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Updated: June 29, 2025
In reality the results were due to the general prostration of business and the utter discredit that had fallen upon General Jackson's pet bank system. The Independent Treasury System, as it was termed by Democrats, or the Sub-Treasury System, as it was called by the Whigs, had not been tested.
The snow was piled over the tops of the doors of the City Hall and Court House. There was no Mayor, no court, no jury. The Stock Exchange was closed, the Custom House and Sub-Treasury silent, and every school without teacher or scholar. Every depot was placarded, and not a wheel was moving.
His course once taken, he made the best of it, and delivered a speech in Faneuil Hall, in which it is painful to see the effort to push aside slavery and bring forward the tariff and the sub-treasury. He scoffed at this absorption in "one idea," and strove to thrust it away.
It was the same with the United States Sub-Treasury, which was entirely destroyed by fire, its vaults, which contained all the cash on hand, being alone preserved. Guards were put over these to protect their contents against possible loss by theft. One serious effect of the conflagration was the general disorganization of the telegraph system.
Whatever approaches it of another scale and kind is dwarfed to insignificance. The Sub-Treasury of the United States, for instance, looks like a foolish plaything beside its august neighbours. Where sky-scrapers are there must be no commemorative statues, no monuments raised to merely human heroes. The effigy of Washington in Wall Street has no more dignity than a tin soldier.
It should be something to strike the popular idea. "'Sub-Treasury, then? "That's it, exactly! Sub-Treasury Sub-Treasury. Let it be called Sub-Treasury! And now, as I have more power over Graves than any of you, let me have the managing of him. And so saying, Adams seemed to go away, and remain, for a day or two.
"'No, what is it? he replied, with a feeling of lively interest. "'Sub-Treasury, replied his friend. "'Sub-Treasury! That must be something new! I wonder what it can be? "Into this feeling of interest in knowing what the new drink could be, I infused a strong desire to taste it. "'Suppose we go and try some, suggested his friend. "'There'll not be the least danger, I whispered in his ear.
At high noon the colossal figure of Washington on the steps of the Sub-Treasury looks down on the centre of the earth. To the swarming thousands of the Ghetto, who seldom venture west of the Bowery, there is a point on the East Side that represents the pivot of things. There are descendants of the Knickerbockers who cling arrogantly to the corner facing the Washington Arch.
He was tried before the United States Circuit Court, Judge McAlister presiding, for a violation of the sub-Treasury Act, but was acquitted.
In spite of the efforts of President Jackson and of the purposes of the sub-treasury system, the concentration of capital in the Eastern towns and cities continued. Only New York, instead of Philadelphia, was the new center.
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