Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-06-07
The Sub Treasury and the Small Note Law

The Sub Treasury and the Small Note Law
Our readers may have learned through other
sources that our famous fnancier. Secretary
Guthrie ist before theSmall note Law took effect
in this state, graciously consented to assist its
operation by forwarding large amount of specie
To the Assistant Treasurer in Richmond. The
Wing and Enquirer of that city have fallen into n
diseussion,as to the authority oil Mr. Guthrie to
make such an use Of the federal funds committed
10 his keeping-the former denying and the lat
ter asserting the power and propricty Of the step.
The Wing of the 9th has an article 50 conclusive
aud nnnnswerable-an so perfectly demonstra-
tive of the inudequacy of the sub Treasury sys-
TEN, lehen its provisions strictly adhered 10,
20 answer the fiscal necessities and convenencos
Of the country. that we cannot forbcar transfer
ring the bulk off to orr columns
The radical idea maintained by the advocates
Of the Subreasury from the very first, has necn,
ls That there should be- total and entire sep
aration of the public fsc from any coucenment,
or implication with any bank corporation, or pri.
yote interest, or that it was to be used in any
way except for the direct expenditures of the
Federal Government. II was 10 take no note of
anything except the wants oi the Federal Gov
efnment,-hcr money was 10 be received nnd
distributed for her alone. 1t WIS upon this idea
that all the arguments in favor of this modern
specimen 'i governmental finance proceeded
I'd, Ihut specie alone was to be received. aud
specie alone paid out by the Federal Govern
ment.-and severe penalties were imposed upon
all officers and agents acting under the law, who
should officially receive any note, b check, or
/ paper evidence of debt. As II eorollary from all
! this. II was strenously maintained that specie
! would become the exclusive circulating medium
! of the country-thut gold and silver would be n
bundant and such thing asa note would be
found only among the debris of the past, or kept
rs curiosity, might he possibly now and
/ then exhibited To our posterity rs n specimen of
the folly of mankind, just us the old wall of II
castle crumbling andiyy- clad Is looked on to re-
mind one OF byegone ages but us living actual
thing paper money was gone forever II was in
vain that Mr. Chiy predicted at the outset, that
| the Legitimate consequence of the scheme would
be gold for the Government and rags for the poo-
i pie Old Bullion met him in debate, aud pre-
| dieied that gold would be 50 abundant that every
farmer would be seen carrying n long nett purse
with the gold cleaning through the interstices;'
and that like curly shud gold would flow up ev-
cry river, stream and brook, until absolutely the
visions of gold created by his fancy, threw into
the shade Hoods famous poem of Miss kilnans-
egg with her golden leg. 'Gol,, gold, nothing
but gold All this was twelve to fifteen wears
|
ment OF the S0breaSury Law, During this pc
Rod and not very remotely, the gold of Califor-
MIA was poured out upon the public with "A ayd
" that astonishod the world This, we modest,
submit, was no part of the Subreasmy Bill--i
was AN accessory to the law which old Bullion
in his most golden visions, never foresaw. Not
withstanding all this the country, true To Mir
Clay's prediction, has been flooded with shnpas
tiers OF all states, all denominations and all hues
Nopart oi the country was moro cursed than en-
State The Legislature of Virginia has tnkerc
and pottered Mt the matter, until the law whcl
took effect yesterday was passod-by which n
note less than 80, is to be received in the State
Now the Wing party have held this opinion am
this only 1.-The Suh-treasury has failed. Shin
plasters abound. Your legislation does not cS
oude them. II we must have small notes, le
them bc ours, of our own Banks and not of foi
egn aud unknown corporations or legally ire
: sponsibe individuals" And this, the Enquire
says is strenuously fnvorng shinpldsters. w
make no further comment than our third para
graph contains. The Enquirer attempts no an
swer 10 our enquiries of day before yesterday ,cs
cept 10 quote in justificat ON of Mr.. Guthrie sec
4th of (not the subtreasu.y law proper but
law passed last year 10 regulate the mints.-
| There Is about as much pertnency in the eta
ton as if the Enquirer had cited the Last ros
of summer" No one ever disputed that the Sec
rotary of the Treasury could send money whic
. hnd been coined at the mlnts, to the dllcren
: assistant Treasurers, depositaries and othc
officers of the United States" Nor that thi
might be done from time TO time and in parcel,
Nor Is any one, we presume, SO stupid a. to dc
ny that he may also Send the money of the Gov
, eminent from Sub treasury to another
! whea Il IS needed But what need to be eonsid
! ered-the need or necessity of Richmond as
community, or the needs and requirements of tn
= Government! If he may send money here ia
the convenience of Richmond. he may do so fo
. Hampton and every town having port of cntr
IN the u. States, and thus the Secretary of tb
= Treasury becomes not the guardian and custode
q OF the Treasury Of The u. States, but tie grca
4 dispenser OF Government fayors to particular pla
: ces by means of Treasury eonfded TO him OK
: claslyely for Federal purposes and for no othe,
:. 70 do so is violative of the whole scope and sni,
: il Of the Sub treasury law.
= Beside, if he has the power for the coReeaienc
a OF community to send specie here, and this
|; done hs a favor, he may equally withdraw, as a
evidence OF his wrath, the specie from some con
. nl,inity which may have been SO unfortunate as
IL have incurred his dispeasure We repeat sgai,
i'd it was sent here without the shadow of law, an
re its only purpose was to help out the Democrat
,f act of last winter. 1t yet remains to see how Fl
- ii will accomplish its end. A few months at hes
will find all the specie back again in the vault
y the assistant treasurer; and then we shall 5,
IN what we shall see.
ID There is another feature of this matter