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

Now. however. in Mr.. Webster's view, carrying out
OF the most absurd fantasies that entered into the
head of man of the greatest legislative receptions,
and one of the least plausible of all political frauds ever
practsed." Truly we have in Mr. Webster a most
striking proof OF the truth of the doctrine that man
may fall from grace, and that he may be given up to
strong decisions TO believe lie"
The sub-rreasury been Tor some wears the , of the
iasd; and what has been the effect Look Al New York
the great commercial emporium of the county, when It's
Influences must be exerted in their evident
Is its position then have taken some pains 10 learn and
ind II 10 be this when money plenty the sub
locks It up, and makes awkward bungng annoying
business OF handling bags and kegs of specie, embaras
ing and expensive 10 all who busnes-altogether
most cumbrous and ridiculous thing In of scarcity
Oh money II becomes the ridiculous il the modern
instrument OF torture and distress the merchant, the
trader and the fnancier Such a consequences is inev-
table-al scarcity it makes scarcer."
The whole business of paying and receiving hard
money is, no doubt extremely ridiculous thing in
the eyes of one who thinks the system some of the most
absurd phantasies that entered into the head of
man." but those who have payments to make to- or re-
ceve from the treasury. do not find it either "embar
RAISING or expensive" On the contrary operates with
more ease than was hoped for by its best friends
The chief medium is American gold and it has been
tound by experience that, taking safety and despatch
together, it is far nee convenient medium than bank
notes OF different denominations and issued by different
institutions Tendollar gold pieces are more readily
counted than dollar bank For large payments
the gold is done up into bags containing five thousand
dollars each One of these bags weighs 26s ounces and
can be carried in hand by the most delicate lady in
the land so careful are the sub-treasuy officers in
king their count and in rejecting counterfeit and defect
I've CON- that these bags are received by the banks and
other larger dealers without recount In this way
sums OF many thousand dollars paid at the subreas-
ury IN New York in a few minutes. Nobody complains
of the "expense and embarrassment but infurate poti
cal partsans, and people who wish TO speculate on the
public funds.
We doubt not, however, that Mr. Websters Wall street
friends very much dissatisfied with the system These
people have long had the of the public money that
they to regard the resevng of it for public uses as
personal wrong done TO them. One of the Wall street
organs lately made bold declaration that the money in
the treasury belonged to the banks" 1t is not enough
that these institutions endowed with privileges denied
TO ndvduals-chartered to make money out of paper
exempted from paying their debts beyond certain amount
and allowed TO invest all the natural operations of credit
for their own benefit, and to the injury of the communi
tya thisis not enough; but wrong it seems is done
TREASURED
The farmers OF the country, and the mechanics and
other hardlaborng men of New York. frequently feel
the want of money, yet we never hear them complaining
that their pockets empty because there is 80 much
money in the subreasury. But, whenever there is
fall in the price of fancy stocks, all Wall street is in an
uproar and the "odious subtreasury" is denounced as
the cause 1t seems like folly to reason with such
-.
it does not necessarily follow, that if there is little
hard money in the banks, the is because there
is much in the sub treasury. AS general rule,
every dollar in treasury Office may be regarded
much added to the general specie stock of the country
1t may, in the first instance, be drawn from the banks
but it creates new demand, which causes an equal
amount to be brought in from abroad, or, what the
same thing, equal amount TO be retained in the
country which would otherwise have been exported If
the gold and silver that has been deposited the sub
treasury at New York had been deposited with the banks
of that city, they would for every dollar thus deposited
with them. have issued in form other at least
three dollars in bank credits. This would for time
have produced an appearance OF prosperity which would
have been perfectly enchanting Wall street itself would
have been satisfied But the rise of prices consequent
on this increase OF bank credits would have caused
great III vi CoIHlHOuI-
ties. When the time for paying for these all the
gold and silver in the subreasury added TO all in the
vaults of the banks would have been found insufficient
THE sUBTREAsURY, AND THAT ALONE, HAS PREVENTED
THE NEW BANKS, LATE CRISIS, SUSPEND
ING SPECIE PAYMENTS If they had been the repositories
of government, they would, besides the millions they
owed 10 individuals, have owed millions in addition to
government and where they had three dollars in hard
money meet lawful demands against them, they would
not, if the subreasury had.not been in operation, have
had more than suspension of specie payments
on their part would then have been inevitable The
more intelligent of the wing merchants know this, and
Mr. Webster might have learned this truth from them,
if he had consulted with them, instead of with the spec
ulators in Wall street.
We have not yet done with Mr. Webster
More Astounding Yet.