The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-05-09
THE INDEPENDENT TREASURY.

The chairman of the Finance COM
mittee in the Senate, it appears. has an.
nounced the intention Of the committee
to report the peoples BILL" with the
postponement Of the action Of the spe-
Gle clause until January next. He al,
so stated that bills would be reported
for the erection OF branch mints in New
York and Charleston, S. c.. and also
for warehousing system. These are
highly desirable, in algeneral point of
view; but when the committee inform
the public that they are designed TO
ameliorate the action of the lndepen.
dent Treasury, the, are, in our opin-
ion, guilty Of a gross piece OF charlatan-
ry. The idea that to collect the gov.
ernment revenues in specie will in the
smallest degree incommode business, is
one OF those wild chimeras that some
times take possession of the public
mind, against all reason. A foreign
drain Of specie sometimes sets in, and
in few weeks several millions ofspe-
Gle leaves the vaults Of the banks, and
goes out Of the country altogether. In
the year which ended June 80, 1845,
$9,O0O,0o0 of specie were exported
from the United States. This is equal
to ons-third the entire revenue OF the
Federal Government for the year, and
vet, in the face of it, the banks expand
ed their issues largely. 1t is now al.
legged, because the Government requires
that the specie shall pass through the
Treasury vaults into circulation, 10 re-
turn through the hands Of shopkeepers
and merchants to the banks in few
weeks or days, that all business will be
deranged, and the banks seriously in
jured. The whole matter is gross de-
lusion. 1t will be no delusion, howev-
er, to give the banks nine months to
carry on fight against the government
in order to compel REIMBURSEMENT to
the Independent Treasury Law. The
doings of King Biddle and his corrupt
bank are still alive in the public mind.
When he sought to combat the govern
ment in order to defeat the will of the
people, he loaned freely to patriotic
politicians and an incorruptible press,
and when their obligations were large
he made them all squeak long and loud
against the removal of the deposits.
The banks here may play the same
tricks again. Nine months is ample
time for them to produce great infla-
ton and consequent revulsion just as
Congress meets in December, in The
hope Of producing Sufficient clamor to
trighten Congress into another post
ponement. In 1905, according to
Treasury estimates, there was $1,000
900 of specie in the United States, and
the revenue was $l7,oo0,0O0 per an
mum. 1t was then urged with some
propriety, that there was not enough of
specie here to admit of the exclusive
collection of the revenue in gold and
silver. There is now IN the country
$15o,ooo,oO0 of gold and silver, and
the revenue is $99,oo0,OoO. The et-
feet that the revenue will have, wlll
therefore be merely to give activity TO
the mass, and by SO doing make money
more plenty in business channels, al
though perhaps, less so among bank de-
pendent spectators. We trust Nc
Senate will see the absurdity OF pro-
longing the suspense and vague appre-
tensions of the community, merely TO
give the banks an opportunity omake
ba tile for the plunder.--N Y. Nrws.