Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-08
CURRENT RATE OF BANK NorEs And Domestic BILLs,
Ba,k Notes. E1chasgs.

iilnos' -, = ~ ~ a. Detroit 49,. lOail
The Globe of Tuesday contains tissue of misre
presentations headed misrepresentation as to the
independent treasury corrected" This article contains
remarks upon quotations taken from this paper and Gre
dited to New York wing organ This at the outset is
gross Misrepresentation This paper has part or lot in
politicians of any denomination We opposed to ma
king the public welfare a secondary consideration 10
party ntrgues; and precisely this principle that
gave rise the remarks extracted from our paper by the
Globe We stated we'll known fact that the government
paper has repeatedly dshonored The cause oil TINS
failure apprehend is, that sufficiently energetic mea'
in provide orthe Liabilities
the of to pay, and not the manner Oh
paying, that the difficulty existed This dhcui'y mas
grown out of the extreme the part 60
vernmen expose its true financial position IL mas re-
sorted every possible Shift and has risked the ere
dit othe federal in order to the party
from the odum of loans until after tie NO
vember elections The position Of commercial affairs in
this country of credit abroad is such as to
require every possible assistance from the federal govern
sustain it, and to restore confdepce when
panic its height, the government treasury notes
allowed be dshonored because the executive had
the independence early in the session to state the real
of the treasury During the late session the depart
made reports the state Of the treasury and at
each time moderated it's We will here review the
statements Of the treasury department The an
nua report the opening of the session, contained the
usual estimates of receipts and expenditures After emu
merating the commercial difficulties which existed and
the many contingencies which likely to affect the
revenue, the following estimates were made
EsrIM.rEp RECEIPTS ASD ExpEspITUREs res 1870
Aggregate Of efficient means for iso S2oiooso
should male % to the a 10000 600
Including rsasary votes. oOo
But tHeIe IS due from the Bank in November asss
Should Y% ali o these aas be will Se
balance ia the treasury Of ............. i,os2soo
The report then states
SIT not, however, prudent to rely exclusively on the
collection of these debts One. mode, then, of obviang
any difficulty from that circumstance, will be to reduce
and lessening Others the probably available
Will be sufficient meet all calls upon the Treasury and
leave in it yorage balance OF about two millions
This was evidently "gorication" report and as the
members OF Congress relied upon its correctness there
somc difficulty in persaading them to act when, ON
the 18th February six weeks afterwards, new report
received showing deficiency of S5O00OoO, and ask
ing for immediate appropriation oil treasury notes 70
that amount to the government from dscred Inc
following the estimate for the 18th February
Receipts from Customs in March, April and May ssooooS
" - Banks .............''. ~Vo'ooo
Aggregate June LIST. .......... .ss,loo,oce
d 7ih treasury noles. ............ $1,000
Msrch,AyriiS May ...........'. isoSs 900
Balance proper to have hand .........'.. 25Ooooo
ro,l .,,.nsur.. sss5o,OOc
Additional sxpedent, prior to June ist S.,7Soooo
Here we nd tnat the lapse OF six weeks only, al
though extraordinary expenses had been incurred the
department deficient near $5oooooo The conse
quence the treasury note law was not passed
until the ais March, the treasury consequently
were not paid at maturity This fact although well
known appears also in the monthly treasury
PORTS The above official statements show that in
March, April and May treasury notes fell due to the
amount Of. .sisseooo
The monthly reports show the following amounts:
Redeemed in each month March .'. ss.as
Nay sSli' 49,. 49,. .. sss1ss
-is9i,irs
B.lanc. au. and not redeemed ..........s 4ls sqi
Proposals issued by tho department up the aih of
May to exchange treasury notes for specie, which
effected at Of interest," and to the LIST of June
siaas $50 Of the only issued On the 10th
of June the following report Of the was made to
Congress.
The revenues including the post Office or trust
funds actually received into the treasury from the LIST OF
January 1889 to January 1870 as far as asceraned at
this time have been
Gust '.'' esssss
Lands i''so s .es
Miscellaneous, $3.50
81 saossr
Issue Of new treasury notes.. ...........,. Ian iee
Total means. .......... .Ssa70,l3
The above estimate Of the 18th February makes the
ceipts for three months March, April and May $5iooooo
the actual ceip for five months was 81 aos37 BY this
is apparent the again overraed in
the February report. The report for June aceompa
MED by notice that another and full report would
he lai before Congress before its adjournment Accord
;pg On the 10th OF July fresh report made Of the
receipts and expenditures of six months, as follows
p,e,;r,s Expenditures.
Customs Ss,sto0eo Ordinar, expenses SiOo'e w
I.,ds .......... t6so.oOO Funded debt...' s,1sS
n,.c,llan,ous -. Treasury notes.. 2,sei,7l0
s.s.OSoS Assrega'..;,::.. 'OO'.sO7
go, b,nLs SIS deemed in 1919. $50 O10