The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-08
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The surplus revenue, on the lst of April amounted to
more than eleven millions and half Of dollars dstribu
ted among nftynvs depositores, including the govern
msnt minis OF this amount, 50, 632 500 Tor moro than
half of the TOTALLY in the banks Of the three prnc
pal cities-Boston New York. and Philadelphia. This
amount will doubtless be much increased during the
busy months while the importations continue large,
and the exceeds the expenditures Under the
provisions Of the former subtrsasuy act onshird Of
the revenue fast collected deposited in
the hands Of the receiver general in the shape Of sps
Gle. and the other twothrds in current bank bills after
the expiration Of year. another third, making two
thirds, required In specie; and after the expiration
Of the second year, the remaining onsthird, the
whole Of the government required in gold
and silver and the expenditures made in the cur
rency.
1.-THE subtrsasury, a. passed the House of Repre-
senatvss tho present session Of Congress- requires by
the amendment introduced by Mr. Drumgools the pay
ment Of all sums due the government in FULL in sps-
Gle, after the first day Of July ls4s. This make the bill
a. It now stands, more restrictive than the last
will be In the above ofcial statement that the
surplus revenue deposited in every sections ID pretty
well distributed; and therefore, the operation Of the
specie provision will be pretty generally felt When
the old United States Bank vetoed by Gen. Jackson
II was no longer used government depository but
the deposits It held at the time not Immediately
withdrawn. The revenue, a. accumulated after that
time, deposited in the Stats banks the new depos
tories. and the expenditures Of the government wsrs
made from the surplus the United states Bank held until
it was all used up The removal Of the deposits which
have for the past twelve fourteen years heard 20
much about never took place the deposits were
removed any faster than the current expenses Of the
government required hem and than they were removed
very gradually BY drafts from the treasury department
Under the sub treasury act sniar arrangement would
doubtlsss be made Az soon a. II went into operation
tho revenue would longer be deposited In the banks
a. it now, but into the treasury that would be ssa
blshed by tina act and the expenditures Of the govern.
msnt would be made from the deposit banks until the
surplus they held became exhausted whom the subrss-
sury would have the complete regulation Of the finances
Of the government
This would gradually relieve the banks Of those dspo
sits. would take about four months for the ordinary
expenses Of the government 70 consume eleven millions
Of dollars Unless extraordinary expenditures in the way
Of aPpropratons for dsfsncss, &c. made the banks
could safely calculate upon the time named above to
pay over these deposits Even that length Of time would
not sucs to prevent very serious smbarrasmsnss In
the commercial world. While the banks were losing
this large amount ofthe deposits there would be stsad
~ accumulang in the several sub treasures in al parts
Of the country, surplus onethird Of which would be in
specie, aud twothrds in the ipaper currency Of the
country. Inm ACCUMULATION would CONTINUE until every
dollar Of the deposits In the banks exhausted and BY
the time that point reached the surplus in the hands
Of tho Receivers General would, perhaps bs a. large
N that now in the banks 1t d argued that withdrawal
Of such large amount Of money from the channels Of
trade, would cripple commerce, but that We deny. II
does not follow, because the circulating medium ID re-
ducsd in quantity and increased in quality that legH
mate business operations will be restricted ioa; but
on tho contrary, business generally will be improved
there viii be better and uniform system Of Gre
ditsthere will be Of those sudden sxpansions and
contraoons, which prove ruinous the commercial
cassssthsre will be regularity and stability in the
basis upon which commercial affairs settle down. under
the new financial policy Of the government, that will
prove Immensely favorable to all combining their opera
tons to the legitimate channels Of trade Spectators
will have cause to curse the subrsasury PLAN and they
are already both loud and Deep Their organs have al
ready opened their vis Of wrath and We expect to bs
much amused at the contorions and wrihings Of the
banks and spectators, under the inAcion Of the most
restrictive provisions Of the subrsasury act and the
walings Of their stockjobbing jour
az NALL