Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-06-02
moral honest Y.

| equal confidence in their moral honesty. II
the former case there Is security IN case O
loss by accident or negligence in the latter
we have no resource Of the kind And where
Iisihe possible objection or any violation of the
Sub Treasury law, IL The Secretary appoints
Mr.. A., a banker worth million Of dollars, a
the special agent of the Treasury to transfer
$500. 600 to or from New York to St. Louis.
instead of Mr.. B.. clerk in the Department.
or Mr.. c., an express firm, the personal char
acier and integrity of ell being equali But
the plan we advocate provides a still greater
security. for we contend that. without any re-
ference 10 the capital and credit of the party
employed. he should be required to deposit as
collateral sscli rity the full amount in United
States or other good stocks until the tranofer
was complete and the money complete. aud
he money paid. so that there Cannot be any
contingency by which the public treasury
could suffer. 1.-THE late Wing administration,
or its Democratic predecessors have been IN
thd habit of making such transfers without
such collateral security, no matter what may
have been the wealth or credit Of the parties
employed, and no matter whether the II ansfers
have been made successfully and safely. or
with jeopardy or national loss. the mode is de
therefore the Union urges any objection TO the
plan which vein common with the entire bus.
mess community, think most advisable, it must
find some other renson than the risk of loss TO
the Treasury, for this mode is absolutely with
out risk, whilst that adopted by the Depart
ment is attended with both risk and expense.
The Union argues, on our statement that
the merchants Of ST Louis are at present trans
porting gold to New York, that if private In
dividuas find it safe and advisable TO adopt
this course. it is likewise so for the Govern.
meni; but this is begging the question, and IS
not 10 the point. The merchants OF St Louis
adopt This course from the necessity oil the case,
aud because they have no other mode OF get
ting funds TO New York; whilst the Govern
ment which want $500, 900 in st. Louis, re.
fuses To accept that sum in gold from the
merchants of that place in exchange for like
sum in New York, by which all parties, as
well as the community at large, would be &C
commodated, and by rejecting this mode, oh
liges the ST Louis dealers To send the amount
in gold, at great expense and risk, 10 New
York. and the Government To incur the same
by sending their gold from New York to ST.
Louis.
But, since our late remarks on the subject
a new feature respecting 1t has been dev elop,
/, d, as we learn that the drafts Of the Treasury
Of the United States on the Sub. Treasury in
this city have appeared in the bill markets of
Charleston and New Orleans, in order to ere
ate funds for the public expenditures at those
points. These drafts we presume, are not
sold at less than par; and if so, il is,as regards
both expense and risk, preferable mode 10
tie transportation of coin: but where in the
Sub Treasury Act does the Department find
authority for thus turning bill broker, and en-
ering into the exchange business in Compel
ion with private individuals? 1fthese Treas.
liy bills of exchange are thus being negolia
ed in the above cities, We presume we shall
soon see them in Wall ST.. and in State St, and
he SubTreasury system become one grand
'hinplastcr establishment for promoting the pa
per circulation between the different CONNER
cial marts of the Union. When the subject of
making mint certificates issued for gold bul
lion receivable for custom house dues was dis
cussed, last winter, in Washington. some Of
'rhe faithful objected to it as being a speci,
of paper currency, Though the gold was actual
ly In the hands oil the government and the plan
only enabled the owners or dealers in gold bull
lion to realize theircelifcatcs few days soon.
CT than if they we're obliged to wait until the
mint had actually coined il. Some Of our
Democratic friends could strain at that gndt
but can swallow the present camel Of gigan-
tic system of Treasury bills of exchange in
every section of the country.