Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1846-10-12

! The New York Courier thus alludes to the
Secreisry's visit to that city;
! The Secretary Of the Treasury was am un-
successful supplicant yesterday TO our City
B1nks Tor loan OF their notes, oy credit
mere bank rags in the slang of Mr.. Walkers
political siggestioUs--upon a deposit ol the
notes or rags oi the u. S. Treasury, bearing an
interest at , per cent. The proposition of the
Secretary wss, that The Banks should place
some three rJ0ur millions To the credit of
the Treasury OF the United States, and accept
a security therefore, a like amount OF Treas
ury notes, bearings per cen, interest. in 9TH
er words, the organ OF this hsrt money admin
istra,ion offered To the Banks sep
arstiou between which aud The public monies
was one of the sxioms OF the Baltimore Con-
ventlon aud Is the msiu foundation of the
Sub-Treasury biil-with all its apparatus OF
iron safes, Receivers fatty paid, aud penal
boDds-that ii they would advance 10 the
Federal Government some three or four mid
lions OF their paper, beanng no interest the
Government would give for such advance their
own paper bearing . pr cent interest
Aud the Banks rius>dl With good rca-
son They refused, iOI IL such an amount OF their
ordinary capital were loaned to the govern
nent, II would b. 50 much distracted from
the ordinary capital employed in the regular
ury Notes deposited as a security should be
immediately put IN the market by the Banks
which in the present diminished receipts Ut
the Custom House could not probably be done,
without causinga decline in tile value OF such
Notes.
The Banks however oiIesed to make the lean
at per cent, al which rate they eau freely
lend upon good business paper all the fund.-
they have. MIR. Walker refused, alledgins
that he could elsewhere obtain at , per cent.
what he required.
\ The SUN OF deposite in the several Bank.
OF this city, is UbOut t,o0 millions Of dollars
MIR. Walkers desire was 10 have three or ioul
millions mcre at his credit--lo be transferred
the grraIer part Of il, as is believed TO New
Orleans. Failins ia eifecting this loan, b,
may now possibly order the transfer of III,
whole or the greater part OF these deposites-
, iol Which the banks are prepared
Tbs Is morIiying exhibition for the Pub
| lac IreasuTy-but IL is onl, just To adj tina
| this discredit arises from the mismanagemen
aud iacompetency OF the Secretary, aud no
from any dislrust OF the security.
J, u Is absurd to suppose that the Banks vii
lead To he Government at , per cent whel
they can get 8 per cent from their customer
E upon short business paper-and every ON
4 ConVeTs0ni, as a Secretary of the TreasuT
II ~Nts'N ~ " " Atb HNs HiatANtHf hHOWH Abdt
D Is so--lnd therefore the wrong OF putting tn
Treasury In the attitude Of a slIpplicant to an
h Banks Tor isvors. This is a wrong 90 the pub
: lie. In the particular relation in which Mi
!, Walker and tlie administration OF which lee
I the organ stand-tO the BsBks--it is AN Ia
!; consistency exceedingly ridiculous.
n The credit of the u. S. even unller this cd
!, ninls'Tation. IS unquestionablc--aDd &C. la
= stead OF pesldling about his Treasury Note,
!; aud sueing with bated breath for tie favor {
d Banks, tie Secretary bad invited proposal
!. Tor si1 PeT cent loan. il would have bee
u rapidly hltd--end, u for long term. woul
p have commanded premium.
a This must get be The recourse OF the Trea
r. ury. ioT, whatever present r'liel may be ol
Di tanned through temporary eXpedients the emo
le nous expenditure lof the war, and the fsiliI
revenue, viii leave deficiency which wi
render resort To loans unavoidable.