Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-01-09
THE sUBTREAsURY.

The specie clause went into force on the first
day of this month, and now the entire Subtreasury
system is in full operation; the separation OF the
Government from Banks is complete.
This step backwards towards the rude ages; this
reputation OF all the discoveries and Improvements
which have resulted from commercial knowledge
and experience this assumption of second childish
ness before the period of dotage, is one of the most
remarkable events of which the history OF any
civilized nation affords an example.
Money is coin, and coin is money--the first and
the last principle of the Subtreasury. The mind
is imprisoned in the metal. From the labor which
creates values; from the intelligence which directs
labor; from the inventive and fashioning art which
turns crude substances into forms and instruments
of use; from the substantial worth of industry in
egrity, and every productive facuty-from these,
and from the representatives of these, faith is to be
Withdrawn, that it may be concentrated upon the
sole essence of value in the tangible shape of gold
and silver.
To force back the growth into the original germ,
to compress the oak into the acorn, would illustrate,
in nature, the true character Of this attempt to
duce to its first elements the expanded system of
finance and currency which is the offspring of many
centuries of human progress. Along with the adj
vance of civilization in every thing to which the
mind of man has been applied, it is not to be sup
posed that no advance would be made in the COM
mercial system which has given occasion for so
much activity, so much enterprise, so much shrewd
sagacity. Yet we are to go back again to the days
Of the strong box the vault, the buried hoard and
discarding all the ideas and practices of Chrisen-
dom on the subject of currency, we are to remodel
our financial system upon that of Turkey.
We do not know that this is to be the beginning
of series of innovations tending TO thorough
adoption of Ottoman Institutions; but it would be
difficult to find any other step in such progress
encompassed by greater absurdities
The Subtreasury however, is not to exist long.
Its own operation, apart from any interference,
would soon wind it up. 1t is utterly isolated so
anonymously thrust into general system of bust
ness and usages with which it must conflict so
heavy, awkward, and cumbersome in itself, that the
Administration would find it impossible to keep it
in life and action, even if the whole attention of the
Government should be taken from all other func-
tons and devoted exclusively to the nurture of this
monstrous banting.
Now that the specie clause is in full force, and all
connexion with Banks dissolved there will be occa-
sions, speedy and abundant for testing the utility
and great superiority of the Subtreasury system.
Large expenditures are to be made in New Orleans
TO that point large amounts of specie to be for
warded to furnish pay and supplies to the army in
Mexico. From New York. the chief point of re-
ceipts, to New Orleans, the chief point of expendi-
ture specie must be conveyed, and after it shall
have reached its Southern destination and accom-
pshed its purposes there, 1t must find its way back
again to New York. The merchants in New
York will want tito pay duties with the merchants
of the West and South will wish TO have it in New
York and other Eastern cities to make their pur-
chases with. Now the Banks could make these
transfers both WAYS without cost or risk to the Gov
eminent Under the new system the expenses O.
Transporting coin and fro, the interest during it
transit with the risk attending the whole operation
would amount to handsome per centage, to say
nothing of the disturbance it must cause to business
transactions every where. OF such character ar
the first fruits Of the Subreasury likely to prove.
Baltimore american.