The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-28

Yso4. ma ysun4l d co4.usscs, oet -
The sub Treasury
Ills exceedingly gratifying 10 witness The msneslA
tons Of approval 60 widely oeso~es on ms nhs s1
me asoe Of the government There IS OCCASIONALLY an
Individual who expresses wish that The moasy. pao
for duties shall be dsposllsd in banks A. ihs bass OF
iher loabs bat the bulk OF The community plainly see
that such policy would greatly extend our imporAAo"s
.nd present en,oafrAssaehts ihe pfes<'
action oi The sab Asary check imposed os ol-
yda4s themselves. and There is has peculiar Ash
lsxr ln OPERATION that The 10 siil among us
xhereas If The amount paid for duties were The csss OF
further loans no check would be imposed until an squs4
lenl OF coa had abroad. win peIh@ps A.
outstanding alton To send vastly more Than we SHAN
COW be Obliged 10 DO III mol the policy OF TINS eonh
ny OF any cousy TO hoard The precious metals 70 an
extent thai will Interfere with lar and Reasonable ~
terch4nge Of commodities enough however. should al
ways be retained 10 manage conveniently The business
al home. Owing 10 The pecusnties OF The national
constitution il Is impossible Tor individuals 10 manage
their financial AFFAIRS. with convenience and certain
~ excep, while the paper currency kept al thai sale
position. when il may be exchanged readily for gold
and silver. While ia other counifes power exists 90
alixe the suspension Of st~ce ns 10 make
The ordinary paper currency legal tender fof debts, M
der constitution this 10 possose NO State SHAH
anything but gold and silver com legal lender of
debts s an provision OF that instrument and our
local legislature has been restrained By The constitution
of the Stale be prohibited from iexalzing The
suspension OF specie payments By the banks The sab
treasury scheme 10 precise accordance with these or
kanc provisions All the laws for the collection OF debts
look 10 paymeR,s in the precious metals; and when
those laws invoked. the whole power OF the govern.
ment. through lis machinery OF courts. marshals and
officers, set motion 10 require payment gold and
silver IL would be fatal TO individuals, when such IS
The duty and practice OF government. Tor the later 10
lead them into the contraction Of heavy debts 10 cur
rency OF paper. by treating the latter money IN all
dealings, when al the moment OF pressure u;
lends lis power enforce payments IN different and
more valuable medium. BY receiving gold and silver
alone, the government keeps the people informed Of
wha. is the true standard and, instead OF withdraw
ing from circulation when an immoderaie amount Of
duties paid, large cunt OF bank bills The place
OF which supplied with more-thus poeiponing and
giving malgni;y to whatever explosion takes place
takes gold and silver Ia its coolers, prevents our being
wholly stripped OF those commodities, and thus cheek
imposed that the prudent merchant from the ruin
which the unchecked mpudence of others would create
In whatever aspect the sub treasury viewed lis action
is useful II may safely be affirmed that any such Da!g
nan, troubles overspIead the country 1886 and 1887
wholly impossible during its existence The govern
then stimulated The creation and ihe extravaganza OF
domain 10 any spectators who should e:iab
sh bank, and parted with thirty millions OF acres
in single year Ii held out an inducemenl for impora-
lions By accepting duties any bank paper WHICH had she
mere TACT that the paper OF banks was thus treated as
money gave what was bad an equal reputation with
what was good and lis circua'isn was general, until the
famous specie circular stopped suddenly the OF
ravagance. folly, and madness into which the coun-
Try hal plunged, led By the financial policy OF the
government. There being no power TO continue the
currency the point of expansion il had reached, owing
the provisions OF the rational constitution violent
contraction ensued 10 place the banks a specie basis
and wide and general disaster followed. There is
duty plain and necessary a. that OF keeping
the currency in steady position. That duty, when
the issuers numerous. is difficult; bu. all that
the national government do TO this end IS telng
done IN the wise provisions OF The subtreasury law IL
ctes Inducements the banks for the Of pspe
to be followed BY withdrawal of lie confidence and by
punishmens to all who have entered with heavy engage
threats that alone moaey al the ncepiioa OF
contracts which il enfofces at their completion. In
national point oil view. the measure OF the highest I'M
porlance and value. TX is great dernent 10 any
try 10 be in debt beyond its OF payment. The
Bank OF England in,ereres al times OF supposed dcsliy
from this TO stop the accumulation Of foreign
debedness Its interference may be and arbi.fa-
~. Not SO with the sub-ireasury. When the excess
commences, duties begin 10 accumulate and the process
continues until check is accomplished. Its action Is
gentle TO all who wisely heed il, but becomes to
those who disregard it's warnings The check Is not i'm
posed by officers OF government, nor BY body OF bank
directors stimulated II may be by individual objecs; IT
applied BY virtue oil unerring law il acts without
favor affection, but II with perfect efficiency and
rights the county.
The lines not such 10 produce alarm steady
the part OF the banks is the part Of true pru-
dence The country, thanks 10 the sub treasury part,
is strong and healthy. and will recover from Thai
but temporary difficulties The difficulties will be
increased by violent contsctons. II bank contracts
rapidly, others are driven TO the like policy Concert
should induce a careful and consdera, uniformity in
ieir of action The reef applied sails OF
commerce by The ubueasury will enable The country 10
pass through The storm with and safety.