The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-13
Affairs In Albany.


Those WHO assert that the Van Buren, W right
section Of the Huge Paws urged the Hon. Mr..
King TO make his "personal explanation" in the
House, in Washington, opening up The slavery
question, now maintain that there is singular 81.
milarity in the movements in Albany and WASH
ington, and that the whole originates in the de-
feat of Silas Wright in this STATE.
Our arrangements are complete to give full and
graphic reports by telegraph, and by mail, OF the
proceedings in Albany, in and out Of the legisla-
ture.
The latest intelligence from that quarter will be
fouad on the outside Of this days paper
Financial Policy OF the Government Finally
Developed.
An issue of twenty.three millions of dollars
in Treasury notes has been finally deter.
mined upon, the Committee of Ways and Means
having bill to that effect ready for presentation
in the House of Representatives. This is the
amount required, with the ordinary revenue from
customs, lands, &c, by the Secretary of the Trea-
sury, to carry on the government and the war until
tine close OF the fiscal year in 1S4S Should the
war be clos I'd before that time, the whole amount
authorized to be issued, under the new act, will
not be wanted whereas, were direct loans made
for the whole amount, for long period, the gov
eminent would De com peileu 10 pay lHcIcst luz
larger sum than it actually wanted.
The proposed Treasury note bill provides for
funding these notes. at the option of the holders,
into stock, bearing interest at the rate OF SIX per
cent, the same rate they bear upon their face
They will be issued as the wants Of the govern
ment call for them, and large amount of inte-
rest will therefore be saved. The law will, with
out doubt, be so framed, that the issues must be
49, halO mar in n
market, as it becomes supplied by increased is
sues This depreciation may rule from three to
five per cent, but we do not believe they will 90
below the highest of these rates.
The Government may not lose anything by
this depreciation directly, but it will indirectly,
as all contracts for supplies to the army or navy,
and everything furnished to carry on the war, will
be charged in proportion to the discount upon
the paper received in payment; and in this way
the Secretary will be able to get out the notes at
par, although they may be at the time selling at
ninety.fi five or ninetyeght cents on the dollar 1t
is our impression that even this, is much better
than making a direct loan, as capitalists would
take every advantage Of the embarrassment OF
the Ire asury, and a loan could not be made for
any part Of the amount short of several per cent
discount, even at higher rate OF interest than
ment lose anything directly or indirectly by any
depreciation in the Treasury notes, it will not
vary much from the loss it would experience from
discount on direct loan.
These Treasury notes will become valuable
addition to the currency of the country, they will
add so much to our circulating medium, and be
sought after for payments to the government, for
repnitances from one part Of the Union to the
other, for the regulation of our internal exchan-
yes. Our money market will be much relieved by
the appearance of large amount of these notes;
and take the system as whole, it is the best, I'M
der existing circumstances, thatcould be adopted.
1t is the best, because it will neutraze the In
dependent Treasury act, doing away completely
with the demand for specie the enforcement OF
that ac. would otherwise create. BY the time
these Treasury notes become absorbed, we trust
the war will be terminated, when this act will
have no particular influence upon the operations
the commercial classes, other than that con-
templated by its fiamers. When the Government
move along in its ordinary course when its
expenditures are no more than of ordinary
character-when the tariff is only required to
produce revenue sufficient to meet the usual
expenses of the government, the beauties OF the
Independent Treasury act will be fslly demon
straed, and its advantages will be fully realized
In another column We give communication
from very distinguished fnancier, in relation to
the operations of the Independent Treasury Act
We cannot coincide with the writer in all his
views, but upon the principal points we decided
ly agree with him.