The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-01-04

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debtors to this establishment in the Distrist Of
Columbia; and is authorized to receipt for all sums
which may be paid to him.
THE EXPLODED SUB-TREASURY-AN
EXPLOSION AHEAD.
Yesterday the dominant party in the House
OF Representatives, adopted resolution in
slructng the Committee of Ways and Means
TO bring forward bill TO resusctate the repudi-
ated Sub- Treasury Both the Bank and the
Sub-Treasury have been repudiated by the Peo-
pie, and we not disposed TO repudiate the
People by advocating either Them.
The ExoHEauER, 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. Ii shows, beyond cavl, 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 Sub
Treasury, gathered by ''eg -reasurers," ii must
always be at the mercy of European bankers
and capitalization 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
means of safe keeping and convenient
disbursement Of the public money, but as
an establishment capable in times Of exgency,
of ahordng substantial aid to the Government.
In time of war, for instance, an issue Of fifty or
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 a begging" 10 the rery nation, or
nations, perhaps, NTH arhich are lrouid be
at lpar, TO SUPPLY 1T WITH MONEY TO CARRY ON
THE WAR.
Even the Governments of Europe are Deepen
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 be carried on without money
and they hold the strings of the purse. No
wonder, then, that these capitalists are
thrown into Consideration by the appre-
hension that the Governments, hitherto most
dependant on their tender mercy, are likely TO
adopt such financial plans as will render them
independent in fact 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 a National
Bank, the foreign bankers, if they approved
the tpdr, would dole out, with prudent diff
Guilty, such sums and parcels, and at such juno
lures, as 10 enable them TO share US according 10
their pleasure. IL they should be opposed to
the war, they might seal up their money bags.
Whatever convenience or facility the Trea-
sury notes might afford our citiz ems, aside from
the legitimate object of the Excbequer-sub-
serving the purposes of Government-being in
cidental, accidental or ineritable, would GER
tainly be CONSTITUTIONAL
Our country will yet 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-Tre or
Bank but it will be found that the country will
have neither. The Sub-Treasury was cou-
demned in lS40-the Bank in al and Az Mr..
Van Buren, has, nevertheless, directed his parli-
sans to raise the Sub-Treasury flag in 1914. 1t
will be torn to tatters the next time and its re-
mains scattered forever by the four winds II may
be true that Bank men will exult over its down-
faIk but they will hardly attempt TO build up the
Bank on its ruins. IL they do, they, too, will be
forever destroyed!
THE FIFTH AUDITOR