Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-10-09
Tho Hard Money system.

From the last Now York Courier & Enquirer We copy
the following interesting article, showing the embarrsss
Of the Secretary OF the Treasury. in conducting
hn,ncial affairs Of tho Government and tho necessity
which ho has been reduced Of appealing to tho Bank-
those objects Of Loeofoco antpaihyior facilities and aid
Rs~ "a, NJ Y. ,cssr.er & E-s-irer.
The Secretary Of the Treasury unsuccessful sup
peant yesterday City Banks for loan OF their notes.
or credit-mcTe bank rags the slang OF Mr. Walkers
political suggcsuons-upon deposit OF the rags
Of the U. 5. Treasury, bearing interest PER
The proposition of the Secretary was that the Banks should
place some three or four millions the credit OF the Tca
suy OF the United States, and accept security therefor
like amount OF Treasury notes. bearing per inter
es in other words, the organ OF this hard money admins
uaton offered the Banks-compete separation between
which and the public monies one axoms OF the
baltimore Convention and is the main foundation Of the
Sub-Treasury b-wth all ts apparatus OF iron safes, Re-
ceves fatty paid, and penal boundsthat If they would
advance the Federal Government some three or four
ons oil 'he paper bearing no interest, tho Government
would give Tor such advance their paper bearing
per cent interest.
And the Banks refused With good reason they re.
fused, for such Of their capital
leaned TO the government would be 90 much
from tho ordinary capital employed in the regular bushes.
o: the ciyuniess indeed the the Treasury Notes deposit
ted as security should be Immediately put in the market
by the Bankswhch in the present diminished receipts
the Custom House could probably be done, without
causing decline in the value Of such Notes.
The Banks however offered to make the loan a per
cent? at which they freely lend upon good bust.
ness paper all the funds they have. Mr.. Walker refused
aedging that he could elsewhere obtain at what
he required.
The dcpositin the several Banks Of this city. is
about Two millions OF dollars. Mr.. Walkers desire
have three four millions his eredii-to be trans
ierred the greater part believed New Orleans
Failing in eieetng this loen he may possibly order
the transfer OF the whole the greater part of these de-
posi,es-for which the Banks prepared.
This is Notifying exhibition Tor the Public Treasury
but it is Only add that this discTed from the
and ineompconey OF the Secretary, and
not from any dIstrust OF the security.
tbs absurd suppose that the Banks will lend to the Co
vernment per when they get per from
their customc-upon short business paperand every
conyersant, Secretary Of the Treasury oueh, be-
with such matters knows thatiis so-snd therefore the
wrong OF putting Treasury in the attitude OF a suPpi-
the Banks tor avors This is a wrong the pub
lie. In the particular relation in which Mr.. Walker and
the administration OF which he the organ sandto the
Banks-it is Inconsistency exceedingly ridiculous.
The credit OF the u. 3 under this administration
unquesuOnable-and If instead OF Peddng about his
Treasury Notes and sueng with bated breath the favor
Of Banks the Secretary had invited proposals for per
cent loan, would have been rapidly hod-and, If for
long term, would have commanded premium.
This mustyet be the OF the Treasury, for what
present relief may be obtained through temporary
Pedents the enormous expenditure for the and the
falling revenue, will leave deficiency which will render
a resort 10 loans unavoidable"