Article Text
The Sub-Treasury. This great humbug is every day exhibiting, in its practical operations, not only its entire inadequacy as a fiscal agent, embarrassing as it does, instead of facilitating the disbursement and transfer of the public funds, but its mischievous and pernicious effects likewise, upon the business of the country. Were not some of its leading provisions daily violated by the officers to whom its execution is confided, and whose oaths to carry it into effect are rendered nugatory by an invineible necessity, which 80 often converts impracticable laws like this into mere cob-webs, its paralyzing influence would be much more extensively felt and more plainly apparent even than they now are. A let. ter from Charleston, written on the 25th ult. adverts to the practical operation of this "great measure of deliverance and liberty," in the following terms: "The principal difficulty now is, a scarcity of money, produced by the Bank of Charleston having taken 8450, 000 of the Government loan, which they have to deposite in specie in the Sub-Treasury, in order to get balances against the other institutions. The Bank of Charleston ceased to do business, at least to a considerable extent, 80 that they might be able to get the coin from the other Banks. This soon brought the other Banks to a stand, and now it is-hardest fend off. This has reduced the rate of exchange, and in fact only a very limited amount will be 1a ken by the banks; which state of things has produced a panic in the Cotton market, and reduced the price daily, as you perceive. It would have been better for the country, I mean the planters, to have subscribed $100,000 out of their own pockets, than have suffered even this one small operati in of the Sub-Treasury. But harrah for Polk, Dalisa and the Tariff: as they say in Pennsylvania--on Polk, Dallas, Free Trade and the Sub-Treasury, our great Carolina Paa nacea."
