Weekly national intelligencer., 1848-02-05

yielding no revenue, and about 80 per cent OF has gone
and rapidly going to restore the balance Of trade and equal
ize exchanges year since, hereabouts exchange
England was four per cents something like six per cent
below par Now it is at premium Of eleven per cent, all
Of and half per cent above par and the exports
specie kept back only because foreign gold be had
ment of American gold The greatest distress prevails all
the great mar Of business and commercial cities Of the
try Money is worth and half per cent per month in
Eastern markets The banks pudenty contracting their
loans and curtaing their issues reach point of safety
The circulating medium Of the country diminishing sales
are limited, manufactures and industrial pursuits checked
not paayzed and specie is rapidly going Mexico and
to Europe That specie, which alone the Of all
values and the basis of all exchanges whether foreign
domestic and will be applied pay present and future
balances OF trade And amidst this sir where is the national
Treasury, and what its means Exhausted by the
penses Of the war it is asking Congress for relief
will read short extract from mercantile journal moi
unfiendly the Administrations but often sustaining its
views, which gives true picture OF the present of the
Government in the city Of New York, and shadows forth the
consequences inevitably resulting from the war, and the
traordna system of finance by which alone be main
tanned
"a few sales Of sterling bills show that material change
has been produced in the pecuna relations the United
States and Great Britain Specie continues be shipped
moderate way and for few days past much has
from quarter The subteasuy has however, been drain
ed into the banks until has but about hundred fifty
thousand dollars hand and constantly paying large drafts
while the receipts SMALL almost all the duties paid
in Treasury At this rate the box deemed
be Treasury will be in such condition that il will
be scrape the bottom The banks have
six millions Of coin chiefly American gold which is worth
less than soyeregns to ship for England BY cent The
Government in conformity the doctrines of the subreasuy,
has kept the mint hard work in coming, damage Of
per beyond the labor Of coming The banks
chants looking with increased interest the expenditures
Of the Government The of the country that
the Mexican to keep up its large drains prudent
will the contracted position which they have been
gaining for two three months past These facts in the city
will be likely to reach the country in low prices for produce
compelling present payment Of the expenses of the by
the very process Of making debt upon posterity."
Journal Of Commerce.
In this state of the monetary of the country gene
rally, and especially Of the Treasury ITSELF ask if it
not madness impose upon such heavy additional charges
thirty regiments of troops the ten regiments
proposed by the bill under dscusson must inevitably do
and those troops not needed for any purpose except for The
extire conquest Of Mexico, and hardly for that
nothing, Mr.. President, the financial prospect o
the country for the coming year improve our condition
in the Secretarys estimates, which necessarily be
hypothetical which gives any Of Improvement
essential relief The Secretas conectural estimates for
the year ending June, ls49, are
Customs Observation-Disclosures. S32, ,00O, 900
Lands 100000
IS, 600, 600