Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-04-11
NEW PORK CORRESPONDENCE.

The Morning Netos has devoted an editorial
column to the support of the Subtreasury BILL as it
passed the House. II is not my present object to
enter into discussion of the subject. propose
only to notice one two points which the Ne,0s
has presented. The Ne,os says " An instant dis
connexion of the Government from the Banks,
many Of achich are actually iasofuent, will be eff
fected" This sentence is intended it is presumed,
to apply to the banks of this city with which the
Government is connected. Ii so, it is, to say the
least, very hasty, if not inconsiderate remark. If
it was not intended then it has no application,
that can imagine.
The Nelos asserts that the United States holds,
as security from the deposite banks, sic millions
sir hundred thousand dollars in stock; that the
Government is in debt seventeen millions of dol
lars, and has in cash on hand eleven millions of
dollars. Now, what is the financial operation which
the News proposes 1t proposes to appropriate
the eleUen millions Of dollars towards paying off
the debt of seventeen millions of dollars, and thus
emptying the Treasury, while the President is re-
commencing very large extra expenditures, say
fOenty or thirty millions Of dollars, to strengthen
the army and the navy. But this is not all. The
Administration and its followers for uprooting the
Tariff from which all our revenue is to be derived.
Can you imagine, in the present excited and un-
settled state of our country and its foreign relations,
more extraordinary financial proposition than that
paying off the public debt and the time reducing
the Surely the friends of those who power
have apprehension Of war; Of any necessity to in
the army the navy These calls for appropriations
sham-an imposition upon the creduty Of their supple
followers
The Canadian Parliament somewhat divided the
proprety of compliment Lord METcALFr their late Go
vernon A MEMBER Mr. BALDWIN, said he had objection
whatever military Governor, but would be ready TO
receive with respect whomsoever his sovereign might be pleas
ed to appoint her representative He strongly objected to
the sluson made to Lord MErcALrEs happy and successful
administration of the Government and moved amendment
that such ausion be struck from the resolutions which
| amendment being put, was lost-Ayes 81, noes 43.
In my opinion may be considered certain that the Wing
party have succeeded by diminished majority, at the cleo
ton Just held in the State of CoSSEcTcur That dmnuton
majority has been produced by the act Of legislation the
subject OF Temperance. You egislae moral
temperate Whatever Of has heretofore attended
the Temperance has been produced without the aid Of
legislation The great danger which appehend to that
Every Of Independent feelings repos the
| idea of being coerced.
The Legislature of have had under
deraon bill concerning the crime Of arson which changes
the punishment from death to Imprisonment for life. An
indefinite poponement Of was moved and lost After
siderable discussion it rejected by vote of ayes IS,
noes 80.
L
the resolves from the State Of VERMONT relative the
of Texas and those of GEORGIA relative Massa-
chusetts and South Carolina, reported that expo
dent to take any further action thereon, and the reports
| accepted
1t appears by St Johns papers that the steamship Unicorn
belonging to Mr. WnITNEY, expected Halifax from
Liverpool early in April to take up the route from thence to
Newfoundland AS she does not belong the regular mail
line she may not have sailed the 9th, and will pro-
baby when she does arrive have passage Boston
| Of twenty days.
| Flour continues very heavy, and but little doing
New York, APRIL s, IS46.
| BY advices received his morning the result OF
the Connecticut election is very doubtful. Indeed,
consider the chances greatly in favor of oppo
| nents. To what is this change to be ascribed To
the useless, and than useless, legislation on
the subject of temperance. No political party can
triumph on such an issue. Proscriptive enactmens
cannot fail TO bring into disrepute one of the most
beneficial measures that ever engaged the attention
of the phanthropist But to render it successful
you must not hearken to the counses of the zeaots
nor shackle it with intolerance Such measures will
render it unpopular, and soon work its ruin. | am
practical temperance man; but allow indi-
vidual, association Of individuals, to dictate to
wliat shall eat or Whaf shall drink.
The Chamber of Commerce yesterday took up
the Subtreasury Dill, with the view of comparing
the opinions of mercantile men to the probable
effect of upon the business of the nation. In this
community there is but little diversity of opinion
on the subject. 1t is believed to be most ruinous
measure-one well calculated to make the rich
richer and the poor poorer" 1t has already greatly
increased the demand for money. This demand,
however, is but just beginning. AS it increases,
what are its effects Every species of produce
and other property must and will fall in its market
yalue And wh he losers hy this operatiop 2
The small farmers and the small capitalists. Who
are the gamers The large capitalists, who have
money to buy, and the .Shylocks of the day.
The Chamber Of Commerce appointed COM
mittee of jiue persons to make report the SUBJ
ject. That report will probably be forthcoming in
few days, and will be transmitted to Washington.
Itoo members of the committee are administration
and .Subreasury men. Three are opposed to the
bill. In conversing this morning with member of
the Board inquired why they put the friends of
the bill the committee He replied, for the pur-
pose of hearing what arguments, if there be any in
favor of the bill that can be urged. 1t may, there
fore, be presumed there will be two reports.
The Government, the st instant had in de-
posite in this city about four millions ,fue hundred
thousand dollars. Now, it is well understood that
this money will only be drawn for it is wanted.
But, should the Subtreasury bill become a law, the
duties accrung must be paid into the custom-house
in specie, and that specie must be drawn from the
banks. Under such circumstances, how is it pos
sibe for the banks to discount and especially for |
rhp have 1uac 10 hat bc,,