Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1848-11-02

think them fimsy and shallow; that they do
not rise to the dignity of decent pretext. No,
these are not old issues and obsolete things
they constitute the question of the day. The
Sub-Treasury and the tariff Of '46 hang like a
milestone on the neck of the country.
MIR. Buchanan puts the question fairly in his
defence of the I" noble sub-treasury," the
"glorious tariff" If the people Of Pennsyl-
vania are satisfied with this defence, agree TO
it as far as concerns them. The sub-treasuIy
is favorite of Mr.. Van Buren, it met with no
Iebuke at Buffalo. The Buffalo platform was
made Of very slight materials, and though it
was not adapted to a very heavy tread, il was
sufficient to sustain the flexible steps of Martin
Van Buren,.
The sub-treasury has been for some years
the law of the land, and what has been the eff
fectl Look at New York, the great CONNER
cial emporium ofthe country, where its inhu-
onces must be exerted in their evident extent
What is its position then! have taken some
pains to learn, and find it to be this where
money is plenty the sub-ireasury locks il up
and makes an awkward, bunglng, annoying
business of handling bags and kegs of specie,
embarrassing and expensive u all who trans
act buslness-altogether a most cumbrous and
ridiculous thing. In times Of scarcity of mon
ey, il becomes the most ridiculous it is the
modern instrument of torture and distress to
the merchant, the trader and the fnancier.-
Such consequence is inevitable, all scarcity
it makes scarcer.
! On the 25th of August last, the vaults of
the Commercial Bank of New York contained
80 ,6O0,O in specie. The sub-treasury at
the same date contained ST. 400 900. The
events of business caused change within
about month, by which the specie of the
Bank was reduced on the Goth of September
to $4 800 900, while that of the sub treasury
was augmented to $2,400,000 This differ
ence in favor of the sub-treasury was so much
coin drawn from circulation, and the banks
were compelled to curtail their discounts to re-
place the specie thus Withdrawn, and not only
this specie, but the bills representing il. This
was one turn of the sub-treasnry screw how
many such turns would it require to bring the
patient down to complete state Of torture
Recently, however, 1t appears that the Sec
retary Of the Treasury has issued a sort Of hu-
beas corpus writ, by which he has managed to
release from Imprisonment certain portion OF
the contents of the sub-treasury. 1 will not
undertake 10 say that this measure is illegal,
but venture to say that he finds himself en-
trapped by the working of machinery of
which he is not the master.
The fluctuations and the pIessures in the
monetary affairs Of the country, caused by the
sub-treasury, are such that all men are filled
with distrust and doubt, unable to foresee the
issues of events, and Of course unprepared to
meet them. They walk in perpetual appre-
hension and fear, doubly armed, lest any enc
my spring up before their steps. What is the
inevitable consequence of all these things l.
Unusual embarrassment distress and bankrupt
cy, fuctuation from bad to worse-a state of
things, unexampled, as far as know, in the
history of the country We were told that
the sub-treasury would prerent all these ruin
Gus fluctuations and these distressing pinches
in the money market. We were told that Mr..
Polk S tariff of 1916, would foster the Industry
of the country, and lead us to prosperity
Where is the result of that fostering care!
But here is another very important consider
alton. Three-fourths of our importations are
on foreign account Go into State-street or
Wall-street, and ask merchants respecting im-
portations. They can give you little iniorma-
tlon respecting them they come from foreign
ers, and go TO commission dealers. Our mer-
chants can form no judgements respecting the
prospects Of the market. The goods are i'm
ported by foreigners, the duties are paid imme-
diately, the cash goes into the sub-treasury,
aud is there locked up scarcity OF money
follows, and then it is in the power of foreign
importers TO embarrass our monetary concerns.
] do not now know the precise sum locked up
in the sub-treasury in Boston, but probably If
II were put In circnlation it would enable the
banks to issue 81 500 900 more than at pres
ent. BY our present wretched policy, we
compel the American trader to pay more than
double for the use of his money that the Eng
lish trader pays.
When the tariff bill Of 1916 was under dis
cussion in Congress, we made every possible
effort TO prevent It's adoption. Some OF our
antldotes said many provoking things, but we
could extort no reply, no defence from the sup
porters of the bill. One man indeed arose and
said, the tariff would vindicate itself And
how, | ask, has il indicated itselfl
But the bill was passed-aud by the casting
vote of the Vice President, a man from Penn
sylyana Now, after two years operation
whom has the tariff Of '46 helped Is it South
Carolina Is she made richer by i'll She is
cotton-growing State; free trade was to
make her fortune. She was TO loom up under
its influence into a high elevation of wealth
and power What has been the result =
Why, cotton was ten per cent. pound before
the enactment of this tariff and now it is fpc
And Pennsylvania Immense laughter among
the audience at The ndeScribdbIe oppression Of
Mr.. WeJstcr's face IN mtering these rords i
She who gave the casting vote Tor the tariff
What enj Iyment has she had under it, i
was in Pennsylvania in the autumn of 1874
at Philadelphia, at Pottsville, at Valley Forge,
and other places. ! saw the flags inscribed
!" Polk, Dallas, and the tariff of 1912" L
heard il said Mr.. Polk is friend to manufac-
tures and American industry friend TO the
protective system. Mr.. Polk and Mr.. Dallas
say this, and Mr.. Polk and Mr.. Dallas, and
our other good party associates, will not de-
ceive us
What was the result Of this confident trust
Of the people Of Pennsy ylvania in their party
leaders, the whole country now knows. And
must add that II such a manGuvre had been
practised in Boston, and the matter had been
made theme for Jurisprudence in the Munich I
pal Court think my friend here who sits
in that tribunal would have made il out clear
case Of imposition by false tokens or false pre-
tsnces.
The people Of Pennsylvania, however, are |
now sensible of the fraud. They demand
new trial, and think they have a right 10 il. |
Again, with regard to Mr.. Polk's tariff
has Il protected American industry lot US
a. n. - -