Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1847-06-02

1.-THE Pittsburg Gazette is publishing in
series Of articles, an able review of the acts
of the 29th Congress. part of the last num-
Der, devoted to the
SUBTREASURY LAW,
We are tempted to lay before our readers.
"This act is now nearly year old What
good has it done TO government, State or peo-
plea Is the public money safer than it was
Are six individuals, however respectable or ie-
sponsible, living in Boston, New York, Phila-
deiphia, Charleston, ST Louis, and N. Orleans,
capable of keeping the money as securely as in
situations with stockholders, and directors, in
corporated by the state governments, responsible
to them, and giving the most ample security
for the restoration of every dollar placed OH de-
Posite Without giving security or conven-
fence to persons or parties, or business of any
sort, the subtreasury has really done much pos
Tive injury to the country. 1t has multiplied
public officers in all sections and at the seat of
government, and thus greatly increased the pow
er Of the executive, by giving him more COM
plete and less responsible control over the purse
strings OF the nation. La itself the subtreasury
scheme has all the germs of a great Govern
nlent bans-lalge depositcs, large issues. and
large paper circulation. The manufacture of
paper money indeed, Is one of the great branch
of business carried on In the Treasury building.
This scheme combines the sword and purse
In the one person of the President. 1t makes
distinction between the necessary currency of
the people and the actual currency of the Gov
eminent. 1t embarra:sss the people in their bu-
siness relations, by giving the Government,
having the control Of the minis, and the collec-
tons, monopoly of the specie. If the people
have not felt the weight of this oppressive and
destructive monopoly, it is because of the large
importation of specie, which in the restored
prosperity of Europe, will return with another
harvest, and leave the country choked by tight
ming the cords of this strangling scheme of fl
rance, Already has it cost the Government
dearly. and already has the Treasury Depart
nsent, and the subordinate officers of the Trea-
sury devised every possible means which the
Nit If man could conceive, to get rid CT tie
more stringent enactments of the law In the
immense payments in Mexico, no attempt has
been made to observe the law. There have
been Treasury notes, and Treasury drafts, and
Treasury orders, and Treasury certificates and
all sorts OF paper inventions TO evade the spirit
and letter OF the existing law. All these eva
stons are necessary to give even a practical OPP
Grafton to the scheme and yet to officers Of
Government, and to business men, these opera
tons are attended with the greatest possible in
convenience. The boxing travelling, and coun-
,irg OF specie; the carting of specie from the
banks to the custom-houses, and back again to
and from the Subtreasury establish ments, the
Transportation of specie from the Treasury
Department to the Capitol, its shipment again
from one section of the country TO another
from New York to New Orleans-at great cost
of freight attendance, and insurance, all show
beth the folly and expense of the scheme itself.
In IFS brief day it has proved itself, at the very
best, an experiment and failure. With the
coIcealments of the Treasury, it is not easy to
learn the extent of this cost, but we could fill
a pamphlet of individual payments and con-
tracts incident to this transportation of specie
fecm point to point. The banks did ali this
performed all the monetary business of Govern
inent-without charge. They disbursed our
pensions without reward of any kind; but at the
last session of Congress it became necessary to
create pension agents, with $1,000 per annum
ealaries, in every part ofthe country where it is
necessary to. provide for the payment OF pensions
This, however, is but an item of the cost.
We read the following in the civil and diplo-
ratio bills
For salaries of assistant treasurers, S2l,S75
For additional salaries under the Sub
treasury act, 5000
For contingent expenses under Sub
treasury act, 10000
For chiel Subtreasury clerk for Mr..
Bout k, N. Y. $500
for ten additional clerks, under Sub
treasury act, 1927
These are but as drops of silver in the great
'oceHn'of expenditure, and every year these ex-
lenses will be increased, until the Subtreasury
is metamorphosed into complete Government
Aank with powers greater than the Bank of
Ffance.Or the Bank of England. This is the
design, and it becomes the people TO resist the
attempt, by defeating those engaged in this en-
ormous scheme.for strengthening the Executive
arm, while at the same time alternating the
Government itself from the common, and tried.
and safe institutions of the country.