Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1847-01-07
TIE SUE IRENSTnY.

The specie clause went into force Yesterday;
and now the entire Sub Treasury system Is in
foil operation the separation Of the Govern
ment from Banks is complete
This step backwards towards the rude ages,
til is reputation Of all the discoveries and I'M
proyemeHts which have resulted from com.
meTciaI knowledge aud experience, this as.
sumption Of second chilcishness before the pc
rod ol dotage. is one the most remarkable
events OF which the history Of any civilized
nation affords an example.
Money is coin and coin Is munov--lhe
first and the last principle OF The Sub Treasury.
The mind Is imprisoned IN the metal From
the labour which creates values from tue in.
leligence which directs labor; from jhe inyen-
tive and fJshiouiUg ar which Turns crude sub
stances inio forms and instruments Of use;
from ihe substantial worth of industry, ntcg-
NY and every productive iaculiy-iIum these
and from the 'epirs. lauves OF these, Faith is
% be witaafaWn, that IL may De concentrated
upon the sole essence Of value in the tangible
shape Of gold and SILVER.
70 force back the growth into the original
germ, 10 compress the oak into the acorn,
would illustrate, 10 nature, the true character
Of this attempt 20 reduce 10 is first clements
the expanded system Of finance and currency
man progress. Along with the advance OF
civilization in every thing TO which the mind
Of man has been applied II is not 10 be suppo-
sed that no advance would be made IN the
commercial system which has given occasion
iur So much activity, so much enterprise, so
much shrewd sagacity. Yet we are 20 90
hack again TO tl,e day Of the strong box. the
vault. thc huricd hoard. aud dlscarding all the
ideas and practices Of Chr.sIendom on the sub
lect Of currency we are 20 umCdel our fnan-
cal system upon thar 81 Turkey.
We DO not know that this Is 10 be the be
ginning ola series Of innovations tending 90 q
thorough adoption Of Ottoman Institutions F;
bat it would De difficult 10 find any other step
IN such progress encompassed by greater b-
surdries.
The Sub Treasury however is not 90 exist
long. lbs own operation. apart from any IN
tCrlctuoc. would soon wind 10 up. It's SO
utterly isolated. 80 incongru0usly thrust INTO
a general ~ stem of business ana usagas with
which Il must conflict. SO heavy, awkward
aud cumbersome IN itself. that the Admins.
tration would find ii impossible 90 keep IL in
life and action even Il the whole attention Of
the Government shoula h. taken from az other
functions and devoted exclusively to thc nur
tuye Of this monSlr0us banilng.
Now ial tle specie Clause is n fuN luIce
and all connection wnh Banks dissolved there
viii be occasions, speedy aud abundant. Tor
testing the utility and great superiority ol she
Sub Treasury system Large expenditures
are 70 he made pa New OriCaus; 60 bat point
large amounts 81 specie are 90 he Forwarded
10 furnish pay aud supplies 10 lhe afmv m
Mexico. From New oTk, the chief point of
receipts. 10 New ORLEANS, the chief point of
expenditure, specie must b. conveyed AMI az
ter il shall have reached iis southern desuna-
lion and accomplished is purposes there. II,
must find IFS way back az lin 60 New York
The merchants IN n. y ork wjil want i 90 pav
duties with the merchants NJ ihe West and
South will wish 10 have il tin y. York aud oth.
CT Eastern cities 70 make lheif purchases with
Now the Banks could make these transfers
both ways without cost or rsk o. iac Govern
ment Under the new system Che typencs
ul Transporting coin % and fo. tie interest DID
ring its transit with ihe risk auf n4ug tie
whole operation. would amount g. band
some per centage--t0 say nothing Of tae DIS
lurhauce il must cause co business transactions
eyerywbcTe. OF such q character are she iit
fruits Of the sub Treasury lEeiy n ptoyc.--
Vat. liner ,htntalqg2