The Carolina Spartan. [volume] (Spartanburg, S.C.) 1852-1896, 1857-10-29
Origin of the Sub Treasury.

u .
The admirable working Of the Sub.
Treasury scheme, under the first monetary
Crisis which has occurred since its introduc
tlon, has made it important that its author
should be known and have the credit due for
SO wise measure. The following, from the
Washington correspondent OF the Charles.
ton Standard, shows to whom this honor
belongs, aud among the names of its few
early defenders and friends we are pleased
10 note the name of Hon. Francis w. Pick.
ems, the prominent candidate for the Uni.
tel States Senate, us successor 10 judge
Butler:
Every thing how connected with the Sub
treasury is of peculiar interest-for this
new system OF financial policy has worked
IKE charm during the present money cri
SIS over the country. In 1887. when a
suspension OF banks was general over the
whole country, there WAS hardly sound
spot upon which 10 stand, while trying to
rebuild their shattered institutions. How diff
lerent Is the case now! AS the reservoir
furnishes a constant supply of pure and
healthy water, 50 does tho Sub Treasury OF
the country. by pouring out a supply of
specie IN It's legitimate operations, nourish
aud support all the great interests Of the
country, while the banks and banking in .
stitutlons are undergoing system Of puri.
hcatiun, rs necessary for their own health
as for the good of the community.
But with whom did the idea of a Sub.
treasury, now 50 popular, originate. Some
say 1t was The natural offspring OF the Il.
nanca! crisis o; lS37-others, that it spranp
from Col. Benton's hard money doctrine.
during the time Denton min, drops" were
more talked of than handled. know il
TO have been of still earlier origin, and
think l-cangiYe ycu the true source whence
einanated the grand scheme.
la the years of lS33-'34, the Hon. VIM.
+. Jordan, then member Of Congress from
Virginia, and while the f,vorite pet Bank
Bill' ot the Jackson Administration WAS nm.
der consideration in the House of Represen.
tati'eS, moved 10 strike out all of tho bill
after The enactlng clause, and insert:
That from and after the - day of
- - IN the year -, the Collectors OF
public revenue at places where the sum col.
lected shall not exceed the sum of - dol.
lars per annum, shall be the agents of the
Treasurer to keep and disburse the sums.
and be subject to such rules and regulations.
anu give such bond and security, IA he shall
prescribe for the faithful execution of his of
lice, and shall eceive, in addition to the
compensation now allowed by law, - per
cenium on the sums disbursed, SO th nj
II docs nUt ovreej the sum of - dollars
per annun.
SEcroS >. Ind be IL farther enacted,
HAT at places where the amount of public
revenue collected shall exceed the sum of
- dollars per annnm, there shall be ap-
poinIed by tho President, by ard with the
advice and consent OF the Senate, receivers
ot the public revenue, to be Agents of the
Treasurer, who shall give such bond and se
cuf'iy to keep and disbursc the public reve-
nue, and be subject to such rules and reru-
lauons, as tue Treasurer may prescribe, and
shall receive for their services - per centum
on the sums disburse,l, provided i, does no,
exceed the sum of - dollars per annum.
Section 3. ind be il tayiter enacted.
That from and after the - day of -
the whole revenue of the United States, de.
rived from customs, lands, or otherwise. shall
be paid in the current coins Of the United
States"
On the question, shall the bill be so
ameHded" it was decided in the negative.
Ayes SO, nays lGl.
Those who voted in the affirmative. and
who stand recorded on the pages OF our ma
uonal history AS the thirty.three original
Sub. Treasury meL, in favor Of divorcing
Bank and State, were: John Quincy Adj
ans, Mass; llcman Allen. VI; John j. Al.
leu, Va; Chiffon AIlen, Ky; VIM. :. Ar
cher, Va; Noycs Barber. Conn: James NJ.
ii. Be"Ie, Va; Martin Beatty. Ky; Rober,
Is. Campbell, S. c.; n. ii. Cliborue. Va:
Wm. Clarke, Pa; Aug. III. CLAYTON, Ga;
Amos DAVIS, Ky; Thomas Davenport. Va;
Edmund Debcrry, n. c.; Thos. + Foster.
Ca; Roger l.. Gamble. Va; Jane. III.
Hhoi>on, Va; Wm. +. Gordon, Va: John
a. Griffin, North Carolina JAS. T.. Heath.
Md; Roh,. l.. Leicher, Va; Dixon III. Lew.
Is, Ala; H. q. Martindaie, n. Y; VIM.
McComaS, Va; Francis w. Pickens. :. e.:
John Robertson, Va; David Spanol.f
Ohio; John n. Stee'e. Md; VIM. p. Tay-
Tor, Va; Richard H. Wilde, Ga; Lewis
Williams, \, g; Henry A. Wise, Va.
STURGEON AND SLAVERY. American
minister called upon Mr.. Spurreon. and