Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-03-21

,sbsJ r,y-snf Of the Pc, Bank system superintendent
and managed by the notorious Reuben VI Whney-eh'i-
res which then srcnuonsy denied As they now DO
spv inputntion upon Sab Treasury; Whitney, whom
they then defended and shielded n aecuonniSy ana e
fectuay they do Woodbury. and ms land receivers
and coectors-inguires which they then denounced ss
worse than Spanish nquison, though the committees
at first were organized and packed by party tool IN the
Chair of the House, aud which have since proved sure
nough worse than the rack aud torture 20 the Adminsa
ton since constituted by the House ITSELF ana IN
form to probe with efficiency the source OF the corruption
and abuses which disgrace our Government
These frauds gentlemen, result necessarily, repeat from
the ends which Mr.. Van Buren, originally aimed at and
which he has nearly attained We have parties Narcusy
and much divided about sysiemssystcms OF finance pne
Is for a National Bank; DcpoSiic Local Bank
~ stem; for the Sub Treasury System; and the truth
Is whilst debating the systems aud alternatives OF
systems which the laws should adopt, system prevails,
and law rcigns And this is in fact the system at which
Mr.. Van Buren, has aimed all alongenure. unqualified,
unrestrOined unlimited. absolute Executive discretion
In 1888, the prOtessed the metallic, hard-oney
policy They removed the dcpositcs, and, instead OF d.
yorcing the Government the Banks them took 10 their
embraces eighty ninety local PETS stimulated them
every Kind OF refused to pass Mr. Binneys a.
mcnent the t proposed dePosite law, requiring at
least oneth OF the amount OF deposes IN spece' mace
that the prcteS OF passing law refused their own Sub
Treasury Scheme 1885, in the form OF General Godons
proposition which, by the bye, voted, IN minority OF
81 l6l for other reason IN the world than 10 demon
the hoowncss and hypocracY oi tcr professionalism
hard government; aud for which would not have
voted il there had been the least danger of their voting
for it, and rdeening pledges and professions they
law regulate the saiekecplng ana dis
bursting the public money until July 1896 hatlaw gave them
entire discretion without Limitation orrescuon;itom the re-
moval the dcposics all the WHILE the party IN all ormoSo
the State Legisl aturcs multiplying without stunt
limit State Banks upon the loosest OF credit and IN
few years they had increased local bank capital threc
fold spneng up like fungus sprouts from the stump OF the
o. : Bank: ON the IOth OF May 1897, their entire system
fell tremendous crash, and threatened every interest
the country tho Banks suspended specie payments ana
were together with the entire credit system, denounced
and dshonored by the Governments all OF our en-
ascbed actually TO the law OF 1850 and
from that time this, the Treasury OF the United states
has been actually of the keeping OF law from 1902
October TO the present moment lac has regned less than
months period Of siT years The law relgneu
from July 1886 TO the lob May, 1887 and all the
of the time the has been sole dictator Has
honest intelligent freeman reflected upon this one
fact that IRE are Republic rifhout the reign Of idtr2
But the Sub-Trcasuy has been proPosed-hat IS after
General Jackson had claimed that the Treasury belonged
To the Executive President and his subordnaes
office h ewes and ams-he asked boldly that the Legs
atve Department Congress- should yield 20 the demand
IN give mn 70 him aud his the custody and control
the public money by law whilst the remained
unchanged, vcstng in Congress Without the law, by
usurpaon and by and abuse, he had already, but
wished his clearly confirmed and established by law
BY the OF the opposing checking balancing, coor
dnae Department in which the had been sacredy
posed by the Constitution And from that time 10 TINS the
has been waging, whether the President Con
gress shall prevail. His demand has been thrice rejected
aud vet his Sub Treasury aud has teea in actual ope
ration by his power Notwithstanding the amenta
tions here and eswhere."
Like the Fs experiment, exists without law; II has
failed already before sanctioned by law; Is as hypoer
cal the first, IN protesting and pretending 20 desire
specie currency; and venture predict that will be
the seoond-ihe Sub-Treasury-cNPer pertinent, a. 1t was
with the rs'-the Pet Bank experiment.; that soon
sanctioned by law, Will be made 10 TAIL or be dek
noWiedged have failed; that the law will be blamed Tor
failure, and l. will be denounced and 7bandorei What
them They have other alternatives Inc country as yet
knows OF but three The L. = Bank has failed, or 'ey
say 1t did, the Pet Bank system has failed and the
Sub-Treasury system has already failed in their HANDS,
THE defalcaiion Of nearly hundred SubTeaury col
nd Win
and the loss OF than millions OF dollars IN the
year, may be called failure aud the best system
the wit Of devise, would necessarily fail in such
hands; and how any honest friend OF the Suh-Ireesuy
could think trusting the present Dymuasy with his avorie
scheme OF finance, cannot imagine But what then, when
all these fa' There alternatives yet; OF which
the President has had all the while in force and the other
he may have been aiming
Many OF the Administration have openly avowed their
support OF the President fright wrong" Utterly and
violently opposed the SubTreasury the test meas
OF the Administration they yet the staunch and
stubborn advocates OF candidates for office who profess
be the friends and promoters OF they deem %
the country, and they aid their with less
apparent good will and good faith, than these men
this, them, odious This class
have nightly enough denomnaed themselves the 'Snk
and swimmers, and have also been called by their quandom
brethren by the hard name, which them either with
the cowardice Teacher OF their OF Rctreaung
Conservatives" Now what for this
dinary and, unless explained and justified certainly
moral pDston' They tell there but .'three ulterna
tves" that of the three exploded the third
the last left be tried With this fly excuse they have
caught some honest Wing gudgeons. What else
do say the Fort Hill Whigs1 Do these guls OF siukers
and swimmers" know that there least aerna-
uvesl And have they had limitations IN te that the
Administration does not and nsrer did 10 pass a
Sub Treasury NTH specie clause? That there sa fourth
alternaiye-fhc Treasury Bank System, which the
Treasury bills already using and amiazng the
minds Of the peope' Did the President clearly declare
in his ast Message, that the the Exc
cutve should be left Banks not, Notwithstanding
the denunciaon OF Banks, in its discretonl Has he
lately been using Banks again with vengeance, the
y. \ ork city elections Will he dare recommend again
specieciause sub Treasury Will his party the
Congress such measurc2 II fheu iH iriH-
But lastly, # they aiming nominal Sub Treasury
for temporary triumph, then 10 make 1t tail, and then
recommend Treasury Bank upon its ruins have they
sui not their mn atemstivethat which they have
had al! aong-that under which they best hrive-"fle
system, No Sysfsm!' That they will have a events.
without the reign of the law and tua above all they prefer
be fearuy aagandzed under this No-sysfe1
system" in the midst Of confusion COMPOUNDED"
disorder piled ruin, will plumber and corruption thrive
most And Is from this ccntious 'System-uo-Sysem"
gentlemen, which the Administration has pursued pursu-
ing and will pursue, that oil Of these Treasury frduds'
have sprung up like drugon's teeth!
Il very easy, gentenen prove the existence Of these
frauds; prove this from under the hand and seal the
Executive Departments themselves; but the remedy now.
adnys is not simply to expose them. doubt whether,
from the great number Of Swiss In land. they do mu.
py proseiytes the 'Sp0iis party" by showing how
greats the reward for every knave whose principles
exactly suited place show the only 10 de.
prccac the and the great OF all evils H.
"bdd IN pOtrer''
But you have been pleased. gentlemen add also that
| am "he incorporating orPoser Of Northern inter.
ference nth southern rights"
BY Of these phrases by which knaye are made
yfants end those who trust them made dupc Mr. Van
Buren, has pnr ence by way o 10 the
South,-thHt e. and brave South which 'inevcr
hImbUgs, but BE- always humburgedbsen cu1gzed 10 ~
Of the sunny cline "ihe Northern man with South
em principles" Nothing g. Je-uitical, or moro fraud
uent and false, only respects the peculiar and deli
% fr fa hff 10
spects the very subject which ab-oTbs all oihorshc
great Hlb,cci Of commercial md financial regulation
II there is ono section ehq lhsg
Apea Exchange and IN settled state Of The money mar
ke u the great exporting and Hoaiy0rfipc South She
has the raw materials which pay the foreign end do
mesc debt at last md which effected under a
changes, by every 1uctu1ton. As her commodities are
vauc Her cotton, rice t.Incco every thing including
hr lands and slaves forever be under the dead fall Of
general depression aud depreciation ord her credit forever