Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-11-22
Mi.dnm af Demnsratir pnlirr.


BY the force OF public opinion several years ago Daniel
Webster compelled write the eptaph of an obso-
letc idea upon the tomb of national Bank a govern
machine which the Wings stoutly maintained was
inis pensab necessary regulate exchanges and furnish
sound currency for the country. 1t in behalf OF
such moustrous cOJpoAonNith all it, corrupting in
ucnces and desoatug ruin in it, irackthat the ferces
assaults made upon Old lckcrybut he stood tear.
l,s.ly 10y the constitution aud the monster was crushed
Oucc when tic Wings got into power on false pre-
fences effort made iost similar instrument of
corruption upon the counry-hut John TYLER true 20 hi.
Virginia education aud long cherished principles main.
taned his ground, in spite OF terrible opposition and
threats aud the coup os grace given National
Bank. Juucr the present Democratic measure the Con-
,ttuOnal Treasury, the as moved proSpe-
~ and at the time with safety. The saving merits
the sub treasury system have been thoroughly tested
in the immense heaviuGs OF trade in New York during The
past year 1t has been ouad cnineny useful in check.
ing excessive speculation and in keeping the OF
tue path Of rofe'y Tie operations Of the
tenn are clearly aud ably explained in recent speech Of
passages touching the commercial operations OF the sub
treasury and the naEcal condition and prospects of the
country:
We may be said to have a clear surplus Of twenty five
millions dcllars. The Secretary of the Treasury
think with enlightened and prIseworthy regard TO the
interests Of the county, has been purchasing the public
debts very long liberal rates giving for the large stocks
redeemahle in 1867 and lsGs premium Of II per
for the privilege OF paying them off fourteen years before
they due. Whata comment is this the successful
working Of our Institutions While the governments
the old world literally staggering under the burden oil
their pecuriary ob ons their subjects are drained
of their hard earnings by taxation support armies aud
uphold useless establishments, is only deriving
from a comparatively moderate system o: IA, alton the
for all it, wants, but has actually
lated surplus exceeding half OF Our entire public debt
aud Offering than one fifth of the whole prn-
cpa IN the shape OF premiums for the privilege OF paying
/ it before It j. due
Nothing exempHfy more clearly and forcibly the sa
u'ary operations of the system recommended Congress
in s3I, and finally adop.ci ia 1916 Of collecting and
!
during Toe intervening in the hands ofpublc officers
than the condition OF this city during the last month
in respect 10 its pecuuIry affairs. On the 18th Of Ma
last, when took possession Of the Assistant Treasurer
office in this city, rrceiptcd for S6.1SlSo5 30. This
amount up pretty steadily subject occasional ncon
siderable fluctuations and particularly about the st Of Ju
", when the five per cent loan OF 1892 redeemed
slO,2D2.5l6 20 on the 23i OF September. To-day i.
only sGI9T3ll Sc. From May TO september there was
prevalent bias TO ovcrlcuon in almost all business le
climate oud ilcgtmhic-in trade, banking, stock job
Ding, and land speculation. Under the impulse given
comm,tcid enterprise, the Treasury balance in this city
~ have stated, up from les than millions to
more than ten millions ian increase Of three millions and
half Of dollar) in abou, four months. This rapid
mutation Of CON- and the enormous OF ten million.
thus Withdrawn from the reach Of OPERATOR checked
very -aluary the general tendency overacon
Spectators could command the money they required
10 carry and extend their transactiOus Merchants
we're compelled to limit their orders for foreign goods
Debtor banks pressed for balances obliged
tract their discounts and as The food Of specie poured IL
20 the SIb-Tr lsury. the channels from which IL
drawn nearly exhausted and OF the bolder al
ycrtur'r were lc high aud dry by the recedirg tide.
Th- the fret good influence Of the Sub Treasury
'vsten, gradually drawing -pece into it, vaults a
the banks extended their oreratuns aud stimulated th
spirit OF enterprise an speculation and checking the
iency Ia by law certain those which govern
the m1terid world The second good influence OF th
system sanitary the first and was the result q
the ufihble Law. The accumulation Of ten million
o coin in the Sub Treasury here, made money
valuable, most stocks fell ~ price, ndthe interest paid ~
the IT money rapidly and enormous rates. II
ell such cl-e holder. stocks which maintain their price
are tempted 10 sell Tor the purpo'e Of realizing the highc
profits ~ other investments. This the with tn
stocks Of the United S1tes. The Government had Of
Tered high premium for them The boilers surcnderc
Them aud took the surplus cola 10 the Treasury Ia
change.
By tn operation, then. three millions seven hundred
thousand dollars drawn out Of the Sub1ressury II
ak weeks and thrown into w all street ~ relieve the pres
'ure caused by preceding excuses IN speculation, and
commercial adventure II j. indeed the only relief Wa
street has hidths only reefi, possibly could have had
and has saved us from reaction, which without il
would have been scarcely less thanlt Of 1851
" toe ten millions ~ coir accumulated IN the gutreasur
bad been n tho vaults Of the bank, they wond have
STUFFED bl-il for dcOuuts ~ five six timus tina
amount and he reaction would have produced shock
which you'd have iryoivci spectators and l,gitimat
dealers, IN common rnin. This, then, has been two
told beneficial action 81 the sub treasury system to dra
specie 10 eIi vs. speculation has been inorduately e1
tended, aud " pour t back again into the channels
commerce when Do was Indispensable % sustain the teas
ton. The ebb aud nyw Of the tide Of specie has bee
alike salusry-it Wasa saving influence without whc
me enterprise Of the country must have sustained
" no, ia''' -hocf. No human agency could have res
u'aioi is operation wisely and surely IL ha. bee
y regulated by the liT ofcommefce.- Ea7Hirs,.
Our citizens we're sa med by the cry Of FIRE about ia
light on Tuesday morning last The FIRE discovere
70 he IN the stable Of JnO Vs. Shcrrard Esq II was 500
eStDgushcd This has been the second time IN the IA
az month"; that This stable has been act fre and It
nov high time that the guilty culprh should be ferrets
ont and punished. With such incendary In our mid
no one's property is 'se.--R0masy HioHigNcsr, No
18Th.
DIED.
On Ne 7lr iu,t. J-Hv r. BENTON, ,ou II u. snd 81