strings: Of the subtreasury, then, as contrasted with a national bank for the before enumerated purposes, I lay down the following propositions, to-wit : (1) It will injuriously affect the community by its operation on the circulating medium. (2) It will be a more expensive fiscal agent. (3) It will be a less secure depository of the public money. To show the truth of the first proposition, let us take a short review of our condition under the operation of a national bank. It was the depository of the public revenues. Between the collection of those revenues and the disbursement of them by the government, the bank was permitted to and did actually loan them out to individuals, and hence the large amount of money annually collected for revenue purposes, which by any other plan would have been idle a great portion of the time, was kept almost constantly in circulation. Any person who will reflect that money is only valuable while in circulation, will readily perceive that any device which will keep the government revenues in constant circulation, instead of being locked up in idleness, is no inconsiderable advantage. 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 offce 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 citizen 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. Van Buren, drafted and introduced into the Senate the first subtreasury bill, and that bill provided for ultimately collecting the revenue in specie. It is true, I know, that that clause was stricken from the bill, but it was done by the votes of the Whigs, aided by a portion only of the Van Buren senators. No subtreasury bill has yet become a law, though two or three have been considered by Congress, some with and some without the specie clause; so that I admit