The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-25
IMPROVEMENT IN THE MONEY MARKET.

IMPROVEMENT IN THE MONEY MARKET
The Philadelphia Ledger Of yesterday, states that
"the political horizon is Frightening little, and we
may soon expect to see better feeling visible in our
financial circles The Oregon question has as
sumed much more pacific aspect, and notice has
been given that the independent treasury bill will be
so amended and softened in the Senate to render
the change from the present depose bank system
easy and comparatively unobjectionable. That
clause in the bill which defers the payment Of all
government dues in specie until January will be
great source Of relief to the banks, it will give
them time to make all the preparations that the
change may require, without violently disturbing the
money market. The warehousing bill, which it is
proposed to bring forward in conjunction with the
independent treasury, will also greatly soften its
operation. Importers will pay duties only as they
find markets for their commodities, and when they
are presumed to be in funds to pay them. Instead
Of the payment, as now, goods as they arrive, alb
straetng from the channels of active trade millions
of dollars, and locking them up in bank, to be dis
counted upon by few favored institutions, fire.
quently causing great fluctuations in the currency,
mporations will lay in the government warehouses,
and the duties due upon them will be retained
in the importers hands to trade upon. Instead
of the public deposites centrng to any great
amount in bank for private speculation, the sums
of which it is made up will remain in circula-
tion in the possession Of the rightful owners, per-
forming the legitimate functions Of currency, and
not forming base for bank discounts. Another
good effect to flow from the proposed warehousng
BILL in this connection, is its tendency to avoid those
heavy balances in the treasury which, without it,
would be unavoidable, and which forms objec-
tonable feature to the subtreasury as it passed the
House. Taking the two bills together, as it is pro-
posed to pass them, the change from dependent to
an Independent treasury may be made without any
sensible effect on the market or on business except
possibly to those gentlemen who have been gambling
in fancy stocks and who are said in New York to
have monopolized nearly the whole of the accommo-
datons based upon the heavy balances almost all the
time in bank in that city. Such as those may be
affected by the change; but all who are engaged in
useful business will pass through the change eusi-
ly as a duck glides into the water"
The money article Of the New York Herald OF
the same day states that "there was very decided
improvement in the market to-day, and prices for
nearly all the fancy stocks went up one and two
per cent. 1.-THE government would only adopt some
plan to get rid Of the surplus revenue previous to the
establishment of the independent treasury bill, the
enforcement of the most restrictive provisions in that
act would not be felt in the slightest degree and
those doing legitimate business would hardly real
ze any change in the financial policy Of the govern
ment We trust the Senate will pass all these bills
in proper shape, with the new tariff bill, as soon
as possible--thst the lower house will concur at
once, 30 that the commercial classes will have all
the time possible 10 regulate their operations accord
ingly. We would suggest the policy Of having the
independent treasury, the tariff, and the warehous-
ing bill, all go into operation on the same day-viz
on the LIST Of January, ls47."