The Sub-TreaSury System and


the Union,
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The more we have thought of the
Sub-ITeGsuvy System, the more we are
convinced of its dangerous and revoIn.
tionary tendency. Ifthat system is es.
tablished we firmly believe that a d;S-
solution Of the Union will be the inev;t.
able result, and we would now rive Mt
terance to our sentiments with hold
ness and fairness without wishing to he
considered acroaker. Let us FIRST en-.
qulre what effect the establishment of
an exclusive specie currency wonld
have upon the South,-for the scheme
OF a Sub-Ire0sury amounts to Dotbino
more or less than the institution ofsnc6
currency. We assert it would de-


stroy our present Bank note currency


and makeit worthless after it passes the
line of the State, and that in the citv
OF New York, and in the other com.
mercial cities of the North our nanar
would be as worthless as rags Fl.
change would remain, as it now is At :
rulnous rate against us; social and
commercial intercourse will be com