Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-04-11

great measure Of delverance and liberty" (as It
has been mast unaptly christened by great man,
who, in his sudden love for this discarded
ception, seemed to have forgotten its origin and
Its uniform ccmpanionship with barbaric and des.
potic govemments.) Yet, what says the New
York Hcrald-itself decided advocate Of the
ub-rrcasury.--. this point; We ask particu-
lar attention to its admsson.-lt says:
"Thc effect Of the sub.trcasury upon the banks will de-
pend upon the pursued by those nstu
tons nthey very cautiously, their opera
ranons, and prepare themselves for emergency that
they be able through the crisis safe
y but they do motif they attempt TO expand, their
fate is scaled the subeasury will sweep them out OF
istence by the score"
Precisely so. And yet shall hear may
| we already, in advance, hear-the Banks denoun.
ced rs panic makers, because, forcseeing the ap-
proach of the tempest, they wisely prepare to en-
counter, that they may if possible survive its vio-
lence. The government, 10y its stringent policy,
compels them to contract their operations
measure of safety, which they dare not neglect;
and then, the organs of that government assail
them for adopting this necessary measure of pre-
caution, and endeavor to arouse against them
public indignation. the authors of the very ca
lamities from which they seeking TO escape
We shall he compelled, often perhaps, to advert
to this important subject. In the meanwhile,
invite the attention of our readers the following
article:
FROM the Baltimore american
What effect the Sub-easury likely have upon the
currcncy1 1t may have effect IN ways; In the
first place. the carried the hard
principles IT all dues received in specie only
and all disbursements made IN specie only no matter what
roIbs of counting and Transporting such weigh
" commodities AS gold end silver, then there will b.
distinct Government currency TO the extent OF the
Governments
all that paid the Treasury from customs, public
ands for postage and patents, may be estimated
thirty millions annually. This again dlsburs
ed the various expendiiutesof Governmentamy navy
list OF charges OF mail transportation, and all the
manifold OF public expense. Now it
sgg cgae comparison with the total busses operations
ofhe county, not large. BUTT IL to be rememb, red
this particular currency vt thirty hVe millions
OF substance which forms the OF the general
rcucy; and abstraction from the circulation i
like awng portion Of the vital principle from hu
maa body, WHICH cannot De done without imparng it,
health.
'Bu, need dwell upon this. for the Sub Treasury
affect the currency another way. The dsbur.e-
O. TIE GoNorumsu u not he made m specie W"
of the bll which has passed the House.
bui presume the V reu bill IN the
thor T. datI- Om depository OF the public money
That authority be given all Those
would grade farihes, ards the currency system
OF and nations, suPpressin: al the de-
vropmrns which civilized intercourse throa ghout the
word mas gvca birth. tar reduce the OAK
into the cut OIL that FIRST othooi Of financial nm
pr,vemeut wtrch the form OF bills OF exchange, appear
ed the fifteenth Thee drstt must, for
yerltnce, be made IN sums OF small as well as large
They wi. 20 into circulation Government currency.
Their quality L. = Bank OF equal value IN all parts
Of the Union and convertible Et1 specie where,
keep them IN circulation. The absence OF National
Bank will give the Government monopoly IN this
currency. For time, therefore. payments into the Urea
sury will be made specie while specie will be paid
The Government becomes Bank on large e,
In which the d'Pps o, gold and silver add continually
It's espiai and become part OF H.
" IL clear that under these circumstances the State
Banks be driven speedily a suspension. The
uora ty OF the Government issues viii keep them At
premium first and for considerable Hence specie
flow into tue Treasury, those having payments
make finding u to pay N specie Government
paper above par The local Banks must yield up their
specie Tor Ihs purpose their will be returned upon
them be exchanged for specie, wle the Government
will gradually supply the paper currency OF
the country.
such evidently the tendency Of the Su5-ireasuy sys
But OF concluding sections OF the bull,
find the brief synopis Of It's provisions before u,
msAes the duty OF the Secretary OF the Treasury 10
and publish regulations enforce the speedy presentation
all government drafts, and prescribe the which
all drafts snail be presented for payment and guard,
far BE- against those drafts beng used thrown
into circulation paper currency, medium OF
change.
ITO suGrd Is jar may BE-" 4 yery vague duty OF
discretion. Toe Pres dent viii II ms power con.
nj the WLOe Of finance ard currency throughout
Union. Ii the expenditures should exceed the revenue,
nothing would be necessary than pay in drafts
acaprd with definite period Of redemption.
The Treasury ltes the tayOTite device Of Van
buren, alton, would be required the tar might
be reduced mPaniy. Iii clear from the the
OF Act that there safeguard the creation
and OF currency formed Of Government dails,
watch would be the IN substance and nearly Inc
In form United States Bank noes-no safeguard what
ever the discretion Of the Secretary OF the Treasury,
which, phaseOlogy. means the pleasure OF tue
President"