The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1847-01-21
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 inn
proycmcnts which have resulted from COM
mercial knowledge and experience this as
sumption of second childishness before the
period Of dotage, is one of the most remarka-
bic events of which the history of any civil
lied nation affords an example.
Money is coin, and coin is money-the first
and the last principal of the Subtreasury.-
The mind is imprisoned in the metal. From
the labor which creates values from the in
teligence which directs labor; from the in
vcntive and fashionng art which turns crude
substances into forms and instruments of use :;
from the substantial worth Of industry, iuteg-
rity, and every productive facuIty-from these
and from the representatives Of these, faith is
to be Withdrawn, that ii may be concentrated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, ia nature, the true character
OF this attempt to re luce to its first elements
the expanded system Of finance and currency
which is the offspring of many centuries Of
human progress Along with the advance of
civilization i'll 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
commercial system which has given occasion
for SO much activity, so much enterprise, so
much shrewd Sagacity. Yet we are to 90 back
again to the days Of the strong box the bu-
ried hoard, and discarding all the ideas and
practices of Christendom on the subject Of
currency, we are to remodel our financial sys-
tenn upon that Of Turkey.
We do not know that this is to be the be-
ginning Of series Of innovations tending to
Il thorough adoption Of Ottoman institutions
but it would be difficult to find any other step
in such progress encompassed by greater
absurlties
The Subtreaslry however, is not to exist
long. It's own operation, apart from any in
reference, would soon wind it up, 1t is so
utterly isolated, so anonymously thrust into
general system of business and usages with
which it must conflict, SO heavy, awkward, and
cumbersome in itself,that the Administration
woud find it impossible to keep it in life and
action, even if the whole attention of the Gov
eminent should be taken from all other func-
tions and devoted exclusively to the nurture
of this monstrous bantlng.
Now that the specie clause is in full force
and all connexion with Banks dissolved, there
will be occasions, speedy and abundant, for
testing the utility and great superiority fthe
Subtreasury system. Large expenditures are
to be made in New Orleans; to that point
large amounts Of specie are to be forwarded
to furnish pay and supplies to the army in
Mexico. From New York, the chief point of
receipts, to New Orleans, the chief point of
expenditure, specie must be conveyed, and
after it shall have reached its Southern des-
tination and accomplished its purposes there,
it must find its way back again to New York.
The merchants in New York will want it to
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 Government. Under the new system
the expenses Of transporting coin to and fro,
the interest during its 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 tran
sactions everywhere. OF such a character
are the first fruits of the Subtreasury likely !
to prove.-Baltinoore american.