Excerpt from The History, Organization and Influence of the Independent Treasury, of the United States
This essay was begun with the purpose only of tracing the influence of the Independent Treasury on business, the part which constitutes chapter vi. of the book. But in view of the growing importance of the subject, it seemed best to make the study as complete as my opportunities would permit. It is hoped that some light is thrown on a matter that will force itself on public attention before many years more, if the evil of the system continues to grow, as it is likely to do.
The essay was begun with a prejudice in favor of the sub-treasury system, because it seemed pre-eminently an institution of the people. But as a result of the investigation I have been forced to change my opinion, and regard the system as injurious to the business interests of the country.
I owe thanks to the many friends who have cordially helped me with suggestions, material, and criticism. Dr. Ely, the editor, has kindly encouraged me from time to time in the work, and made helpful suggestions on many points.
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