New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-04-14
The sub-Treasur Bill.

Lccc-r oco mischieir1akers a. ~ asOloEson y II
force upon tie country the subTreasury Law, and
throw Us back century in the coarse OF progress
By the repadia;iou of paper money and the return
TO specie basis for all the operations OF Government
"a rerograde movement worthy OF the despodsros
OF the Old World IN the dark ages, bent upon sup
pressing enterprise bu. scarcely worthy OF the
keest people on the Earth n the nineteenth cen
;1rv. The rapid rise Of Foreign Exchange 10 point
above that at which shipments OF coin become profit
able, had undoubtedly some influence upon the
movements Of the Banks previous to the departure
of the las, Steamer but that cause has since been re-
moved, and the Exchange Marke, now presents no
features indicating exports OF the precious metals
vast a1noun; Of Produce is continually arriving
here for shipment and an unusually large portion
OF the Cotton crop is still, 70 90 forward, as soon ss
prices on the other side viii admit OF shipments
All this Kill giva broad basis for bills and prevent
those exports Of coin which so alarm the Banks
Il, the apprehension on the part OF those insttu-
tons that the Sab-Treasury Law will be passed.
whcbhas driven them 70 put the screws 20 suspend
making loans 10 reduce their discount lines, and so
to coptrac, themselves that the Law, if passed, will
6od them all snug and beyond It's mischievous oper-
alton Meanwhile, however all departments OF
business are suffering By the depletion they are
obliged 10 undergo by this withdrawal Of the bank
ing facilities, By which they have been encouraged
and sustained Valuable enterprises are checked
and others entirely arrested By want OF the means
locked up in Banks
The Banks fear that Law requiring that all the
dues of Goverumen, shall De paid in specie viii
rapidly drain their vaults of three or four millions
Of coin. which is 10 be locked up permanently in the
iron safes Of the Sub Treasurers-as much annibia-
ted. so far as irrigatng the paths of commerce
trade is concerned, as though ii had been thrown
back into the crucible of Nature.
This subtraction of coin iii is to take place, must
Of course be me, by corresponding reduction OF
Bank iabilities-,his reduction must be antecedent
and il il now going on It's Eel, throughout al the
arteries of business.
Was there any great good TO be the result OF this
uncomfortable narrowing of the facilities of business
!, might be borne with some degree Of philosophy
bn, when business men suffer that political adven'
turers nav try experiments on the body polite IL
ia no, easy 10 look on and smile. w hen the
financial system of Country in state OF almost
uncloaded prosperity. must be overturned upon
marty cry those who have a stake in the Country
ond whose wealth is invested in its enterprises can
scarcely be expected tolook with comp!acency upon
,bs, revelation which is to arrest all their plans and
destroy. in great measure, that confidence which
is the corner stone of the CONNIE rcal World
The plea for this Ubiquitous bill, is that the public
money is not safe in the Banks. Admitting that
under the old deposit bank system the Government
fo,x hnua nd d0llarS
bank failure this could not occur under the present
system, as the Secretary has in his own keeping
ample securities for the public moneys in the shape
of Government and interest,paying state stocks.
These in case of default Of any Bank, be can at any
moment convert into money in WaLst- and rem
burae the Government VIII no; any sensible man
admit that this is safer than depositing the mo-
ney with Sub Treasurer who gives bonds
TO perhaps one.four,h the amount entrusted to
his keeping and who has the opportunity twice
month of taking steamer at Boston on his way TO
parts unknown Has not the experience OF this
country in the way of Sub Treasurers been sutt-
Gent 10 induce people possessing the Intelligence
of child isvho once burned avoids the fire after
ward to repudiate the breed altogether!
Another plea advanced for this change is that
the deposit money ia loaned Out to stock jobbers-
who are thereby enabled 10 carry on their stock
specuations to toe great de,riment of the dear pub
lie who lose their money at the stock faro table
And still another plea is that the requirement
by the Secretary, of stock securities brings the
Banks into the market as buyers and eei'cr5
of stock and rivals of the regular capitalists thus
producing unnatural fluctuations The last plea
would seem 10 neutralize the first. The govern
ment money it is clear cannot be loaned 10 stock
spectators as it is actually invested in the State
stocks deposited with the Secretary, and the money
il in the hands OF those who owned the stocks.
holding precisely the condition of the surplus CAPT
tai of noneved men AS to the last plea i, has really
but little virtue as while the deposit Institutions
remain unchanged. there is bat little movement in
the securities and after the first purchases, which
have already been made and the market recovered
from the effect the quotations are entirely unintiu-
enccd BY the small operations required by the tuc-
tuations of the smount of deposites.
The above statements we think are seitevident.
1t would no, be difficult we believe prove that
the practical details of the House bill, if honestly
carried out would be 20 embarrassing speedi-
" bring into contemp, offs friends and drive
various subterfuges which would defeat the inten-
ton of the trainers of the law. The unbounded
business OF this country, which grasps the entire
world in its enterprises cannot be hampered within
hard money limits and this would soon be learned
by Sub.Treasurers.
The resul, would be that after all the annoyance
we are suffering and are yet to suffer, things would
in fact, although not nomnally, go on pretty much
as they have heretofore.
FROM Poxr Az PRIscE.-We copy the followin g
says the Boston Courier Monday from the Merchants
News Room books, brought BY Captain shacklefoFd Of
the brig Colorado arrived last evening from Cape Hay
ten whence she sailed 9th ult
President Pierro, sent in bis resignation. night Of
27,a u, and returned his country residence not
however without insult from the mob which fol
lowed him with stones and other missiles. General
Bobo who has just been appointed over the depart
ments of the north by President Richie, entered Cape
sytien on the morning OF the 25th, at the head OF
large body of troops, and took possession OF the
paiais rationale and By proclamation made that
morning would appear that be had come for the pur
pose of proclaming PresGen; Richie and establishing
Nuch alarm, had existed the