Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1846-10-01
GOVERNMENT PAPER MONEY, &C.
We copy the following interesting letter
from the n. York Commercial Advertiser:


from the ~ York Commercial Advertiser:
"WAsHISGToS, Sept Is.
Notwithstanding the confident assertions of
the Union, the Administration does not feel Sc
cure in its policy and measures. There have
been very lately strong manifestations Of hest
tation, embarrassment and Apprehension on
the part Of the Government, as TO all its lead
ing measures.
The financial position Of the Administration
is any thing but easy and promising. The
working Of the sub Iieasury. whlch was Tor
ced upon il by the decree of the Baltimore
convention, is very embarrassing and viii be-
come more so after the first OF January. MIR.
WALKER does not hesitate to throw the blame
of the present embarrassments upon MIR. BEN.
TON, Mr.. ALLEN and Mr.. SPEIGHr-upon
those Democratic Senators by whose perllna-
| cous and insubordinate opposition the provl-
sion for issuing Treasury drafts was defeated.
1t is well known that Mr.. WALKER considered
that provision essential TO the practicabiity Of
the system. For this very reason, the Wings
united with the ultra hards in opposing it, for
it was their policy to render scheme imprac-
ticable, which they considered inexpedenl and
mischievous.
! The Secretary has been so confident Of OBJ
tanning authority for issuing Treasury drafts,
that he had already caused Them TO be engIa-
we'd and prepared for use.
| One of the uses intended TO be made of the
| Treasury drafts, issued in denominations of
! fifty dollars and upward, was the very sensi-
| bic and practical one Of obtaining supplies Of
specie from the Mexican traders. 1t would
greatly facilitate the mercantile operations of
the traders to sell their specie for these drafts,
| by which they could make their payments tor
goods in New York. New Orleans and else.
where and the pay department Of the army
would obtain specie Tor the payment of the
troops; and the commiSsarat could be supplied
with money for the purchase of supplies for
the army in Mexico. This arrangement was,
of course broken up by the defeat ofMr WAL
HER's provision, and the result as have been
informed BY those practical lily acquainted with
the facts, has been very embarrassing and will
! become more SO as the war goes on. This OPP.
Grafton was alluded TO by Mr.. BENTON, in his
fierce denunciation OF the amendment author
zng these drafts, and he pronounced it an H.
legal, fraudulent and dangerous issue of paper
money by the federal Treasury.
Mr. CALHOUN, it will be remembered strong
! ly supported the provision, and urged that the
most efficient mode OF destroying the system
was to embarrass by unnecessary restrictions.
The result is that the money must be collec
ted from the different subs and transported TO
and through Mexico, with the armies Of inva-
sion. Even for payments in this city there
has already been some embarrassment II has
been necessary 10 brisg specie here from Nor
thern repositories, and count IT in the Treasu-
ry Department, at no small expense OF time
and trouble
The prospect of the revenue for several
years TO come is by no means gratifying to the
| A Administration though thew endeayored TO
represent il as very promising They disuust
the new scheme as source of revenue even
for ordinary expenditures, and the necessity of
an early resort to direct taxation stares them in
the face. However proper, expedient and In
dispensable such resort may be, they must
know that i, will overthrow the political party
that has, by its measures, rendered it unavoid-
able. "The people," as Old Mr.. SMILE used
"a ssv "csn'f'. = ~ both