The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-13
EDITORS CORRESPONDENCE
From our regular c.rrespondentl

New YoKK. April 10, 1886.
The Journal Of Csmmsrcs and the sub-treasury.-
n Urilsd States mini Vsraais made harlyerabis-nOi
Paper money IN the sense Of Bank issues Of paper
m0usy.--Ihs 4l2 banks IN The United States haze
expanded from lS45, til in january, 1876 Their
loans equal in the aggregate s6 so paper money for
~ peeie---d mss deposiiimg Oil 900 IN Uniisd
States MINI shosld receive SIR certificates and aha
representing $500 10 place The certificates on par
tgih Bank buia-Condiion efihs banks ia Masss-
ehsetf' and other STATES, In l845 and l846-Siaiss
. 81 greatest and least expansion democratic
ussasurss--aA ough TO De adopisd-la, sub-tysar.-
~; %, Varehoising system; Sd. branch mintsj 4A,
reduction u The t@iG.-Chins ns,os, &c.
The arguments used by the Journal of Com
peree, to-day against the sub-treasury tho not so
designed, yet go very far TO prove the absolute me-
ee.s,ty and expediency Of the measure. Ii commits
aver, very goss blundsr IN supppsins bank bills and
United States mint warrspls equivalent ss paper
money. The United States at this Time contains
az banks with only an aggregate specie capital of
Gas ,06l $751; and S75 900 900 Jeposites Consisting
for the mospart OF each others Bills On this small
basis OF specie they have up to January hast (ls46)
increased their loans to s229, 2s6, 033-which ia
equal TO So 50 for every one dollar Of speeie IN their
panhs. Now, before United States warrant is is
sued on specie depostes can be considered paper
money, such as the banks issue, a man depositing
81 900 with the mint, should receive six warrants
Tor So 200, and one warrant for $780, to be put in
circulation as paper money, aud with which specu-
ators and favorite jobbers in corporation securities
might speculate on produce, and cheat honest labor
ont ofi,a hard earnings Why are the banks so anx-
ious to obtain government deposited What right
have they use them for the accommodation of the
relatives, friends and avoites Of the directors and
officers OF these paper machines, and by the use Of
which spectators may grow rich, at the expense
Of honest industry
Can system be tolerated which gathers an snor-
nous tax from the labor Of the people, in country,
too where capital is untaxed for the support OF the
general government, and which, when collected, in
stead OF being applied in legitimate manner, is
placed under the control Of few banks to loan to
their customers, who speculate the produce of the
very people who earn the money with which they
operate Imported small parcel Of goods and had
TO pay "Uncle Sam" SIS. You use sugar, wool
lens, cottons, and various other hgh-axed articles.
What right has the government to take my money,
with yours paid In good faith to support the federal
government, and loan II TO set of banks, who are
already receiving interest on six paper dollars for
one in specle' What right have the banks to use
our money, or to loan it 10 pampered favortes and
reckless speculaforsl And when they burst :" the
people on whose taxes they have speculaed are
forced TO take their deprecated rags. The Scrip
lures tell as that when Satan first entered the world
he attempted to corrupt and ruin mankind by enti-
cling Eve to eat OF the forbidden fruit. BY miracle
he was foed in realizing entire success by the fall
We are Informed that he still fingers among men,
seeking to do mischief; and we consider bis most
powerful instruments Of producing evil found in
the use of paper money and alcohol, To corrupt
mankind to great extent, it is only necessary for
him to appear with a roll Of paper money in one
hand, and bottle OF whiskey in the other. II he
cannot induce man to drink, he otfers to loan him
paper money, and TO make him rich He will in
return, il necessary, offer sell him all the city lots
and rich lands in Chrstendom on bond and mort.
gage.
I alluded vestrrdav tn the late exnansion of the
banks since November, ls45, and particularly to
those Of Massachusetts which, in the following
years of ls45 and 1886, stood thus:
ls45. 1886
Loans. .S4S, TO- 75 SIS, 64s, 729
49,770,975