Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-11
prom our Evening Edition Of Saturday.
[From our Correspondent Refhschild, NO. AV.I
w. suyNcToN Sept. 7th, 1873.

The decision thi. day. of the question OF printer, in
wolves in il the fate of the subreasury scheme From
this source then we not lock tor any relief to the
country Seeing the indspostion OF the House to adopt
the recommendation of the President, this point,
are saved the trouble Of discussing the advantages and
OF the system Thus nlppcd In the bud,
Van Burens beautiful idea OF simple machine, must
give place to a complex one to one, more in
cordance with the feelings of the nation. What will that
be? Were we reason from data before u.s. and from
the real intentions Of the majority with which
well acouanted hesitate to declare that this
machine will be a National Bank of some kind de-
scription That such institution wlnot be the work
of this session OF Congress- ready admit
Compromises 10 be made-the distress under which
we laboring must rise TO higher pitch, before
will relinquish former preudies and return to
If the principles of the President be followed out in
instance, appears inconsistent they should
not be pursued TO the full In place he
comrnends extension Of time upon the merchants
bonds and in another is sticker for specie payments,
Of all dues to the Treasury Now, why this obsnacy
in adherng specie payments when in the same breath
he talks of treasury drafts 1t appears to that it
would become government, processing to commu-
nicate with distressed people, consent to share part
of the losses occasoned by the late revuson and not
ts throw the whole burden upon the community. Mr..
Van Buren, willing that paper securities should be IS
sued by the government at positive loss 10 the takers
thereof and he will take in payment Of dues, the
kind Of securities Of other corporations. This in
consistency is obvious, that l am almost Con-
gress will declare that the paper of certain banks shall
be received for the customs II the Treasury be allowed
To issue drafts. We may talk please about imme
date relief, nothing will efectaally give it the
honoring by government of the bills Of specified banks
though they do not pay specie Ifthis were done
he merchants would want extension of time beyond
a few weeks.
But the question again recurs to the honesty of
me asure Of this kind. Here forced agree with
the President But go against Treasury drafts in
toto unless the irredeemabe paper is received also
Looking 1t the great of relief proposed
by the President nothing satisfy that they
will be adopted The House viii certainly reject the
Treasury scheme. Nor will it be able to pass a Ma
tional Bank bill this session by twohrds If il
allow Treasury drafts and rredeemablc paper be
ceived a. the customs the Senate will object.
From present appearances and present feelings it is
evident that the payment of the bonds will be postponed
and the distribution law Left ast is How will the go
vernment pay its debtsl The execution Of the distr
button law viii be left with the Executive who bound
to take that the republic receive no HARM If the
Banks could suspend, and ask for pardon afterwards
surely the President omit TO law, when
necessity requires and be justified in SO doing
1t is useless TO argue any point any two
or more points, without continual reference parties
They control every thing. Only think Of it. In this free
government great can be entered into with
reference who is to be benefited by politically
How then shall arrive correct conclusions BY
watching the of the leaders of party and
posing their real objects.
One thng is certain, the real object Of the present
party in power is relieve efectually the disresses
n