t will make
make rags more plenty, raise wages higher, but as
all articles of trade will rise in proportion nothing
can be gained by it that is not doomed to be lost
again.
But there are dangers in such a system of deposit
The funds of the Government are placed in the
hands and at the disposal of host of bank officers,
unknown and irresponsible to the government
who could embezzle the funds and make their es-
cape, as has frequently been done by bank officers
within the last year. Nor are these the only dam
gers to which this system exposes the funds of the
government. The National Bank or State institu-
tons with which deposits may be made, could sus-
pend specie payments, leaving the government in an
embarrassed condition, if the amount deposited did
not prove total loss. The State Banks are vet
largely indebted to the United States for funds thus
seized under the old deposit act and it is not to be
supposed that they would act more honestly for the