The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-08-26

from the Commercial Advertiser
Ihn Suh-rREAsuRY-lt has been rumored, for a day or
wo that arrangements making for the transportation
OF one or two millions of specie New Oreans via the
magnec telegraph, or in some other mysterious way by
winch ue specie should remain in Wall street. and the
same time the government should have in New Oreans
We can now say that the arrangement yesterday
sunhateu-one million OF specie being taken OF the
sub treasury and placed in the State Bank, the first step
OF us progress southwark.
We cannot of course know what security taken by the
Secretary OF the Treasury that the specie shall be delivered
in New Orleans 1t is probably an agreement of certain
banks or individuals 10 pay the stipulated within
specified time, it being understood that they get in
such manner as they may find convenient profitable
When The government employs the express houses
port their funds bill of lading receipt given for Ger
tain boxes containing much spece and the delivery by
them OF any other boxes any alteration of the contents
would be breach of contract In such we are bound
suppose the government allows no tampering with
It's money But the arrangement completed Yesterday is OF
different character does require the delivery OF
specie, and hence adds the responsibility assumed bv
the Secretary OF the Treasury that of the parties with
men, they will transport safely, but that solvent men,
they wi be able TO deliver it at the appointed time and
place. because they allowed the the money until
the time specified for its repayment.
NOW we take that no amount CT personal corporate
responsibility (and there is undoubtedly sufficient in the
present case) Mr. Walker for this fragrant vic
ation OF the subreasury law by that aci exchange
specie Tor anything ese which this undoubed
is, or the loaning OF government funds, under which
head it also is declared felony and be
permitted 10 express our surprise that either
personnel or public character could present themselves
so strongly to Mr. Walkers mind induce him perpe
trae an act so characterized and subject himself
penalties which are attached to it.
|
Union that IT is impossible to carry out the subreasury
On the contrary we are occasionally indulged with
gatuations the prosperous se of the country growing
out OF tins and other measures OF the present administra
ton The facts that the subtreasury has for long
time been dlsegarded when 1t was found inconvenient
and it is quite probable that extensive violations
may be committed fconsidered necessary desirable
Of the same opinon that the treasury had been taken
By other parties than those cho fortunate enough
cordtng TO ato As it is, than halfof these
still understood be owned by the contractors and
hp Iist,tr had
have been enabled to sell When the public Them
sistent with the professions Of its head when he
mended divorce between the banks and the government
REM,RNs New YORK COURIER There is, we
believe, no doubt but the Secretary of the Treasury, in
der to to the the expense of transporting
the specie New Orleans, and in order to guard against
further drain OF two millions of specie from this city, has
made an arrangement with capitalist by which the
OF the treasury will be supplied, and the time the
specie not be moved Such, learn, will be the
the arrangement; and right glad are learn it, But
the Secretary OF the Treasury, as we understand simply
turns the specie here Mr. B. with orders deliver
the amount in New Orleans a day named This is
doubtless in compliance with the letter of bad law; and
the single fact that it cannot be carried in spirit
demonstrates that should be rejected Tho procedure
however, one which cannot be otherwise than favorable
10 commerce, and WILL the time, large
to the country f also proves the folly of the subeasury
so much the better We certainly shall complain of
on that account.
The charge in the last paragraph, which have put
italics, altogether grautous and does great injustice
highly respectable and merorious house Washington
Our readers may remember that at the time the loan
aken sifted very closely the whole affair and the
suit conviction freely expressed, that Messrs Corco
ran Riggs had behaved throughout the whole
ion in manner creditabe to themselves, and acting
without intelligence from, collision with, the Secretary
of the Treasury On this head the information is clear and
TO the point and the nsinuation, therefore, by the Com
mecia, that the object of the
Messrs Corcoan Riggs equivalent to revving
exploded SANDER.
Whatever may have been the motives of the Secretary
for the recent arrangement there can be doubt but
one highly favorable the commercial interests and ad
vantageous to the country We therefore approve of it,
and not the less cordially if goes proveas assuredly
doesthe folly of the sub-treasury system. We DESIRE
however, exonerate the Secretary from any collision
with Messrs. Cocoran Riggs, who know be
spectacle firm as there is in the whole country.
Now the transfer made by the Secretary in exact con-
fomy not only with the letter. but also with the spirit Of
the law The power is not to transport specie from
depositary to another, but to "tranyer moneys" The
language Of the 10th section of the law establishing the
| constitutional treasury is as follows
"SEcr TO- And be ii further enacted, That it shall be
lawful for the Secretary Of the Treasury transfer the
the treasury the United States be there safely kept
the credit Of the Treasurer of the United States according
the provisions of this act and also 10 transfer in
the hands of any deposary constituted by this act to
other deposmy constituted by the same at his dscre
ton and the safety of the public moneys and the
venence of the public service shall seem to him to require
Now the simple question is, whether the same iden
cal dollars in gold and silver must be transported from
the depository New York the deposary in New Or
leans, whether the amount Of specie may not
lawfully be transferred under the law The Secretary
to "transfer moneys from depository another cat
his discretion" Gas the safety of the public moneys and
the convenience of the public service shall seem him
to require" The Secretary is vested by law with full
discretion to Judge of the mode of transfer, and is
make the transfer in such mode or modes he may deem
most safe and Convenient
WE'LL what is the present case The Secretary of the
Treasury is called upon by the War Department. few
weeks in advance, to place certain amounts in specie at
certain dates New Orleans for the prosecution of the
Based upon these requsitons the Secretary under
the law, contracts with capitalist of undoubted solven
cy al New York, who receives the specie there to de-
poste the amounts required specie at New Orleans
the times designated by the Secretary of War To the
secretary and to the government it makes difference
whether the identical dollars be deposited in New
Orleans, provided the amount in specie is the and
that the deposiie received specie made in specie Nor
does the law make, either in its letter spirit any such
absurd requison to depose the Identical dollars;
has it ever been construed but always otherwise.
In the present case, the transfer made of two mil
lions in SPECIE to be delivered in specie at New Orleans
within an average period of hiry-eght days from the
actual receipt of the money in New York Now, in the