The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-14
THE PANIC.

The trading public, rather that part OF II whose
centre ID Wall street. is better to-day. The pulse
beats 10 more temperate measures, and the tongue,
We are happy 10 say, 10 cleaner. aa. #.h ,aa.l go
The Journal Of Commerce this morning comforts
ITS readers with the assurance that the independent
treasury BILL if passed, will do no mischief, We
are glad that the Journal has como to this conclu-
sion the next step on ts convictions, we hope, viii
be that II will do great deal Of positive good. IL
will do COED, III be honestly executed, in two ways
first by checking the tendency 10 excessive credit
and speculation, which always arises from allowing
the banks TO lend the government funds, and second
ly, by infusng larger amount of specie into the
moneyed circulation, making the currency sounder
and safer. ...r ....r u ,..
But the journal of Commerce says It will not be
executed. If any of our eustom-house ofisers
should refuse TO execute il, we rather think he
would be dismissed without much ceremony. Some
or the whig papers are pretending that the iade-
pendent treasury ball passed under Mr.. Van Burens
administration was not executed at all. We have
already shown IN this paper how false this allega-
uon is. TWAS executed every where but in New
York; u was executed in tho active commercial port
Of Boston without the slightest difficulty, and with
little improvement in the arrangements for the pur-
pose, might have been executed here. - ..r'l - -.
But where, ask the objeetors, where shall we OBJ
tain the speciel We will tell them. Specie nali-
rally goes whore It. IS wanted. The demand for
specie keeps Il In the countryi the demand for spe-
Gle brings II from foreign countries. Gold Is at this
momenl shipped for Havana, because IL commands
there q premium Of about thiny-eght oents ON a
hundred dollars. Ii there were the same demand
for gold here as al Cuba, IL would remain; il the
demand were greater, so that il commanded a pro-
MUM Of fhy cents a hundred dollars, IL would
come from Cuba 10 New York. The matter 10 as
plain as the light Of day. Ii 10 not necessarily that
the specie should come from the vaults Of the banks
Still 1t ls not necessary that tho independent treas-
ury should be cspped upon US abruptly. IL Is no
ri aF h.. hail IN
effect within six weeks. IL might be we'll also TO
combine It With other measures.
The warehouslng system, IL II should 90 into eff
feet, we think it ought, the time with the
independent treasury, would operate al first to stay
the flow Of revenue into the treasury. The import
ed goods would be locked up in the public ware
houses; the duties on them would not be paid al
first, but paid gradually, the goods might be want
ed for sale. In the mean time, while the govern
ment is receiving little nothing il would supply
its wants by drawing upon the deposies already IN
the charge of the banks They amount, it is said,
to eleven millions Of dollars which would be enough
to pay all the expenses of the government for SIX
months They would be drawn out, paid to the
public creditor, 90 into circulation, and there would
be no accumulation with the receivers.
Again, it is contemp plated to establish branches Of
the United States mint here and at st. Louis IL IL
generally admitted that this ought to be done; the
proper time for doing il is when the independent
treasury bill passes II is common practice to
lodge quantities Of the precious metals with the
mint, Not a dollar Of the money placed in its charge
has been lost II is the safest Of all places of spe-
cia depesite Let the masses Of coin which it
would be necessary use for the custom-house, be
deposited in the branch mint here, and the certf-
Gates of the mint taken the transfer Of which would
transfer the money to the custom-house, or to the
public creditor, or to anybody else II branch Of
the mint were established here those who talk Of
the inconvenience Of and wheelbarrows trund-
ling specie about the city would be deprived Of their
favorite topic.--.E Y. Erening Post.