Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-09-21
THE SUB.TREASURY.

lie |
The gradual process by which the jackson !
Van Buren, party went on from one principle to {
another in their watfare upon the currency is now
familiar TO the public mind. AT FIRST the Bank Of
the United States was denohnced on account Of
alleged defect lin its plan; the President, General
Jackson, DECLARED that he could devise better \;
one. Next, the entire principle OF National
Bank was reprobated; the party would have mo-
thing Of the kind. The State Bank System then
came into favor. The National Bank was de-
stroyed; the public moneys deposited in local
Banks throughout the coLntry with official i'm
,struc'ions to use it literally In discounts; new
Banks were multiplied in every State to make
abundant issues that tho people might see that
ey'could do without the National Bank. The
Redundant currency which followed, the exporta-
tions Of specie which took place, the revulsion
which came next, together with the general ex-
plosion Of the whole inflated system--fhese things
are too well known because too painfully remem-
'bered.
With the disruption Of the State Bank System
the Sub-Ireasuiy was introduced as the final ex-
pertinent. 1t had efficient action during the
short period of Mr.. Van Buren's administration
which remained after its establishment. 1t is
still, however, the favorite policy of the party
the only measure, we believe, upon which all sec
tons OF that party agree. We arssfeuced to al
Jude to it, by the ioi!owing passage late NUM-
said to be the especial organ of Mr.. Benton:
1.-The greatest error committed by the admins.
tration of General JacksSM was. the choosing of
the State Banks as recepttlSs for the public trea-
sure. Had no, instead DC selecting deposite
banks presented the Independent Treasury plan,
for keeping the public moneys, and used his iniu-
ence to procure its adoption, we believe it would
Ahave been vastly better for the country, and the
Democratic party would not have los, the i,npor-
tant battle OF 1910. There would, no doubt, have
been much opposition to the measure by those
members of Congress who were interested in the
State Banks, but STILL in all probability, II would
have been carried, and the country saved from the
evil effects of the State Bank system. However
there Is no use ianenting over that mfsstep o.
'Jacksons admimistration--he and his advisers NJ
doubt believed they were acting FOR the best; they
had to proceed, too, without the sure light of eX
perlence which the Democratic party now pos
sess, and which will guide them in their endea
vors to atone for the mistake they made in adopt
ing the State Bank SYSTEM
When the Snb-Treasury was first proposed b,
Gen. Gordon. Of Virginia, during the continuance
of the State Bank experiment, it condemne
by Gen. Jackson, and by the leading presses O
his party--the Globe, the Richmond Enquire
and Albany Argus. When MIR. Van Buren, after
wards adopted it, these presses ana the party ge
herally found many eXcelences in this previous
ly condemned Sub-Treasury. The rejection Of
by the popular voice, as expressed in 1910, ha
not induced its abandonment by the party
restored to power they will press il again to adoT
ton.
We have said that the Sub-Treasury had no e
fcient action when it was established by Mr.. Va
Buren,. There was not time for it to 60 into opt
ration so as to develope its real power and charaC
ter In connection with the currency and the bus
Hess interests of the country. 1t remained dea
heavy organism, utterly useless for all practice
purposes. And so it must always be unless 1t
endowed with political power enough to brin
every thing that it touches in accordance with il
self and the principle upon which it is founded
In the midst of Banking SYSTEM whether Stat
OF National or both, the Sub-Treasury would b
an incongruous fixture, not capable of acting ha
moniously with The general system. Its first ope
fation would be, If imbued with power to ACT OF
It's own nature TO clear the field OF all institution
belonging to different system. 1t is not onl
against National Bank, that the Subrreasur
ar G6st s Ssssna prneiDles and operato
first removed. The revolution which the uphoI,
ers of the Sub-Treasury are Iabouring to consun
mate is very Important one, and its nature ougi
70 be understood.-BaH .4merican.,