Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-09-12
Correspondence Of The Baltimore American.
WAsHINaTon, August 25.

Correspondence of The Baltimore American
WAsHINoroN, August 25.
The attempts thus far made to give The Sub
Treasury Laws a practical execution have
signally failed, and believe the officers Of the
Treasury Department have come 10 the conclu.
sion that it is impractcable to obey the law in its
spirit. Thus far, it is certain that even its literal
execution has not been obeyed, and | doubt il
even there is the disposition to obey the law in
its letter. wrote you ten days since of the at
tempts even then in contemplation to evade it,
and both by Treasury Drafts, Treasury Notes.
Treasury Warrants, Treasury Orders, Treasury
requisiton, and, for aught know, many other
kinds of Treasury paper In all these forms
Government paper may be issued, and is issued
some Of it becoming paper circulating medium,
and some of it taking the place Of drafts and
checks upon the banks. These Treasury Drafts
continue to be issued and to be a currency
They are like any engraved Bank Notes, and are
issued OF various denominatons--The Govern.
ment suiting its convenience in this matter pre-.
csely as The Banks suit their own convenience.
The Government, dealing in large transactions,
does not need small notes, and does not issue
them, but whatever form Of note it requires, il
puts anoa in utter violation OF both the spirit and
letter OF the Sub. Treasury Law. By this and
other means false information is continually
before the country in regard to the actual expen.
ditures and Indebtedness OF the Government.
| The Secretary of the Treasury in his monthly
statement all along has held out the idea, that all
money is in the Treasury not actually drawn from
the Deposite Banks, and this long after he has
given the Government creditors Drafts upon the
Banks. 1t pays A. B. or G. one hundred thous.
and dollars by Draft on distant Bank, and yot
until A. B. or c. has presented his Draft, and
| tba NJ has inf IF The 70
publishes the money as on hand, and as deposited
to the credit OF the General Government. Some.
times these Drafts are sent to one extreme of the
Union, and made payable in another. Some.
times they are sent to the disbursing officers 10 be
| by them cashed, and as all this takes time all
this time the Government appears 10 have much
more money in Bank than is really deposited to
the credit of the Treasury. But all this is in
violation of the spirit OF the Sub Treasury law
Hard money, borne upon the backs of mules
and horses, guarded by an escort Of Government
officers, sent fresh from the mines of Mexico TO
some Mexican port thence shipped 10 New York,
thence transported by land carriage to New
Orleans, and thence back to Mexico whence it
started-all these are but incidents to the real
Sub Treasury law.
But the most palpable violation Of the law of
which have heard is the continued use Of the
Banks Of the District of Columbia as repositories
of the public money. The Sub. Treasury law
says that "dsbursing officers having at present
(the date OF the law credits in the Banks shall,
until the first day Of January next be allowed 10
check on the same, allowing the public creditors
to receive their pay from the Banks either in
specie or bank notes." The designs OF this provis
ion was that the money in the deposit banks
should not be drawn out in specie at once but it
never was contemplated that more OF the public
money should be put in Bank, and the Sub Treas.
ury law in plain terms forbids it, Nevertheless I
learn that under the advisement OF the Secretary
Of the Treasury both The Clerk of the House
and the Secretary of the Senate have done this,
There was long hesitation before this was done,
and it was acquesced in from sheer necessity
There were no convenences at the Treasury
Department Tor meeting the demands upon the
Treasury, and il there had been it would have
been most inconvenient for the Treasury Depart.
ment to have received its payments there. The
two officers therefore draw their acquisitions upon
the Treasury and deposit their money in bank as
usual. All this is we'll enough per Sc, but il
shows that the new Sub Treasury law, like the
old one, is humbug-a mammoth Government
monopoly Tor the embarrassment OF the people and
without any practical utility. 1t may benefit the
Office holders by giving them specie and tho
control OF Inc specie IN The country, but who
besides the office holders can be benefited from
a course of couduct like this? When the law of
1888 was in operation, and when the banks had
suspended specie payments, nothing was more
common than for the officers of Government to
sell their specie for shin pasters, and with these
every body from the landlord and the merchant to
the hackman and the porter were paid,-the
officer OF the Government sometimes pocketing
ten per cent. premium.
1t is said that the disbursing officers here arc
under great obligations to the Banks. The
contingent fund was exhausted before the Civil
and Diplomatic Bill was passed, and the Banks
afforded the temporary relief necessary to keen
up the credit Of the Government among the
smaller and more needy class of creditors
The Secretary Of the Treasury, learn, has az
ter long delay and conflicting opinions concluded
upon the issue of Treasury notes, and some of
the denomination Of $50 and 500 are already
in circulation.
WHIcn is THE BRIrlsu PARrY?-The Mon,re.
al Courier OF the 9th uIt., referring to the passaq.
Of Mr.. McKay's bill for the announcement of
british manufactures says: "AS ENGLISH