The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-28


F.rmsiy Las ad,ssssa per sshil Csat"a ro,apssY,
y sslss, Y si.b Esdofs!s ssiss 81 sssh
The total amount Of specie. exported from this port
from the LIST OF September to the aIth Of January
ls4s, was IS $4,000
The Leather Manufacturer Bank has declared semi
annual dividend Of three and half per cent
Prime bills London sell at osf 10 per cent premi-
There s full fugply Offering SO these rates. and
the demand has been to a fair sxtens The Cambria
will take out but small amour. of specie 1t would
appear by this that the outward precious
tails had ceased.
1t has been asserted that the Secretary of the Tressu
ry In favor of issue treasury notes of small
nominations, such as ves and tens bearing but nomi
nal rate Of interest Such Is not the fact The sscrs
tary In favsr of no such thing he Is not In favor of
treasury notes Of kind In any shape but he 10
In favor Of raising another loan by direct issue Of 60
vernmen stock bearing six per centinterss In other
words he decidedly In favor of the plan proposed by
the Chairman Of the Committee of Ways and Means
and no on that committee be more anxious for
the negotation of loan in that manner, which Is in
fact the only legitimate way than the Secretary of the
Treasury The issue of treasury notes, In any shape
in direct opposition the financial policy of the govern
ment the of these notes has only been resort
ed to Of the peculiar nature Of the expen
ditures Of the government and the depressed state of
the money market We the evil effects of the sys
TEN, in the present depreciation and the large
amounts daily paid into the custom house for
duties The revenue Of the government Is prn-
cpay paid in these notes. and the public indebtedness
10 becoming rapidly lquidatsd. The government is, In
fact paying on its old debts while it Is about entering
the market to negotiate We see in this the
30 . .A
to avoid them but BY negotiating loan In the really To-
gitimate way. 30 far - the movements Of the Com.
mitss Of Ways and Means concerned, We give them
credit for nothing else than disposition to embsrras
the financial operations Of the government and to
force It, possible, into repeal Of the most important
measures Of the country This committee has perhaps
unwittiDgy fallen upon the very method the Secretary
Of the Treasury prefers to all Others and If loan
not be negotiated upon the terms proposed the commit
tee have assumed the responsibility.
In times like the present. when the money markets
In q very embarrassed condition. when drain Of bull
lion exists for shipment to Europe it becomes neces-
sary to adopt such the exgenc Of the
moment require, and il loan cannot be negotia-
ted in one way, 1t must be in another; if a loan
cannot be made by direct issue of stock it
must be made by issue Of Treasury notes of large
or small denominations, which may be neces-
sary to raise the amount required to meet the wants
of the government 1t does not follow that IL loan
not be made by direct Issue of stock that the specie
cause Of the Independent Treasury should be repealed
There are ways than to raise money; and the
banks have less control the finances wants of
the government than they their organs imagine As
much opposed as we to issue Of Treasury notes
OF small denominations would rather them in cir
culaon than have the Independent Treasury act al
tered or modified In the slightest degree 1t would be
for the country to have 1t deuged with Treasury
notes than to repeal the Sub Treasury and have It de-
luged with bank notes. thsre other alternative
1t may become necessary to choose between the two
Fortunately the government have the control Of this
matter; fortunate for the commercial classes the
facturers the sgriculturis, and for tho banks
themselves, there s not the slightest probability of
tho Independent Treasury being modified altered in
the most trfipg points. II would be preferable to
negotiate stock loan at a discount, than to dis.
turb the operation Of this important conservative
system. II would not be thirty days after the
repeal Of the Independent Treasury act before the
would be the high road Of expansion they
would initiate credits prices speculation and for time
produce very fine state Of things; but where would
they stop where would be the check upon them
Prices for manufactures and for merchandise Of every
description, would become much inflated that the
manufacturers of Europe would deluge markets
with goods Of every description; prices for breadstus
would advance beyond shipping points and no ship.
ments would be made. A universal imitation would be
experienced In everything connected with commercial
affairs, and the result would be explosion, and the
long list Of evils such event would produce There
is the government perfected which has
protected the manufacturer and the agricuturist
much as the Independent Treasury It has been better
for the manufacturer than the highest protective tariff
they had and to the agricultural 1t has nva
uabe in preserving uniformity in the value Of the
currency, which they have heretofore seldom realised.
The demand for repeal OF the Independent Treasury
act Is loudly called for by the banks through their
organs and they believe that 1t is not only for their
interest but for the interest Of the country at large
Now know that it net for the interest of the peo
pie country the interest Of the banks them
selves These institutions would fud for their
interest II they would conHne themselves solely to e
climate line of business which the Independent Trea
sury favors more than opposes They can keep mode
rate circulation receive deposits and make discounts
well with the Sub Treasury without It The only
influence that act has upon them is the check it has
upon every speculative movement and the effect 1t has
upon the currency. One Of the strongest arguments
therefore, in favor Of preserving this act the oppos
tion to 1t from the banks We have in years past had
enough Of an unrestricted banking power; the opera
tion of the old United States Bank practical illus
raon ofthe operation Of enormous banking capital &C.
verned by eques Of epeculaors The operation Of the
Bank Of Engandisa recent illustration of the effect
ofimmsnse banking privileges in the hands desperate
specuaors Every thing connected with commercial AZ
fairs becomes subservisnt to their interest," prices every
species Of property regulated entirely by their opera
tons; credits expanded contracted ct their plea
sure and the commercial existence Of nearly the whole
community IL at the mercy Of this money power The
revuson through which Great Britain has just passed
is the result Of the speculative operations Of Bank Of
England and those capitalists Immediately connected
with that institution and II It not for the Indspen
dent Treasury, should have In this country 81