Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-11-14
From the N. o. Bee.

we'll supplied with money, the Sub. Treasury sys.
TEN il faithfully carried out-would prove oner.
Gus in the extreme to the business relations OF the
community, by subsuacling large quantities OF
gold and silver, and placing them in strong boxes,
and under bolts and bars. The money thus
taken out Of circulation would be converted from
an active currency, into dead weight, lying inert
and useless in the Golfers Of the Government
while commerce would suffer from the want Of
portion OF the means wherewith its operations
are effected. When, however, there is no money
in the Treasury, and the demands upon the
Government exact constant disbursement OF all
it's active resources, the Sub. Treasury simply
becomes HUMBuo, and one OF the very first
water, clear and transparent as crystal.
The best evidence OF this may be found in the
fact that the separation Of the Government from
the Banks so long proclaimed by the Loco Foco
party as the vital principle, the very quintessence
Of their creed and which they have sought to in.
pains and penalties provided for all violations,
is utterly disregarded and condemned in the practi.
cal conduct Of all who are connected with the
fiscal affairs Of the Administration. Here we
have Me- Secretary Walker, who with so much
tribula,ion originated "this great measure OF
deliverance--this second declaration OF indepen.
dence" wide Loco Foco papers passing hawking
Treasury notes, Government rags, from Bank to
Bank in the city Of New York. and offering
them in exchange for Bank paper-lor the very
shinplasters which he and his party affect 10 re.
gard with such holy horror. 1t is doubtful, too,
whether the Banks will consent to give their
notes for the paper Of the Government. "The
merchants feel, says the Journal OF Commerce
that as new systems Of finance are coming into
operation, it is especially necessary that our mon
eyed institutions should maintain strong posi-
ton; and they do not perceive how an Admins
tration, which has proclaimed that its fundamental
policy is separation from banks and the rejection
Of bank bills, should so Immediately come back
asking for loans from these rejected institutions
Of their rejected currency. There is no i'll ma
ture about the business, but no reason is per
ceived why the Administration should not try its
own policy as we'll as the people, and certainly
none why the people should be made sick te
save the Administration from taking its own med
icine.'
The Trainer Of the SubTreasury begs thu
Banks to lend the Government money ate
securing The pa ssage OF an act which is, sol disan
10 sever all connection with such Institutions
In the mean while, another officer OF the Govern
nent proceeds to New York, and with Govern
ment funds buys Bank notes to take 10 Washing
ton for disbursement to the public creditors. |
this does not display the preposterous folly Of thu
Sub. Treasury, its utter impracticability and thu
GOODNESS with which its cardinal principle il
outraged, Locoloco blindness is hopeless case
and not to be relieved by any operation. To b
sure. its system at this time is harmless because
cannot be effecually carried out, while the claim
upon the Treasury so far exceed its resources, a
10 require the issue Of Government paper, tn
negotiation Of loan or both. II practicable
i, would be deeply mischievous; bat being i'm
practble, it is a fimsey system Of imposur
which is exposed by the the very transaction
in which the fiscal officers Of the Governmer
are now engaged.