Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-11-24

There are several other views TO bc taken of the
Enaurers extract from Mr.. Dix besides those which
we presented on Tuesday. We propose 10 add an
additional reflection or two.
Among the various party cries which in
vogue about the time the Bank of the United States
was refused rc-charter, that of divorce of the
Government from tic Banks" The dogma assumed
was that the Government was under obligations To
take OF its Treasury alone, anil that the al
fairs of Commerce ought To bc left To regulate them
selves by certain undcinei and uDdciinablc circum-
stances, which have been digniiicd by the title
claws OF Trade" The assumption was that the
Government hal thing TO do with the Commercial
and Manufacturing interests Of the people. Its only
care to the Laws executed, to collect its
from importatons and sales of Public Lands, to
guard it well and diSburse il economically and hon
cstly Sofar during the Commercial distress Of 49,
1870 did Mr. Van BLren, in obedience to the then
prevailing dogma of the Democratic party, carry this
doctrine, that he shocked the Commercial and Manu>
featuring community, by politely giving the To un
derstand that it was no concern of the Government
10 look after for their interests "Ihe people
expected too much from the Go, ernmcnt.' The
idea Of any sort of protection to their monetary in
terests secuted. The Sub.TrcaSury was the
lawful offspring of these notions. 1t proceeded upon
the hypothesis of complete separation OF the public
fsc from any implication with the trade of the coun-
try. One Of the essential recommendations Of the
Sub-Treasury founded on this view and the Sub
Treasury was a scheme which protested, aud vet pro-
fesses IL secure this result 1t assumed Ia lac
entirely practicable arrIng tmsnt, Ivan agcous both
TO the commercial interests of the county and the
public chest itself.
Now we have only to request readers TO recall
TO memory the statements of Mr.. Dix, quoted ycster
day TO satisfy themselves without 4 word oil com
ment) how FAR the Sub-Treasury has wandered from
the idea of its founders and how palpably it stands
confessed that the separation amcl at has proved
wholly imaginary and impraCtcahle.
Mr. Dix is constrained to confess that the Govern
ment through his department. dill contemplate the
condition OF the commercial market, which the Sub
treasury had itself brought on-that it could not
close its eyes the impending crisis, and that II
compelled to hasten to relieve ito relieve it i'll the
orly practicable legal mode, viz TO let the money
out OF the Treasury into circulation by purcha
sing in the debts Of the Government. SO imperative
was the necessity for doing this, and doing trrompt~
w. according to his couiessiorD that the Govern
ment made a sacrifice OF 81 per cent. on $500 900
amounting to ST77, oOo!! :, Within per cent o.
fourth of the whole amount in order To alt RI
relief
Now these are facts, not guesses or GcGons; fact,
admitted by the chief Sub-treasurer Of tIe UniteC
States.
la this view OF it, how clearly is it demonstrated
that the leading idea of the Sub treasury is =
fallscy-an impracticabili;y-a humbus 1t is here
demonstrated by the advocate of the Sub-trca-
sury, 10y the who derives Il large income
under it, that the Government il compelled to care
for. nj 49, 81
try. Its own prosperity and integrity insepara-
bly, intertwinsd with them. 1t was the knowledge Of
this unavoidable fact-it was the keen perception Of
this ungracious truth that broke the seeming peace
iul sum5ers of the gentle Guthrie and unbarred the
vaults Of the Sub.treasury and babe the coin flow
forth. 1t this that neryed them to the distress
ing loss of2l per cent. and Dix has the a--u-
rance to claim virtue what was crushing ne
cessity and holds up the Sub-reasury aud himself
public commentator.
A few more such financial feats an the Treasury
is empty. Only five more will rather more than
do the business. We cannot help giving ven
20 wonder to what effect this financial dexter
ty Of Mr. Dix will produce upon the aulia nerv. aud
placid countenance Of Gen. Gordon Of Abemlrl-, 10
whom the paternity Of the SIbtreasury schem is i'm
puted! Here's sep ration Of the Government Tr.l-
sury from commercial trade with a yeneencc
Another reflection to which these facts give rise is
upon the remarkable fact that (pending the operation
Of this perfection of Democratic financial wisdom
which has now been thirteen years in 0gerIti1n-a.
its friends aSsertand under which ne were assured
gold and silver would be 50 abInlInt that paper
money would he ~cOrncd notwithstanding an this
and the millions millions Of the unexpected gold
which California aud Of te Atlantic States have
furnished TO aid its operation the withdraw.
from circulation Of the comparatively cOn.emy,
tible SUN Of three aud a half millions Of coin
threw the United States ship Of commerce OF
her beam ends, and the Treasury tugs had q
be dispatched, under press Of steam and sail {,
her reiei-wthOut whose assistance according IN VI!
Dix, she must have inevitably broken and gone 4
pieces. There's precious commentary on the Col
den Age viii ch the Sub-trcasury was to inaugural.
Nay, We were told to give up alchemy, Tor the wan
Of Midas was among Us turnins every thing IL vav e.
over into gold What d. you think of this, Gen. con
don What do you think Of that Mr. Bulio
Benton
Nor does the braz,n oiTrontary of the Sub.trclsur
stop here. Notwithstanding It's loud professions ,
the supcrabundancc Of the precious metals 1t is pain
fully notorious tina the last ten years may be apt
termed the era Of shinplasters The country is foo,
ed with notes Of every hue every denomination fro
twenty-five cents upward from every chartered an
unchsrtered bank from the Canada line to the Mex
can frontier.
IL their circulation was not 30 general, so con
mon as to have become matter Of course-if AZ
one pretended TO dispute anything in the shape Of
note, with handsome lady, or Gen. Jackson, or
plough, or steam it-instcad Of carrying abo
with him pocket handkerchief az most gcntlen
usually do-the place upon his person devoted To IN
offspring Of civilization would be more than suppl.
by hamper full ofb0Hk note d,i,ctors Orpcrhaps %,
temen handling much money might indulge thcnsel,
In the luxury Of skllful broker n rlis uc-,Va.
The truth ~ the people have become hopclcssly
massive. The disease is chionic and universal
body objects If one takes doubtful note whett
the bank person issuing il is known unknov