The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-03-31
From the Globe
THE TREASURY AND THE PUBLIC
CREDIT.

se. OhEDII.
3. II there ever was q time for the country 10
/ wake up, aud to call public fIoctonsr,es To- ac-
count, surely tins ls the time. The public pa.
pers, tie debate 8 IN Congress, the complaints
of creditors, all make, known the insolVenf
state of the TTessury-'hoi ,here IL not one Ia.
gal dollar IN it-atd the condition of public
credit, which is too low TO borrow a dollar ON
any but UsurOus Terms All this is seen and
heard IN Congress, inthe press, and wherever
dollar is due; bur there 10 still another source
Of Information more authentic than these, and
to this we now propose 10 have recourse. This
higher source is the official correspondent of
tke-Secretarv Of the Treasory with The chair.
man Of the Committee of Ways aud Msans Of
the House Of Representatives, IN which he un-
wells the deplOrsbe condition Of the Treasury
and brings forward the Government plan Of
relieving its own dstTses. Document 1873 of
the House Of Representatives. presents tins
correspondence, which is as follows: 81
"TREA'uRY DEPARTMENT..
March IL, lS42.
"SlR: Mr.. Selden, the Treasurer oftbs Uni
tod Safes lately visited New York, with au-
lhOn'y from the Department 10 eB,er into ma.
COLLATION. with oHe or more ofthe banks ofIha,
city, with avlew TO an arrangement BY which
specie funds nigh be proyided for ihe nav.
ment OF Treasury notes falling due in this and
the next month"; He has returned wllhou, be.
ing able 10 effect The ohjsei Of his visit. Since
the 5'b Of the month, the means of the Gov
ernment have been found usdetuale to The
discharge Of the notes pre-, en,ed for payn,ent
at the depository ofthe Government a, New
York. A slight depreciation having occurred
onA ihas nnia Of hotn Ia 4
ceiyable in payment Of public dues, we're offer.
ed IA inordina'e Quantities al tho custom house,
TO pay duties aceIung on Imports, and con-.
situ'ed very large portion of 'he public rev..
enue accruiDg at New York. I he consequences,
,has'been, afaIlaIe 10 the maans Of the Govern.
ment TO meet The notes which are at maturity.
aud presented, from day 10 day, fos payment
This extract shows the distress of the T,ea.
sury, and great enough il Ia in ell conscience.
Fnst, the Treasurer Of the United States has
been sent 10 New York to negotiate with banks
10 that city for sPeee TO pay to the holders of
Treasury notes. Here is degradation for YOU
the Treasurer sent to Wall street 10 trade for
specie! and how came the Government 10 have
no epscie2 Because the Independent Trsas-
u,y is repealed, hard money banishsd from the
Federal Treasury, and paper money made tbe
exclusive currency ofthe Federal Government
This is the reason Why specie s 10 be traded
for in New York Blu, who is this specie for9
Not the creditors Of the Government general
ly. but only the large credltors--the large
holders Of Treasury notes-sho are able 10
contend with the Government aud protest and
sue il they do not get pay. These large cred.
ltors are banks, and it is they who now ,hrot-
tie the Government, and mako it pay them 10
specie, whiFe all1be persons who are in the
pay Of the Government. aud who are receiving
small sums, must take aper--deprecated pa
per- or take nothinS Even the small holders
fthe Treasury notes con get no specle: il is
the capitalists and tine banks alone for whom
this Administration iabors TO get specie by tra-
ding for it, after having bauishsd It from The
Treasury, by repeating the lndepsndan. Treas
sury system. r'.
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