New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-10-03


The ingenious lark who invented so smart q rat
trap that he caught his own fingers in 1t. and had
10 below like bull for some one 10 come and let
him out, was not 80 sharp as those to whom has
been confded our General Government They
take good care that the fingers caught in their Sub
Treasury trap shall not BE- their own.
It ia now over eight years since the lndcpend
ent Treasury system first became the law OF the
land. 1t. adoption was celebrated by gun. frings,
harangues and various public reioicings. Essen
tally it had been in operation through a good
part OF the three years preceding, owing To the
general suspension of Specie Payments. During
the last eleven years the policy of dvorcing
Bank aud State, by refusing all paper represent
stives Of money other than the Government
own issues. and keeping the public funds IN Sub
Treasures instead Of deposting them in sound
Banks has been srdonty advocated 10y the party
generally predominant m the country. During
the greater portion of these eleven years the party
advoca tng the Sub Treasury has been predom-
inant in the National and in a majority of the
State Governments Yet up to this very Oc,o-
ber leas, not one single State has adopted IN the
conduct OF its own finances, the essential features
Of the Sub Treasury system.
Again aud again have we asked, What is the
explanation OF this Is there even an apology for
IL, WHY should South Carolina and New Hamp-
shire insist on the exaction OF Specie by the Fed
eral Government, yet uniformly take Paper them
selves Why maintain the corruption and peril
Of deposting Public Moneys in Banks, yet keep
doing that same Why don't the doctors take
their own medicine, since they prescribe /, not a.
medicine bu, as daily bread But we cannot ex-
tort an answer.
We are now 10 the third year of the reenscted
Independent Treasury. The thing has been
amended, aud recsst. and tinkered, and licked
over, until il must be about as mildly mischievou,
A. 1t ever can be. But the beast has vieiou'
nature. II you tie him up, pull his teeth, muzzlt
his laws aud cut his nails, YOU may Just manage {,
exclsim, Just see how properly he behaves! He
isn't hurting anybody Yet he is essentially Z
bad brute after all. The very best his nature W il
perma him TODD is to do no hsrm-that is, not much
The money the scheme costs is a serious item il
our Natonsl Expenditures; bat If 1t woad b,
satisfied with that, few would grumhle. But II
tru,h IL costs dollars to the People as often a,
cents to the Government. No wonder its biologists
persis, in keeping il as far from homo as possible
In his last Annual Treasury Report Mr.. secre
tary Walker exults over the asserted benehccn
operation OF tho Independent Treasury as iol
lows
Daring the year ending 3oh Of June lsi1. our i'm
ports Of specie s24 lsi $50 most OF which, under
former systems rost have gone into the banks % have
been made the basis oissues of their paper to the adj
tonsl amount Of any or sixty millions of dollars such
IN expansion darins the last Spring and summer, sc
oomPs"ied by suh hisher prices. and followed by
greater tall snd BY bankruptcies IN England To an
tent heretofore unknown, hndsng hsaks end credit
greatly expanded Snd reacnns upon this expansion
would hkye produced revUlsion here exceeding any
thst has heretofore occurred IN the country general
Suspension Of the banks would probably have resulted
Expressing the wages OF lshor and prices Of property
and products ssciing injariousy the operations and
credit o; the most solvent and producing eN,en
siyo bankruptcies From this rcV0lsloa We have been
ssved by the Constitutional Treasury, BY which III.
specie imported instead OF being converted into esni
Issues has been made 10 circ0ste directly u gres
exteut ss a currency among the peoP'e-hsvns peer
reoined here during the last eleven months by TIE new
orders OF this department under the set Of Oh Feora
sy l7g3 and the xssoas cooperation OF TIE sole an
efficient head Of the Mint 1T Phisdephs 10 the UMPIRE
den,ed extent OF S7Ss oss -, and there are thoas
snds OF our eiureas solvent snd prosperous sh'
have been saved from ruin ny the Wholesome opersos
OF the Constitutional Treasury. The banks tasi so an
wisely opposed the system have been reseaec pron~
b,v from smother suspension their Stockholders De
pos,,ors and noteholders from severe losses snd a'
country and Government, from the ruinoas enecis o.
dcprcc.,ed paper currency. II the enion OF the uo'
ernment with the banks q continued, and iheaI sas
pensoa and the depreciation OF their paper ooearseo
aurisc the war requiring large specie disbursements
which suspended banks could no, FURNISH consequence
the most disastrous the honor snd Interests OF Inc
country must have ensued
This is quite plain language yoa see not only
what be claims to have effected, but by what
means The Independent Treasury cla'eAed the
specie imported last year from Europe in paymen;
for cur BreadssuiFs sold in large quantities a,
famine prices. and handed il over TO the People,
keeping il away from the Banks. preventing any
Currency Expansion based thereon and thus pre-
GLIDING mutations, bankr aptcies, &c. IN short,