New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-06-21

The Morning Ners quoting our recent query Oh
this subject, in an article New Hampshire re
spends:
aTt~ rrn< need no, 20 far for somebody 10 tell II
WHY bthe-,o the Independent; Treasury pan naA peer
applied only 70 the Federal Government ana no' 70 "
of the states There has been no special reason .
make IL a msi,er Of much importance IN me shse
INC ~ which ever have any considerable amount o.
-urplu. on hand paying on: their moderate oo'o..
"a at a. received For these smaller hsca -
The erection Of the machinery OF AN mo-
.rv sysr A. distinct from their secustoed modes OF
coiecton and disbursement has not been Regarded a.
worth while Al least 90 long as the great question ~
uernanen, establishment for the vast oIrsnon % ~
rede,sl Government remained unsettled Inc wv
,nc;nal natives Of tina, poicy for the National treasury
re-lst regard for the safety Of the puoNc money 81
p gard To the influence exerted on the -ehela1
f,he country by the fatal evil OF Banking on n Po'
geno-s !; i only where the money Is naDe " aecu
- I, isr,e masses that these motives assume theif
M WEIGHT II should also be borne IN nho 'ha' N tn'
states the Banks which may be u-ea A. % :"
the small amounts Accumulated IN 'ne Eau,
are snbject TO the legislation OF the same Htate 'O'h
,,ep,. whereas the Federal Government possesses no
Jurisdiction over them and IL liable, As IN l-5' 70 see
~ revenue suddenly swept out Of ne reacn by genera
.u.nensior over which IL cannot exer any legislative
con,aremainng wholly at the mercy Of ia delin
ent depo.itories for ability 10 redeem the surent OBJ
legations of the national service
The reader has here the News's apology rerbo
tim is it sufficient Are its assumptions based on
facts Take our own State. for instance: are not
her loans from Banks and TO Banks her deposiies in
and collections through Banks and in Bank Notes,
her mixings up and fxings up with Banks iuii!
equal in proportion 10 those Of the Federal 1o'er"
men,l And if there are good reasons for separa'
ing the Federal Treasury from Bank dealings are
they not equally cogent in regard to the STATE man
ces1 DO Won say. The General Government has lost
money bv Banks We respond. so has our State
DO you say, The Federal Treasure would not be safe
in Banks We add, Then the State Treasure
would not be safe there. Do you talk Of the fatal
evil Of Banking on the Public Depositcs we ask.
,shv not the fatal evil Of Banking the State
Public Deposiies ar well as,he Federal And so on.
As to the very minute difference between Twee-
dedam and Tweedledee founded in the fact thatihe
Banks are controlled By State Legislation, not by
Federal we all know that it is not OF the slightest
practical account This difference existed in 1887.
when the Banks universally suspended but the
States Jared no better than the General Government
in any respect, and were placed In the same guam
Diary with it, |, is not within the power OF legisla-
ion to make Banks pay specie when they have II
no, and can't &c, it and when they havcii, compul-
sion is needless.
Our idea is that neither the Federal nor State Gov
ernments should or need ever have any considerable
ialance in the Treasury but if either should that
balance should no, be sailed down in specie, con
rac,ng and convusing the general currency OF tho
Country, but should be so collected and deposi'eo
a. 10 be least Eel, by the Industry and Business OF the
Country. Neither should deposit funds any where
Bank or No Bank. without obtaining ample secu
rity for the pronp, and faithful return with the pay
ment of sufficient damages for any casual failure
Bat we do not complain that the Sub'Ireasury Is TO
be reestabshed by Polk Cove expected IT, and
hall hope to live under and through IT, All we ash
that the principle shall be faithfully adhered to
hat the sub Treasury shall be no sham but reali-
,y-shall not be osiensibly based on distrusi and
Iislike of Banks yet wink at the collection OF Pub
lie Dues in their Notes And we do think II worth
while for the States to establish Sub Treasures If
i for the Nation. Let the experiment be fairly
honestly tried and we will chceriuly abide the PEG
pies sober second thought