The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-11-06
THE SUB-TREASURY.

~~'"''~N~S S"huoe NeBu AAeC thc Su'SuSJ VI
the country, and some Of the Democratic
press, in the face Of repeated declarations
from headquarters, are even denying that
any such virtue was ever alleged to be liz it.
We are, however, constantly reminded OF the
pronptness with which Secretary Cobb un-
locked its vaults as soon as it became evident
that financial crisis was at hand, and dis
iributed its proceeds among the needy and
expee,ant world of commerce. Upon one of
the plans which he adopted for executing
this joo, rendered extremely difficult by the
Law, We have already commented. 1t seems
the Secretary called in, and extinguished, a
number Of debts from the Government, not
yet due and not liable to be called for, for
the next ten years. Nay, he even went fur
ther, in his extreme anxiety to get rid OF the
precious deposit. He paid heavy premiums
on all the outstanding debts Of certain de-
scription, showing thereby that, whatever
else it may be, the Sub-Treasury is very
awkward machine to manage in a financial
crisis. We have not the Sub Treasury law
before us, and cannot therefore determine
whether he has violated it or not let us,
however, give him all the credit due to an
intelligent and patriotic head Of the Treas
ury.
Still, admitting this much rs due to i'm.
partial history, 1t must be plain that there
will come time when all the public debts
will have been paid; and if the duties on
imports continue to yield the enormous sums
which they now yield, what is to become of
the surplus revenue! We do not know
what il costs an economical Democratic ad-
ministration 70 carry on the government in
these days, but we do know that the corrupt
and improudent Administration of John
Quincy Adams was put down for spending
$l3,0Oo,o0O in single year. Allowing the
Democracy S50,O00,0O0, there must yet be,
at the end Of every fiscal year, at least &c.
100000 in the Treasury, 1--WE are i'm.
pressed with the belief that it is much lar
ger, but that will do) How is this money
ever to be gotten rid Of! Either the law
will be altered, and then the demngogues who
passed il will be obliged to confess that they
have been practicing stupendous fraud upon
the country, or this Sub-Treasury will absorb
all the specie of the country and produce a
pressure far worse than this-a pressure
which will not only drive out of circulation
every dollar of specie, but keep it out. Al
ready, we are told, the GOLD and silver which
a short time since was SO plentiful rs to be
rated at S250,000,O00, has entirely disap.
peared. Those who have it, have boarded it,
or have transferred it to others, who are
boarding it as fast as they can. Even now,
importers are purchasing it, at fearful pre-
MUM, to pay for imported goods, and it thus
finds its way into the capacious nav of the
Sub Treasury, to be disgorged only when the
Secretary shall call in and extinguish new
evidences Of the existing public debt.
The greatest political evil which can befall
any country are, war, debt, and a prohignte
administration. Under the Sub-Treasury,
each of these conditions becomes more for
tunate than its opposite.-War is better than
peace, q national debt becomes a national
blessing, and the profligacy which wastes
millions on corrupt objects, is of serious ad-
vantage to the State. II requires no deep in
sight into political affairs to see that this state
of thingsis unnatural, and that the system
which produces it, is an outrage upon the
common sense Of mankind. - Richmond
Wing.