Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-05-05

berry in its transit who will protect from them7
Who will watch the Subtreasurers while is IN their
custody. and protect the Government against their
frauds?
It's however, in reference its effects upon the bus
mess and genera, the community, that
greatest evils arc to be unprecedented The bare an
Of its passage will occasion disrust and
sotte confidence. Its chilling influence will be felt in
cry department of business before goes practical
Iy into operation The receipts of the Government
average than half million Of dot
lars week throug hout the whole year The demand for
this amount specie every week, to pay Government
dues. give extraordinary value, and occa-
sion it TO be sought with unusual eagerness Bank
paper will Immediately deprecate, until there
will be a wide difference between it and specie As
necessary consequence dollar issued by the banks
will be caught up and returned upon them for specie
Their vaults will be drained The necessity Of seifpres-
crvation will require them curtaii their circulation
discounts: and order to meet the continual
demands Of the Government upon Them they will be
compelled demand and urge payment from their debt
And when this state of affairs brought about,
and tho banks compelled by the operations Of the
Government. limit their and collect their debts
shall hear the miserable slang of demagognes fire.
qucntly used 70 excite udices against these nsu-
tons, that they "pn,ng on the scre,os to raise
panic "Puning the serercs," indeed! What else can
banks do If they continue to issue their paper and
accommodate
specie pay Government dues will take every dol
lar of coin from their leave them bankrupt
TO meet the extraordinary demand for specie which this
measure create, and at the same time do justice TO
the holders bills, they will be compelled to cur
tail their circulation call upon their debtors for the
means O meet their liabilities
But the evil consequences will stop with the banks
II they alone be the sufferers, the evil might be
endured. The revenues Of the Government under our
present system of collecting and discussing, are not
Withdrawn the circulation of the country and hoard
ed up and strong boxes Even while 1t belongs
TO the and is liable to be drawn for as the
necessities of tho Treasury Department may require, 1t
enters into part Of the general circulation,
adds aid and facilities to the transac
ton business This bill proposes to change the order
things The public money, instead OF being sn'e reu
10 continue in circulation is to be Withdrawn and locKed
nm moderate estimate will show that the
mount which in the hands Of the Government Of
fcers will less than millions of dollars len
millions dollars, then specie, to be suddenly ab
syacted from the circulation the country, and ef
fectualy withdrawn from the and aid OF trade ana
commerce though it were sunk IN the ocean me
entire Of specie in the United States is estimated
not to exceed from eighty eghtyfv millions OF dol
lars Onetenth them of the whole specie of the country
is to Withdrawn from circulation and the people are
TO be deprived of its use by this bill
needs not the spirit prophecy enable us to fore
see these results The abstraction of largo amount
Of the circulating medium OF the country must DC hhe
datey every branch of business and IN every part
of tho country. rapid depreciation Of the value OF eV
erv species OF property follow; the wages of labor
must be depressed. Thousands of industrious artzans
and laborers be thrown out ofcmploymen gene
val arrangement of business will with repet-
ton of the painful and narrowing which occurred
between 1887 1s4O, and which yet fresh in the
recollection of us all.
know Mr. Chairman, there class Of politicians IN
this country who indulge the visionary hope of driving
from circulation paper currency and reducing the
country a exclusive metallic currency They va1ny
imagine the condition of the country will be improved
when we have circulating medium but what they are
pleased term the constitutional currency Those
who this opinion consistent at least IN sup
porting the Sub treasury presents the means best
calculated of all others effect the object they have in
view. II carried and rgidly adhered to, 1t
will destroy bank. and reduce the country to the spe
cie standard. We have to complain, too that
while will be the effect of the and while 1t Is
in truth the real object of those who striving to
upon they have not the manliness the bold
ness openly and tell the people that that is
their object. Let them boldly the real object
the BILL let them tell the people that they intend TO
break down the banks, and have but golu
and silver my word for it, the Sub-reasury question
will soon be settled finally and forever.
But they hope to accomplish indirectly what they
shrink from openly avowing. BY drawing the specie
the banks pay Government dues they will compel
curtai their circulation, and they do
this and in consequence of it money becomes
complaints of hard times will be heard people will be
able sell their property pay their debts; dema
gogues will denouncc the banks and charge that they
have money for the purpose of producing
panic And when the banks sinking beneath the efforts
Of the destroy them. and the effects of
popular prejudice famed and excited by demagogues,
are compelled wind up their business, suspend spe-
Gle payments the people will be told that they have been
saved from the frauds banks and worthless shin
lasters by the efforts of pure democracy
This i, the game tricksers which has here
tofore played and which will be again attempted
hcSub-treasury is the chief instrument by which IS
To liSh