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Updated: June 29, 2025
The problem was how to keep up the er innocent deception after we had reached New York. A woman like Mrs Waddesleigh Peagrim a ghastly creature, my dear, all front teeth and exuberance, but richer than the Sub-Treasury looks askance at a man, however agreeable, if he endeavors to cement a friendship begun on board ship from a cheap boarding-house on Amsterdam Avenue.
He was tried before the United States Circuit Court, Judge McAlister presiding, for a violation of the sub-Treasury Act, but was acquitted.
During the summer and autumn of 1845 their policy had been worked out in detail and discussed among the men who were to be responsible for its execution. In domestic affairs their scheme embraced the settlement of the long-disputed financial policy in a new Independent or Sub-Treasury Bill which Secretary Walker was preparing.
But Webster was induced to take the office declined by Clay, having for his associates in the cabinet such able men as Ewing, Badger, Bell, Crittenden, and Granger. Mr. Clay had lost no time, when Congress assembled in December, 1840, in offering a resolution for the repeal of the sub-treasury act; but as the Democrats had still a majority in the Senate the resolution failed.
By adroit management, these operators held on the first of September, 1869, "calls" for one hundred million dollars of gold, and as there were not more than fifteen millions of the precious metal in New York outside of the Sub-Treasury, they were masters of the situation.
And then will come the promoters, with their diamonds and certified checks, and they'll offer you millions and millions; but you stay with me, kid, if they offer you the sub-treasury, because they'll clean you if you ever sign up. Don't sign nothing, see and don't promise anything, either; and I'll tell you about me, I'll do anything for a friend but that's as far as I go.
"I care not if the navies of Whig or Tory, with their interminable brawls about Banks and the Sub-Treasury, Abolition, Texas, the Florida War, and a million of other topics, which you will learn soon enough for your own comfort, I care not, I say, if no whisper of these matters ever reaches my ears again.
Only twenty-one banks were obliged to suspend payment, while in 1893 the number was 160. Wall Street, in front of the Sub-Treasury Building, when the run on the Trust Company of America was at its height. Naturally there was much discussion concerning the defects of our financial system, of the needs of elastic currency, of a central bank, etc., when the Sixtieth Congress met in December, 1907.
"Sam, we've touched bottom," he declared, "touched bottom all along the line. It's a paper dime to the Sub-Treasury." "I don't care about the rest of the line," said the broker doggedly, sitting on the edge of the table, "wheat will go to sixty." He indicated the nest of balls with a movement of his chin. "Will you break?"
Graves, as soon as the bar-room was perfectly clear, for the first time, since morning. "Indeed, it does. They havn't given me time to blow. But aint some folks easily gulled?" "Easily enough, Sandy. This Sub-Treasury they think something wonderful. But it's only rum after all, by another name, and in a little different form.
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