The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-12
TWO CENTS.


In ufed chehy-so far regards other cities that
Of the government whereas ought to be the mint OF
the ople and for the benefit Of both
and can only fully become so by the location Of q
branch as recommended The amount Of foreign coin
reooped at Philadelphia from the lst March 1873 to
a0th November 1s4S, transfers ordered deposits
by officers Of this goverpm mt there dire cted by
per table hereto annexed s1l 4o3ls1 being nearly
equal to the whole remaining coinage there during the
tsme period, including plate and bullion.
The branch mint would be most important az aux
ary 10 the operations of the Constitutional Treasury
| for the present Assistant Treasurer ut New YORK.,
would then become the treasurer Of the branch mint,
and perform both functions precisely as Is Nv done
at Philadelphia and New Orleans saving the expense
OF an ihcreae Of officers. preventing double entries
and payments, and simplifying the operations Of tho
he rsk and cost of the double custody and transfer
from the collector to the Assistant Treasurer would
be .ntrely saved From the lst Of January 1871 to
S0th November 1913 the merchants of New York paid
to the collector (per table, for dutee, the sun OF
$4,000 67S 80 in specie being thirds o. the agra
gate ayments In specie for duties in the linton Yet
Whit the government eyacted from these merchants
this immense sum In specie for duties IL refuses them
even branch of the mint where bullion be coin
cd and foreign coin coined, the establishment
Of which would attract there much specie and
dr the pay ment OF this large amount so much more
easy. The cunt Of specie received by the Assistant
Treasurer at New York from the LIST of January 1si7,
buried by him there during the period S55,-
2o9 making an aggregate OF Sil2 s24 03s psr tn
ble) With branch mint ut New York. the the tran
action Of business would be undsturbed by the ope-
raions Of the Constitutional Treasury.
II s true that even with such branch there, the
|
not upon the issues but the issues of their
banhs gentle and most useful check, restraining
tNeir own Issues and mitigating not those
revusions which to when the OF
anks and as consequence that ofthe country Is
pnduly extended. Credi is useful and most album
can't only when 1t Is based upon capital AMI spece.
and legitimate business ana commerce.. But wher
lie stretched beyond those limits it necessarily pro-
uuces disastrous not only to the parties in
VOWED but to the commerce and business of the whole
country 1t Is this fatal tendency to over issues and
the too great and dangerous extension of their bust
ness which constitute the greatest objections TO
banking system and those banks which based
sound capital, and desire to conduct their business
sdvaptageously to themselves and to the country,
oueht to rejoice that such others would transcend
there limits c ecked and restrained by the demand
for coin, created by the specie receiving and specie
circulating Constitutional Treasury During the year
ls47, when more than twenty four millions of specie
brought into the country, and to great extent.
paid in for duties and loans to the mt had
this coin gone into the banks, under the old State
bank deposit system TO great extent IL must have
been made the basis of an inflated currency, far
edDg that 1886 md would have followed upon
the sudden fall of the price of our breadstuf and
staples, and The turn OF exchange and flow OF specie
out Of the country by revulson diss than
that Of 1S37-the fall would have been q greater in
fston TO lower depression the intensity Of the dis
aster being augmented by loans and expenses of a TO-
reign war by the drain of specie to sustain immense
mics in foreign countries by depreciation govern
nen loans IND the fall Of the me credit The
pnhlc credit under that system being inseparsbly
connected with that Of the banks it's dspo,tories,
the government having 40 specie and dependn upon
their paper its credit must have fallen with that Of
the banhs as happened in 1887, and during the Of
eould only have been obtained "a 1t during that
war at runious discounts amounting to millions OF
dolars per annum. Instead Of these sacrifices, the
public Gre dit maintair throughout the war and
ITS stocks rod for high remiums, instead Of ruinous
discounts.
Asysum which has operated 30 ben6cially, both In
war in pence must in the main be Wise and sau-
tary butit would be still more so II the ame ndmsnts,
heretofore recommended by this department, were
adopted especially regards the securities for dis
bufttn ents. without which the system Is not safe)
an the establishment of a branch lint at New Y.rt
a i'm pOrtAnt auxiliary. With these amend.
mens, electing none OF the principles Of the bill and
e,recsly tie specie receiving and specie circ aatng
causes, 1t would CONNIE nd Itself to the whole
try and prove 10 beneficial to s industry conuerce,
and business, as to become our settled policy, unas
iurbedb by complaint or opposition from any quarter
Annexed will be found tables, communicating, in
compliance with the twsnty-second section OF the
required by that act regards the issue redemption,
purchase and reissue Of Treasury notes oae state
ment shows the payments into The Treasury on 40
count Of the loan Of is4s Another shows the amount
o. specie pal into the Treasury from all sources fro
the Let of January ls47 TO the 3st Of October, ls4s
amounting to te asa 1913 S. and the in
specie during the same period, amounting to S92 l42
BIZ so, making an aggregate during that period OF
cepts and dburemeptsin specie. OF Sls3 627 1856 "a
Under the act of the 3st Of March last authorisinx
lean fer sum not exceeding sixteen millions Of dol
lars the departmen mt the 18th April last and for 80
days thereafter advertised the proposals. This adver-
tiirment was published for 80 days, not only in the
several new,papersn this city but ALEC In the papers
publishing the laws authorised in each Of the States
and with view to more extensve circulation in each
Of the daily papers in the principal cities of the Union
ne proposals. were AFRO made FnOwntO our ministers
and in the principal, cities of Great Britain
and the Continent, wherever il believed the pre-
MUM might be enhanced and bids extended by their
Efforts he notice was not inserted In the wspapsrs
until the 18th April because by the Sd section OF the
act was declared that the advertisement should be
pubiihed " not more than eixty days, " less than
twenty days from the time Of the first insertion of the
raid Advertisement In one or more newspapers 10 the
law passed or the day succeeding the loan had been
sdvertsed, the time for opening the proposals must
have terminated by the last of May or ist OF June
hnUn Sha t0far akfDvnk a
fore it, felt persuaded that the treaty of peace
which had been approved by the Senate, would
y the intelligence Of that ratification could not reach
here by the last Of May the fret Of june but that it
fequently that the sdverseme nts were Immediately
and the proposals. opened by the Of May
the first Of June the in the absence Of the
news Of the ratification Of the treaty by Mexico would
necessarly fel the loan upon much less advantageous
terms sId at probable sacrifice Of several hundred
thousand dolsrs Of premiums to the government. I'm
der these circumstsnces, the departme tho
responsibility OF delaying the advertisement until the
18th April allowing the longest period from that date
authorized by law for opening the proposals namely
the 18th OF June; some days before which period
confident that official intelligence Of the ratification
by Mexico OF the treaty would be received here The
result justified these anticpations The intelligence
OF the ratification Of the treaty not received here
few days before the 18th of June, when it imme-
diatsly made known officially, by telegraph and other
negotiating the loan Of the universal ofthe
fnai ratiheson Of the treaty Of peace with Mexico
upon Inc 18th OF June, mt the appointed hour, tbs
reals were broken and the bids opened by the chief
CLERK OF this department in presence. and that OF
the bidders and the public the bids recorded and ths
loan awarded Of course to the highest bidders.
The total amount bid, together with the names
The successful and unsuccessful bidders will be found
in the statements hereto annexed
The whole premium obtained, 1t will be perceived,
was s4S1 l6S % which was the more extraordinary,
ipatmuch as on refers to the prices cure mt win
be fund that the entire sale of the sixteen millions Of
iock In single day, exceeded the rate at which the
eht Elk per cent twenty years stock, exolu-
rive CT interest and brokerage was then selling
IN we market IL being made by Law the duty
81 I'M, department to devote Its attention to the
tufport OF public credit well as to the improve
mtnt and management OF the nue., 1t IL proper to
rem ark, that this Cover ent has paid unctuay
all tim, e, the public debt at its maturity az we'll Is
the accruipF interest never suspendpg. for moment
OF tine, the discharge of either when due Such has
been the a,tachn of the American people to thia