Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-11-05


The Secretary Il the Treasury, after exhaustng hnan
c ingenuity in sboruve negotiations with the "Bank Bar
ous OF the Northern citics to exchange Treasury Notes
bearing upwards Of per interest Tor the Rage which,
however wortess," u Re regarded a better cir
cuatng hun then the pronssory Of the Govern.
mont itself. has been compelled length do, what he
doub, peeeivcs he Oueh, have done months ago
issue proposals for loan OF FIVE millions Of dosrs.
lie may fad difficulty in procuring the loan,
which he might have obtained readily -four five months
since aud there little doubt that the money might
have been time procured less OF interest by
tota to per cent than IL be present That this
gatuous surmse is obvious from the TACT, that with.
in that period the demand for Government stock has
sdcrsby tbaiod and that the price has undergone
responding decline. u. $. six per stock, which,
shor, tune since in demand at Sll0 ~ sold
New York Monday last a. SOL, having fallen from
nine eleven per cent. in few months, and 81 per cent
,iuce the Saturday preceding, when Sl0ii offered
the stock The rapid decline in the market wall
OF this stock is uumsaknble symptom, indicating
the future dcredit Of Government securities, should the
prOac o the with Mexico render future loans in
dsponsablc; while the Revenue policy of the Adminsa
ton threatens deprive OF the Necessary
aeeTung obligations. Indeed, at loss TO
what the folly of the dominant Party, in
80 pensciousy urging the adoption Of financial system
which diminish the receipts into the Treasury, the
very when they and admitted that the
penditues must DE grcauy augmented, or
palated. Although the Tariff does not into
effect until December the warchousing Bill enables the
importer 10 avail himself, great extent promptly of its
provisions by Withholding from entry the Custom house
such goods are needed immediate consumption
and the ecct already visible in the
The receipts New York Custom house for the month
of October will furnish some idea OF this dimnuton-
Those receipts were
In the month OF October lS45 Sl,l74,2Sl
In the month OF October 1885, 715.4l4
Decrease 1896, s67
letter from New York, the editor OF the National It.
tell geneer states that in the months Of August, September
and October 1885, the of collected in
port New York will be nearly million Of dollars less
than YVES collected in the months in lS45,
Can be doubted with these facts before that the
repeal OF the tariff Of 1912, in conjunction with events
which called for increased revenue, will be succeeded by
n OF things similar that which existed for some
years prior 10 the period of its enac,ment twill be
TO say when these shall reeur, that they
butablc no, the change commercial policy, but
the unp-opitols period which that ehlnge made
OF tho 9ht to plea they have been deprived by
turning deaf the warning voice of thJse who
peatedy admOnshed them, that injurious their free
trade measures be under any circumstances, they
mus, necessarily be peculiarly the present uncurc
when involved in war, the duration Of which
II was impossible forcsee while less difficult
rendered necessary its prosecution. The Adminisu.-
ZION and iis friends only turned deaf these
warnings. tutueatej them with contempt the simula-
ted sppeensions OF acous opposition, bent upon the
single purpose OF embarrassing the Administration and
defeating its great Reforms" They will have right
therefore, when the Government stocks heretofore
mandng hga premium, shall be selling at a discount in
public maris and the Treasury reduced the
s,y Of giving Instead OF receiving high premiums for
loapa credit of Tho
Government any but its legitimate cause.-the desuc-
zion Of the efficient system the adoption OF which
five yearssgo when similarly dishonored prompt.
ly re-esiablshed il.
We have 10 doubt, that the proposed five million loan
will be promptly taken. Such, informed, s the
opinion Of Northern capitalists. But il is certain that
much larger will hereafter be required unless the war
shall be terminated speedily than present
permitted to hope. Every loan will diminish the
means of The money lenders, while the in the
Of this stock will have the effect Of rendering
less sought after Tor the purpose OF investment Should
the Of the Treasury require frequent repetition OF
the proposals for loans hereafter thing protect
the bonds Of the Government from considerable decline
and enable cell It's stock upon fair terms but eff
Client system, which shall inspire confidence IN
capitalists only that the interest will be puncualy paid
but that ample provision will made FOR the prompt Quiz
dation Of the principal Under the present Tariff indica-
ting already diminished revenue, il is undcnabe that
this confidence has been seriously impaired, and future
developments wh shall have gone fu operation,
wrcrease this disrust That law must be consequently
materially changed, system Of internal taxation
be reSorej to, should the expenditures year
longer upon the enlarged scale rendered necessary by
military operations.
The late period VIII ch Secretary Walker has deter
mined loan, instead OF relying upol h- avor
plan Of adheiug exclusively issue Of Treasury
Notes. eynces the reluctance with which b, has yielded
necessity, which, from The beginning, he ought have
inevitable The consequence Of tbs delay mus,
necessarily be injurious to the Government in financial
point OF view, subJeeurg il to loss OF the difference be-
and per stock for the entire period Of
oan-a loss which will justly bring into dscrej the saga
city and financial skill Of exavhgandy audod Chan-
celor OF the EKchequer.
The Presidency.
Al public meeting recently held in one Of the interior
counties Of Tennessee JoHs MoLEAN, Of Ohio was
nominated candidate for the Presidency and Will,