Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1858-01-06

WEDNESDAY, JANUARY g.. 1888.
The Treasury Note Bill-A Feeera,


The Treasury Note BIll-A Fedora,
The Treasury note bill which passed
Congress few days ago, deserves some
thing more than a Passing notice. 1T teaeh,
es the lesson that the democratic theory OF
the Sub-treasnry is an unmitlgateo mum
bug. 1t is simply strong box, which
has neither energy, elasticity nor recuper-
alive power. 1t gives no vitality to the
public credit; it is wholly unsuited to an
emergency of any sort. 1t leaves the
finances of the government at the mercy
of any passing panic. So long as extrav-
agant importations of foreign goods puts
money into it, it is well. But if happy
fit of economy comes over the people, the
Treasury dies of hamilton. -Four months
ago, it contained twenty millions or more
Of gold. In spite of unheard of extrava-
gance for several years, by the present and
previous administration, the Treasury
suffered and groaned with plethora. But
this was when the people were run mad by
the spirit of excessive importations. This
fever has cooled, and the Government is
brought to stand-stiIl stare over an emp
ty Treasury.
The Treasury note bill is also an evil
dence of the hopeless explosion of the
democratic doctrine of Free Trade. The
nearest approach to practical application
of that doctrine for ADOPT thirty years, is
to be found in the tariff of March last,
which went into operation on the first of
July. Under it and other operating eau
ses there is already an estimated deficiency,
in the revenue Of the present fiscal year.
of twenty millions, more or less; and for
the next year, ending 30th June 1859,
the deficiency at present rates, will be from
thirty to forty millions.
The passage of the Treasury note bill
proves also the utter hypocricy of the cry
of the democratic party about an econom-
ical administration of the government,
which has entered into their professions
since the days of General Jackson. While
the Administration is making miserable
pretense of economy, by refusing to exc
cute the laws Of Congress making appro-
priations to specific objects, such as the
Custom House at Nashville, the general
threatens an increase, rather
than dminntion Twenty millions are
called for and voted by democratic ma
ioritv, as readily as if every dollar was of
the highest necessity, and with a careless
ness that would indicate that the expendi-
ture of the public money was of the least
possible consequence to the people.
The Treasury note bill further indicates
the widest confusion of democratic theO-
ries on the subject of banking, the credit
system and specie basis. This bill pro-
vides for the issuance of twenty millions of
Treasury notes, Of denominations not less
than one hundred dollars. Some of its
urged the passage of the : bill
on the ground that these notes would pass
into circulation, and thus relieve the people
in some degree in the present stringent
condition of finance, and thus supply de-
felt in the circulating medium of the coun-
try. Though we believe this to be fall
lacy of the rankest type-that notes bear
ing the current rate of interest and trans
ferabe only by Endorsement and delivery,
can be made to perform the Office of
circulating medium-yet it shows
the design to be to clothe it with the fac
ulties and current character of bank pa
per. .And this is done without single
dollar of specie basis, but upon the proba-
BILE receipts year hence-the very quint-
escence of credit. 1t is what is emphati-
caly denominated, when resorted to by
individuals, Wild eating.
To that portion of the democratic party
that is siecerely devoted to principle, these
acts must be as humiliating, as they are
disgraceful to mere tacticians and leaders.