The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-16

MIA. with description of the place the other
representing a sleighing scene on the Third
Avenue.
Price Ct cents, in wrappers, for the mail.
The Herald Tor Europe.
The packet ship Yorkshire, Captain Bailey,
will leave this noon for Liverpool, and will take
with her to our subscribers, on the other side of
the Atlantic, the Herald for Europe, which will
be as interesting and valuable a sheet as we ever
issued from this establishment
The beautiful engravngs that will ornament it,
are of themselves worth more to persons abroad
than the price of the paper One of them will be
an accurate view of Monterey, on the Pacific,
copied from drawing made on the spot; and the
other view of the third avenue, in the sleghing
seasonal rich scene.
The reading matter will comprise a regular
compilation of the late important news from
Mexico; the proceedings in Congress and the
Legislature; correspondence from Washington,
and general selection of commercial, financial,
political, and miscellaneous reading, which no
other paper contains.
The price will be Ct cents, in wrappers The
paper will be ready at 10 o'clock this morning
The Treasury Note System ana the indie.
pendent Treasury Act.
The course Congress intends pursuing in rela-
ton to the tariff and other OF revenue, is
as yet involved in much doubt and unce rtainty.
Several propositions have been made to modify
and alter the tariff, by imposing an additional
duty on all articles now dutiabIe, and duty upon
all articles now free, doing away with the free
list entirely during the continuance of the war
The Committee OF Ways and Means have not yet
reported, consequently nothing is determined
upon. Whatever it reports, even should it be
in favor OF duty upon tea and coffee, of
twenty five per cent, will, without doubt, DO
adopted, Notwithstanding the large majority in
the recent vote in the House Of Representatives
upon that question.
According to the official organ, the following is
a synopsis of the bill about being presented to the
over house ofCongress, for raising funds to meet
the ordinary and extraordinary expenditures of
the government.
"The loan bill and treasury note bill reported
together this morning-he President being authorized
to $23 OOs treasury notes. and Of denomiua.
tions low fifty dollars The notes may be redeem.
ed in two years from date.
1.-THE holders Of notes allowed to have the same
converted into stock at their option and ample and con-
To n. sxcespr
cent and tho stock issued in lieu of them to 0e trans
ferable upon the books Of the department
The stock may be redeemed, at any time after the
last of December 1861 The notes also to be ressued
At the close of the BILL the President has power to Dor.
the money if he prefers and in whole or in part at
his own option
THE interest is to be paid semi annually, and the
money received from the sales Of the public lands is
pledged for the payment of the interest and the principal
The balance OF the bill relates mainly to the execution
the law punishment for countereitng, of pro.
posing &c. &c The sum of 500 is appropriated for
Incidental expenses under the bill"
This bill is very much like the last 1t is, how
ever, more favorable, as the denomination of
notes authorised TO be issued will enable those
With limited means to invest them in this securi-
ty. The Government will obtain a large amount
OF money from this source. There is another
feature in the new bill which we consider highly
favorable, and that Is, the privilege of funding
the new notes into twenty years stock, bearing
the same rate OF interest. 1t is very probable
that proposals will be issued from the Treasury
Department for direct loan, after several mil.
lions of treasury notes have been issued. The
bill provides for any contingency OF this nature,
by leaving it optional with the President to raise
the whole amount by treasury notes or not, as he
may deem proper.
It's stated that the Secretary of the Treasury
is anxious for repeal Of the specie clause of the
Independent Treasury Act. Nothing to this Ell.
feet appeared in his report to Congress, or in the
message of the President, and we have not the
slightest confidence in the rumor. Even if he
was anxious for its repeal postponement, we
do not believe that either house Of Congress would
consent to such summary abrogation Of this
important part of the financial policy OF the party
in power.
The democratic party have been for many
years striving to establish a financial system
upon the basis marked out by this act. During
the administration of President Van Buren,, bill
similar to the one in operation became
law, but, before it had become perfectly estab-
lshed, there was revolution in the political
complexion of the General Government; and
among the first of the wing party, after it came
into power, was to repeal that bill. During the
administration of President Tyler, there was ne
chance for Its establishment; and the financial
policy Of the government, during that time, wa:
on the whole rather of an equivocal character
amidst the attempts to get up bank and the vetoes
which followed the passage OF the various bill:
creating such an institution, there was nc
system of any kind. When the present ad.
ministraton came into power, with majority
n both houses Of Congress, this measure was re-
vived; and during the last session bill similar to
the one repealed was introduced, passed, and
became law. 1t went into operation on the Isl
of January, instant, and has been in force only
about two weeks, and there is already call fol
it's repeal. This call comes from the opposition
we do not believe single member who voted fol
the bill, would now vote for its repeal, notwith.
standing the financial endorsements of the 20.
vernment. This act has nothing to do with the
financial operations Of the government, any fur.
Their than in regulating the currency; han in
pointing out what shall constitute a legal tender
in the payments and receipts oil the public trca.
L. n
the public moneys. We therefore say let it stand
as tits The government can raise money enough
without touching it.
NE MASSACRE AT Los ANGELos-It will be
rccoected that we published a few weeks since