The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-11-01

On the 18th of October, Domni lsiS, al Faneui
Hail. in Boston, Mr. Webster delivered speech that is
eported in the Boston Courier the great burden OF which
vas vihcaon of the constitutional treasury SYSTEM and
# the tariff of 1916 eff" he said, General Taylor be
lected with a whig Congress, there two very i'm
otant laws which will be either repealed essentially
nodihednamey, the subtreasury law and the tarf law
Il 1876" Again; ''The main question is very plain
oneought the treasury and the present tariff to be
continued or not ?"
Is the sub treasury useful institution If So 10 whom
il usefull Is il useful business men Ito the labor
ny classes, government Now what is the present
country under the influence OF the subrea
/ ry1 You all know what it is Money is scarce, and
a high interest this state OF the money market has
continued than Business, moreover, is Stag
lang manufactures are declining You all know these to
This scarcity of money and This stagnaton Of bust
ness affect all classes Of the community dsastousy they
mbauass the capitalist mpoversh The iaborer, and make
he poor poorer Such OF things will continue
is long ssb-easury and the tariff of 1916 remain
the suerings experienced by the country will IN
crease from degree degree till they reach point far be-
yond present calculations. The sub treasury Is one OF
the most absurd fantasies that entered the head of
man, one greatest legislative deceptons, and Of
plausible of all political frauds pracised |.
there another country the civilized woi, living by
nerce and traffic. where tho people have locked up their
circulating medium :!
To the question, ais the sub-treasury useful nstu
onp we reply, yesa very useful one; useful alike to
business men, the aborng classes, and TO the govern
ment But for it, we should have had of specula
ton similar to those of ls3637 followed by disasters
similar to those of ls4l-l3. Merchants would have
been ruined by hundreds and by thousands aborng
would have been left without employment and govern
ment would have had means of meeting the demands
upon it, except the nconvertble paper of nonspecepay
ing banks Severe as the present bank revulson, ii is
not half as severe would have been If the constu
onal treasury system had not been established
We will not stop here TO inquire whether Mr. Webster
has or has not exaggerated the troubles of the times
Whatever may be their extent, the efficient is
to be found in either the subtreasury or the tariff but in
the action of our banks-frst expanding the currency
enormously and then violently contracting t-and in
the disordered state of Europe The revolutionary
ments in that quarter of the globe, by diminishing indus
v have diminished the ability Of foreigners to buy from
u.s. and nav in some instances have compelled them to
make forced sales of their products in our market These
causes would have produced their effect the subtreas
ury and the tariff had never been enacted.
But the effect which the troubles OF Europe have had
upon us has been mild, compared with what has been
nroduced by the action of the banks This is the main
cause of all the difficulties which the people have to en-
counter A few facts will elucidate this position.
Taking the banks throughout the Union, we find their
credit operations to have been follows at the dates
nexed:
Circulation. Deposes. Due to oher Total