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

S.o,mber, ls47, 10 the enormous sum OF more than
II e., tour millions being more than 40 per cent greater
they were in those years of paper bubbles 1885 and
$780,
~. consequence was. that the people of Massachu-
-. Aacame uoney-mad and money adness is one of
.orst sueeies of all kinds of madness The excess
hank credits induced them, not only to extend their
.,im,te branches of business beyond the bounds of
.oD but to engage in many branches of business
~. cannot in the nature OF things, long be success
~. O,osecuted by them Though the coal had to be
.,,bt irsm Pennsylvania, they must engage exten-
N, in the manufacture of some species of iron. Not
.,sOt with making such railroads were required in
49, avn State they must purchase or build railroads in
80 State from Georgia to Michigan. New towns
/ o,v cities must also rise by magic. To the city
4 ~ ,sI must succeed the city of Manchester-to the
If Manchester must succeed the city of Lawrence
II The CITY of Lawrence must succeed the city of
ns,onand to the city of Appleton must succeed the
oty Of something else
n very easy, by means of bank credits, TO begin won
,.,o works; but it is not easy to bring them to
,,,.ssiul completion After those works have proceed
II, certain extent, something than bank cred
i namely, solid capitals wanted and this paper.
,osv banks cannot supply Hence the distress felt at
...so in Massachusetts, and some other parts OF the
country.
We defy Mr. Webster and all his friends to controver
A. facts we have here adduced and we defy them, by
nv logical process of reasoning, to set aside the infer
noes we have drawn from these facts They may rail
,,be sub-treasury and at the tariff much as they
bse The simple truth u.s. that the banks of Massachu
L expanded the currency about 40 per cent too much.
nd thereby led the people into wild specuatons They
been obliged to contract the currency in about the
cane ratio as they expanded it, and thus running the
eople in order to themselves.
Bu saws Mr. Webster, ." the sub-treasury is one of
most absurd fantasies that entered the head of
man. one of the greatest legislative receptions, and
the least plausible of all political frauds prac.
| Used"
From this il seems that. in Mr.. Websters opinion,
making receipts and payments in gold and silver is one
the most absurd fantasies that entered the head of
mar, and preventing the public money from being
used foster private specuaons is one of the great
est legislative deceptons and of the least plausible of
4 all political frauds ever practised"
Your great orators know the effect which high sounding
Ipthes have on mixed audience and Mr.. Webster is
one Of your great orators But thinking will require
some stronger proof from him than highsoundng pc
RODS and violent denunciations.
SIS there another country" continues Mr.. w., Sin the
civilized world living by and traffic, where the
people have locked up their circulating Medium
To this question we reply. by asking another: Is
there country in the civilized world in which the peo-
pie do not lock up their circulating medium Does not
Mr. Webster lock up his portion of it! Do not the banks
lock- up thes Does not every man keep his share of it
snugy and securely he can till he wants to use it
Well, then, government does no more Every dollar
which has been in any bteasury. has been appropri
M by Congress to public use and has been locked
up there only till that public use required its dsburse
nenL
II Mr. Webster thinks that making this necessary pro-
vision for the public wants has led to "the locking up
Of any large proportion of the circulating medium" he
greatly Our circulating medium" does not consist
solely Of gold and silver coin and of bank. notes. To
these must be added depostes due demand, for bank
checks go as far as bank notes. And to these again.
must added the due by the banks to another
n these the great basis of domestic exchanges and
bank drafts go quite far as bank checks. The gold
and silver coin at present in the country cannot be est
mated at less than one hundred millions of dollars Then,
taxing the average for the last two years of bank
circulation, bank deposes and sums due by the banks
70 one another, have the following as proximate
estimate of the whole of our circulating medium"
Gold and silver coin 500 900 900
bans-noes in circulation HOP 92S
flank depostes $3.50, 355
Due by banks to one another 80 1871, 1919
Total 34s,,ss, 4l2
The amount subject to draft in the different sub
treasury Offices since the constitutional system went into
operation, has not, on average much exceeded two
million dollars, bearing too small proportion to
the whole mass to produce such effect Mr.. Webster
acTbes to it, even supposing his theory to be correct
Atmes the amount subject to draft in all the subteas-
uy offices in the Union, has been low 100000 dol
as and with average amount but little exceeding
two millions, government has had to meet all demands at
every point from Boston to New Orleans and from the
Atlantic to the Mississippi.
Historically can ask How did the sub-treasury come
"O exstence| Why, it is all very plain: Gen Jackson
got into controversy 18th the United States Bank, and
withdrew the peoples money from it in 1888 And how
uu ne keep 1t after this withdrawal Why by what he
'ed an experiment. He put the money certain private
Oahss for safe keeping; the experiment failed and the
udnRs blew up In 1886 and 1897 Mr. Van Buren, then
Office He called session of Congress in the
na year of his administration and he and his counsel
y" produced an original idea-that Of the present sub
asuy original IT certainly was, for they stole other
mans invention. The country tried thi. original idea
gu and labored hard against it, AMI did what could
70 expose its mischief AT length the wings turned Mr.
al buren out of office, and there is longer any
question between tue wings and Mr. Van Buren, but it
ues between the wings and the subreasury."
10 make the idea of the constitutional system "ogi
nd win Mr. Van Buren," is to pay him high comp-
heht But whatever credit may be due to that gentle