Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1847-02-10
~ ~
mlI;RA2BI|
The Government Bank

bill has been introduced into the House OF Rcpte.en.
tsvcs by Mr. Dromgoole under the supervision OF the
Erecutve-with which branch OF the Government all
poan laws originate Congress being expected to act
the subordinate and setye part OF registering its edct
which makes very material changes and notifications in
the eumbous and costly Sub-Treasury sw-hat famous
focal machine. chrsoned its birth "a of
Deverance and Liberty" but the tendency OF which is
Cypress the people, f 1t be faithfully executed
accordance with the original design OF lite projectors and
aud aggandzo the Executive whatever shape
may assume and especially II 1t be clothed with
the functions proposed be conferred upon by this amen
dstory bill Possessing many OF the most delicate and I'M
portant attributes OF Bank, originally organized, the
proposed modification will invest it with Others tending to
the same perlous resuand that place the PURsr in
the same hands which WELD the SWORD which, We have
now tangible evidence, be unshea,hed in foreign
without the previous sanction OF the only warmaking
ordained by the Constitution Congress having been de-
pved OF all discretion the premises by the rash and
cpitae action of the President
When the Sub Treasury fret adopted by the Loco
fooo party for osonsbe purpose OF dvorcng the Gov
,tnmont from the Banks (or Mr. Calhoun expressed IT,
Of "unbankng the Banks,D Mr.. Clay, with that ntuye
.ugacty for which he is distinguished above all States
men foetod its certain tendency to become great Gov
rEwNrSr BASK and traced the process by which this end
would be attained, and by which the union OF the Purse
and the Sword the hands would be inevitably e
eed The war, brought on by the power OF the Sword,
ncsmatey exercised has precipated the sinister COM
lnntnn of the Money with the ing IN the
hands OF the President The manufacture OF Treasury
Notes rendered by the heavy expenses OF the
var TO OF thirty millions OF dollars, resting
aonc upon the credit OF the government and which are TO
be thrown into general circulation, invests Mr. Polk with
tile pow er formerly welded by Nicholas Bdde, the
currency OF country And, has been well observed
Nv New York paper, tue amendments now proposed by
Mr. Dromcoos makes the Sub-Treasury "a Bank IN dis
pulse with all the olious and dangerous powers OF the late
Bank Of the United Staes"-nay, Infinitely more danger
GUS m our estmaon because of the concentration OF this
vast power the hands of the Federal Executive already
WELDING an almost irresistible influence we'll upon pub
lie sentiment as over action OF the Legislative depart.
n,ent Ii National Bank, under the control OF an inccr-
porated associ1on the charter OF which IS OF limited du
ration be unconstitutional, whence, ask, the authority
To convert Federal Treasury into Bank, under another
uame aud place under the control of the Federal Exc
cunye Ii the powers conferred upon that incorporated
company ASSOCIATED from and often in opposition 10 the
Executive dangerous the public Liberties, how in
comparaby dangerous they when conided TO the
hands OF the President in addition TO the power and pa
tronage with which he is clothed by the Constitution
IL NAV be commended indeed, that this fiscal engine
Bank because more popular appela,ion has been
given iibut have not now TO learn tnat President
and Protector may WELD all the power and authority OF
Monarch. Names but the shadows-and often very
inadequate ones-of things and Taey:and once said
Of language often used conceal their true and
design.
The following notice. Just issued the Treasury De
srtmoni shows the hard-monoy feature OF the Sub
Tfeasury-ils vital feature caledha been
already nuled by the emission OF Treasury Notes for cir
collation. The currency Of gold and silver"
a. 10 be superseded by Government paper, rrcdeemabe
even IN specie and that liable deprecia-
ton as If the full amount authorized be issued shall be
thrown upon the market. they will he depre-
cate Than the Bank Rags" the exclusion OF which from
vaults the Treasury constituted the most potent
pumen; favor OF It's adoption:
TREAsURY DEPARTMENT, Feb. I, lSI1.
Under the provision OF the act OF the 9th o August last
establishing the Constitutional Treasury, believed pro
per and horeby directed that before the first OF
Apnl next the balances remaining IN any OF the banks
should be transferred specie Treasury and de-
posted with the Treasurer OF the United States the
Of the mint, OF branch MINT
the may be-
By the provisions of the 18Th this law de
bursomout made the LIST OF April next except
specie Treasury notes, and would seem proper that
after that PERIOD the public moneys should no ongerte-
main, in whole IN part, IN any OF the banks.
As the balances still remaining the banks have been
reduced TO inconsiderable Inconvenience
be produces by this order. k. J. WALKER
Secretary OF the Treasury.
Here lpo scit bot papable admission by the Secre
tey OF lie Treasury, ha inasmuoh as the Government
has nearly exhausted resources the execution OF Of
the leading provisions Of the SubTreasUry law will
produce financial revulsion and arrangement Of the
currency which would e,ut from IT, II there large
4 a.. AZ. p.E 81. tffsh