Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-07-08
From the NelU York Ereaing Post.
The Operation Of the Independent
II. MARSHALL,
VPenS,,ry.


In many respects the independent treasury system IS
working admirably, and in all respects 1t is working we'll
The sleadness aud uniformity with which financial and
commercial affairs have been conducted for some months
past without parallel in the history of country
Especially is this true II It is considered IN connexIOn
with the unusual foreign demand for the products of this
country and the millions of specie that have been brought
into the country within few months. Under the system
of deposites with the banks everything would be
rushing forward in high gae-sPeculaIion would have
burst forth in wild and fearful career.
The banks feeling Omnipoent by the monthly arrival
of million in specie, would have known no limit 10 dis
counts, and bubble like that of 1886 would have been
IN full view. How unlike is the present state OF things
How calm how uniform; all active, all busy, all
receiving handsome and fair for their indus
try Herein consists that peace, that content, that pros
peny which form the happiest condition which nation
Yet in its general influence alone that this sys-
tenn is working well but in thai peculiar feature upon
which ITS opponents have put much stress It's operation
IS favorable almost beyond parallel We speak more
particularly of the transportation o. SPECIE and the regu
laon of the exchanges In the Pennsy lvahian we find
the following:
'The recent shipment by governmental over two mill
lions of specie the south, without IFS producing any
impression northern banks, causing the least
alarm, has placed the federal qudnuncs in quandary,
and given eectua quetus TO their strongest arguments
in favor of great regulator. Altogether the subrea-
sury is operating very well and advanIageously. The
government is seveIng its connexion with the banks,
without producing disaster; and the money markets of
the country evinee greater degree of steadness than
any former period Tor a number OF years..
nder the depositebank system, the shipment of one
millions of specie New Orleans, by the banks,
would have excited panic that would have shaken Wall
street like earthquake
In The Washington Union find the following:
s'Mr Walker has made arrangements by which, n
only of ihree-eghIhs of per cent, he can
transfer any amount Of specie from the north TO New Or
leans"
We also add the following another instance of what
is dong in the northern part of the country:
"REGULATING THE ExcHANGEs.-Liyingston q Fargo's
express alone, says the Cleveland Plandealer, have
brought TO this city, from the east, over million Of
dollars within the last months. Ii has been mostly
currency and brought here for the purpose of
buying produce How much has been brought by private
conveyances and by post of course cannot be KNOWN but
the must be several millions. This currency will
be gathered up and home for exchange for gold
and silver.
sThe State Bank Of Ohio has resolved to draw the
shard to the amount of half million; and presume
this will be the general policy Of the western bhoders,
as exchange New York present is worth nothing
We understand this same express company will probably
bring this half million Of coin for the Ohio State Bank
at OF per cent This beats that indispensable regula-
tor "a United States Bauk) some. What wing ever
dreamed that a simple partnership, like Livingston IL
Fargo without charter and without any exclusive pry
leges whatever, could thus efiectuay, safely, and
Ieheaply, regulate exchanges"