The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-04
WASHINGTON, August l. 1876.


The SUB Ireaswy-Mr. Calom-7he Acriean
Wdr-The Baltimore Conpenfion-Sir Robert
Peel and his Triumph-7he Reciprocity of the
mew Idrif-The Question of Erpcdiency-7 The
Riper and Harbor BM-A Trick at the Cards
'Shre'cdness Of Management of the Secretary Of
the Trsasury-7he Cherokees, &c.
The week closes with the triumph of the Sub-
Treasury, and in the hard money form of Colonel
Benton. Mr.. Walker having failed in his drafts,
he will have to rely upon his treasury notes Ten
millions OF them will save good deal of cartiny
of gold and silver. Mr. Calhoun thought the
matter so serious as to require refinement of
his position. He would have preferred post
ponement IF the bill II is difficult at all times.
especially in a time Of war, TO keep the finasces
of The government in circulation apart from the
banks. He anticipated good deal of trouble
from this bill; but he had done his duty
he had done his duty upon the Oregon
question Ito which all the people will say AYE
He had opposed this precipitate rushing into the
Mexican war-he ioresaw that it would be dis
astrousy expensive but he now hoped for the
best. IL is evident he wishes it fairly understood
that he is not responsible for this Mexican war
that he washes his hands oft and that he be-
lleves 1t TO have been as heedlessly as needlessv
declared, he has clearly minated from time to
time. BY and-bye we shall be thrown upon one
the new tariff-a resort TO direct taxation or q ma
tional bank. ln the interval, We must experience
announcer spasmodtc VISITATION upon the currency.
It's cera'n that the subtreasury passed more
as measure OF obedience 10 the dlcra or rntrabie
dictu OF the Baltimore Convention than any thing
else; while there is nothing in the world more alb,
surd than the idea thar the decision of the people
was made up from the Baltimore chapter of 90
vernmental dogmaticals. We venture TO say that
not one man OF thousand voting for Mr. Polk.
ever read the Baltimore resolutions, or knows or
cares 70 TINS day, to know, what they are; STILL as
the party has planted its stakes unon tb.n, (, IL
consistent and fair and honest To build nm ,h.,r
fence by the prescribed line regardless of exne
oiency as 10 time, and of the consequences from,
.ns sim u.aneous ne1pedlency of the schedule of
Greatly influenced by the repeal os III. &C.,,
Laws has been the action of Congress NV 90, ~
reciprocity. In the mitigation of our own IA rfT ~
POSITIONS. The only question is as to the eynd;
ency OF so extreme n revulson at this GOWN
ture OF our domestic affairs A gradnationI W.
postpon-nent would have been more "a,
cious. We dislike the idea of direct taxatIons.
we dread lar more the probable Sc ctonal exacrr
baton that Is likely to result from the reyuIson r
business under the new bill. IL is an act of re,a
lation by the South which may result ina a far
heavier and more disastrous retrlbuton. There
IS national magnanimity In the act OF the highest
degree, but the question u.s. will not the d. mand
for domestic sacrifice be more extortonate than
will be passively bonel In one word, we aspre-
bend from the adjournment of the present Con-
gress-a panc-an excltement-a political ground
swell, that will throw the whole country into a
state OF suspension, the banks, the Treasury. the
capitalists and all, everything except the brokers
and the politicians.
Pennsylvania must suffer largely: andwhile there
was but little sympathy at first for her fate, there
IS less since it IS known that on the last day of
the bill she tried to drive bargain at the expense
OF ner northern neighbors But she spoke TOO late
lol ner lorty per cent upon cold iron Aud there
was eone,ning so Illuminating in such n compro-
muse, that Tor the honor of her people, we rejoice
. .na. u was no, effected. No, no, Mr.. Buchanan,
una, ta. VIII never DO It's worse than selling your
starving. and Jacob was thief bur tnere /. brrad
yer IN oid pennsylvania; and a voice VET among
lima. III N'i0
with regard TO the general basis of the creed If
the administration, particularly upon the doctr;ne
oil commercial reciprocity, we concur. But n
turn OF the tide should not be disregarded. There
IS nothing in all history to compare with the late
triumph Of Sir Robert Peel. He stands at tbi,
hour as the first Of modem statesmen--the