The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-16
Bk Come N. Y fan

There has been very little doing in any Of the above
securities within the past fortnight and will be per-
ceived that there has been very material alteration In
prices. Tho uncertainty that hangs every move.
ment Of Congress, keeps the public mind very much
unsettled and capitalists hardly know what make
of their money The United states SIS are selling
below par which looks very ominous for the Of
new loan Of nineteen millions Of dollars. The admin.
isration must have vast deal Of faith in the credit Of
the government, to suppose for nement that large
loan be made at par after the Independent Trsasuy
ect goes into full operation. The government will And,
when II ID too late to apply remedy, that financial
admirably calculated for periods Of psaoe are
favorable in their operation in time of war Every
thing should be done in the power Of the
relieve the money market from every embarrassment
and to make money cheap possible, fer the purpose
of negotiating any loan which may be required sasy
and upon favorable terms
The nature of the Independent treasury act ID 70 IN
the value Of money by reducing the volume the
currency and Of proper period the adoption Of such
would be attended with the gratifying rssults
bat at the present moment we engaged in With
enemy which may prolong hosities beyoAd the anti
cipations Of those most intimately acquainted with the
movement and 1t highly necsssary that should be
prepared for any financial contingency which may arise
We should therefore, or postpone any rsstric-
ton contemplated upon the currency of the count and
prepare the money market for demands likely to be made
upon it for funds to prosecute the with vigor.
From the mysterious illusions of the President and
the Secretary of the Treasury TO the financial policy of
the government generally and the Independent Trea-
sury Act in particular it 10 almost might say quite
impossible to tell what their real opinions in rea-
ton to the specie provisions of that act From the
ure and character Of their remarks, should Judge
that they not perfectly satisfied in regard 10 The
feasibility Of enforcing those provisions Of the cot and
wish wait for the purpose Of seeing how they will
operate without ccmnittirg themselves either for Or
against 1t looks though they had their misgivngs 90
to is working time Of we'll they anticipated
n time Of peace and Though they locked more to con-
sistsncy than to the s5opusn Of those measures the
sGsness Of the country required Such appears to us
the compile xion Of the message and Of the Trs~urys
port upon this subject and 10 impression thsttss
government will 6nd that II 10 in the hands Of the PILLS
tines and must mako to satisfy thsm before
they will loosen the strings of their money bags. The
capitalists have the government in their power and they
will use that power to the utmost. The government
wants money and the Secretary of the Treasury must
come into wall street for loan, not one fsw mil
lions but for nineteen and perhaps wentythrse mlioDs
and before he gets IT, the specie clause Of the Indepen
dent Treasury act will have to be postponed during hs
continuance of the war at least. The Secretary Of
the treasury the aminista tion and the party in Con-
rrcss must bend to circumstances
We were among the leading advocates for the most
restrictive Independent Treasury Act that could Be
formed and we have not changed our prscirlss uron
that Point iota, but that important thing, fsssoihy'
steps in removes every former prediction, and com
pes M TO give up previous position in regard 10 TINS
measure II politicians would study the meaning OF that
word, feasibility 4" more, should not have sucn
strong party lines, but should have more wise 10
gislaton.