Loudon free press. (Loudon, Tenn.) 1852-1855, 1854-12-06
United States Sub-Treasury--A few Finan-
cial Remarks for the next Congress.

Clal REMARKS Tie next congress-
From Charleston Courier
MeSSrs. EditOrS:-We have frequently thought
of the large amount of gold and silver lying in
the vaults Of the United States Sub Treasury,
without being of one cents advantage to the
country We have long hoped that Congress
would adopt some plan by which it could be
thrown into general circulation, without retard-
ing the financial operations of the general gov
ernment, but as yet we have not been able to
see the least attempt to amend the present con-
ditiOn things. We hope that we will not be
assuming too much when we propose plan Of
our own for the consideration of the members
of Congress, to be acted on at their next SEES
sion.
We would recommend to Congress the en-
sctment of law authorizing the Secretary of
the Treasury to establish at each Office through
out the United States board of discount off
GERS, whose duty It should be to loan out to
any one the public funds of the Government,
not exceeding two thirds the amount in the
vaults of each Office, at six per cent, on ninety
days promissory notes,secured by United States
six per cent. stocks, at their par value in the
market, provided that said stock is selling at
par or above it.
By this course the Government funds would
be made to greatly relieve the financial affairs
of the country; besides which, it would be max
ing part of the interest. now paid by the Gov
eminent, on its own stocks.
We understand that there is now in the sew.
eral vaults of the Sub Treasury over tacenty Sir
millions Of dollars lying subject to the draft
of the Secretary. The one half of this sum, if
distributed at the leading commercial points
of the country and at which these officers are
always placed, would have materially lessened
the present stringency in the money market,
not only to the advantage of our several COM
mercial communities, but to the General Gov
eminent itself.
If, as is estimated, there is but $200,O00,000
of specie in the Union, there can be no doubt
but what this $26,OOO,OOO from lying idle has
greatly retarded our financial affairs, greatly TO
our injury and loss. If this treasure had been
obtainabe many suspensions which have taken
place would have been saved. and the conf
dence of our people mistaken Our banks could
have seplenished their vaults temporarily, and
thus meet promptly all runs made upon them,
whilst the security of this our recourse in case
of need, would have induced them to extend
their accommodation to the public during
general panic as well as when there is no dis
trust and plenty of means, But as j: is now,
they have to contract the business as much as
possible, because their resourse of obtaining
specie have greatly failed, and the confidence
of the whole community has been shaken.
The Sub Treasury isno doubt good means of
protecting and conducting the national funds,
but with the power which it possesses of abb
sorbing the means oft country, TO be only
again disbursed at long and indefinite periods,
It becomes power of great influence upon our
general welfare, and cannot but create irregu-
larities in our finances, and the most dcstruc-
tive commissions in our trade and commerce.
We think the system as now established has
been wholly carried out, so far as the interests
ofthe Government are concerned, but we think
it is the policy of the Government to consider
the interests of the people as well, and, there
fore it becomes the duty of Congress to finish
the principal which was, no doubt, Intended to
be established, at its formation, but was not
then inserted, because it was not supposed that
the United States would be able to acquire such
large amounts over and above the demands
and ordinary disbursements of the Government.
Until some better plan than now exists, is
adopted in the Treasury department of the
General Government, we mvy expect period.
cal revusions to take place. and must be made
to feel their disastrous consequences.
Our importing merchants will at those peri
DDS at which they make their payments, resort
to the Banks for specie for shipment and to
pay duties, and thus reduce the deposits of the
Banks on which they make their issues, and
they having no extraordinary resource of sup
ply, the Banks are compelled to contract their
business, and as natural consequence, the bu-
siness of the whole country.
We think the subject well worthy of our
closest scrutiny and general investigation.
FINANCE.