Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1847-06-02
From the Albany Atlas.

The independent Treasury.
The wing presses, having exhausted
their ingenuity in trying to find, in the
commercial body, the disorders and disas
tiers, they prophesied would follow the
adoption OF the Tariff and Independent
Treasury systems, have resorted 10 new
theory. They have detected in the ANNA
ton Of business dangerous excess OF VI
tality, and the country is now to go OFT
suddenly from too much prosperity, like
stout man in an appoplsxy. As Surface
in the play, would persuade Lady Teazle,
that her excess Of virtue is plethora, that
endangers itself BY it. own fulness, they
are trying their soft persuasion, to con-
vince the people Of the necessity Of Q little
damage, ii not Of total ruin. With this
view, they refused, in the last Congress,
to assent to modification Of the existing
law, which would enable the government
TO make its transfers Of depos;tes with
more facility, than the existing system az
fords. Though the people. in their indi-
vidual capacity, will be unwisely pros
porous, under system that ought to ruin
them, vet II little governmental incon-
venience may mitigate their rashness, the
Wings are determined they shall have it.
In making the practical working Of the
system, as inconyenient 10 government as
possible, they are therefore administering,
homeopa,iicalIy, the medicine that their
patient refused to receive in full doses Of
ruin.
Speaking Of the actual operation Of the
present system, the writer OF the money
article il, the New York Herald says:
$50 far the accunulation Of specie in the In
dependent Treasury has had no unfavorable in
but on the contrary, the specie provision of that
act has Dad restrictive Influence upon specula-
tive transactions, and completely checked all
undae mutations in prices for our principle sta
pes IF THE INDEPENDENT TREASU-
Try ACT HAD NOT BEEN IN EXISTENCE,
THERE WOULD NOT HAVE BEEN SUCH
A LARGE IMPORTATION OF SPECIE, Il
THE STRICT ENFORCEMENT OF THAT
ACT WILL KEEP THE BULK OF THE SPE-
Gle IMPORTED, IN THE COUNTRY"
This latter position the writer vindicates
by reference to the established laws
which govern the relation of paper cur
reney and prices. The writer referred
to, speaking Of the wholesome influence
of this system, upon the home industry
of the country, says:
$50 long as the Independent Treasury act is
rigidly and relgiously enforced, so long will our
importations continue moderate, while it will
aid and increase our exports. BY bringing
prices in our home markets down to a specie
layo acfo IN
sellers, while we become buyers only in propor-
ton to the ability of other nations in underseii-
ing our own manufacturers Of similar articles in
our own markets.
Heretofore we have purchased at paper prices,
and sold at specie prices. Merchandise manu-
featured in Europe, under currency reduced
nearly to specie standard, could be sold in our
markets, regulated by deprecated paper cur
rency, at enormous profits. and the result was
that our markets were frequently overloaded
with the manufactures Of Europe. The indie
pendent treasury does away with all this, and it
is therefore plainly TO be seen that the present
financial policy of the government acts more
powerfully as protection to our domestic man.
ufactures, than all the tariffs we ever had.
The manufacturers of Great Britain UNDER
stand perfectly we'll the operation and effect of
the independent treasury act, and they have
abandoned all idea Of realizing, SO long as that
act continues in force, such prices for their fab
RIGS as they have heretofore received. Our own
manufactures never were in more prosperous
condition; they are thriving better under specie
currency and a low tariff than they ever did
under an expanded paper currency and high
tariff. Nearly hundred thousand bale. Of cot
ton will be consumed in the United States in
1S47, over and above the consumption of any
previous year, and fair profits are realized upon
every kind of manufactured goods.