The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-09-23
J. O'Brien, l6 Wall st.

New Orleans funds are in great demand and bills unu.
sually scarce.
There is good deal of iuttering among the Illinois
shawneeown Bank boys"in relation to late expose
OF their attempt to fos the McAster bonds uron Gov.
Ford instead Bank bonds settlement of the Bank
capital There is evidently collision between the
State officers and the Bank boys which shall sy bare.
The people of Illinois will be astonished. They yet
know nothing about legislative paper credit juggling. II
Governor Ford gets the meshes ofJthe boys
lost
We understand that there is very general determine
ton in Alabama to take State money for cotton and in
Mobile to rown down the speculative little monster In
this the money viii gradually grow better Every
payment into the Bank aud every payment to the State
will diminish the amount outstanding. Let the Mobile
charter be taken away 1.-THE people trust their
own money why should they take hat Of those whose
individual paper has sold in this market at "a per per
month lately1
highly impoi tlnt movement is about to take piece
on the part of the Treasury department at Washington
growing of the exigences of the Government The
President of the United States in his message of the 18th
Feb, last in relation to the finances, stated that
Even the receipts from the various of reve
for the current year shall prove not to be oyerrated
ahd the expenditures be restrained within the estimates
Treasury will be exhausted before the close Of the
year. and this will be the although authority SHOULD
be given to the proper department to receive Treasury
notes.
serious falling off in the estimated proceeds, both Of
the customs and the public lands"
This message was referred to COMMITTEES of Ways end
Means and report by Mr. Fillmore was made OF SO dis
graceful party character to excite the Indignation OF
all udicous persons. The report concluded By stating
broadly in effect that relief would be granted to go
veInment national bank had been establish
ed. The report stated
"Undsr these If no plan be adopted for
the relief of the nation be left TO the intelligence
OF suffering community to decide who Is right and who
is wrong"
The result Of this has been precisely what the
dent his message sought to remedy The has
fallen of seriously and the deficit from to the 1t OF
January will be S5OO0,O00. Since the accession of Mr..
Spencer to the Treasury department his attention has
been absorbed in organizing that department more
economical and stemac manner than heretofore The
admirable system bywhch the immense transfers stocks
at the Manhattan Bank in this city have been conducted
for many years. adopted at the suggestion Of Mr..
Spencer and has been applied to the department at
Washington whereby many Of those mistakes which have
occurred will henceioh be avoided. In the midst Of
these operations the wants Of the Government have been
pressing, and the dilemma into which they had been
thrown by the action Of party spirit has made some new
movement necessary. By existing laws, an amount Of
Treasury notes not exceeding 100000 bearing inter
est not exceeding per cent may be issued by the de-
partment This amount will supply the deficit caused
by the operation Of the tariff but to issue cent Urea
surv notes at this time would entail yearly charge o.
$500 900 upon Treasury, and the notes would mme
datey 20 into banks means of Investment To avoid
this therefore, the notes to be issued bearing iOth
Of one per cent, or mill per cent interest, of denomi
nations of $50 and upwards to be payable demand in
specie the city Of New York. and TO be receivable for
all public Dues lands customs &c. About 81 900 900 Of
these notes will shortly be put upon the market and the
operation closely watched before addition is made TO
the amount, which cannot be 100000. This is
the project.
The wants of the government 1t very clear must be
supplied from These wants were created
by tariff law passed for revenue
but 10 protect manufactures, and prohibit trade When
the thus cut short III became evident to the
most shortsghted that the government must either be
supported by borrowing or by direct iarGon The PFC
sdent recommended in view OF this difficulty that rc