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


The admirable working of The Sub
Treasury scheme, under the frat monetary
crisis which has occurred since It's inlrodic.
ton, has made il important that its author
shopld be known and have the credit due for
30 wise measure. Tie following, from tie
washington correspondent Of the Charles
ION standard, shows to whom this honor
belongs, aud among the names Of It's few
early defenders and friends we are pleased
to note the naino Of Hon. Francis w. Pick.
ems, The prominent candidate for the 4 Uui.
ted States Senate, as successor 10 Judge
Butler: g4s sst.Ss : 9
Every thing now connected with the Sub
Treasury is Of peculiar interest-for this
new system of financial policy has worked
ike a 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.
ferent Is the case now! AS ahe reservoir
furnishes a constant supply Of pure and
healthy water, so does the Sub Treasury OF
the country. by pouring out a supply Of
specie in its legitimate operations, noiirish
and support all the great interests Of the
country, while the banks and banking in.
stitutIons are undergoing system of nuri.
hcation, as necessary FOR their own heaItI,
as for the good Of the community. A
But with whom did the idea of Sub.
Treasury, now SO popular. originate. Some
say 1t was The natural offspring of the g..
nancial crisis of ls37-others, that it spraup
from Col. Ben,on's hard money doctrine,
during the time "Benton mint drops" were
more talked of than handled. know il
to have been Of still earlier origin, and
think l>cangiYe you the true source whence
emanated the grand scheme.
La the years of lS33-'34, the Hon. VIM.
+. Jordan, then a member of Congress from
Virginia, and while the favorite spet Bank
Bilf' OF the Jackson Administration WAS un. .
der consideration in the House Of Repre.e,,.
tatives, moved TO strike out NIL of the bill
after the enacting clause, aud insert:
:. That from and after the -- day Of
- IN the year -, the Collectors OF
public revenue at places where the sum col,
lecteh shall not exceed the SUN of dol.
lars per .annum, shall be- the agents of the
Treasurer to keep and disburse the sums.
and be subject to such rules aud regulations.
anu give such bond and security, as he shall
prescribe for the faithful execution of his Of
lice, and shall eceive, in addition 10 the
compensation now allowed by law, - per
ha
1t doe' exceed the sum nf - dollars
per annun.
SECTION 2. And be IL further enacted,
That at places where the amount of public
revenue collected shall exceed the sum of
--.dollars per annnm, there shall be ap.
pointed by tho President, By and with the
advice and consent Of the Senate. receivers
of the public revenue, to be Agents of the
Treasurer, who shall give sucl, bond and se
curity to keep and disburse the public reve-
nue.. and be subject to such rules and recu-
lations, as tue Treasurer may prescribe, and
shallreceiyefpr their services - per centum
ON the sums disbursel, provided it does nc,
exceed the sum Of - dollars per annun
SEcrloS 8. lind be it further 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. "shsl the bill be 40
a'neaded" it was decided iu the negative:
Ayes SO, nays l6l.
Those who voted in the affirmative, and
who stand recorded on the pages of our ma.
tional history as the lhirty.three original
Sub-Ireasury. men, in favor of divorcing
Bank and State, were; John Quincy Adj
ANS, Mass; Heman Allen. VI; John j. Al.
len, va; Chiffon Allen. Ky; WIN. S. ar.
cher, Va; Noyes Barber Coun,; James NJ.
II. Beale, Va; Martin Beatty, KY; Robert
Is. Campbell, S. c.; n. III. Cldborue. Va:
Wm. Clarke. Pa; Aug. IL. Clayton, GA;
A:nos Davis, Ky. Thomas Davenport, Va;
Edmund Deberry. n. c.; Thos. + Foster.
Ga; Roger L. Gamble. Va; Jane, II.
Gholson, Va; Wm. +. Gordon, Va; John
il. Griffin, North Carolina; Jas. j.. Heath.
Md; Roht. l.. Leicher. Va; Dixon II. Lew.
Is. Ala; IL. 9. Martindale, N. u; Wm.
McComas. Va; Francis W. Pickens. S. u:
John Robertson. Va; David Spangler,
Ohio; John N. Stee'e, Md; VIM. p. Tay-
lor, Va; Richard H. Wilde, Ga; Lewis
Williams, N. c.; Henry A. Wise, Va.
STURGEON AND SLAvERY.-AmAmeric
minister called upon Mr.. Spurgeon, and
SAID. i'm the conversation H., l. g