Rutland County herald. [volume] (Rutland, Vt.) 1848-1850, 1848-11-01


e0.sii0a between the Why's snd NJ. Van
Bufea DO, u lies between The whles ans
The Sob. Tpssasy
Whsi are ihs Whig, nov requested TO do
By oeusin person.. why, to take back Ne
Vac Bysen and his Sob Treasury | could
nsme many Individuals who were united
~ith % IN cur opposition 10 The Sab. Treas
vry, both IN Congress and 90, Off, and who
denounced that measure a. the greatest evil
which could be Inflicted upon commerc a
people fhe@e men SOW lock Mr. Nsa Boz.
co up 10 their embraces with 80 tight . gtssp
a. his SUB. Treasury does that Office fot the
cssh Of THIS Suffering Community
. These men tell you such things are by
gone questions obsolete matters 'old ia
sues cod the like. think these sugse,.
{ ttoo, unworthy men Of sense and csBdor. |
think hem fimsy and shallow tina, they do
not rise 10 the dignity Of decent pfsieri.-
No, these are not old issues and obsolete
thingE they constitute the question Of The
day The Sab Treasury and Tho tariff of
40 hang like a mill stone on the neck OF the
country
Mr. Buchanan puts the question fairly In
bis defence Of the noble sub- treasury the
glorious tsrid' II the people OF Pennsylva-
nis ate SATISFIED with this defence, | agree
10 Il az far "a concerns them. The sub.
treasury isA iavonte OF Mr. Van Buren, IL
met with no rebuke at Buffalo The BuGa
10 platform was made Of very slight rnsleri-
els, and though 1t was not ad spied TO very
heavy tread, II was sufficient 10 sustain tho
flexible steps OF Martin Van Buren,.
The sub-ireasury has been for some years
tho law OF the land, and what has been the
eflecl' Look al New York, the great com
mereial emporium OF tho country, when its
influences must be ereued 10 their evident
extent. What is its position then have
iaksu some pains To learn, and find II TO be
this when money is plenty the sub-ircasu-
~ locks u up and makes an awkward, bung.
Ing, annoying business Of handling bags and
kegs OF specie, embarrassing and expensive
10 all whu transact business -sltog ether q
most cumbfous ane ridiculous thing. In
times OF scarcity OF money il becomes the
most ridiculous Il is the modern insirumrn,
OF torture and distress 10 the merchant, The
trader aud the hnancier. Such a conse.
quenco is inevitable, all scarcity II makes
scstccr.
On the 25Ih Of August last, the vaults OF
tho Commercial Bank OF New York con-
,ained 100000 dollars in specie The
sub treasury al the same dale contained
| 400, 100. The events of business caused
change within about a month, by which
the specie Of the bank was reduced on the
29,h Of September to 10000 dollars,
while that the subtreasury was augment.
cd to 2, 400 900 dollars This difference in
favor oil the snb-treasury was so much coin
drawn from circulation, and the banks were
com ne ed 10 cuftall their discounts 10 re-
place the specie thus Withdrawn, and not
only this specie, but the bills representing it.
This was one turn ofthe sub treasury screw !;
how many such turns would il require TO
bring ,he patient down 10 complete state
OF lorlure2
Recently, however, II appears that the
Secretary Of the Treasury has issued a sort
Of haJeas corpus writ, by which he has
managed to release from Imprisonment a
certain portion Of the contents Of the sub
treasury. will not undertake TO say that
this measure is illegal, but | venture to say
Iha, he finds himself enIropped by the work
ing Of machinery Of which be is nJt the
master,
! The fluctuations and the pr assures in the
monetary affairs OF the country, caused by
T The sub.Ireasury, are such, that all men arc
filled with dsirusI and doubt, unable 10 fore
see the issues Of events, and OF course I'M
prepared 10 meet them. They walk IL
perpetual apprehension and fear, doubly
armed, lest an enemy spring Up before then
steps. What is The inevitable consequence
OF oil these ,hingsf Unusual embarrass-
ment distress md bankruptcy, fuctuasion
from bad to worse---a state Of things, unox'
ampled, as far rs know, in lhebis!ory Of
the country. We were told tina, the sub
treasury would prereni all these ruinoui
fluctuations and these distressing pioches in
the money market Wewere told that Mr.
Folks tariff Of 1916, would foster the TO-
duary ofthe country, and lead US to pros
peri,y. Where is the result of tina, foster.
ing caref
But here is another very important con-
alteration. Three fourlhs Of our imporIa'
lions are on foreign account. Go into
Sla,e-stree, or Wall-sTect, and ask mer-
chants respecting imporiaIlons They cat
Give Won llule Information respecting them
they come from foreigners, and 60 to com
mis,ion dealers Oar merchants can Torn
TO Judgment respecting the pTosp'clsoi ,h'
market The goods are imported BY for
81 gners the duties are paid Immediately, tb'
cash goes into the sub-,teasury, and Is Their
locked up; q scarcity OF money follows, ao'
then is in the power OF foreign importer
10 embarass our monetary concerns. dc
not know the precise sum now locked up II
the subLreasury IN Boston, bu, probably !
Il were IN circulation It would enable tn
hanks 10 issue /, 500 900 dollars more that
n, prcssnt. BY our present wreIehed poll
ey we compel The American trader 10 pa.
more ,han double loT the use Of his none,
tha. The Engl,h trader pays.
When the tariff bill Of 1916 was unde
: DISCUSSION 10 Congress, we made every Po'
, ,ibls effort TO pievsnt It's adoption SOM
oCoof an,idoles said many provoking Ihingi