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


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The Steamer Unicorn.
We have ne news of this little steamer. II she
sailed on the 18th utimo she is making very long
passage the ocean. She will soon be anticipat
ed by packet ship.
The New Financial Policy OF the Govern
ment-lts Operation and Effect.
There exists very great difference of opinion in
the minds OF those attached to the two great politi-
cal parties, relation the operation Of the cub.
treasury law, with Its most restrictive specie proyi-
sions. There are many members of the wing parry
IN favor OF this financial measure of the government
on account of the influence it exerts in protecting
all our manufacturing interests, in regulating and In
increasing the value Of the currency Of the country
at large 1t is settled fact, that the banking sys-
TENS Of any number of States cannot improve the
circulating medium of the whole country. dozen
States may have banking systems as perfect as pos
sible to create, and the local currency Of these
States may be sound, bur the corrupt banking sys-
TENS Of the other States OF the Union must have
tendency to depreciate the currency Of the other
States, and reduce the quality and value Of the
whole
The sub-treasury would affect the currency of
every State and Territory in the Union-it would
equalze the value, and make it uniform from one
extremity to the other; and this alone IL sufficient to
recommend the measure to the favor of every one
interested In preserving a sound, safe and simple
currency. Opposition to this system viii continue
to be made by the ultra organs OF the wing party,
and they cannot well do otherwise than keep up
their feeble attacks upon measure so intimately
connected with pure democratic principles. Inde-
pendent OF the party character the sub-reasury evil
IDENTITY possesses, we cannot but admit that it
contains features emineny calculated to have ulti-
mately very favorable influence upon the prosperi
ty OF the country. We are bound by no party ties;
we have no sympathy with any of the political sects
OF the day; it matters very little to US, which party
any important and necessary measure, regulating
any OF our great interests springs from; it is our
duty and our intention lend our influence and our
support to carry out those things that may appear
best calculated to advance our prosperity and in
crease the value and stability Of our institutions
We consider the sub-treasury measure admira-
bly, calculated to place this country in prouder pc.
stion In the rank Of nations than it has ever yet en-
joyed, as it will make more Independent of other
countries-wiLl prevent those tremendous expan-
nons and contractions in our commercial affairs
which have 80 frequently Frustrated every interest,
and place us lupon a par with the most prosperous
commercial nation in existence. Our future pro-
gress will not, perhaps, be rapid as it has been,
but 1t will be more permanent-itw will be upon bet
ter basis, and, therefore, more solid. Such con-
summation il devoutly to be wished; and whatever
viii bring it about, should receive the countenance
OF oil night minded men.
The effect Of the sub-treasury upon the banks
Will depend somewhat upon the course pur.
sued by those institutions If they move
very cautiously, contract their operations, and
prepare themselves for any emergency that may
ARISE, they may be able to pass through the
crisis safely; but if they do Motif they attempt to
expand-their fate is sealed, the subtreasury will
sweep them out of existence by the score The SUBJ
treasury will tend more to preserve the present state
OF things rather than produce any very great change
1t VIII not as many anticipate, do away with banks
entirely, az their existence s to certain extent.
necessary to carry on commerce.
The establishment OF the sub-treasury is at this
moment of the greatest importance Our foreign
affairs are In very unsettled state, and if war with
Great Britain should grow out of the existinQ diff
cuties In relation to the Oregon question, or
with Mexico, ON account of annexation, a very
small part Of the surplus in the possession of the
banks would be available. 1t therefore becomes
necessary, while we are at peace with the world, to
preserve the slnews of war, and place them under
the immediate supervision of the government As
war measure, 1t is at this time called for; as 4
peace measure. is equally important as it will pro-
tect our manufacturing industry, harmonic all the
interests OF the country and increase our prosperity
IN all things. All we WISH in, that it may be- when
once more in operation, continued long enough to
give it a fair trial. There is disposition in both
political parties, TO repeal its great measures they
do not, from the start, meet all the expectations
formed before they have had time to get fairly into
operation
MAGNETIC TRLEaRApHs.- The prospect Of realiz-
ing some important benefits from the wonderful
invention Of Professor Morse, in short time, 10
very good indeed. 1t ia expected that by the first
day of May next, the line between Baltimore and
Philadelphia will be finished, and likewise The line
between Boston and New York. When these two
lines shall be completed, the United States govern
ment will receive the spirit Of the foreign news,
brought by each steamer to Boston, before the YES.
sci will touch tho dock.
The telegraph line between Baltimore and Pha-
delpha, ID the best, substantial and when COM
pleted, the best regulated affair of the kind, proba-
bly, in the country. The wire and other appurte-
nances, are of the most substantial and durable
kind. and as the line is laid along the route Of the
railroad, it will possess advantages of Importance
In the event of the wire being broken, or any other
accident happening, the agent will Jump on a loco
motive and repair the damage in a very short time
We hope the legislatures of the several States
through which telegraphs may be laid, will pass
laws OF the most stringent nature for their protec-
ton-laws that will make it crime punishable in
the State prison, for wifuy molesting, or inuring
this splendid invention of the age.
LrBEL.-The law Of libel has recently undergone
q change in the State of Massachusetts,, which we
hope will be followed by other States The new law