The republic. [volume] (Washington [D.C.]) 1849-1853, 1849-09-04
TIL E REPU B Lie.
WASHIN GT0N:
TUESDAY MORNING, SEPT. A, ls4s.
The sub-reasury--Mr. Walkers Loan OF
| 100000.

The Opposition journals have repre-
sented our articles upon the recent defal-
cations as attacks upon the Sub-treasury.
They were not so designed. They show
that the Sub-treasury has not accomplished
what Mr.. WALKER told US 1t would accom-
plish, and what Mr.. Polk told us it had
actually effected. But it does not follow
that the Sub-treasury is as bad as Mr..
WOODBURY., General JACKSON, the Globe,
and the Richmond Enquirer, predicted that
it would be found Our purpose was to
show, that under every system the Loco
foco leaders have managed to plumber the
treasury; and that it is not enough to have
rigorous and stringent laws-we must also
have honest and attentive men to admin
lister them. 1t is clear enough that in the
case of Mr.. DENLY the United States have
lost Sl55, 000-not in consequence OF the
Sub-treasury law, but in spite OF 1t. II
the injunctions of that law had been obeyed,
the public money would not have been APP
propriated to private uses, and the United
States would not have lost money by Mr..
OsBoRNE's commercial speculations in
cotton and tobacco.
The late administration, in more than
one OF its departments, violated the Sub
treasury law in more than one OF its pro-
visions. 1t is not forgotten that MIR.
| WALKER violated it, as well as Mr.. Ma
SON. About the first of October last, the
Secretary of the Treasury, under the ur-
| gent solicitations Of the brokers and stock
| iobbers, was induced to loan $500, OOO
from the Sub-treasury in New York. A
large amount Of specie had accumulated
there, and its withdrawal from the market
was producing very serious consequences.
Mr. WALKER became alarmed, and a
transaction was devised by which this sum
of $500, 900 was advanced to certain indi-
viduals for stipulated time without inte-
rest. The affair was disguised as trans
action in treasury notes, but it was Just as
clearly violation of the 10th section OF
the Sub-ti easury law as was Mr.. MAsoN's
advance OF S205, 900 to Mr.. DENNY to be
employed in commercial speculations.
The same excuse was made for MIR.
WALKER that is now made for Mr. Mason.
1t is said that it would have been very in
convenient for Mr.. MASON to have COM
piled with the law. We apprehend that
il would have been much easier to have
transported sos, 200 from New York 10
Marseilles in specie, than to have trans
ferred the same amount from one of the
land Offices to Washington. Besides, where
the law is clear, the argument from incon-
venience amounts TO nothing. The law
must be obeyed, whatever may be the in
convenience it imposes upon the public
service. No officer is authorized to dis
pense with il, or to seek a more conve-
: nient mode of transacting his business
than is authorized by law.
So il was, doubtless, very great in
convenience TO our New York friends TO
suffer the enormous accumulation of spe-
Gle in the Sub-treasury. II was trying to
the banks 1t depressed stocks 1t inter-
fered with mercantile operations. But
that was one of the disadvantages, under
certain circumstances, of the system.
But. because of this inconvenience, Mr..
WALKER had no power to dispense with
, the execution of the law He had no le-
gal authority to withdraw 100000 from
, the public chest for conversion TO private
uses. Ii was Just as much violation OF
the law to withdraw that amount, when
the community was suffering, as it would
have been if the money market were easy.
Disgusting il under the pretence of sell
ing and buying treasury notes did not re-
lieve the transaction of single feature of
illegality.
We have no doubt that when the mo-
neyed operations of the late administration
are thoroughly sifted, il will be found that
the provisions of the Sub-treasury law
were daily violated by all the public Off
| GERS lITOuEUOul tue NOhiNi y w All GAVIN
of which we have now but very imper.
feet apprehension. When the highest
public functionaries violated it in the
largest transactions, on the ground Of ex.
pediency, and to save inconvenience, it is
hardly TO be supposed that the minor Off
Gals were more scrupulous in its observ-
ance. If the penalties of the 10Th section
should be enforced according TO the OBJ
yious tenor of the act, interpreted on the
ordinary rules Of judicial construction, we
; fear that the penitentiaries of the country
} would hardly hold the multitude Of delin.
quepts embraced within the broad sweep
{ Of lis extraordinary provisions.
Al Dissolution Of the Loeofoco Party.
When Mr.. JOHN VAN buren, announced
: at Cleveland the dissolution of the Loco