New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-01-27

ktecaiity-Efeaeufy 'otSs.
The Executive has asked Congress for power 70
;,xue additional Treasury Notes to the amount Of
Tw~osv three Millions OF Dollars, and that power
ia now morally certain to be granted The effect
os .ucb issue ought therefore 10 be fairly and fully
understood
For the last ten years, the Country has been
more or less convulsed with controversy respect
ipr the Financial Policy Of the Government. On
the one side IT has been maintained that the com
mon CurrencyIof the People, when at per where
offered and readily exchangeable for specie within
reasonable distance, ought to be received in pay
men.s to the Treasury, and that the most solvent
and reputable Banks are the safest and most con
venien. dsposito-ies OF the Public Moneys at the
same time aioTding the greatest iaciIies Tor ine
safe. speedy and economical transfer on those MO
news from place 10 place necessity shall dictate
On the other hand il has been as zesoosly con
tended that Hard Money--eod and Silver Com
is the only Constitutional Currency and that tne
Government should receive, keep and pay out mat
and no other All are aware that this has been one
Of the leading and broad Political issues IN the last
two If not three Presidential Elections
Under Mr. Van Buren,, the Sub Treasury, after
operation but Gen Harrison, its manful adverse
nv. was elected with Wing Congress, and the
act was promptly repealed. -Four years after, Mr.
Polk, the avowed advocate OF the Sno'Ireasury'
was elected President, over Mr.. Clay ITS steadiast
and powerful opponent We therefore considered
it point settled that the Sub Treasury was 10 be
resnacted and put thoroughly IN operation Ac-
cordinely. an act was passed last Summer making
Gold and Silver Coin the only Currency receiVaoie
for Public Dues from and after the LIST INST WINE
this only was to be paid ont after the lst Of Apni
ensuing In pursuance of tins act subIressurers
have been appointed Clerks hired, Vaults pre-
pared, with everything requisite to render ours
Hard Money Government. On all hands At has
been understood that the experiment OF collecting
and discussing the Public Revenues IN Com exclu
sively was to be fairly tried at last
Who does not realize that the act authorizing an
issue Of Twenty three Millions Of Circulating "a
per by the Government in addition to Five NIL
lions Aready issued, works q complete subversion
OF all this' For certain petty purposes oil annoy
ance and expense, the SubTreasury act will re-
main the statute book bnt Its vitality Will have
vanished Gov. Bouck and his fraternity will draw
their fat salaries from the Treasury, and our citl-
zeps will be put to some inconvenience IN paying
Specie exclusively for Postage, but the Federal
Treasury will have become National Bank OF Is
sue Of the most exccptionable character--a SHIN
plaster Bank issuing Millions after Millions OF Prom
isss to Pay based nothing but the necessity OF
the issuer--a John Law Bank Of the most slippery
character We do not mean to say that these
notes will not ultimately be redeemed that is, at
sorbed in payments into the Treasury, unless the
Union shall fall to pieces but the when and how
are matters for prophecy If these notes are to be
issued as fast and far as wanted and the War with
Mexico prosecuted until she sues for Peace con
senting to surrender one-third Of her territory IN
addition to Texas, we believe they will sink below
par before that contamination Is reached
Mr. Clay always insisted that the Sub.TreasuIy
was in essence Treasury Bank aud woeld never
practically prove anything else His Speeches on
that measure begin to wear the aspect OF prophe'
cy The sceptics Of the next century will very
likely insist that they must have been made after
the occurrence Of the events they so clearly pre-
dcted.
We know that many Wings rejoice at the turn
matters are taking saying The subIreasury is
now but scsrecrow. Money will be plenty and
Stocks will rise by reason OF this proiuse issue OF
Treasury Notes. So they probably will The
Government wants money, and to procure It, In
fates the Currency to the extent OF Twenty or
Thirty Millions of Dollars. Forthwith there is ex
pansion, better prices-s sensation of reliei-ss
when man weary and heavy laden takes his tum
bier of grog But Tor this there is no basis-no Pub
lie Works are built up--no Productive Industry is
Get in motion by it All runs to waste and deyast
Al "a b, ord
contraction stagnatiois disaster. IL is SIMPLY a
game Of bubble Banking, OF the most Red Dog
or Sandy Hill species 1t is certain to work great
though momentsrily disguised mischief
This is most untimely. As the New Tariff has
taken effect il was most desirable that the restrict
ed Currency which the SubTreasuy proper was
calculated to produce should have occurred simuta
neously. Throughout the Tariff controversy. our
Free Traders have hold up their Financial scheme.
with its natural consequences. as far more efficient
for the Protection Of our Home Industry than any
Tariff could possibly be. Hard Money and lin
tied Carrency-these. they affirmed, would check
importa atoms and enable our people 10 produce
fabrics cheaper than they could be imported. And
now when their device to take effect 1t is
whisked aside. and we have instead OF ii bound
less issue OF Treasury shinplasters, differing no
ota in principle from the dirty bits OF paste board
Good for six cents at my Bar which were SO aban.
daut and so nsuseous during the era Of Suspension.
If Mr., Walker succeeds in getting anything hike
Twenty three Millions in circulation We shall look
TOR excessive Importations, large receipts for Gus
toms followed by revulsion in our Home In
dustry.
These the portents OF the times as they
are presented to our vision general understand
ING of the probable effects of public measures may
do much to avert the evils else likely to follow
them
Land Bouutics 10 Soldiers.
II the Public Land System OF the United States
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