The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-10-21
Tn, c.r.,,,as,sn.i Treasury system.


Tn, National ntelligencer thinks nothing can be 50
.b.ud as the treasury system which the authors of the
.o0s,ution intended should be notwithstanding
absurd as receipts and payments in gold and silver
Nothing so absurd preventing the public money from
beng used to foster private specuations. is accord
pry making continual assaults the system and in its
columns OF Friday atms that if the wings get into
power they will repeal It,
This is not unlikely The system is very offensive
oe to schemers and spectators of all kinds 1t is the
inter adherence OF both gamblers in real estate and gam
ysr in stocks No doubt hundreds of wing leaders are
cbng 10 get hold of the public money, that they may
amply to their private Hundreds OF others
most anxious that this money should be lent the banks
IN s3er that the banks may lend il TO themmos anxious
,hs should be made of to increase bank discounts
and initiate paper currency.
u he ntegencer is to be believed all this is 10 be
done when the wings get into power, if ever; for all
these consequences will ineuiay follow the repeal of
the subreasury law. We shall have mutations such
we had in 1856 followed by contractions, such as
we had in 1s4l-43. Government may have it had in
November, 1856, about fifty millions due to it by the
hanks Gncudng the the credit of discussing Of
fcers and then have few months AFTER it had in
Nav 1897 no Of paying the public creditors ex-
cep in paper deprecated many per cent. below par.
Prices OF real estate and other property will be raised
cent per cent, and then the winding up will be
a, under the system in force before the constitutional
treasury was established, in the bankruptcy of States
and individuals to the amount of than one thousand
millions of dollars.
We will not dispute the point with the National Intel
ligencer-tha the wings WILL if they have the power,
A. p,,t adj tnr, nT h,t
print speak without knowledge when they say that the
friends OF the constitutional system have become sick and
tired of it. It's friends do indeed, complain that adequate
means have not been provided to carry it fully into effect,
and that it is very defective in of its details, espe
cay in not providing suitable repositories for discussing
officers But with the principles of the system its friends
have more and more reason to be satisfied
Under its operation the business of making receipts
and payments gold and silver has been found to be far
more easy than any one su pposed it would be.
Under this system, not dollar placed in any of
the repositories has been lost and every has been
forthcoming when called for
Those having payments to make to receive from
the treasury make few if any complaints OF "the incon
venience' Of specie medium in governmental transac-
tons The complaints confined to infurate political
parsans and people who wish, either directly indi-
recy to apply the public money to their private pur-
poses
Lastly this sy stem and this Alone has saved the
try from such imitation Of the paper currency
had in 1885, and by consequence has saved the
try from the recurrence of such calames marked its
history from ls36-'37 to ls42-'43. The constitutional
the banks but has been powerful enough check them
AZ - b,, - hoe, al
immensely of evil Many of the more intelligent of the
wing merchants see this. Many also of the more
intelligent of the wing political leaders must see it,
though from partisan motives they may not be will
Ing to acknowledge it. Others among them
too ignorant Of the principles of currency to see the
true bearing of the constitutional- treasury law; and
Others too prejudiced to admit the excellence of any
measure brought forward and supported by the demo-
cratic party. But in spite of this ignorance, and in spite
this prejudice and in spite of the various private and
specializing interests opposed 10 it, the Independent
treasury system will remain the only compatible
with the constitution, and the only compatible with
the sound principles of political economy and its repeal
would be public calamity, which all the honest and
Industrious members OF society would long have reason
to deplore.
The stability of the currency and the preservation of
the standard of value objects OF importance That
provision of the constitution, which declares that 'sno
laws shall be passed in violation of the obligation of
tracts" becomes dead letter when through the opera
tons of the papermoney system, obligation to pay
dollar is discharged with paper dollar indeed, but that
Of no value than the one-fourth of dollar was
when the contract entered into Justice between
and cannot possibly be administered unless the
standard established by the constitution be regousy ad
hered to-