Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-04-27
SIGNS OF FEAR.

Finance Committee, few days ago, in reference
TO the time at which the Sub Treasury Bill would
probably be reported to the Senate for its action,
aud to the amendments which might be suggest
ed, observed that the Committee had determined
10 giro precedence TO the bill establishing the
Wnrehousing System, and likewise TO bills cstab-
fishing Branch MINIS at New York and Charles
ton. We would enquire why it is that the Sc
nate, more cautious and prudent than the popular
branch Of Congress, deems il necessary TO pre-
cede the introduction of the contemplated Finan-
cial System by other measures, having no imme-
diate connection with 1t, though one oil them, we
admit, will be wholly unnecessary, except MS a
cumbrous and costly appendage to that system
And why is the assurance gwen, too, that, IL the
bill shall ultimately pass, its uial provision Invested
of which il is body without soul, requiring
all government dues to be paid in specie, instead
of going into effect i'm the month Of June, as re-
quired by the House Bill shall not be enforced
earlier than January next Ii the measure bo n
wise ono, why defer the period at which its aus
picious influence shall be exerted for the benefit
of tue country If it is the constitutional trea-
sury which, for the first time since the adoption
of the Constitution, now more than half century
ago, about to establish, why postpone for
day duty which the trainers of the Constitu-
ton and all their successors, until Mr.. Van Blu
ren's time, most strangely overlooked, or most
crminally neglected to performl Why this de-
iay-why the trembling hesitation with which the
subject is approached-the shrinking back from
the consequences of the meditated deed, which
they are pledged, but which nevertheless they
fear to do! Mr.. Lewis is himself candid enough
TO inform us. The Warehcusing System, he tells
the country, is Intended as "a REMEDIAL MEA-
"suRE, in its tendency strongly calculated to NE
"LIEvR ANY PRESSURE that may result from
-'sudden precptate introduction Of the specie
-' clauses of the Sub.Treasury BILL" while the
Branch MINIS, totally useless and unnecessary
for any other purpose, since we have already i'll
operation number of Institutions of similar
character, more than adequate TO the legitimate
purposes for which they were originally designed,
will be requisite to facilitate we not told how,
-the introduction of specie payments into the
Treasury"
These candid admissions, for which we
indebted to the Chairman of the Finance Com
mittee-hmsef an advocate of measure, the
adoption Of which requires this preliminary legis
lation in order TO mitigate the severity of its eff
fects The simple annunciation OF the fact that
the adoption of the Warehousng System is essen
TO condemn the policy, the evils of which that
tia as remedial measure" ought to be sufficient
sytem is conlcssedly necessary TO mitigate. Why
abandon a system under which, while the public
money is infinitely safer 1--WE say So without fear
Of CONTRADICTORY than it can possibly be under
hot hu oh a 20 hH hStii
currency is sound, and the country is in a pros
porous condition. Why, above all, replace it by
plan, from the operation Of which its advocates
themselves confidently anticipate pressure"
that, in order to guard against IT, they deem it ne.
cessary to precede its introduction by COMES.
sedly remedial measured Is it not wiser to adj
here TO the existing mode of discussing and keep
ing the public funds, long il works well, ra-
ther than to substitute it by another, which, from
its very nature, we know will operate with so
much severity, that even its friends afraid to
adopt it without first taking precautionary mea-
sures TO guard against its injurious effects Is not
that measure condemned upon its very face, which
its friends admit cannot be safely adopted without
-'giving precedence" to others calculated to "re-
Iieue he pressure" which ii must necessarily pro-
ducc1 Why, we ask, in the name Of common
sense, adopt a system which requires us to resort
70 "a remedial measure" in advance, when we
have already in operation a plan which needs no
such preliminary legislation to avert It's mischies!
One might with much reason take dose Of |
arsenic having first used the Precaution of swal-
lowing an antidote by which its poisonous effects
might be so far neutrallzcd as to prevent the ex-
iincion Of life
We have remarked above that the specie clause |
Of the snb-Treasury bill is its pital feature Invested
of which il would be piece Of cumbrous machi- |
Gcry, chiefly Objectionable the Of the in |
crease Of federal patronage, and of the facilities it
would furnish to embezzlement and defalcation.
Il is that clause of the bill from which pressure
is apprehcnded, and from which, If be enforced,
a pressure must necessarily arise. We need not
attempt to argue a proposition so plain thai even
the best friends Of the ProPo-ed change are con-
strained to admit il. But we cannot refrain from
calling public attention, in this connection, to the
strong and emphatic condemnation passed by Sc
nalor McDufie, upon this measure in 1888, the
year after Mr.. Van Buren, had, by his official i'm
primatur, given the democratic" impress to this
"edcrsl ylion," as the Globe characterized
it ia 1893. when Gen. Gordon introduced It into
che House Of Representatives as the antagonist Of
Gen. Jackson's and Amos KendslPs Pet Bank
league. Mr. McDufiie, IN a letter 10 Col. Townes,
Of Georgia, used this strong languago-to the
truth and force Of which we as heartily subscribe
now we did at the tune It was written
." regard (said hey the scheme Of eIaciing spe-
"cio paynents for Government dues, to the eI.
clusion Of the bills Of spece-payng Banks, a.
" measure lraugi. with such delcterous conse.
"quesces. that do not believe it would be endu-
red. Specie is not our cuuoncy--It - merely
"a staDdard 10 which we refer, by means Of the
exchanges, to ascertain when the currency is
:" redundant. Paper credit is our actual curen-
" cy; aud 10 destroy that would be TO produce one
4" Of the most unjust and uinous revolutions which
" ever desolatcd the earth"
The letter from which this paragraph is taken,
was written after Me-. Calhoun had given in his
adhesion to Van Barren on this question and we
hoPo TO sec Mr.. McDufTie reherating this opinion