The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1844-01-05
THE EXPLODED UB-TREASURY-ANOTH
EXPLOSION AHEAD.

THE EXPLODED sUB-TREAsURY--A NO OTHER
EXPLOSION AHEAD.
Yesterday the dominant party in the House
of Representatives, adopted a resolution in
structing the Committee of Ways and Means
10 bring forward bill to resuscitate the repudi-
ated Sub- Treasury. Both the Bank and the
Sub Treasury have been repudated by the Peo-
pie, and we are not disposed 10 repudate the
People by advocating either of them.
The ExcnEoUER, in the modified form sug
gested by the President, is destined 10 be the
basis Of the financial policy Of the Government,
whenever permanent policy shall be adopted.
The extracts we published day or two ago
from the European Bankers Circular, indicate
the Importance Of the adoption of the Presidents
system 1t shows, beyond cay, that as long as
our Government, in times of emergency, can
be made TO rely upon the aid afforded by
National Bank, or the barren fruits of a Sub
Treasury, gathered by ''eg-reasurers," it must
always be at the mercy of European bankers
and capilalisls-for the first must be supplied
with its means by foreigners, and the last is only
subject to robbery, and never able to relieve
the wants Of the Government.
We advocate the Exchequer, not only as
a means Of safe keeping and convenient
disbursement of the public money, but as
an establishment capable ia times of exigency,
of affording substantial aid to the Governpent.
In time of war, for instance, an issue OF fifty or
a hundred millions OF dollars in Treasury notes,
bearing five or six per cent interest, having the
public lands pledged for their redemption, and
receivable everywhere in payment for debts
due the Government would be al par not
only in the United States, but throughout
the civilized world. But, from National Bank,
the Government could only obtain such funds
as could be first borrowed by the Bank from
European capitalists. The Sub Treasury would
be nonentity, and the Government would have
to ''go begging" TO the rery nation, or
nations, perhaps, nth uhich ue arould be
at par, TO SUPPLY IT WITH MONEY TO CARRY ON
THE WAR.
Even the Governments of Europe are depen
dant on, and in The power Of, European CAPT
talists and bankers. These capitalists, in fact
and not the Governments, make war and peace
war CANNOT De carried on WITHOUT money
and they hold the Strings Of the purse. Nc
wonder, then, that these capitalists are
thrown into CONSERVATION by the appre-
hension that the Governments, hitherto most
dependant on their tender mercy, are likely 10
adopt such financial plans as will render them
Independent in fact as well as in name. The
Exchequer, in time of war, would supply our
Government ample means, furnished by our
own resources, at five per cent. interest with
out it, or with the Sub Treasury, OF National
Bank, the foreign bankers, If they approved
the 1rdr, would dole out, with prudent diff
Guilty, such sums and parcels, and at such juno
lures, as 10 enable them to share us according to
their pleasure. IL they should be opposed 10
The war, they might seal up their money bags
Whatever convenience or facility the Urea
sury notes nigh, afford our citizens, aside from
the legitimate object of The Excbequer-sub-
serving the purposes of Government-being In
cidental, accidental or ineritdbie, would GER
tanv be cuNsTITuTIoNAL.
Our country will We, acknowledge its obliga-
tons to President Tyler as the originator of the
Exchequer. The conflicts of parties, as al pre-
sent organized, will only confirm the deliberate
condemnation by the People, of the Sub-Trea-
sury and the Bank. 1t is true, that the leaders
of The two existing parties desire again to force
upon the People the old issue-Sub- Treasury OF
Bank: but it will be found that the country will
have neither. The Sub-Treasury was COT
demncd in lS40-lhe Bank in Al and AZ. Mr.
Van Buren, has, nevertheless, directed his parti-
sans to raise the SubTreasury flag in 1914. II
will be torn to tatters the next time, and its
mains scattered forever by the four winds. II may
oe true lba, Bank men will exuli over its down
fall-but they will hardly attempt TO build up The
Bank on its ruins. II they do, they, too, will be
forever destroyed