Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1849-08-31

The Sub Treasury The Washington Re-
public has an article or two every day, about
the apprehended loss of $4,000 of govern
ment money, by Mr.. DENLY, U. S. Agent at
Marseies, in consequence of the failure of
Mr. Osborne, of Richmond, Va. We are quite
willing that every such defalcation or loss
should be exposed in all its deformity, and the
blame made to rest where il belongs. Blame
there must be,-perhaps in more places than
one. Let the lash be applied, and the law be
enforced against the sureties of tae delinquent.
And if fraud or Villany can be proved against
any of The parties, let them suffer as they de-
serve. r .. - .--- ...-. ..a.
+ So tar, we respond 10 the sentiments of the
Republic But when it seeks, on so narrow
a basis, to build an argument against the Sub
Treasury, ii fails of its object entirely. We
know of no way by which money can be
drawn from the Treasury and applied to pub
lie objects. without being passed through
somebody's hands. In this respect, the Sub
Treasury system does not differ from that
which preceded it. 1t may be better guar
ded, or it may not One or two losses
have occurred since it went into operation,
| through the unfailhfulness or misapplied con-
| fidence of agents, and many occurred before
| from the same cause. Here then is no ground
of boasting on either side Under any sys-
tenn, receiving and discussing officers must be
employed, and under any system some ofthem
may prove dishonest or incompetent Under
any system the sureties may be found INSULT
clent, &c. a..-s.a s s--aa
But this is no good reason why the pubic
money should not be guarded from loss in
other ways. The great sources Of loss, under
the old system, were the depreciation of bank
notes and the failure of banks. These are en-
tirely ohviated under the Sub Treasury sys-
tenn. The extent of the public loss from these
sources, will be seen by the following state
ment. derived from report of Judge Wood
bury, then Secretary of the Treasury, 10 the
U: 5. Senate, in compliance with resolution
OF that body, on the 18th of February, 1871:
Loss estimated by theTr Treasury Depart.
ment the depreciation of bank .. ....-l
notes received prior 10 1897 IS 500 elf
Loss appearing on the books of the
Treasury by Banks as repositories,
Loss estimated by using Banks de.
posi tories, since e 1887 100000
and not redeemed prior to 1887 R0 M
Loss estimated on Bank notes taken, 0N'OO'
and not redeemed since 1887 40oOt
Aggregate 5000 oO
Computed interest on do to lS4l SS72 M
Total loss tn the people by the use of
Banks and Bank notes for government
purposes SII492 90
Now we submit that in order to make goo,
: its argument from experience. against the Sub
j Treasury system. the Republic should exhibi
losses under it, bearing some sort of proper
ton to the above, taking into view the lengtl
of time during which that system has been il
operation. and the amount Of money collects
and discussed. Atleast it should show a los
j of one dollar, or one cent, by any of thos
features of the Sub-Treasury system whicl
distinguished il from other systems. IF til
Republic cannot do this. it may as well ham
( up Its 6ddle.-N T. Jour. Of Com.