New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-04-04
po,,aee Of the sub-rreasury.

Passage Of the Eub-Treasury.
The House of Representatives by party VOTE
has passed bill 70 reestablish the Sub-Treasury,
frs, enacted after years of arduous struggle in 1910,
and repealed by an overw hemipg majority the fol-
lowing year. The party has now driven it through
the House by stringent use OF its numerical pow
err and win of course drive it through the Senate al
so. 1. must do something to answer the expecta-
tons of blind ho.headed partsans: and as purely
Revenue Tariff and Oregon up to 54' 4V are rath'
CIR hard Jobs, it has concluded to put through the
Sinh Treasury 80 as to say it has done something at
all events.
The bill, as reported-and we presume it has an
dersone no change-professes to collect onethrd of
the Revenue in Specie for the year ensuing, two
thirds the second year, and afterward the whole.
The barbarous machinery Of Government vaults,
locks ETC., is revived. This, however, is Of minor
consequence the essence of the bill is the rejection
of Bank notes by the Government, and the ultimate
exaction OF its dues in coin alone. This is grave
principle, though mistaken one. Fit were faith
folly adhered to in the bill, we might regard the
measure with respect if not with complacency. But
to advertise the Banks unworthy of credit yet go
800 in good Bank Notes from the man who wants
eighty acres ofland, yet take $4,000 in the same
notes from merchant who has to pay $500 for
duties is sheer absurdity and folly. man has
letter at the Post Office and nothing but Bank
bill wherewith TO get it that bill cannot be taken,
and he must go away without his letter. Yet that
same bill will be taken the next moment from man
who has large amount 10 pay at the Custom House
next door. The Government cries down the very
currency which it continues in part to circulate and
confde in It says We do not trust Banks-we
withdraw our funds from Banks'-yet takes the
notes of those Banks and locks them up in its own
vaults and is then just exactly as safe as though 1t
had deposited its funds and taken credit there
for the Banks books except that if the vaults are
robbed the loss will now be the Governments.
while in the other case it would fall on the Banks.
Look at another aspect: Here are New-York,
Pennsylvania and twothrds Of the States voting TO
establish the bTreasury but not one of them can
be driven or tainted into adopting like system for
It's oun finances. We ask repeatedly, If this plan
be go good why not try it on the smaller scale before
attempting it on the larger7' but no response is
given This City has repeatedly sent Delegations to
the Legislature zealops for the Sub,Treasury, and
the present is instructed to propose il at Albany for
the State but not whisper of such PROPOSE
ton has ernanated from it. Yet the thunder Of Samm
now is silent, and our Hard Comptroller is up to
his neck in Bank arrangements, borrowings, loan
ings transferring and cuddling with Banks from day
to day. He never trembles for his own integrity nor
for that of his subordnates he ntimates no fear
for the purity of has assistants; but his bowels earn
for the pcrous condition of Secretary Walker and
his aids, and he shrinks appalled, from the contem
pation of the virtue like Josephs which is demand
ed of them, and which he mot surprisingly fears
may fail them in the hour Of trial. So he leaves his
own soul in peril and flies to the rescue of his brother
who holds the keys Of the Federal Treasury! Could
the love of David for Jonathan have been more str
kngly manifested?
Reduced to its elements, the Financial question
is simply, Shall we permit and cherish Currency
composed in good part Paper convertible into coin
at pleasure 2 We say Yes; that though there are
certainly hazards and sometimes evils connected
with Paper Money yet on the whole its benefits far
outweigh its evils. So believing, we protest
against any policy of the Federal Government,
which shall denounce and dscredit, however capri
ciously and nconsistently the Banks Of the States.
Were we thorough Hard Money men, we would
support Sub.Treasury, but it should be real and
thorough Sub Treasury, taking nothing but Coin, and
the same for the National and State Governments.
The bill now before Congress deranges every
thing and settles nothing. The exaction of Specie
will cripple the Banks, contract the Currency and
distress the People, all to rational end. Whenit
shall have been in operation a year, though the
good will be scarce, the worst sorts of Paper Money
will be more abundant than at present. Meantime
a vast power the Banks is committed TO the
Executive, who can cripple any one or more by
pushing home all the circulation Of an obnoxious
one and keeping the notes ofis favorites for months
in its Sub.Treasuries. And yet this bill is to be
come law