The New York herald., 1845-12-04
Navigation Of thu Ohio River:
MONEY MARKET,
Wednesday, Dec. 3-6

So, / Canton declined /; Long Islaad, Farmers
Loan, Illinois, t Erie Railroad ii Morris Canal
closed firm at yesterdays prices
Both Boards Of Brokers adjourned to-day to Fri
day. tomorrow being Thanksgiving. The banks close,
and business generally will be suspended.
We learn that Gen. Cooke, bond paying democrat,
has been elected Chancellor of Mississippi, for
years, by majority Of 1900 anti bond paying
democrat, and an antbond paying whg
The Presidents message appears to give general salts
achon ~ its tone upon the most important point 10
more pacific than anticipated is liberal and less
decided upon the Oregon question than many had
to expect from the of government
gan and the limits claimed by the party press through
out the country not alluded to by the executive
The next important points alluded the message are
the public hnanccs the and the re.osablshment
of SubTreasury system for the collection and dis
bursemsnt of the government moneys.
1t appears that tho value of imports into
the United States, for the fiscal year end.
ing Juno 80, ls45 amounted to $ll7 1854, ,5e4, and
the value Of exports for the year. ending same
date, $l4 66 6o6 of which 500 29977o were in do
mestic articles The receipts into the treasury from
customs for the above fiscal year. S27 52slI 70
from sales of public lands O22 80 from nciden
tai and miscellaneous sources, $l63 99s 56-makn to
tai Of sac 9709l l3s SO. The expenditures for the same
period were S29,96s, ,206 %, of which s5ssI57 g.
were applied to the payment of the public debt The
balance in the treasury the lst Of July last was
$7,65s,3os ~. The public debt remaining unpaid on
the 1st Of October, 1884, amounted to $l7076445 S2
leaving amount of public indebtedness after apply
ing the surplus revenue to its liquidation of about ten
millions of dollars Payments upon public debt have
not however been made out Of the surplus as author
lied by several acts of Congress- consequence of the
unsettled state of foreign relations and the policy
OF retaining sufficient in the Treasury to meet
any contingency growing out OF the position of our az
fairs with Mexico.
The safe keeping and disbursement of the present
surplus revenue and the future disposition of the GO
vernment funds has received much attention from the
Executive and the subject occupies prominent posi-
tion in the message. The Sub Treasury scheme is
boldly, distinctly, and decidedly announced and
recommended. No allusion is made particularly to the
SubTreasury plan Of ls40. The President recommends
that provision be made for separation Of the moneys
Of the government from banking institutions and that
constitutional treasury be created for the safe keeping
OF the public money. The constitutional treasury
commended as secure depository Of the public mo-
pey is to have power to mako loans discounts
to issue any paper whatever, currency circua.
ton In the opinion Of the Executive the money of the
people should be kept in the treasury of the people, and
be ia the custody of agents chosen by the people,
cordng to the forms Of the constitution The President
has, without doubt, in view the original ub.Treasury
e. of that act, agree with those recommended in his
message.
The State Banks are denounced by the administration,
as they have been accused Of being aithes The State
Banks ere as unhesitatingly denounced the United
States Bank was in 1929 and 1890 At that time, the
State Banks arrayed in opposition TO the United
States Bank; and the former supported by the govern.
mcnt proved successful in the contest that ragged
bitterly for time The State Banks uscked by the gov
tkc
before that object accomplished contest took place
that plunged the country into the depths and
most desperate spec iatons krnown in the history
Of this any other country The first movement made
for destruction of the United States Eank the
removal OF the dcpostes, then amounting about
millions of dollars to the State Banks. The power Of
the State Banks by that act increased and their
ability to carry the contest greater than before
Immediately alter the transfer Of deposites the
United States Bank to the Slate Banks expansion on
an immense scale was simultaneously commercially
those Institutions the part Of the United States Bank
for the purpose OF initiating the currency much pos
sible, and derapging tho regular of trade
to annul any OF the good effects the state banks might
attempt to create upon the strength of the removal of the
Deposits and the part of the State banks for the pur
pose Of carrying out the suggestions of the President
to afford facilities much possible to all classes and
for the purpose Of keeping up their relative position
these institutions for their very existence and they
have been that the they were pursu
ing Of the most suicidal nature but like
rivals, continued their course to destruction, each
psctpg to be the ruin Of the other In 1896 during the
height Of the expansion the charter of the old United
States Bank expired and the State banks had the field to
themselves but their so expanded and
the prices Of everything inflated, that the seeds
of their own dissolution had been sown and they
rapidly Fastening to destruction In May 1897 the bank
explosion came, and suspension Of specie payments
throughout the country was the result We thus see
that the contest between the United States Bank and tho
State banks resulted in the ruin all engaged The State
banks have since proved ahess and large amount of
the government money in their hands became nconvert
ble the government brought almost to bankruptcy
and the public credit seriously impaired because of
their inability or indposition to pay demand to the
public creditors in the only currency recognized by tn
constitution In consequence of this failure on the
part of the State banks, the democratic party matured
and passed. in ls4O act providing for the keeping
and disbursement of the public moneys and regulating
the receipt and expenditure in gold and silver In ls4
Immediately after the coming in of the whgs the Sub.
Treasury repealed and the old State bank system
of deposit again adopted, and has since been the
only system used They are, as the Executive states
present employed as repositories, but without adequate
regulation Of law whereby the public money can be Sc
cured against the casualties and excesses revulsons
suspensions and dealcations to which, from issues
overtradng, an inordnate desire for gain, or other
causes they are constantly exposed The Secretary Of
the Treasury has in all cases, when il practicable,
taken collateral security for the amount which they
hold by the pledge Of stocks of the United States or
such oil the states as we're in good credit Some of the
deposite banks have given this Of securitv
and others have declined to do So"
The democratic party nConsress, during the admins
tation Of Pre- sident Tyler sgitaed the Sub
scheme several sessions but without success, and tho
matter dropped The party in power arc favorable
to the rsesabhment of that system and this bspu ,hs
hrs session Of President Polks administration we shall
without doubt have similar to those that marLed