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The question of the continuance of the subtreasury system is respectfully submitted to the wisdom of Congress. If continued, important modifications of it appear to be indispensable. For further details and views on the above and other matters connected with commerce, the finances, and revenue I refer to the report of the Secretary of the Treasury.
And in order to prevent that in the future Van Buren now proposed a plan for keeping State money out of the banks, so that the State should not be hurt by any bank failing. This came to be called the Subtreasury System. There was a good deal of opposition to it at first but in 1840 it became law. It is the chief thing to remember about Van Buren's administration.
Should Congress deem it to be its duty to repeal the existing subtreasury law, the necessity of providing a suitable place of deposit of the public moneys which may be required within the District must be apparent to all. I have felt it due to the country to present the foregoing topics to your consideration and reflection.
The question of the continuance of the subtreasury system is respectfully submitted to the wisdom of Congress. If continued, important modifications of it appear to be indispensable. For further details and views on the above and other matters connected with commerce, the finances, and revenue I refer to the report of the Secretary of the Treasury.
The people Piddie was doin' business with was that kind. Next I takes a walk around into Broad-st., where the mounted cops keep the big-wind bunch roped in so's they can't break loose and pinch the doorknobs off the Subtreasury.
The United States Bank, of which Nicholas Biddle was the progenitor, had gone completely in 1841, and the United States Treasury with its subtreasury system had come in 1846; but still there were many, many wildcat banks, sufficient in number to make the average exchange-counter broker a walking encyclopedia of solvent and insolvent institutions.
The existing subtreasury system does not seem to stand in higher favor with the people, but has recently been condemned in a manner too plainly indicated to admit of a doubt. Thus in the short period of eight years the popular voice may be regarded as having successively condemned each of the three schemes of finance to which I have adverted.
When the war loan was announced he was the first man at the door of the subtreasury in New York waiting to make payment over the counter of all the money he had been able to collect without business disaster. "In those days," says a friend, "whenever he had nothing else to do, he would go down to the recruiting office and put in a substitute."
As for General Philemon Ward, a dear old crank who, when Jeanette was born, was voting with the Republican party for the first time since the war, and who ran twice for President on some strange issue before she was in long dresses, General Ward, whose children's ages could be guessed by the disturbers of the public peace, whose names they bore, Eli Thayer, Mary Livermore, Elizabeth Cady Stanton, Frances Willard, Neal Dow, Belva Lockwood, and Helen Gougar, General Ward, who scorned her father's offer of ten thousand dollars a year as state counsel for the National Provisions Company, and went out preaching fiat money and a subtreasury for the farmers' crops, trusting to God and the flower garden about his little white house, to keep the family alive it is odd that Jeanette's childish impression was that General Ward was a man of consequence in the world.
The receipts of subsidiary counterfeit coins at the subtreasury at New York have been in recent times inconsequential.
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