Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1857-11-21

each sub-treasurer, who is charged 70
: whatever he receives. 1t is an indictabl
offence for the treasurer or any sub.trea
} surer TO lend or apply to his own use an,
J moneys received by him in his officia
capacity, and the refusal to pay draf
drawn for money in his hands is mad
evidence of guilt. When an account o
an individual is settled at the treasury
warrant is drawn by the Secretary upoi
the treasurer for the amount, which h,
pays in coin N his counter, OF by draf
upon such sub-treasurer having funds al
the payee may prefer. Such draft vii
command specie at almost every poin
where its holder desires money, and i
drawn on the sub-treasurer at New Yorl
will command specie, at par, in New Or
leans, St. Louis, Chicago, Charleston, OF
San Francisco. A national dsbursinG
officer, in receiving advances for public
purposes, is furnished with drafts upon the
treasurer at Washington, or upon sucl
sub-treasurer as may have government
money as ho may select. He may thu:
receive the coin at the treasury, or Of a
sub-treasurer, or sell his draft for coin, bu,
for nothing else, wherever he chooses A
discussing agent can, at every important
point, sell the treasurer's draft in his favor
for gold and silver coin.
The great mass of drafts are drawn upon
the sub.treasurer Of New York, where a
very large share of our revenue is collected.
At all points the revenue is received and
paid out in gold and silver coin, and it is
statute offence to receive or pay out
anything else. The effect of this provision
is to create, to a certain extent, demand
for specie and retain it in that form, with
out reference to foreign demand or the
wants Of gid ana silver manufacturers.-
1t is wholesome regulator by its own
simple operations. When there is over
trading, by excessive importations, the
demand for coin to pay du les tends to
cheek it. To such case specie, without the
interference of bank managers, accumu.
lates in the sub-treasury, which naturally
restraints overtrading. The greater the
excess of duties above expenditures the
larger will be the accumulation in the
vaults of the sub-trcasury, all of which
may be removed to the treasury at Wash
ington, il needed there. When, from panics
or other causes, the receipts of revenue fall
below expenses, the current Of gola and
silver will be not to, bat from, the sub
treasury.
The late large importations increased
the surplus in it, while the recent cxpen-
ditures, exceeding our income, have dimi.
nished it But for the accumulations in
the sub.rcasury the present financial
troubles would have been Infinitely greater.
While there was more revenne received
than was paid out, the surplus accumulated,
in gold and silver, until it checked impor-
tations; and when the revenues ceased to
be equal to the expenses, the current of
coin, which had flowed from the pockets of
the people into the treasury, began to flow
from it back again. Its surplus largely
tended to supply the gold and silver SO
much needed by the banks and merchants,
and but foc such surplus the crash woald
have been much more fatal.
Tho sub treasury is self adjusting
machine, which operates always advantage
ously, and never injuriously. 1t receives
and pays only real coin, and never disap.
points anybody. Not dollar has ever
been lost by it. 1t does not pretend to
regulate exchanges. Since the death Of
the National Bank these have been regulated
by the business Of the country, and have
been lower and more uniform than they
were furnished by that exploded concern.
Their present arrangement is occasioncd
wholly by vicious paper currency. The
sub treasury is powerful for good, producing
no evil, and no sensible, patriotic citizen
desires the overthrow of this, one of the
most useful measures ever adopted by
Congress. Except few band worshippers
it has not an enemy in the Union.
Its successful working should induce the
several States to adopt a similar arrange
ment for the management of their financia
matters. 1t would create an additiona
demand for specie, and secure a mucl
greater circulation, and produce stabilit,
and uniformity, and essentially contribut
to the prevention of panics and revulsions
If every State would receive and pay ou
real money, the demand for it woul'
greatly increase the amount in the channel
of common circulation, and fill the plac
now occupied by small paper. When tn
national revenues were received in paper