The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-09-16

be constrained 10 deal in a most summary man.
ner With the ringleaders of the rioters, and per-
haps with all those engaged in the disgraceful pro-
ceediugs The discipline of the army must be
preserved in tart NJ all hazards
The Fluanccs OF the Government--COm-
InrToIal Movements and Prospects.
The experiment OF issuing Treas ury notes,
boer ng a nominal rate Of interest, has been
made; and, thus far, is un abortion. There ap-
psars - be very great difference of opinion
among he disbursing and receiving officers of the
government, as TO the legality of taking them
Considerable difficulty has been experienced in
New Orleans, where the first issue OF these notes
was made, in consequence of this doubt in the
mind OF the revenue officer of that city, and the
notes Immediately fell to q discount in the mar
ket octhree to Ave per cent THIS depreciation
increased the difficulty; and at the latest ac-
counts, il almost impossible TO get them
into circulation. 1t the universal opinion
among the brokers of this city, that these notes
would be NJ a discount OF one-quarter TO one-half
per cent in this market, but no one for q moment
believed that they would reach discount of five
or even three per cent. THIS depreciation pre-
vents their becoming generally circulated, or
emerged into tie general currency of the country;
rs they will be enqured for merely TO make pay
men to the government. We must admit that
we are grevously disappointed i'll the result OF
this financial movement on the part OF the govern
ment We supposed, with others, that those
notes would be eagerly sought after-that they
would add so much to the paper circulation OF the
oouutry-that they would be at least par, and be
useful not only in Introducing gradually
and easily the specie provisions OF tho
Independent Treasury act, but in iurnish-
ing medium for the regulation of our do
nestic exchanges. 1t is possible that there may
be some improvement in these notes, that they
may be in more demand, and that thu government
may be able to get them out more easily; but we
are under the impression that the practical opera
ton of this financial plan, will, 10 the end, prove
more defective than It's bitterest opponents antoi-
pated when the theory first promulgated
When the bill authorisng the issue of treasury
notes was first introduced into Congress, it merely
provided for the issue Of such an amount OF notes,
mt or b low certain rate Of interest; bat before
it became law, there was proviso attached
authorsing the Executive to raise the amount
required by the issue of such notes, or by direct
loan Il was the opinion of many Senators that
il would be sound policy TO issue treasury notes
for part Of the amount required, for the purpose
Of relieving the money market, and, as sosn as
that desirable objec, was accomplished, to come
forward for a direct loan.
Within tho past sixty days there has been a
very decided improvement in the money market
Loans, which three months ago could not be eff
fected at any rate, are now taken at upon
the most favorable terms; and we have no doubt
butthatthe President could raise the balance OF the
ten allions named in that bill. much more easily
and much more favorably to the government,
bearing an interest as high as that authorized,
would De taken up by capitalists and laid aside
as a permanent investment, and in that case
could be no more or less than the same as direct
loan. Under the most fiatterng circumstances,
and in the most favorable light we can place
things, we cannot dis .uise the fact that the
finances of the government are, at this mo-
ment in a very unfortunate condition, we
fear beyond any immediate redemption. Az
propositions wers made, during the recent
session of Congress, for the civil, military,
and naval expenditures. for the year, of more
than sirty millions Of dollars, twothirds of
which, at least, must be raised by artificial means,
as the revenue from all sources Of the year will
not, according o present appearances, be more
than twenty millions of dollars. Forty millions
must therefore, be raised, either by direct or indi
rect loans
Il would be source of infinite satisfaction to
all those engaged in commercial pursuits, if the
ouht and uncertainty that exists in relation TO the
A,utlc finances, were cleared up and the posi-
ton of the government in this particular, tho
roughly defined. 1t would have very favorable
influence upon business generally, and tend more
10 create and confirm confidence, than anything
else we can think OF. AS the question now stands,
with oil the mystery with which the matter is now
surrounded, the business prospects of the coun-
try are extremely 1attering and encouraging.
With the changes recently made in our CONNER
cial system, in the perspective, all classes are
doing a sound, safe, and profitable business, and
we venture the assertion that the peculiar charac
ter of this seasons trade, will do more 10 strength
en- the position of large portion OF our importing
and iobbing houses, than a continuance OF the
system under, or upon which the business OF the
past four years has been conducted. This IS a
sort OF settling season; every one appears to be
closing up old accounts prior to opening new
ones IN new way; aad general clearing out
and clearing up is the order of the day. The inn
porters, jobbers, and retailers, are working off
their stocks into the hands of the consumers
as rapidly possible, and there is no doubt
but that they will succeed in reducing their
supplies, so that the new SYSTEM will 20
into operation so imperceptbly as to lee
hardly realized. The fact is, the commercial
classes can conform to any measure " measures
regulating their affairs, if they only have sufii.
Gent notice, or if they satisfied they are per-
manently established. We do not know the ag-
gregate evil produced by the changes from time
10 time made individual suffering, to some ex
Ont, undoubtedly, is produced, but it is los
amidst the apparent prosperity OF the masses.
The consumption OF our staple articles OF i'm
,ortation, in four months, or we might say twelve
raonths, as an alteration in the tariff has been ii
contemplation nearly that length oftme, reaches
an immense amount; and, as the receipts have
for the past year, been partially regulated upor