The Evansville journal. (Evansville, Ind.) 1834-184?, 1846-10-01
From the ". Orleans Bee.
"REMINISCENCES.

As the Sub-Treasury bill is the law Of the
land, and as Locofocoism IN all quarters is
just now busily engaged in the labor of ex-
hibiting lis manifold projections, it may be
worth while collecting from the records of
the past few specimen of judgment passed
upon the project by the very men who now
sustain and defend it, We acknowledge
our indebtedness TO the Hon. IT, Butler
King for the opportunity of arrying this
mass of Locofocos evidence against the
Sub-Treasury
The project wa first preached about ID
ago by General Gordon-a representative
from Virginia; and was ANONYMOUSLY reject
ed by Jackson Congress, scarcely an adj
minlstraion member voting in its favor
Mr.. Polk, then a representative from Ten
nessee, denounced it in the following terms.
His speech is to be found in vol. l | OF the
Congressional Register, pages 1879.
GAS then (said Mr.. Polk) between the
corporations, as banks do exist and are
likely TO exist, under state authority, the
latter upon the ground of safety to the
public, ARE to be preferred. Ii may happen
in the f1ucluaton OF the amount of revenue
and expenditures that there will be at some
times considerable surplus in the Treasu-
ry; which. though it may be temporary, if it
be Withdrawn from circulation, and placed
in The strong boz of the receirer, the amount
Of circulation wiu be iajuriously disturbed
/ By boarding the deposite, BY WHICH THE
VALUE OF EVERY ARTICLE OF MERCHANDISE
AND PROPERTY WILL BE AFFECTED"
| This is strong argument and we'll put,
! but the President seems to have forgotten
the force of his objection.
Next comes an authority almost as high
that of Mr.. Calhoun. Though in 1887 the
South Carolina Senator suddenly discovered
marvellous beauties in the Sub Treasury, ii
is not the less certain that in 1884, he view.
ed it as an ugly monster, speaking of it in
this wise:
"But there is, in my opinion, strong, il
rnot insuperable, objection against resort
ing 10 this measure, resulting from the fact
Treasury would, TO give it efficacy, and to
prevent extensive circulation and fraud, re-
) quire an entire disconnerion on the part OF
the Government uilh the banking system, in
all forms, and resort 10 the strong box, as
the means of preserving and guarding its
I funds-a means, if practicable at all in the
: present state Of things, liable TO the objec
ton of being far less safe, economical, ane
efficient than the present."
The Great Globe itself, the organ of the
Government, under the fearless and able
management of F P. Blair, pushed the wa
5 still further. From one Of its articles thi:
hat Daccoua ic
i sit is well known that the President him
self is opposed to this project, and that BIZ
friends in Washington, whether of the Cab
: met or not, heartily concur with him in tht
course of policy it is expedient 10 pursue.
: And again:
eff General Jackson had suggested sucl
system (the Sub-Treasury) what peals O
patriotic indignation would have burst from
eloquent Senators against the usurper ant
: tyrant who desired to get the millions Of ths
Treasury into the very hands Of his parti
: sans and parasites
And yet again, with clinchng argu
, ment, brief but potent, against the scheme
sit is as palpable as the sun, that tie eff
+ feet of the scheme (Sub-TreasuIy) would b,
: TO bring the public treasure to much neare
}. the actual custody and control of the Exec
e uive than it is now, and expose it to b
d plundered by a hundred hands, where on,
II cannot now reach it,"
+ Last but not least in the list of denouncer
was Mr.. RICHIE, then of the Richmont
n Enquirer, now of the Washington Union.-
ST This gentleman preserved his consistenc,
If much longer than any other whom we have
l. cited. He denounced the measure in 1884
he denounced il in 1887, and continued thu
e war upon it until he made Virginia, for th,
n time being, Wing State. About the yea
L 1910 he commenced shifting his position
o and finally after many and severe struggles
n his eyes were unseaied and the ineffabl'
Al glories of the Sub-Treasury bust in full ra
e dance on his enraptured vision. But let u
J. see what he thought of the project ere tina
4 blissful communication:
n ave have objected to the SubTHeasur,
scheme, $50 caIed,) that, in the first place
Of it will enlarge The Executive power, alread
a. too great in a Republic; 2dly, that it con
: tributes TO endanger the security Of tn
IS public funds; and 3dly, that it is calculates
n to produce tIcO cTrencies-G baSer one 70
la the people, and q better one for the govern
n. ment. The more we reflect upon the mat
Of ter, the more We read the speeches of tn
orators on both sides, the more firmly are W,
satisfied of the strength of these objec
TONS"
II sit is certainly subject to very strong OF
~ ections; not the least of which is the YER
great increase of patronage to which
n. must give rise, and patronage Of tn
OF most dangerous influence, as being so imme