The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-30
The exIcan War and the Independent Tros
sury-Their effect upon Commercial Al
fairs.

The Mexican War and the Independent Trea-
sury-Their effect upon Commercial Az
fairs.
AS a general thing the existence of a war, and
40 adoption Of the sub-treasury at the same
moment, deprecated; they are considered
great drawbacks to the progress of the prosp Gritty
of the country, and they are, therefore, opposed
by those who wish to see everything in the world
running riot
There is no doubt but that the existence of a
war with Mexico has very great influence upon
commercial affairs, in every part Of the country
there is 10 doubt but that it acts as check upon
the movements Of spectators, and keeps them
within proper limits it frightens the timid, and
induces moderate capitalists TO contract their
operations and wait patiently the result. There
Is a very large amount Of money in this city lying
idle, waiting for a peace with Mexico before it
will come out from It's strong-hods. The natural
effect of a s'ate of war is to create a mania for
boarding up money, in the shape OF gold and
silver.
The operation OF the independent treasury act
Is more powerful in the time of war than at any
other time, as the expend lures of the govern
ment are so largely increased, and the revenue
must be enlarged by extraordinary ms, The or
hardly sufices for its ordinary expenditures, and
the collection of this amount in gold and silver
keeps ups constant current OF specie into the pub
lilo treasury. II will, therefore, be seen that the
payment OF more than double the usual amount
into the treasury per annum, must have very
material effect upon the currency, upon the
the operations OF commerce.
Notwithstanding these two movements are in
full operation, the actual prosperity of the coun-
try never was greater, never healthier. We are
in the full tide of prosperity, and it is upon such
basis that it cannot be very easily destroyed. 1t
is not founded upon the promises to pay of host
OF banking institutions, the value Of which de.
ponds entirely upon the credit of spectators in
every section of the country, but upon the rea
staple productions of the Union, demand fol
which exists in nearly every part of Europe, a
prices far above remunerating points. Upon
these, and upon the gold and silver of the coun
try, our prosperity is established, and it canno
be shaken until the great regulator fals-until tn,
independent treasury act is repealed So long a
that financial system ofthe government remains II
full force, so long the specie provisions Of
are preserved in all their purity, so long shall W.
be free from the mutations and the fluctuations o
paper currency. We have such faith in tb'
power of the independent treasury system tina
we are disposed to abandon all other ch ecks upor
speculation.
II would be well for the country At large if thu
Mexican war was closed upon any terms Of an hon
orable character, for there is undoubtedly dra il
of treasure from us to q certain extent which
never can be replaced, to say nothing about the
great sacrifice OF life but whatever influence
chat war has in restricting the movements o.
spectators, is beneficial to all classes.