Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1847-02-10
Fiscality--Treasury Notes.

The Executive has asked Congress for pow
er to issue additional Treasury Notes to the
mount of Twenty three Millions of Dollars, and
that power is now morally certain to be gran
ted. The effect of such issue ought therefore
to be fairly and fully understood.
For the last ten years, the Country has been
more or less convulsed with controversy re-
specting the Financial Policy of the Govern
ment. On the one side it has been maintained
that the common Currency of the People, when
at par where offered and readily exchangeable
| for specie within reasonable distance ought
| to be received in payments to the Treasury
and that the solvent and reputable Banks are
the safest and most convenient repositories oil
the Public Moneys, at the same time affording
the greatest facilities FOR the safe, speedy ana
economical transfer of those Moneys from place
to place as necessity shall dictate. On the
other hand it has been as zealously contended
that Hard Money-Gold and Silver Coin-is
the only Constitutional Currency, and that the
Government should receive, keep and pay out
that and no other. All are aware that this has
been one of tue leading and broad Political is
sues In the last two if not three Presidential
Elections.
| Under Mr.. Van Buren,, the Sub-Treasury.
after repeated defeats was-enacted and set in
partial operations but Gen Harrison, its manful
adversary, was elected, with a Wing Congress
and the act was promptly repealed. -Four years
after, Mr.. Polk, the avowed advocate of the
Sub-Treasury, was elected President, over Mr..
Clay, its steadfast and powerful opponent.-
We therefore considered it point settled that
the Sub-Treasury was to be reenacted and put
thoroughly in operation. Accordingly, an act
was passed last Summer, making Gold and Sill
yer Coin the only Currency recei vable for Pub
lie Dues from and after the lst.inst. while this
only was to be paid out after the LIST of April
ensuing. In pursuance of this act, the Sub
Treasures have been appointed, Clerks hired,
Vaults prepared, with everything requisite to
render ours Hard Money Government. On
all hands it has been understood that the exper-
iment of collecting and discussing the Public
Revenues in Coin exclusively was to be fairly
tried at last.
Who does not realize that the act authoriz-
ing an issue of Twenty Millions of Circu-
lating Paper by the Government, in addition to
Five Millions already issued, works complete
subversion of all this For certain petty pur-
poses of annoyance and expense, the Sub-Treas
ury act will remain on the statute-book, but its
vitality will have vanished. Gov. Bouck and
his fraternity will draw their fat salaries from
the Treasury, and our citizens will be Put to
some Inconvenience in paying Specie exclu-
sively for Postage,but the FederalTreasury will
have become National Bank of Issue of the
most exceptionable charter Shin plaster
Bank, issuing Millions after Millions of Prom
ises to Pay base on nothing but the necessity
of the issner-a John Law Bank of the most
slippery character. We do not mean to say
that these notes will not ultimately be redeem
ed, that is, absorbed in payments into the
Treasury, unless the Uniou.shall fall to pieces:
but the when and how are matters for prophecy
If these notes are to be issued as far wanted,
and the War with Mexico prosecuted until she
sues for Peace, consenting to surrender one
third of her territory in addition to Texas, we
believe that will sink below par before that con-
sumatiou is reached.
Mr.. Clay always insisted that the Sub Treas
ury was in essence Treasury Bank, land would
never practically prove anything else. HIS