The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-02-15
THE BANK-THE sUB-TREAsURY.

Ills somewhat remarkable, that notwithstahd
inc the prea, camor raised against the rrest
dent in lS4l, for vetoing the Bank oil' Tue az
vocates of such an institution, although msP"-
ed with the by .no-means baseless hope OF sue
c.ss in the approaching Presidential campaign,
have, in very great measure, II mol shu'eY'
ceased 10 demand il as an essential remedy Tor
a disordered currency and restricted business
operations. This change OF tone and temper
has doubtless been produced by the iact 'ha'
the currency has at length attained an Amos.
uuprecedented soundness, without the aid OF
any legislative specific, and every description oil
business is prosperous aud fourishing IN proper
zion to the Datural and heallhiul impetus given
by the steady progress Of the nation to iillmita-
bic greatness. Hence to propose another mon
s,er Bank, would be TO propose renewal OF the
scenes Of commercial desolaiion and despair
which sickened all hearts in '36, ~, '3s and 49,
Surely no Presidential aspirant, or political par
", will ever again entertain such an "idea" as
that And il affords us much ratification TO OBJ
serve that the subject Of Bank is not TO be
agitated in the approaching campaign.
We are equally gra,ifed to find that the Sub
Treasury is likewise rapidly becoming an "ob-
solete idea" And why should the Democratic
parry advocate such measure The expense
of maintaining such system was not only
enormous, but unnecessary. The entire ex-
pense of the system is now, and has been for
several years, saved to the country. The safe
keeping and discussing of the ruhlc money un-
der this Administration, cost nothing. And not
only is the cost of the Sub-Treasury saved, but
there are no defaulters. The saving in this
item Of expenditure has been very considerable,
when the disbu,s ements in the defaulting SER
vice under other administrations are taken in
10 consideration.
Yet it cannot be denied that some safe and
permanent system Of finance should be adopted
by Congress. In time fwar or other emergency,
when the ordinary receipts of the Treasury
fall below the requirements Of the Government,
instead of being dependent on the caprice and
cupidity of foreigners for supply of funds, some
mode Of raising them, worthy of the nation, and
within the nation. should be established. We
know Of no ether mode, we think none other
can be devised, than that recommended by The
President. Byit in time Of need, any amount
OF money, in any exigency, could be realised by
the Government from our own citizens. five
borrow abroad, If we can borrow abroad, the
odium and unpopulari,y Of creating a national
debt will be less than if the necessities of the
Government were supplied by our own citizens
The same securities that would be required in
the one instance would be accepted in The other.
But there would be decided advantage in dis
rursing Treasury notes among our own People,
who would be the creditors OF, and at the same
time the lenders to- the Government, over the
transmission Of foreign specie after the difficulty
OF obtaining it should be overcome. But when
no emergency existed, The operations of the
Excbequer would in no wise diff from The ex-
istng restricted circulation of Treasury notes
But whether the Exchequer be adopted or
not, Mr.. Tyler has already done enough to Sc
cure his reelection TO the Chief Magistracy of
his country. The politicians may say what
they please, they may do what they can, but
they can never blot out from the memory of a
just and grateful People the act which saved
them from the widespread calamity of a mon
ster Bank. That act was of far greater mag
nitude, and far greater benefit 10 the country,
than any ever achieved by any of the Presi-
DENTAL candidates Of the present day. As long
rs patriotism and national pride shall exist, Gen
erAl J-ckson's victory AT New Orleans will live
in the hearts of the People; so, also, as long
a. desire for permanent prosperity and ma
s'onal morality shall last, President Tyler's
Bank vetoes will be gratefully remembered by
his coun,rymen.
IMPORTATION OF COIN AND BULLION
Statements have recently been com peted at