Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-04-18
THE sUBTREAsURY SCHEME.

and its hurried passage through the House of Re
representatives., having, as we intimaed the other
day, taken the country completely by surprise,
the public CONSERVATION proportionably great, and
increases daily. No wonder. People knew that
the thing was talked about as party principle, an
item in the list Of party dogmas but, after the I'M
equivoca condemnation which the public voice pro-
nounced on it in lS4O il had ceased to be regarded
as an evil likely again to be brought upon the bust
ness of the country. II is true, indeed, that bill,
substantially the same with that which has been re-
Gently hurried through the House of Representatives
wittrsncfr'hot haste, was introduced, by the same
gentleman who fathers the present enactment, at the
close Of the last Congress but its fate then, far
from reviving the fears of the business community,
only confirmed the belief that it had been put down
for ever. No wonder, then, as we have said that
its re-apparition few days ago in the Halls of Con-
gress, and the railroad speed with which it was
forced through one House, have startled the whole
community with an astounding sense of impending
evil. Business of all kinds seems to have expe-
renced sudden check In our great commercial
mart where every measure of policy affecting trade
and the various concerns of interchange and ex-
change throughout the wide extent Of our land, is
instinctively understood in all its bearings and
tural results, the effect Of the recent action of the
House may be seen from the following:
The N. York Express says: /" Stocks continue to
decline, owing to the alarm created by the passage
of the Subtreasury. There is quite sensiiveness
in the money market"
The Journal Of Commerce says: "There is
real panic in the street to-day on account of the
Subtreasury. Even the Oregon war has lost its
errors in comparison Of this monster with his iron
chests. Stocks have still further declined, and
the tendency is quite in favor of further decline"
The Morning Telegraph says: AT the present
moment there is general fear pervading the bust
ness portion of this community, lest the line Of
measures about to be adopted with regard to the
public moneys will carry widespread ruin with
{ it, We trust not; but the very doubt, caused by
the constant introduction of new measures, is al
most as fatal the catastrophe anticipated. No
zone knows now what is best to be done. New
contracts and engagements are all coming to a
stand. Industry is paralyzcd-hope deserts US.
1t is impossible 70 determine results in advance
and thus the country staggers along, strong and
blind its great energies checked, its aspirations
restrained Its course uncertain, because issues ana
measures and the doctrines of partisanship, advo-
Gated on all sides with particular and personal
objects, are so crowded upon it as to confuse its
Judgment and impair its confidence"
We have heretofore given our opinion of this OPP
pressive and ruinous scheme so fully that we shall
now content ourselves with briefly repeating the
most prominent objections to it:
L. It's perncious influence upon the currency of
the country. In the language used by the present
official editor in 1897 it will establish "two sorts OF
currency-the better for the officers of Government
the baser one for the people,"
Q. Its incalculable expense.
8. The increase of Executive patronage which
it must Of necessity bring with it.
4. The diminished security of the Government
deposites.
5. The inconvenience and loss of time 1t must
occasion in the transaction of public business and
Lastly, its disastrous operation upon the laboring
classes, in reducing the price of labor to the hard
money standard
To these objections, which were urged by us in
1914 to this monstrous attempt to revive the barba-
rous usages of antiquity we have satisfac-
tory answers. 1t is unnecessary for us to go over
again the arguments by which they were established
The following practical views Of this subject from
an intelligent and particularly well-informed man of
business, would well supply the place of any fur
ther remarks from us, were we disposed to make
them:
COMMUNICATION FROM NEW YORK.
Tax SUBrRKAsuRr BILL.-This measure has been hur-
ed through the lower House Of Congress- without consulting
the views the wishes of those deeply the
result viz the commercial community change in the po
hey of the Government respecting the tariff public depo
Sites any other subject whatever should be made only
the mature elaboration. The Subreasury bill now
before the Senate will be- if carried into effect of any
benefit the Government any class people whatever
neither the merchant the manufacturer nor the farmer on
The contrary will be extremely detrimental in its effects up
all these three classes and directly indirectly upon every
individual in the whole country.
need only refer the selfevdent proposition that the
public funds in promoting the ends and aims Of
commerce. Of manufactures, Of agriculture. The public de-
posioes would the charge Of the funds except
under implied contract with the Treasury that the funds
be used far prudence might dictate for the ben
eft Of the people, We may that while the present
deposte banks have been all times prepared to meet the
drafts Of the Treasury yet the banks have lent to the peo
pie fully much the dcpostes amount to- than they
would could otherwise have done.
strike the sense of every rejecting that these
loans made for the sole benefit of the borrower
Their influence extends throughout the entire circles and som
circles Of socetyhc farmer the shoemaker the halter the
sailor, the coor planter &c. thus and through all grades
Of the community.