The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-23
WAsHireror, Jan. 10, ls41.

GALVIENSIS
WAsHrrGror, Jan. 10, ls4L
The Difficulties respecting the Finanees-a Mstteref
Fact kepieD Of the SuIjeet-Perye1ing State of ar
fairs, &c.
We hold an independent position to the public. We
approve that in the administration which we beevsto
be right-we cheerfsly condemn that which we hold to
be captious factious humbugging and erroneous
We in the midst OF the greatest events, and the ad
minsrstion is surrounded by the most serious snbar
rassments and the necessary measures and expedients
for the time nerdicted by party dssensons, party
aspran,s, and schemes for individual promotion.
Mr.. Walker has been requested to certain
quiries Of the Senate respecting the
necessary for tho crisis. He delays to snswsr-and
why1 We can only assume that il is because he knows
what to If he recommends tax tea and
coffee, he will be resisted by the West-f he recon
msnds uniform increase Of the impositions upon all
schedules of the act of 40 he will be opposed by the
South. He cannot recommend further reduction, be-
cause Il il fixed fact" that that will r.ducs the
ceipts-he hardly dare recommend tax upon domestic
gold and silver because that would be the entering
wedge to a ystem of direct taxation We very
ious to know what he will do; but we doubt not
shall be largely edited from his report from the time
that he occupies in its preparation.
There less difficulty to his opinion upon the later
propositions Of Mr. Reverdy Johnson respecting the
peal of the sub treasury. That is favors
! of Mr. Walkers and from indications undeniably pro-
phec, the thing must sooner later be totally abandon
dment TO operations Of the Department during
peace tenold perplex king in its embsrrsss
Idea Of Col. Benton; and Mr. Allen is equally sworn to
maintain il at all hazards We induced to believe
that the project Of the Lieutenant General largely orgi
mated in the desire to the removal Of Col Benton from
the Senate as the chief to the repeal OF the
sy and openly defeated OF ali the
tai and transparent OF the day that of esab
m or ny ' 0ner mode mo
ferrous; and While all hands abure national bank as an
"obsolets idea" 1t cannot be confrovered that all
tempts to adopt scheme OF circulation ansgonisc to
the currency of commerce will embarrass all conc erned
but will most embarrass the government 1t rather up.
pears to as that upon this sub treasury question: Mr.
Walker need have no apprehension, II he will only
place the necessity Of repeating the specie restrc
ton upon the ground that it required by the contn-
gencies Of the But of this he appears be dubious
Col Benton and the wings defeated MIN in the
men of the law and they may defeat him in the exercise
of the obnoxious excrescence Tho wings united with
the Mssourian upon the expressed intention Of making
the Sub Treasury unexpectedly impractcable in order
again unite with MIR Benton TO sustain the specie
tre and thus precptate the ss,y Of aoshinR the
lava measure Of Mr.. Van Buren, Of which MIR Benton
is the heir alaw, and which is he principal relic in the
government OF the superseded Regency at Albany and
the principal measure upon which II appears to rest its
hope of O restoration.
The hard money currency is in great danger Of in.
thcses checks drafts orders and loans la bankabe pa
per- (Which are informed the Department has been
"
Of paper circulation andn Mr. CorwIns amendment, to-
day Tor the issuing OF ten millions in land be
adopted in the ten regiment BILL the pay for the
public lands for several TO will be expressly
a paper currency. This Will cut oh two millions frsm
Mr.. Walkers calculations to provide for ch he must
look up some expedient elsewhere either in modfca
ton OF the Tariff, an excise, or a direct taxation
The most serious impeachment of all it, the fact that the
administration and the party sustaining have resolved
upon the act Of 40, their standard for the tariff If
they admit any notifications, the whole scheme 10
dsDgered. Here il tho whole secret of the delay and
the chief Of Mr. Walkers embsrrsssmenls. But the
axiom papabo that state OF revenues adapted to the
peace establish ment Is insufficient TO meet the exgen
ces Of a war, supersdded TO the ordinary expen !.
ditures The only alternative is increased taxation
public debt If would AVOID increase Of axaton
upon i'm ports must impose tax upon domestic arti.
ces in order TO as go and IT. on the other hand
we prefer TO incur public debt, the augmentation Of
tawes is only postponed, with unavoidable depreca
ting paper currency to oil the interval The issue
then clear We must either invade the schedules Of J6
abandon sll idea Of specie subreasury. nle the
uniform addition to the duties of 10, tax upon tea
and coffee, repeal Of the specie rest teton, ten millions
Of treasury notes an a loan Of twenty millions.
We await MIR. walkers replies in oder TO what
hundred millions but it will be necessary to tax the
people to sustain the public credit
Mr. Calhoun ors saw how dangerous 20 the south upon
the tar question this Mexican must be, 90 well as
upon that momen,ous question Of 'lavery. lie wished
to avoid it-he desired the south TO retain the footing
had gained But h lost and all attempts 10 arrest
temporary modification OF the act Of 1916 will only re-
suit in strengthening the probabilities Of its total over
/ throw Respectfully o
/ THE DOCTOR.
/ P.s.-Ths President kept open house tonight re-
gular drawing room" as they call them and IN sps
Of tho storm, the house was crowded rs hr ~
was opened, including the hall, Ogles Enporra M
end the next room, and the great east room Inc oeo'