By the
subtreasury the revenue is to be collected and kept in iron boxes until
the government wants it for disbursement; thus robbing the people of the
use of it, while the government does not itself need it, and while the
money is performing no nobler office than that of rusting in iron boxes.
The natural effect of this change of policy, every one will see, is to
reduce the quantity of money in circulation. But, again, by the
subtreasury scheme the revenue is to be collected in specie. I
anticipate that this will be disputed. I expect to hear it said that it
is not the policy of the administration to collect the revenue in specie.
If it shall, I reply that Mr. Van Buren, in his message recommending the
subtreasury, expended nearly a column of that document in an attempt to
persuade Congress to provide for the collection of the revenue in specie
exclusively; and he concludes with these words:
"It may be safely assumed that no motive of convenience to the citizens
requires the reception of bank paper." In addition to this, Mr. Silas
Wright, Senator from New York, and the political, personal and
confidential friend of Mr.
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