The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-14
THE CURRENCY.


The vote upon referring that part of the Pre-
sident's Message which relates TO the Ex"
chequer, is known 10 be the result OF wing
caucus. The ultra Democrats, with Benton az
their head are determined TO have nothing snort
of Van Buren, and a naked Sub Treasury
whilst the ultra Wings are resolved to have MI
Clay come what will. Benton sees no hope
for the succession unless he can put in MIR. Van
Blu rem as his locunl tenens, and Mr.. Gays par
tsans see no hope OF success unless they can
make up the issue against Mr. Van Buren, and
his Sub Treasury. Under these views, the ul-
tras of both parties are resolved TO defeat any
plan or modification Of the Exchequer that may
be suggested during the present session.
Hence, instead of referring the measure to
committee favorable to its adoption OF 10 the
Committee Of the Whole, where il may be IA
voraby considered and amended, II was refer
red TO the Committee Of Ways and Means,
from HON it has nothing TO hope but the most
uncompromsing hostility Such is the part
as played by the ultra Wings.
The Democratic Review, for December,
says:
ssWe trust that our Democratic friends in Congress,
at the coming session. will adhere firmly to the prt-
eipies Of the Independent Treasury policy and will not
for moment tolerate the idea of any falling short OF
them"
AS this was designed to be the party.mandate,
it is important TO ascertain what the ''principies
of The Independent Treasury policy really
are and il may be fortunate for the country
that the Democratic Review has done so much
to define them, The same paper says:
"To obtain the desileratum of settling the balance
without the risk, delay and expense of transmitting
the specie, it has been proposed, on the restoration 81
the Sub II easury Gc, TO engrgf upon 1t system oy
,ehich the desired end may be obtained The provisions
in relation to receiving, safe-keeping and dstrisu-
ton of the public moneys, are sufficiently well, bm
is proposed to establish in the same buildings, distinct
sets of books and officers, rith separate pauh These
shall be empowered to receive from individuals any
amount of gold and silver for which they may draw
or accept bills of exchange to the same amount on
any other Treasury Office at charge ofsay half per
cent The specie in the vault invariably TO cores
pond with the amount of the bills drawn. II is sup
posed that in the regular course Of trade, the quan-
ty of specie on hand at each office would regulate IT.
self so that it would seldom be necessary to move it.
BY this process the specie going to New Orleans
would be deposited in the vault at New York, depict
ing the currency that extent and the bills drawn
for equivalent arriving there in the course of the
mail, would release the same sum from the New Or
leans Office and throw it into the market The set
Element of the balance would thus be effected in sew
en- days. instead Of thirty at charge Of half per cent,
instead of three per cent, and the exchanges resor-
ed to their equilibrium In the revolution Of few
months the process would be reversed, and the spe-
Gle restored to the vaults of New Orleans and reeas
ed at New York. This would require far less
amount of specie lie idle in the Treasury vaults,
than is now locked up in those Of the banks
1t would be a constant check upon the
price of bills as well upon bank issues,
while it precludes all borrowing lending
expansion or initiation of any kind The only trust
would be that the specie would remain in the vaults
where placed, until drawn in the regular course of
business and for this the faith Of the Government
would be pledged"
| We have italicised part of this extract for the
purpose of fixing, in the mind of the intelligent
reader, the party and personal bias Of the whole
article. Nothing less than the restoration of
the Sub Treasury law, or, in other words, the
restoration Of Mr.. Van Buren, will satisfy the
ultras. MIR. Van Buren, was in power, he had
all the patronage of the Government TO aid him,
and vet he fell And wherefore? Because he
carried his ultra measures so far that the People
rose in their majesty and removed him from Of
| fee He must now be restored because his re-
storation, it is supposed, will also restore the
succession to the same ultra men, whose relation
to him and whose advocacy of ultra measures
overthrow boh him and them
And why must we have the restoration? Is
it proposed to carry out the same ultra measures
now that were the sine qua non Of Mr.. Van
Buren, and Col. Benton? BY no means. We
are told that it is proposed to "engrdt" upon
the Sub Treasury, when ii is restored, a new
principle That is, we are to have Sub
Treasury restored, which shall not be the Sub
Treasury as it was-but with separate vault,
distinct set of books and officers /! And for
what are these new features to be engrdfted on
the Sub Treasury? Is it that it may operate to
regulate the exchanges, which it is admitted
may be done so as to save two and half pei
cent. on the immense sums annually transit rred
from the South and West to the East?
We pause here but for moment to say that
this suggestion, that this new feature ought 10
be "engrafted" on the Sub Treasury is an adj
mission that the Sub-Treasury as it was, was
eminently defective. The admission that this
new feature would, if adopted, regulate the ex
| L,noos of tho low rate of n hal nor cent is ,
conclusive arau9aaai n IS conclusive
against the restoration of the men who would
have nothing less than the simple naked Sub