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"Yes," was the reply, "and it is asserted in the diplomatic circles of foreign governments that she was rammed by the orders of a power alleged to be friendly to our Government, and that our department of state does not dare remonstrate and ask for reparation for the reason that an investigation would reveal the fact that the $10,000,000 in gold which was lost was not really, as alleged, on its way from the sub-treasury in New York to the treasurer of the Chinese Empire."
In place of the sub-treasury scheme as a means of increasing the volume of currency in circulation and at the same time enabling the farmer to borrow money at low rates of interest, this organization favored the establishment of a land loan bureau operated by the Government.
His coat, strapped on behind the saddle, had worked loose, the pocket was open, and the pocket-book was gone. This was serious business. For while the Professor was the cashier, and traveled like a Rothschild, with large drafts, the Friend represented the sub-treasury. That very morning, in response to inquiry as to the sinews of travel, the Friend had displayed, without counting, a roll of bills.
As he walked, a great sense of loneliness came over him. He was back in Wall Street. At the head of the Street was old Trinity; to the right the Sub-Treasury; to the left the Stock Exchange. From Maiden Lane to the Lane of the Ticker such had been his life. "If I could only buy some Cosmopolitan Traction!" he said.
The box, of heavy oak bound with iron, with steamship and express labels fresh upon it, stood in one corner. I unlocked it and threw back the lid. Package upon package lay in it, just as they had come from the sub-treasury. I locked the box again, and put the key in my pocket. "Of course," I said, as I turned to go, "I can only repeat your story to my companion.
Clay saw in the Sub-treasury the ruin of the Republic. In his great speech of 1838, in opposition to it, he uttered, in his most solemn and impressive manner, the following words: "Mr. President, a great, novel, and untried measure is perseveringly urged upon the acceptance of Congress. That it is pregnant with tremendous consequences, for good or evil, is undeniable, and admitted by all.
But Congress passed the Sub-Treasury Bill, by which most of the financial measures of the preceding administrations since 1833, resting on the mere orders of President or Secretary of the Treasury, were legalized. It was in the main the same law which Van Buren had labored so long to secure, but which the Whigs had repealed in 1841.
He stood, at Morristown, in the choir that chanted when George Washington was buried; talked with young men whose grandfathers he had held on his knee; watched the progress of John Adams' administration; denounced, at the time, Aaron Burr's infamy; heard the guns that celebrated the New Orleans victory; voted against Jackson, but lived long enough to wish we had one just like him; remembered when the first steamer struck the North River with it's wheel buckets; flushed with excitement in the time of national banks and sub-treasury; was startled at the birth of telegraphy; saw the United States grow from a speck on the world's map till all nations dip their flag at our passing merchantmen, and our 'national airs' have been heard on the steeps of the Himalayas; was born while the Revolutionary cannon were coming home from Yorktown, and lived to hear the tramp of troops returning from the war of the great Rebellion; lived to speak the names of eighty children, grandchildren, and great-grandchildren.
Here is enough money in hard sub-treasury coin, to draw a large population, independent of other considerations. All ready in many places the enterprising merchant exposes his stock of goods only two months from San Francisco, but he does it with the prayer that the Apache may pass him by, and too often he sees his hard-earned profits disappear before the Indian's successful foray.
"The people are all right," was the unvarying report of the early Tenement House Committees, "if we only give them half a chance." When the country was in the throes of the silver campaign, the newspapers told the story of an old laborer who went to the sub-treasury and demanded to see the "boss."
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