The New York herald., 1846-01-14

monoposs the msnufhcturs of paper money and TO mel
noposs the posssssion q the specie. The banks say.
through their organ that II not at all desirable that
the quantity Of specie In circulation should be In
creased-thst 1t would be better; that the currency
would be more uniform and valuable, IL composed
almost entirely Of their paper Issues, than large
amount Of specie was In circulation.
Iis admitted by the organ of the deposit banks that
the subTrsssury Of lsao and II, was neither "blss
sing curse;" that in practice ii was nothing at all
Thiss very true, and 10 equally that the ssab
lishmsnt Of that act would neither be blessing
curse. Its operation would be equal that its re.
strictons would be hardly elt long the currency
remained sound The banks have nothing to fear from
its enforcement long they con6ns themselves to
their legitimate banking operations and keep them
selves clear from all speculative movement In prac.
tce the ubTrsssury would be- In the words Of the
gan nothing At ALL" long the paper issues Of the
banks bore proper proportion to their specie, and the
revenue Of the government reduced to level with
the expenditures.
The transportation ofspscis from point to point could be
obviated dy issuing drafts from remote points, upon the
principal treasures for the regulation of payments and
balances-thess drafts to be cancelled upon payment,
and not permitted to pass again into circulation The
bill reported by Mr. Dromgools from tie Committee of
Ways and Means makes no provisions for these drafts
but It 10 probable that some clause will be inserted regu
lang this thing which viii make the bill more perfect
and do away with many of the objections now raised
against it, This will disaipate the principal objection
raised by its opponents.
Of the numerous arguments in favor of the reestab
lishmen. Of this subT Treasury bi puts veto upon
any further Of the government funds In initiating
stock bubbles, and in sordng facilities for extending
specuations in any or all the staple articles Of trade.
The United States Bank became deeply involved in every
species Of speculation, while It had the government
deposs and sowed the seeds Of speculation exten.
sivey that when they ripened the whole country be-
bankrupt. the State banks, upon receiving the
posts, continued the movement, which ended in grand
explosion spreading desolation and ruin in s course
Several State Governments became bankrupt and il was
with the greatest dfhculty the General Government
sustained ITSELF During the financial smbarrassments
that existed from 1887 to ls42 there very little spe-
culaton in anything there surplus revenue for
the banks to operate with everything was prostrated
public and individual credit and everything else and all
sasAed keeping their heads above
water The tariff Of sl9 and the expansion Of the banks
have produced another surplus revenue and the banks
have again involved themselves in specuations in every
thing, but particularly in stocks Unless this move.
mont be arrested before has gone too will plunge
the country again into dicultes, similar to those we
have just emerged from. We have remedy it is be
fore the counry has been adopted but repealed
upon the accession to power of ts opponents the times
require its and s advocstes have the
power to bring again into force. The subTreasury
bill must be passed.
We annex statement showing the aggregate move.
ment Of the banks Of New Orleans, August and in
December, ls46. II viii be perceived that there has
been falling Of in the liabilities and assets =