The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1847-06-12

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complaints are justly loud and general, as to
the mode the Department has adopted, for
making their numerous and heavy payments
at this place, in which, Notwithstanding its
manifest injustice to individuals, and the gene
raj injury and arrangement it occasions to the
business Of the city, they will still persevere.
Parties having claims for supplies, or other
wise, are still compelled to take drafts on the
North, and those receiving army bills from
Mexico, can only get them settled in the same
manner, all, or most Of which drafts coming on
the market, in addition to the usual supply Of
bills from regular business operations, depres-
SEES exchange and obliges the holders to part
with them at from 2 to "a, and in some instan-
ces even at 3 per cent loss.
In looking over the American newspapers
published in Mexico, we see the disbursing
officers Of the army advertising their bills on
New Orleans for sale, and when parties, with.
full confidence in the good faith of the govern
ment, pay their specie funds for these drafts,
they find, on presenting them to tie proper
officers at this place, that the government has
entirely neglected to provide any funds to meet
the payment, and they have no claim for DANA
ges nor interest, which they would have against
an individual. They are then compelled to 90
without their money or take in settlement
other drafts on a distant point, on which they
must suffer a heavy loss! The natural conse-
quence of this violation of the public faith.
has been, TO destroy the credit of these drafts
in Mexico, and 10 deprive the government of
the great facility Of obtaining specie there,
free Of expense, thus obliging them to send
coin from the United States, at an enormous
cost, particularly when it is recollected, what
are the expenses for transportation there, to
say nothing of the necessity of escorts, to pro-
tect it, and the loss Of the services of these
troops.
Including what the two armies in Mexico
will require, the public expenditure at New
Orleans, between this and the first OF August,
will, it is said, be five millions Of dollars, and
If the present system is to be continued, and
this large sum to be raised by forcing govern
ment drafts on the market, the effect on ex-
change, and the general injury to business
may readily be imagined. ,
Our Banks already hold between four and
i've millions Of Northern Exchange, and there
Is still an immense quantity of produce to 90
forward (of Cotton alone, the present stock is
about l75,0OO bales, worth seven millions of
dOllars,) all of which, when shipped, must be
drawn for. These mercantile bills will furnish
a supply, fully equal to what the market can
legitlmately absorb, and to have the govern
ment drafts thrown upon it, in the extra a.
mount of four or five millions, cannot result
otherwise than injuriously.
This arrangement Of exchanges, and conse-
quent loss to the growers of produce, is one of
the legitimate results of the sub-Treasury sys-
TEN, but, at present, greatly aggravated by the
want OF foresight, or wantof financial khowl-
edge, or Of both, at Washington.
It'll the more inexcusabIe, because Mr.. Wal
ker has the prompt and e%fectuaI remedy in his
hands, by issuing Treasury notes to the par
ties here, in payment Of their claims. But if
he is unwilling to allow them the benefit of
the premium, they at present command Oboug6
he forced them to take the notes sOhen then ,Cere
at a discouht,O let him even sell them in the
market, and put the premium into the Treasu-
ry, and thea pay the claimants in par funds
Lei US, at any rate, no longer see the Disgrace
full practice continued Of the Treasury, shell
tering itself behind its immunity from the ope-
ration of legal proceedings, and compelling its
creditors to accept a deprecated currency
(which their drafts on the North areD in settle
meht Of just demands.
As WI have previously stated, there can be
no reason why Treasury notes are not issued,
except to favor the contractors of the late loan.
as these notes would come into competition
with them in the sale Of their stock, There
have been some very broad surmises and loud
complaints put forward at the North, asto the
mode in which this loan was awa rded. and the
present proceedings, are certainly not c%alculut-
ed to lull the suspicious, that have been SO gen.
orally entertained We are unable to under
stand why the interests Of the country, as we'll
as those IF the Treasury, are to be sacrificed.
in order to swell the fortunes of Messrs. Cor.
coran & Riggs.
II, however, Mr.. Walker is determined, 70,
this or any other reason, satisfactory to himself
not to issue Treasury notes, let him, atany rate,
lessen the evil which his present mode is in.
hicting here, by sending out specie from the
North, even if it is only to the extent required
BY our armies in Mexico. The last S40O.0OC
Of coin shipped to Vera Cruz, was procured
here BY negotiating Treasury drafts at "a to q
per cent discount, when it could have beer
sent at much less expense, for freight and in.
s%urance, direct from New York, particularly i
shipped in a national vessel.
In our preceding remarks, we intend max.
ing no ~allusicn to the settlement with the val