The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-12-24
COMMERCIAL.
'la our Commercial Correspondent.

New YORK. Dec 22--Wednesday, 4 p. IN.
has always been contended by the advocates OF liberal
commercial policy and constitutional currency, that The
great democratic measures being adopted would 80
yindcaie the soundness of their principles that opposi-
ton must thenceiorih The advocates OF national
bank in 1910 and 1884, amidst the mutarous and
rates of depreciation which local currences
duced commended that those of depreciation the
actual prices OF exchange and nothing but a national bank
could regulate them. The confusion was the greatest in
1884, when the great Clay bank proposed Its oppo-
nents contended that the requirement of specie payments
was the only regulator wanted The bank rejected
specie payments required and all Irregularities in the
changes disappeared In proportion the degree in which
specie payments restored the currency the odor of
uonaly became faint, and finally altogether obso-
ete.' The MISUNDERSTANDING plan assailed with
much theory mystery and quackery the national bank
had been defended. Mr. Webster its determined
enemy and he seemed be consistently opposed
it than even to Mexican petensions But part of the
whole scheme did he insist strongly than the phys
zeal impossbiliy of its operation He remarked in Of
his luminous speeches. after describing the merchant going
with wheelbarow and servant behind him pay his d-
ties, follows;
In the first place. how will this system work a
mode of collecting and paying out revenue Let
thirty millions year Those who think this estimate
either high too low, make the allow
paid every year, and it is all be counted--actuay
Told dollar after dollar and godpiece after gold piece
The importing merchant whose ship has arrived and who
has cash duties to pay the bank for his money and
pays II! and the clerks count it over that is
died five in the of a year
officers have, therefore, $3.50 900 year
which allowing 300 working days, gives $500 600 per day,
ling generation we shall be All the changers OF
solomon's temple will be nothing Our sound will
go forth all lands We shall be like the king i'm the
ditty OF the nursery
There sat the king counting Of his money
Mr. President in all soberness, is this whole opera
ton prePosterous r.
These the views OF Mr. Webster and his compe
Had the independent treasury been tried, Mr. Web
sers views would STILL when uttered have been looked
upon rs a miracle of wisdom II tried, however; and
the TO Mr. Webster is contained in the following
extract from the report OF the Secretary of the Treasury
The amount received in specie from January lsa7 to
bursed in the period S4S 56 showing the agge-
gate of receipts and disbursements specie during the
first eleven months OF the new system to be 500 1884, 4O2
The amount of counngs that Mr. Webster thought 'pre-
has been exceeded 60 per yet the public
scarcely been assured of the fact has any merchant
been seen with "wheebarow going to pay his duties
Notwithstanding that the of duties paid specie
has been for the year, ending December larger
than before collected. The from
customs was $3 500 600 The largest of any previous
year in 1885, $50 1872 ISL How decsvey have these
practical workings vndicated the sounness Of the prnci
pies carried into effect under the present administration
1t follows that Mr.. Webster either made very ridiculous
statements, that the department has been conducted
with skill and precision far beyond what that great
conceived possible Hence the failure of his predictions
confers upon his opponents the highest praise.
While the government has drawn $48667 900 of specie
various sources and poured through the Mint
general circulation the of held by the banks
does appear have been influenced in adverse
manned universally predicted would be the
The held by the institutions of five Sates in No
vember compared with January, 1910, was follows:
is sss alSssso sssss7s asSs ssso sasaoos asssSa.