The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-08-13
COMMERCIAL.
From our Commercial Correspondent.

NEW YORK. Thursday, August IL, 1871 p m.
The extraordinary prosperity of the Union at the present
moment is matter of sincere congraulaon the part
of those who have been the of carrying the will
of the people expressed at the elections of 1884, when
bank and tariff aside forever also matter of
surprise that those who denounced the subreasry vaults
as Pandos box oithom hope at the bottom, and low
taria the precursor of than the Egyptian plagues
and who indeed prepared prove that was only
the want of protective tariff that brought locusts upon
that afflicted land, should be chagrned find that pros
pery increases restrictions removed; and that
the lapse of each successive month confirms the WIS
dom of a sound currency and unrestricted trade
well the hopelessness of any return to the exploded
foies of by-gone ages The wing journals evnce their
chagrn in qucruous attempts at deracton and mys
LITIGATION. The whole scope of the democratic meas
ures carried by the present administration, has
been the separation of bank and state the
OF paper money the promotions by all means, OF an extend
ed circulation of American con and the removal OF re-
strain upon The independent scheme
efectualy separated bank and sate and the wisdom OF
the is universally acknowledged. The specie
clause created demand for the precious metals to which
they before subjects and the vigilance of the See
rotary in causing the specie received for customs to be
transferred the mint for coinage, and thence passed into
general circulation, emneny promotes the circulation of
American coin The coinage for the first six months OF
S7 has been $8 000neary double that OF the whole
of former years and New Orleans for July it
~ 900 0O0 This is emnently the result of democratic
and yet the Courier and Enquirer affects to rid
Guile the idea that the credit is due to the administration
To prevent the possibility government drafts from getting
into circulation be used money the independent
ury law made imperative upon the Secretary prescribe
reasonable time within which drafts given by the de-
partnen should be presented the place of payment
In accordance with this law, the Secretary prescribed
thatdas payable place than 80 miles from the
government must be presented in 20 days miles,
40 days; 200 miles, 90 days; 400 miles, 80 days.
than 400 ninety days. In drafts not presented
in this time, the drafts be returned the Treasurer
of the United States. This is OF law. There
is option in relation to it, Recently however, the holder
of draft New York kept it the me and it
not paid The Herald OF this city, with its usual good
and extensive information, proclaimed the government
nsoven," suspended, could notpay its debts" and
other sage remarks whereat the community laughed
The Express has been immensely annoyed because the
estimates OF the Secretary OF the Treasury made the
for the hreequarers of the year ending June 80 1917
S2l 9O4 g. and the gross receipts for that time
l07 about 600 900 short of the estimates but
including $76200O due goods remaining in bond the
end of the year, about 1928 900 short This
evidence of The failure of the tariff, and the
ignorance OF the Secretary TO the effects of low
tariff" ii appears that article in Hunts Magazine
justes the estimates of the Secretary the Treasury rs
nearly correct under the singular circumstances which
they made viz: the untried operation warehouse
the specie clause, and low tariff The wing
predicted that under the low tariff, the country would be
fooded with goods and call the specie carried of the
country" in payment If there any truth whatever in
this view, the Secretary entitled expect large
nue. and that of 1916 had been 2672 G67 it was not
much expect that 1927 might be got the
and old tariffs together for 1S47 and that his es
Again, grave statesmen asserted that the specie
clause would be death to all business that all the banks
would fall and merchants be ruined. If there should be
any approach truth in these views then but little
cond be expected through the operations or bursed banks
and broken merchants III these difficulties take
place. goods arriving would into warehouse and pay
duties, consequently the low tariff would food the
country with goods. Under these Stances the es
mates were made with very considerable accuracy.
The Express is however, exceeding wroth and does me
the honor TO ascribe the article in Huntan honor
which by no means aspire Should the magazine deem
half column of abusive epthets worthy of notice. Mr.
Hunt is amply able to take of himself The Express
seeks however, to renc the statements in Hunt by the
facts i'm my lomer letter, and the effort beays only deplo
abe Ignorance of the whole subject 1t was stated that the
large importation OF specie that has taken place diminished
the because, owing principally the state of the
currency in Engand-which "fulo and that of the
United States being dear under the and actua
operation of the specie claue-specie better means
remittance home than utiabe goods The Express
Fog and nonsense but let dspe !" and them after
string of hard words, comes the Argument
There has been extraordinary consumption of goods
in England, but of the kind she sells She has
umed what she bought OF us and her people have
fewer ragged Shirts that they might buy
absf and false that there has been extraordinary
consumption goods England, and that specie has been
more profitable remittance"
suppose he means produce when he says goods" Let
| ms see what these starving people have bought;
Consumption Of certain articles IN Great Britain, January
10 June 8