Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-11-22
RICHMOND WING.
To cor,i,KsroNDsNTs.
Wisdom Of pemstrailr Policy.

upon u speech Of .IohE A. Dir, Es3, in which the
snperatve benefits of the Subtrcasury were set forth
We noticed the article at the time and promised our
selves to refer TO it at future day-wc do so
now. -,U.-
We confess struck with the article, more
by the name of JOHN 4. Dir, Esq. than from any
other fact, because seeing his name 4 said TO
selves at first glance, well here's the Enqurcrs
pose Of John A. Dix, the Free Socr at last" But,
instead Of Mr. Dix, the Free Soler, have John \.
Dix Es2uire, the financier-vcry well.
The whole article may be found in another column,
under the title which heads these remarks.
The first observation have to make upon this
euogy of the Subtreasury by Mr.. Dix is that a man
is not apt to fall out with his bread and butter. one
could hardly find it in his heart complain of syS
TEN which secured 10 him, As it does TO many Others
one Of the very latest offices under the Government
We do not doubt Mr. Dix thinks such office and such
nn,ofcer of the very highest evidences the very
GROWING proof ofthe 'wsdom If Democratic policy
Mr.. Dix has reason TO applaud Democratic policy
he has lived il for the last thirty wears more or
less, AMI rather opine n finds his present her
OF Subucasurer of New York about the incest thing
the Democracy did, cNccp; sending Judge Mason
to France. We suggest that it would have been in
better taste FOR else than the chief SubtrcaS>
urer in the Union, To blow It's horn
But let us what this whale among the minnows
ofthe Subtrcasury has to say for it, We trust the
reader will be good enough Just here to pcrse the
article of the Enquirer and if the observations we
are about to make not lcitimarly fodnd,I on Mr.
Dix's own confession.
Now the L. = Bank refused renewal of lis
charter by Gen. Jackson because of any thing il
had done but because it possibly might interfere in
public concerns. No charg, OF the kind could he
liked by proof upon it. 1t had caused no panic and
cured none PLnics and commercial revulS.ons and
overtrading and all that unknown in its day
1t was, therefore, better than Mr. Dx'S Subtrcasurv
1t could not bridge earthqu kes that We know of but
1t could prerent them. Except during and immedi-
atey following the Of 1872 there were no disas-
tiers in trade worthy of note. But the Blnl was put
down. To use the dropSica language of the Enqui-
rer, ut was in behalf of such hoHstrous corpora
ton, with all its corruptns influences aud icsoa,ing
ruin in its track, that the erccst assaults were made
upon old Hickory, but he stood fearessy bv the Con-
stituhon and the monster was crushed"
Well, now, let any candid reader Of Mr. Dix
say II 1t does not stand confessed in his article that
the Secretary of the Treasury has it in his power b
means OF the Customhouse vaults of New York city
alone, to control the monetary lifrs OF the country
Isn't that stamped on the very front Of his speech
Isn't it inevitable deduction from the facts stated
by him.
1t is answer TO say taat in the case cited by Mr.
Dn IN" power was used bonoGeialy. The power cxs
ists-and to use it benefcialy implies the contrary
power also.
But lest it may be said that we are too general and
sweeping in our conclusions, we mean to 20 into de-
tail and follow Mr.. Dix fairly
The SO called and msnamei Free Trade Tariff an d
the Subtreasury system are the pet measures Of the
democracy. Let us see intheght shed upon them bv
this new enanaton from the etFu'g mt Din how they
look. Mr. DIX says the pressure in the money mar,
ket and the impending ruin, which the Subtreasury
STAYED Oft, was owing to general bias to over TIA,
ding. Now trading in this country is well ascer.
tanned to result from extensive and unwarrantablc
importation of Foreign merchandise The plethora &C
casioned thereby is the main spring the fountain
head Of this evil. The Iow TriF is the incentive 10
large importatons. For while the revenue which
goes into the Subtrcasury must be paid IN coiA tie
cost OF the goods is usually paid on time Credit and
low duties are an Overwhelming temptation to super
abundant and extravagant mportatuns and the cause
OF consequent pressure when the pay day comes
The receipts at the Custom Hous are fair Indication
nay almost n barometer-of the amount Of impoita
tons. Now what does Mr. Dix tell w. Why that tn,
receipts at the New York Subrelsury alone in abou
four months, sum up three millions and a half o
dollars
What was this owing to? Clearly to excessive
importations, and hence the pressure of which 1t
speaks. Now if that three million and half of mone-
thus drawn in coin from the circulation of New
York and locked up in the vaults Of no avail for an
practical purpose, had been left to circulate in tn
community would there have been any pressure p
That's the question for Mr.. Dis to answer C,c,rl,
there would not Mr. Dix proves it. How =
Why themoment, a7 nc tells in his last paragraph
S3,700,GOO about the sun drawn in during the rou
months, were let out Of the vaults Of the Subtreasury
confidence Immediately revived and Wall street in
SANITY felt the relief
Now this is certainly high evidence Of the wisdom
OF Democratic policy machinery which creates
pressure for the sake Of putting coin usecsSy int
vaults to be remcdied by putting It out agan-an
then to be followed by the wonderful cry, "Shat
glorious scheme the Subtreasury is Tor cureng com
mercalrevusions'
Sheridan said he had heard Of men butting the
heads against wall but he never knew but Of
foX India BILL who had built a wall for the cxprc,
purpose Of doing so.
IL the subireasury has capacity for correciir
commercial revulsons, the sub treasury and the 4,
tariff arc as well adapted ior creating them as If the
had been invented FOR thc purpose. H., great mer
therefore, according to Nr Dix is that 1t checks ire
ularities that ii has itself created We suggest ,
all modesty TO this distinguished Fiuaucier, If
would not be just well no, to create them.
But let us glance Cor we can but glanec) at anot
feature Of this perfection Of Democratic wi.lo,
We follow Mr. Dix, though we do not quote yerbaur
Finding that crisis was coming on, every thing bc
tight in the market, land well it might after tho a
stracton Of IL millions Of coin m months n y,
York alonc) the subtreasury wants "to pour il ba
again ntothe channels Of commerce. when t was
dispeasa5le TO sustain the rcIetioa it wasa saving
huence without which the enterprise oE
country must have sustained seccre il not IN
shoot." Thee are Mr.. Dixs words
We'll nov IL A. reu.rL.bI, c,i,,;i,,r, tb.i