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Updated: June 29, 2025
The Brotherhood at twelve would barricade a group of streets in which were the Sub-Treasury of the United States, and all the principal banks, to wit: Cedar, Pine, Wall, Nassau, William, Pearl and Water Streets. Two hundred thousand men would be assembled to guard these barricades. They would then burst open the great moneyed institutions and blow up the safes with giant powder and Hecla powder.
He said: "The Whig and the Democratic were the two great parties then in existence; both national and patriotic, advocating principles that were universal in their application; while these parties differed in regard to banks, tariff, and sub-treasury, they agreed on the slavery question which now agitates the Union.
The wall, having fallen into decay, was demolished about the year 1699, and the stones were used in building the first City Hall, which stood at what is now the corner of Nassau and Wall streets, the site of the Sub-Treasury of to-day. This building was used for the various purposes of the city government until the close of the Revolution.
Six auditors examine and adjust accounts relating to the expenditures of the various branches of the government. The Treasurer of the United States receives and keeps its moneys, disburses them on the Secretary's warrants, and manages the Independent Treasury System. The Independent or Sub-Treasury System was adopted by Congress in 1846.
All I would say in this connection is that Clay was foremost among the supporters of the Bank, and opposed not only the removal of deposits but also the sub-treasury scheme of Mr. Van Buren that followed the failure to maintain the Bank. Some of his ablest oratory was expended in the unsuccessful opposition to these Democratic measures.
With it he had great natural eloquence. When his deep, rich voice rolled out fervid periods in support of the sub-treasury and the convention system, or in opposition to internal improvements by the federal government, the people applauded out of sheer joy at the pleasure of hearing him. He was one of the few men in Illinois whom the epithet of "Yankee" never hurt.
I'm glad to see you once more in this world. We shall have a jolly time in the next, though, shan't we?" A smile of malignant triumph flitted for a moment over the livid face of Riley. Then its expression brightened into one of intelligence. "Look here," he said, and brought his lips close to the ear of Graves. Then in a deep whisper, he breathed the words, "Sub-Treasury!"
He defended Van Buren's plan of a sub-treasury when many even of those who had supported Jackson's financial measures wavered in the face of the disfavor into which hard times had brought the party in power, and in November, although the Springfield congressional district, even before the panic, had shown a Whig majority of 3000, he accepted the Democratic nomination for the seat in Congress to be filled at the election in August, 1838, and threw himself with the utmost ardor into the canvass.
There was a hurried movement within, and then the door, which had been securely locked, was cautiously opened. "Hello, Springer!" exclaimed Norris to the tall young man who had admitted them. "You're locked up as if this was a sub-treasury. This is a friend of mine. Mr. Dare, Mr. Springer, our worthy secretary." "Glad to know you, Mr.
The Secretary of the Treasury sat in the Sub-Treasury building near his office, and poured out the funds of the Government under his direction. Thirty-two million dollars in all were thus placed with the national banks; and from all these institutions Waterman drew the funds which he poured into the vaults of the imperilled banks and trust companies.
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