The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-12-24


notwithstanding the unfavorable advices received
from Europe by the last steamer, the stock mar
ket to-day was quite firm. and prices had an
upward tendency. Erie Railroad, Canton Co.. Far
mers' Trust, Pennsylvania SIS, Indiana, u. s. Bank
and Reading, closed firm at Saturdays prices. Nor.
witch Worcester fell of ! per cent Stonngton !;
Morris Canal Il while Mohawk advanced , per cent /;
Long Island II Ohio 6s, Illinois H. The transac.
tons we're not very large but conceive how it
possible the market be sustained The accounts
from the other side in relation to the cotton markets. were
OF so unfavorable nature to forbid the slightest hope
that those in anticipation will be satisfactory The
immense supplies that have been produced in all parts
the world and the moderate increase in the consumption
from year to year, must leave surplus at the close
the season larger than before know II the know
ledge Of this that will influence prices all through the
season. We do not yet know the extent of the new crop
IN this country It may possibly reach three millions
OF bales. Accounts from the East indies received in
England report unusually large supplies In that section
The effect of stock much greater than the demand
on prices must be runous and the depressed state Of the
market at this early day in the season. will throw the
losses upon the Planters If they compelled to sell
convention has already been held in Gsorga for the
purpose Of taking things connected with the of the
markets, and the prospect Of reduction in price, into
consideration The severest sufferers must be the plan
South Carolina and Georgia The planters Of Alabama
Mississippi and Louisiana not exclusively confined to
the cultvtiaon OF cotton having stronger and
ducve SOIL they have other resources do net depend
entirely upon the proceeds from their cotton In Louis
lana many plantations heretofore devoted to the raising
OF cotton are cultivated with cane South Carolina
particularly must feel the present condition Of her
staple more than any other State in the Union The
citizens Of that State may attribute the existing state Of
nCokk,. -
think they will not long labor under that delusion
There is too much cotton produced and until the sup
plies,are reduced, very low prices must prevail
The passage Of the Sub Treasury bill through the low
er house Of Congress- but be considered at this
moment, very extraordinary movement, entirely IN
called for unexpected and premature II II is intended
to anticipate any movement Of the President elect will
falto the ground at any rate where is
The opinions OF Mr. Polk in relation to the safekeeping
and disbursement Of the public MONIES are stated to
very nearly with those of Mr. Tyler and that his &C.
cession to Office, an exchequer an somewhat similar to
that recommended byMr. Tyler, will be recommended
The large majority Of friends and followers Of Mr.
Polk in the House, would permit us to believe
that this measure cannot be introduced at this time
from any hostile motives towards his principles and the
movement would induce to think were we not other
wise informed that the President elect was in favor Of
the re establishment Of plan similar to the original
Sub-Treasury. When the former Sub Treasury plan
was repealed by Congress- and the repeal received the
assent Of President Tyler the democratic party Joined in
one great cry against the act and the organs Of that
party abused him for doing much organs ofthe
wing party did for vetoing the bank bills This shows
that the Sub Treasury plan avorte with the party
and we have no doubt so fer the democratic represent
taves are concerned, when they have majority, will
receive their support but go beyond that power
rot Az
must rest under the table Of that House and remain dor
mant until another session at least There being two
parts OF the general government the Senate and Execu
tve opposed to this measure, chance OF its be-
coming law but the movement in the House indicates
some suspicious in relation to the operations in
the government funds and fears for their safety In
other words the majority in the lower house. consider
the public moneys in the present deposaries unsafe
Their fears are not without foundation. The employ.
men Of individual houses deposares for such large
amounts Of pnblc money, looks too much like
favoritism. The government banks selected for the
keeping Of government funds sufficiently dangerous
with all their corporate powers capital but the selec-
ton Of individuals assumption Of power on the part
fthe Secretary that calls for action from Congress
and we have no doubt the in relation to the
SubTreasury originated solely from the present position
OF the public deposits. We have constantly accumu-
atiDg surplus revenue which ID entrusted to the keeping
OF certain banks, that make what of II they deem
proper; it is also entrusted to individuals in the imme
date vicinity Of the powers that be at the seat
of government. These brokers are not only
selected for depositares. but are employed as the
government stock.jobbers, whose business il is
to purchase United States stock ut the best price,
and to depreciate-by influencing the money market
through the deposits in large citieshe market price, to
ensure favorable purchases. When the comes
WI he hhorc yvall
street. In depressing the money Market think 1t Is full
time for Congress to adopt to prevent repet
ton. The SubTreasury would have that effect but we
have no idea Of Its being adopted Were II to pass both
Houses OF Congress 1t is very probable veto would
destroy H. The President could not consistently give
his consent for its enforcement The bill Just passed
through the liver House resembles in many particulars
the bill introduced last winter ITS restrictions are su
cient to preserve the government funds nvioabe with
out having any other effect the currency Of the coun.
try than to increase its value.
The bill just passed introduced by Mr. Dromrooe
and is in fact the bill introduced at the last session
OF Congress by the same gentleman from the Committee
on Ways and Means The principal features Of that
hill we annex, so that its operation ond effect were II to
60 into force, can be anticipated
BiLL TO PRovipg SAFE KsgrING, TaAssyyR
AND DsBuRsEMENr OF THE PuDLlc REvES,iE.
SECTION l. Provides tor the establishment OF treasury
~ washington, under the immediate control of the
treasurer. " ''o
SIC The United States mint in Philadelphia and the
branch mint at New Orleans shall be places Of deposte
for The public moneys and the OF these minis
sna nave power receive transfer and disburse such
SEC. D. That the rooms prepared in the Custom Houses
oi Boston and New York Tor the receiver generals shall
be places of deposit.
SEC. o That the President shall nominate and with the
OF thc senate appoint of the
pubic money who shall hold office fur years, one OF
whom shall De located in New York one in Boston
M rfk4 hall xtxt E4.l a.
with sureties, for the faithful di charge Of their duties
SEC All receivers OF the public money soch as col.
iectors surveyors land agents. postmaste &c. are re-
CURED Keep safely without looming or using oil the