The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-05-19

pleasant duty--that Of selecting among very many
who possess excellent qualifications, and are strong
ly recommended MIR. Horn and DR. Lehman are,
however, gentlemen Of excellent judgment, ana int-
mately acquainted with the state Of our political al
fairs and have no doubt of the fact that they VIII
act wisely and well in the premises o~,
| IRON another correspondent
| PHnApELrHrA, May l6, ls45.
The following is an extract from the letter of one
of your correspondents which appears IN your
| paper Of the 18th inst
| "The banks here-especiay those which hold govern
ment deposits in large amouns-loan money hoeraly
Upon these loans lots are purchased oy sPeeui"o'' w
buildings commenced"
| My purpose in calling your attention to inns ex-
tract is to correct an impression which might arise
in the minds of some, injurious to the reputation OF
the Philadelphia Bank--the depository OF the gov
eminent in this city, and one of our Oldest, most
respectable and wel-managed institutions Inc
gentlemen composing the direction Of this bank are
reputable citizens of both parties, possessing the
confidence of the public, and wel-qunlified by age
and experience to conduct the concerns OF any
mopeved institution. Now, SO far from making
loans to spectators for the purpose OF purchasing
lots and building thereon, it is notorious to all who
do business with the bank, that persons OF this
description would be the last TO receive accommoda-
tons there, nasmuch as the directors have made II
rule to confne their discounts almost invariably to
business paper--by which mean those notes that
legtmately grow out of the daily transactions be-
tween buyers and sellers, and which are always ex-
pected to be paid at maturity
Nor is there any danger to be apprehended from
an undue limitation" of the currency, so long as the
government deposits confined to that institution;
the directors always taking care, as learn, to see
that the specie in their vaults Is regularly increased
in proportion to the amounts which are deposited on
| account of the treasury. To the suggestion made
hy your correspondent that cit is the interest OF the
| ,,apff hat he mo
banks, us he calls them,) should be as small as
possible consistent with the expenditures" and also
that it would be good policy to apply any surplus IN
the treasury to the purchase Of the public loan, and
thus reduce the public debt, most of your readers
will in all probability readily accede. He is mis-
taken, however, in experimenting that, at present,
the bank here 'hoids government deposits in large
amounts" and as, in consequence OF the falling OH
in the revenue, they likely to diminish rather
than increase very questionable whether, in the
existing state of our affairs with England and Mexi-
co, it would be wise policy to reduce the amount
at present in the treasury by the course recon-
mended.
These matters, however, may all be con6ded to
the wisdom and discretion of the present worthy and
talented Secretary of the Treasury, who, no doubt
will look at this subject in all its aspects and adopt
such measures in regard to the public funds as shall
insure their entire safety and incidentally" advance
the interests Of the country.
l
| New York, May Is, lS45.
| The legislature of this State adjourned the
| l4th instant, after a long session. They passed
1857 acts some of them of much general interest;
among which, was an act authorizing the people OF
| the State TO decide, at the election in November
next, upon the expediency of holdings CONVENTIONS,
to amend certain articles in the constitution. Ii de-
cided in the Affirmative the convention is to meet al
Albany, composed of delegates elected by the peo-
pie in June, 1886 the amended constitution to go
into effect in December of the year.
An act of incorporation was also granted to the
Atlantic Steam Navigation Company; the charter to
continue for twenty-four years. The capital stock
is fixed at two millions of dollars; five hundred
thousand of which being subscribed, authorizes the
/ company to proceed in their enterprise. Five per
cent to be paid in at the time Of subscribing This
company has been formed by Junius Smith, the en-
terprising and persevering originator and defender
of Atlantic steam navigation. This American ocean
steam navigation company if successful, will be Of
great importance to our commerce and naval marine
| As a further encouragement to Mr.. Smith and his
| friends, it may be mentioned that Congress- at its
last session, passed a law authorizing the Postmas-
ter General to contract with steam ships and other
vessels for the carrying Of mails between the United
States and foreign countries.
| As steam vessels will be brought TO perform an
| important part in future wars, II becomes matter
of necessity among civilized nations TO encourage
their construction and practical knowledge in sail
|
land, always alive to the interest of her naval supe-
riority, has done much, by foreign letter mail
SERVICE to encourage the sailing and building OF
Atlantic steam ships. All steamers employed in
carrying her Majestys mails, Obliged to be bull,
by models supplied by the admiralty, and of sucl,
size and dimensions that, in the event of war; they
could admit of being converted into efficient vessels
of war In order to have officers of experience and
skill employed in their management, they gene.
rally commanded by lieutenants of the royal navy
They also send an agent of the mails in them, who
is also, generally speaking, officer of the navy.
| Thus most of the Cunard, or Halifax and Boston
steamers, have been commanded.
Lieut.. Roberts, r. NJ, came first, in the 81
RUS then in the British Queen and last in the Pres
ident Lieut.. Hoskins, r. NJ. came over in the
Great Western, and, II is said, is to come over in
| August in the Great Britain iron steamer. Nava
officers, also, command the West India and Oriental
and Peninsula mail English steamers. Such SER
vices prepare officers for this branch of naval service
in time Of war; While all this preparation is going
on with England, our naval steamship service, oil
school, scarcely be said to exist France is also
| following the example of England.
| However important to commerce and the defences
of the country Mr.. Smiths enterprise may be,
much fear his entire failure, unless he meets with
the liberal patronage of the government
| An Atlantic steamship packet is very costly
concern. To construct one of the strength and d.
mansions of the Great Western, or the best Of the
Cunard steamers, cost from four TO five hundred
| thousand dollars.
In England, where money only yields about
per cent it is much easier TO raise capital to invest
in steam-s ships, which may not yield an income
above or per cent. With us, the avenues for
| profitable investment are so numerous and easily
controlled, that fear Mr.. Smith will find it difficult
to interest our capitalists to a sufficient intent to
carry his enterprise into successful operation. At
an ordinary time, it is possible considerable portion
Of his stock might be taken in England; but as
much prejudice prevails there against all securities
of an American origin, combined with some fear OF
an interruption to the present peaceful relations be-
tween the two countries he has nothing at present
to expect from that quarter; still, hope to this
project succeed If the indomtable zeal and perse-
verance Of Junius Smith cannot insure success no
one else need try
Much Of the attention of our legislature was occu-
pied with the subjects Of canals and railroads Gov.
Wright has vetoed proposition to appropriate