Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-18

1t is said that four and half millions of this pro.
tested paper IL out and in circulation III the higher
walks Of commerce. Put the average difference be-
tween il and silver at five per cent and have the
immense loss of $225 900 TO be borne by the first Ia
kers of this better currency" These first takers
too are generally among the industrial classes the
mechanics and laborers employed on the public
works Our gallant navy and Upholstered army
come in too for a shareof these losses.
1t is now proposed TO secure the government against
any possible losses on these drafts and the public mo-
neys still fable to requlston in the depose banks,
by the enactment Of bankrupt anG compelling
law. Thus by the policy of the party now welding
the destnes OF this country three distinct currencles
are in active operation-gold and silver for the
government dues,-depreclated paper 10 an extent
OF five per cent for its creditors,-and local bank pa
per Tor the people at a depreciation of twelve per
cent.
Now observe. 1t is intended by the Congress 10
abish National Treasury Bank witl capital of II
mens-ths capital to be created by the Secretary of
the Treasury, on the faith of the General Government
In regard 10 the kind of moneys 10 be received in
payment of public dues the present laws be left
III full force They require absolutely gold Or silver
or their equivalent. In addition, the new Treasury
issue is 70 be received at its nominal value. Again. in
order 10 keep the new paper in circulation, the Secre
tary Of the Treasury forbid purchase up any Oft
ercepf al par No one can imagine than SlG0 will be
paid FOR note of the new bank, even if the Treasury
than nnety-fiye dollars. How are we to know that
this new Treasury money will not depreciate? as
sert it viii deprecinte and l will prove ii.
There now s450o,000 of protested drafts circu-
Withholding law will place s. 100000 more at the dis
position Of the Treasury. Mr.. Woodbury. will demand
the specie for this eight millions. How? BY giving
drafts as usual on the deposltc banks. Thus will he
throw into the market 900 of protested paper
Add to this II millions of the new issue. Will any
in his assert that S25 500 900 arc required
by the community TO discharge its dues to the govern
ment under the present depressed state OF trade, and
Tho, rT tha
to dspress commerce? The absorbing power of i'm.
post taxes not being equal to the actual emission of
Treasury bank paper, II will therefore deprecate The
Treasury bank will consequently continue the pre-
sent state Of things nay, will increase their violence.
In my next further development of the real nature
of The new National Treasury Bank.
From Correspondent Talsyraad No XIX.
WAsHINoreN, Sept. 10, 1887.
Mr. Rlves of Virginia, has declared himself free
sona responsibility in opposing the measures conem-
plated in the bills brought in by Messrs Wright of
the Senate and Cambreleng of the House.
Well may Mr.. Van Buren, quake, as he witnesseih
the return .t Of qnlckening energy among the people,
Executive usurpaton Well may he vince at the deli
cacy of his present station when day by day his old
and able friends and supporters are denouncing in
the halls of our nation the man and his unrgheous
principles As yet the country know nothing of Mr..
Van Buren, the extent of his dishonesty. Even at
this very moment, he is seriously calculating the
chances OF his personal popularity, by pungng this
country in war with foreign nation. Schemes
and projects OF the deepest kind hidden from the
sigh, OF the public and at moment when they least
expect It, the storm is to burst upon their heads in all
the terror Of its kndwhile the Taleyrand of Amer
icl, sitting la all the and spendor of crown
Cd despor will be revealing in the midst Of the car
nnre which he himself will have created.
Let US quit for the present. our declamaory theme,
and endeavo TO raise the ve that covers this place of
ana poverty OF their Executive. The Message of
Mr.. Van Buren, s now fully before the country. In
this remarkable document is contained sentiments
which placed there TO accomplish selfish purpo-
cunning politician when he sent forth this paper to
the people of America.
| will show IT,
The panders Of Mr. Van Buren, consist in the per-
sons Of Sas Wright and Churchill c. Cambreeng.
Both of these gentlemen have 30 managed as 10 place
themselves in a position where the views OF their
master can be advanced with an almost certainty o.
success mean as chairmen of the most important
committees that exist in the Senate or House of Re-
presentatves. Now what course has been pursued
by these individuals in their official stations, cacua
ted TO carry out the views and set down for
action By the Executive
We will see.
The President in his Message recommends the in
PRODUCTION Of specie currency the first step 10 be
taken towards the establishment Of a sound and gem
uine national currency. He farther tells US, that
~ ten millions Of money, in gold and silver, Will be
required 10 carry on the whole management of the
government This is the tub that is thrown out to
catch the whale and the people to be hood wink
ed into the belief that this sentiment is the honest
sentiment of their President. 1t Is not the case
popularity-p opularity-another term Of the Presi-
dency explains the meaning of this scheme most sat
isfac,ouly.
Mr.. Wright and Mr.. Cambreleng from the commit
tee 10 which this subject has been referred have both
reported 10 their several houses. Do they, in their
bills support the President in his recommendation Of
a specie CURRENCY DO they agree with hl,n in his
estimate that ten millions of the precious metals will
suffice for all the wants of government No. They
bring IN bills that uere submitted 10 the scrutiny Of
the Erecuiire, ron ms DECISION in favor Of n 1red-
sry Bank Nth a capital of fceipe millions Of dol
lars, TO be issued in Treasury Drafts, and according
to the bull Of Mr. Cambrclcng, to pass nj par through
the country, without bearing the usual rate of IN
terest. This bank is to be established upon what =
Upon4he credit Of the country and with this marvel.
lous provso that If twelve millions of drafts will
not be sufficient 10 answer its purpose they shall have
the power to issue more" Aye, and thus involve the
country in difficulties and embarassments, through
the medium Of these shin pasters; that Il will take
years TO shake OIL.
This plan which again assert the President in Sc
cret gave his support TO- is nothing more or less than
bank, duplicate Of the one proposed by General
II, IN