New-York daily tribune., 1846-01-12
THE TRIBUNE.
.The Independent treasury

.,so scheme Tor reforming CurFcHCy anu preserving
| pobic Treasure, we are indebted to the Editors
no Journal of Commerce, who probably did as
,,b IS any other two men to put the Country into
hands Of The authors and coutrivers Of the Sub
...ssv project For this reason, VIC give it place
| reference to any thing OF our own. Bear in
md ,bs, i, is deadly opponent of National Bank
Eis Protective Tariff, aud Of the Wings supporter
l the election Of Polk and Dallas, who writes AZ
Flows:
From the Journal Of Commerce, jan TO-
1 THy SUB.TREAsUEY.-Of all the shadows which
l,ye engaged the deliberations OF patriots and de.
t,eo1ges this is the thnnest shade. The reasons
l:,eped for establishing it, are the insecurity and
Encouragement of banks thenecessity OF separating
e noney of the people from the banks and the fact
5,t money in the banks is not in the treasury, &c
We have before us bill to resusctate this mon
20, nhantom as reported in the House OF Repre-
e,,stives By Mr.. Dromgooc, from the Committee
J, Ways and Means. The first section provides
bat "a certain room In certain building III w ash
peop shall be deemed and taken TO be the Treasu-
y q the United States that the MINIS respectively
he iron chests of the old bill which the Wigs re-
5esed in such pet, las they now stand III New
York Boston, &c and other things 10 be lifted up,
sl be treasures in those places respectively; that
sceiycrs general and particular shall be appointed
0 iake charge OF the treasures. 1t directs that
'osmasters and others who have no treasures,
ball retain the money they get, and keep II safe
stbont them; that the keepers OF the treasures
.baIgve bonds no, 10 spend the money. II gives
he Secretary of the Treasury power 10 transfer mo-
,ey from one treasury TO another; provides tor all
necessary examinations and precautions and enuc's
,te pepates proper fall upon the guilty head Of
spv Sab Treasurer who shall misapply The money ;
,bs the money now in the banks shall he trans
F .a.,i. ,ba, for, Inn.
one,hird of ali receipts and payments shall BE- in
coin aler the June two-thirds. and after June
ls,s the whole Ii winds up by providing as well
"a il can against Treasury drafts or any checks cr
papers originating il this Treasury arrangement
The whole measure evidently belongs to past
age, is suited TO the condition OF society before
banksor paper money the great system OF credits
wssinlroduced. Ii would carry US back 10 wheel
bsrows trundling specie about Town. The bill is
bio, upon our statesmanship, and altogether behind
the age.
nis moreover bill which will never 20 into ope-
ration according TO It's theory Congress may passit
forty times and annex what penalties they will
they cannot introduce such monstrosity into New
Yck ss the payment into and out OF u Sub Treasury,
Of /, hundred thousand dollars day in coin; nor
will the public endure so injurious an agitation OF
the money market as would result from the keeping
Osovernment balances locked up in an iron chest.
Afsal enforcement Of the bill would, in our .iudg
msn overthrow any Administration, however popu-
lar before. The money must and will and ought 10
bein tne Banks By the facility OF checks and bank
notes. the whole business OF this great city is trans
acted with very little labor Hundreds of millions
are settled without the payment of anything in spe-
sic, except change. Yet every transaction is for
specie aud every check and bank note is payable in
coin When coin is wanted, it is drawn. When
paper is more convenient il is taken. The govern
Eent receives and disburses twenty five millions OF
dollars annually. As the business is now done. every
rnsaction is forspecie The importer pays his bond
nbank notes or gives his check the bank. These
snpayabe IN coin; but the government has no use
iucoin in ordinary business. II might demand spe.
CT Tor every bank note and check. But its cred
Els do not want IL. The government therefore acts
lie an Individual II places all its notes and checks
Ia bank daily, and draws its own checks for the
T1ous sums it has 10 pay. By this simple process
aeysst labor and hazard OF counting and moving
fese are avoided. and yet every transaction is for
en- After people have experienced the facility of
szas business in this way, they cannot be driven
sta 10 the actual counting and moving OF specie,
'ispi when specie is wanted
Ihe arrangement OF the Currency under the
Lazy Of this bill. carried out, would be oppressive
VI banks have now perhaps eight millions OF spe-
o They do not think it safe 10 run lower. The
srerunent has perhaps balances OF three millions
Els scyedit here To remove M0t in coin and lock
s,cdca as could not be endured. Soon, perhaps,
aeGoverumeni has large payments 10 make. lta
Tscie s disbursed and returns promptly 10 the
Inks Again its receipts are larger than its pay
csuis and three or five millions are again drawn
IN the banks. All this agitation would take place
Seen no real change had come over the money
-rket. Such useless mischief could not be contin-
ID The system now operating, perpetuates stead
ses'; balances not wanted lie in the banks as de-
eals II one man draws out, il is by his check,
salch is passed 10 the credit of the holder the
SNk' OF the bank II is by these transfers on bank
Sssers that nine tenths of the payments are made.
ae actual money is not touched tor every man pre-
S"scredli on bank ledger 10 specie. The Govern
-a' on this plan may have million or five mill
sS o. nothing al al 10 its credit. II 1t draws out
sWhoIe amount deposited, 1t is only 10 pay II 10
.snOes citizens, and this being accomplished by
"aaNers on the ledgcrs, the money market Is not
-s"SIea But 10 change millions in actual com.
syuS a make perpetual agitation. Under the old
'Io! !'easury bill the effort to create payments in
JO'a N Violation OF the convenience and interest OF
- people, was abandoned at once. The suberiuge
y seu'ns checkSendorsed payable in specie was
- o'eu 10 though the checks Were no more pay
sDle In specie alter the endorsement, than before
os1A notes were also locked up. and pretence
-aue OF separating the State from The banks, though
'ea4iy The money was all in the banks and the
S'us' Union OF the State with the banks was no; in
eaS' apaIed' and II never can be. The Govern
aeniwould not trust the banks-so it 20, bank notes
I'D ocked them up in great iron room. If far.
y, were 70 say ne would no, trus, his neichbor,
I'd 10 carry his threat into execution should gather
Nsesher the notes of that neighbor and lock them
p, there is no farmer who knows 50 little Of in.n
ca matters as not TO see through his delusion Such
: aaa would be reputed either crazy or ldiouc. Yet
20 e men a! the head OF Government can do the same
@iSg, and !, passes for slatcsmanship.
!ae leaders Of a party have discovered tha, the
people are not willing 10 have the money which they
,b Na Common, deposited in the same places where
10y put all their money as individuals. Every cIu
puts his money in The bank because II Is safest
~ s'e, and can be most easily snd promptly control
~. ~ Lex the aggregate of these opinions makes an
,Ssv'@e opinion. A unanimous affirmation Is by
ca Uge negative. Nothing could be more ao.
ins me unanimous practice OF The citizens act
sscn Tor himself is the best possible expression
p.non and guide 10 practical utility for the Gov
,b,,.l" greater nonsense can any man be guilty Of
az ~ say that money In bank is not in the treas
,s, iae merchant always counts his bank depos
n.S essh On hand, and more available more prsc.
coin "a IBIS treasury. than If it were locked up in
ce;Uu SS'ef his own key. What he happens
Vs. N CON- be deposits iu bank for that is the
b,;. make IL available. If the government, should
pbf,Sseaaaaion to transfer gold from New York 10