Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1846-04-27


meshes Of the Treasury Bill we exposed yester.
day. showing tina, ii expected TO keep S20,0oOo 900 in
Treasury Daits specie etoat-bu. lhe fol.
ing scheme Of the Post escaped eyes, until at.
'eation was called 10 il 10 olher pancrs.
From the Evening POST
II Is contemplated 10 establish branches OF the United
States Mint here and al ST. Louis II is generally ad.
mtied that this ought be done the proper time for
doing H. rs when The independent treasury bill passes-
II Is common practice 10 lodge quantities of the pre-
cious metals with the mint. Not dollar Of the money
placed in lis charge has been lost i is the safest Of all
places OF special depuste. Let The OF coin which
II would be necessary 10 for the custom house be
deposited IN the branch mint here and he certificates NJ
The nnt taken, The transfer q uhich eoud TRANSFER he
MONEY 10 fhe custom house or 10 e public creditor 10
any body Else. II branch OF The mini were established
here those who talk Of the Inconvenience OF carts and
wheeibafro"s truadlng specie about the city would be
deprived Of their fay0rlle topic.
Thus 10 the News 100000 of Treasury Drafts,
the Post proposes to add Mint Certificates 10 an indie,
flute amount, which, as Bank checks now do should
transfer money 10 the Custom House the public cred
itor or TO ANY Bopy ELSE So besides the Treasury
Bank. are to have a Mint Bank ALSO and this is
the scheme OF the independent exclusive hard money
Treasury
Now very clear that thess men are frightened
with this specie Sub Treasury scheme Of theirs and are
already resurng 10 all vi paper schemes and sub
Iefiuses 10 sc, rid Gifts effects.
But We would like 10 know in what respect "mnt
certificates" (not mnt drops,,O Specie warrants -
or Treasury Dfals.o better than Bank notes, or
Bank checks, or Bank Drafts. the currency we now
have They liable be counierielted and less
4 known.
Again, these mint certificates when transferred TO
The public CREDITOR, or ANY body else would, from
The necessity OF the case, become part Of the currency
OF The day, as much US large bank bank checks
According TO the oxpostons of the Post and New
ihen, the Independent Sub Treasury is only scheme on
The part Of the Government make paper money and
mol 10 have What we have been told il AFTER an ex,
! clnslse hard money currency.
/ we eommend 10 TIE News and POST the f,llow
ing extract from the Journal of Commerce" and mas.
much as they all voted Tor Polk together We hone il
VIII nave more weight with them therefor
III Is shame under Mr.. w lkeI's system of securi
ies to talk OF The banks agaling the money make, by
he use ol The government deposits, when those demos.
It's are nearly all inv estedn government stocks aud de~
POSTED back with the Secretary. The surplus revenue
is not IN The banks, al their disposal beTond mil.
lion OF dollars 10 the depoe banks Of this civ
add this must be nearly all kept on hand to meet The
treasury drafts which may IN any day any bank
not only Tor lis portion OF this million but for that also
which lies IN security in the hands of the Secretary
he banks have actually three and half millions of
government deposits Two and half millions Ihey ha We
invested in stocks which deposited with the Seclets
fy, and yet they liable at any moment TO have the
| whole three aud half millions demanded. Certainly
money so placed cannot agaie the money market. ex
cep by iis necessary contraction The fact is the sub,
Treasury viii mol confirm itself truth turn il as you
Will IL Is consnnnate mOnslrosity and absnrdity -
he only way IN which work well is by not work
lug atall.D