Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-08-03
DAILY WING.
The Snb-TreasurN.

Congress- according the ashington Unon authori-
tavcy prescribed. For IL is curious and odfyng OBJ.
the gnRery in which the Editor of
Per touches s question, his unccancd denuncisuons of
which do permit him advocate il with that energy
aud real which IL his to exhibit when his heart
his theme. Entire silence this, of the leading
sures Of his party in the position which he occupies OF
course impossible but how can he be expected boldly
its adoption, by showing its eongenay with free
Institutions, its tendency TO curnil Executive power and
patronage, give the People good and stable currency
and to the safety Of the public money Has he
often assured the people that this is snt-repub
in principle, and that would be attended
with the mschevous and injurious consequences -
What wonder 1t, then, that when, the Executive
gam the editor Of the Union feels constrained hni
decAtey possible that the Of the Sub Urea.
tuy Of the duties that devolve upon the present
Congress- he accompanies with the parenhecal remark
that it s so because it decreed by the Baltimore
Convention The country has really a pretty
pass when irresponsible concave OF sce holders and
oics-sceker assembled for the purpose OF nominating
candidates for tho Presidency and Vice Presidency with
mainly to the distribution Of the Spols.
itself the high preogave OF laying down chart by which
the OF the States and Of the People Con-
gress assembled rgdy to conform in the exercise Of
their responsible functions egislaors-a refusal to ad.
here which is subject every individual rebel the
charge OF aposiacy, descrtion and Yet mani
iesy only because the Baltimore Convention decreed that
fruits OF Mr. Folks election that the editor Of the Union,
who bound to believe lie decidedly opposed that
engine OF Executive agsandizement calls upon Congress
in feeble tones it true, If the words choked him
their establish fiscal system unknown
any government having the sembance OF freedom, and
which IL universal coneomiont Of despotsm and barbsr
ism The Of the hesitancy and reluctance with
which he approaches this question may be found certain
articles in the Richmond Enquirer, Of ls37-s OF which
he then the editor few from which, furnish
ed by correspondent, publish in another column.
They furnish argument against the system the force
OF which shall not the supererogsory task OF adj
ding a word.
But the editor Of the Union does stand alone the
unfortunate predcament of being compelled by party
tangemeuts, sustain against which his udg
revolts. The President himself the
CORY. Ills position the nominee OF the Baltimore Con-
venon the resolutions OF which body he promptly
gave his assent compes him, however speak bold
y the subject And consequently, in his annual mes
sage Congress- he recommended revival Of the Sub
Treasuy-a measure originally carried after three years
nrduous struggle between the Executive and the People,
but which overthrown, after brief years existence
during which time its provisions found be incapa-
bic OF execuon by the great civil revolution OF lS40-a
revolution rich in promise, but which rendered al
barren Of fruit by the treachery of one Of leaders
But was Mr. Polk always in favor Of III Let his speech
1895 against the proposition, when 1t introduced into
State, (who that time recognized member Of the
Wing party and when il mathematical as "a FOUL
FEDERAL CONCEPTIONS by the organ Of Gen. Jackson
Washington, answer the question. Mr. Polk, discussing
the subject only Of its aspects-the stronger qua.
for the safety of the public money when deposited
in banks than when entrusted individual custody-sad
corporation may be safer than any individual agent;
however responsible he may be, because an
association Of individuals who have thrown together their
aggregate wealth, and who are bound in their corporate
character the of their whole stock the depo-
so. In addition TO this, the Secretary Of the Treasury
may require heavy collateral security addition to their
capital paid in. from such corporation, he could from
individual collector receiver, which makes the Co
Vement depOes safer the hands it could
DO with an individual.
alt may well questioned whether the heaviest socuri-
ty, which the wealthy individual could give could
make the public depose safe the point Of large colec
lions In the city OF New York half the revenue is coec
ted Several millions of the public money may be 10 the
hands OF receiver at time; and If Inc DO corrupt
shall engage IN speculation trade, and with
fortune the loss sustained by the Government would
be inevitable. With ample security 1t was supposed
the Government lost million in the case a
few years ago The osses three alone already
stated in 1877 end 2S when It supposed ample care
had been taken the debt amounted two
millions. A then between the responsibility Of public
receiver and corporations Banks do exist and likely
exist under State authority the latter upon the ground Of
safety TO the public arc to be preferred"
Banks when they safe, recommend themselves 10
the service OF the Treasury for other
81 The increased facility they possess individual
ney distant points for disbursement without charge the
public. Indeed this service which individuals 10 the
extent Of our large revenues. could not perform"
III the hands Of receivers they either hoard
by keeping il locked up in strong box, IT, their
risk private speculation trade; or they must for
ter responsibility. place II al least depOse 10 banks
for safe keeping, until they called by the 60.
yeTnment for IT,"
This temporary Of the money on deposte in
bank constitutes tho only compensation which the bank
for the risk keeping and for the service IL
ueffD
any other than 10 keep the money, and must be
paid a compensation from the Treasury"
Such the argument Of Jas h Polk against the Sub
Treasury, when that policy fret suggested by Gent
Gordon But, by metamorphosis az remarkable as
any recorded by Ovid, this scheme, odous now
the very paragon OF boauty-ths foul federal concep-
ton converted into great democratic" principle
ths SYSTEM which obtains every despouc governn,
the face Of the earth, aud wholly unknown govern
meuts which tho principles Of OWL freedom even
family recognized proclaimed be "a great measure
Of Dolveanee aud Liberty ="
We have remarked that the law Of 1910 was found n
bo incapable Of during the brief yeSr Of s
once Ths has boen heretofore proved ~ tho sa.cton
Of the country. The public dues were not collected IN
specie the required. That feature Of the Isw-its
rifaf esure divestsd Of which tits body without soul
except ~ Tor RENDERS the public money more unsafe
and swes the patronage and power oi the Executive
READY TOO oREAr ~ REUBL,"--was systematically de
regarded by the In truth, Mr.. Benton himself
decisfes thst the act Of 1870 ga humbug" Mr.
Calhoun, it's true, greatly seandilzcd the appli
cation u this ephoi 10 measure which proved
vs a. himself IN lsJ7but the Missouri senator Ted
that II the passed. not humbug, 80 made
humbug, great humblg" by tho iaithess manner Of m
execution snd he related an extraordinary incident
which created no little sensation among Senators that oc
CURED while 10 was DO openton,-showing that tho En-
Seuftrs ssf did not hesitate violate BE- provisions m,
for q purpose which stamps be- conduct with a darke
hue even Than disregard Of law a letter from Washing
con % the New Yoik Express nsratc, this incident d
follows
Mr. Benton brought forward a correspondence DO
tween che Indian Agontin 1870, r. Hartley Crawford
and the Indian Agent 81 Missouri. Mr.. Cfawfofd unds
Instructions from the Secretary u Treasury, aud the Sec
rotary OF War, The Agent that he must pay I
y Bank notes The Indians. The notes were then d,
pfcciaod and the Government deliberately about pay
ing the DEPRECATED currency 10 the Indians Th
rrresp,udcnce was marked confidential ard s chsraet,