Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1846-05-05

The panic in new York, in consequence
OF the false alarms excited by politicians,
brokers, &C., from a misrepresentation
of the money effects of the constitutional
treasury bill, is now subsiding. The
.'New York Evening Post" of yesterday,
says: ''The election is over and the polit-
ical Panic-makers have no longer any &C.
casion for pretending to be frightened"
The "New York Journal of Commerce"
comments vegy freely on the panic move
,ments and curtailments of some of the
banks, and contends that ''there is moth
ing in the sub-treasury, absurd as the
measure is, (the New, York Journal is
pleased so to say,) which can cause any
serious pressure on the money -market.-
No man can show how the collection and
disbursement ofthe public revenue in spe-
icie,r can produce any great commotion,
not even if the present balances are re-
moved to the sub-treasury. There is no.
thing in the worst shape of the measure
which will necessarily raise the interest
of money one per cent. for three months
&C., &C., &c. 1t contains no provision
requiring the Secretary of the Treasury
to draw out the balance now in the banks.
On the contrary, he is expressly author
lied to let them remain, and pay out from.
the new collections of the sub-treasury;.
and there is no reason to doubt that he
will do SO. What foundation is there,
then, for this panic, about a measure which
may never be adopted, and which, if it
should, would not render the removal of
the deeposItess necessary---n probable,
except as gradually required for the wants
ofthe government! If the. banks, either
from tiinorousness aud ignorance, or from
political motives, or for the purpose Of
keeping the public money, set about ma
king a panic, as they did. on the removal of
the deposites from the United States Bank,
the proceeding viii now. be understood,
& return upon them in . trumpet ofindig-
nation. tits monstrous that the interests
sOfthis great community should be trifcd
with. In the deposit panic It was pro-
lproclaimed that the merchants would
break, and the, banks would probably
break. The Merchants did break by hun
G ,dreds, for no rerson on earth but q. mere
alarm got up between politicians and
thanks. Some bank directors we know,
ARE taking the same course at present,
and proclaiming that if the sub-treasnry
passes, half the merchants will break.
What can be more cruel, what more wick
led, than such declarations! Bank direc.
itors viii NOT find this the way to prevent
the passage Of the snb.treasury. !,
The banks can gain nothing buta new
lattsmptto bring back the panic. (of the
United States Bank. Let them try if,
AID the Indignation they win produce will
4 ~ly determine the republican members
congress to actwith more vigor. Il
build never be permitted to banks to con-
81 the money market so much as thai
they. can produce a pressure and q panic
as they please, to affect the commercial
intefesIs 81 ne whole continuity ia or
lek .atthey may promote Their own in
eresfs, or compel the ronewal Of theil
haflefs The government has right tc
eilate its own flnassoies az il pleases.-
or should it ever permit its funds to Be.
pine the means of'diseount and specslla,
81 I0r the beneis of the banks I'hi.
nonRy power Of privileged corporation