The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-10-06

the merchants, who called upon from time to time
pay such heavy OF duties in SPECIE and strong
representations to that effect made TO the Sece
tary. Indeed the wing press and the wing meetings
in New York before this purchase were teeminr
with denunciaons OF the treasury in consequence
of the accumulation of many millions of speci.
with the assistant treasurer at New York; and then
when, after these repeated expressions of opinion by the
wing press and wing meetings, the Secretary under an
cypress authority OF the law, interposes to release
100000 of this specie by the purchase of treasury notes
at par, he is denounced by portion of this same wbg
press for doing the very thing which they had in fact
themselves regarded important for the benefit Of the
commercial community II was a lawful act, intended
only for good purposes 10 the interest 10 the gov
ernmen augment the revenue by the release of the
specie with which the duties be paid and TO iae
tate the commercial business of New York; and Vet il
denounced by portion of those who had previously
objected. because il not done The idea thar IN.
government brokers (as they are caleJ) who for the
last ten years have negotiated many loans for the ea
sury for which the wing press in former times have civ
EN- them so much credit, had anything 10 do with this
transaction, is wholly unfounded in fact, Not only did
these gentlemen have concern whatever in this trans
action but they had not the slightest knowledge Off
UidtetT; nor was II known whether their opinion
would have Been favorable or adverse The trapsae
ton urged upon the Secretary at New York by Mr.
Cutting Mr. Morgan, and other most highly respectable
gentlemen OF both parties, saving 10 the government,
of the interest, and great convenience TO merchants
The Secretary of the Treasury declined accedng to it
until he could have the benefit of the counsel and advice
of his colleague in the cabinet from New York. the Sec
reiay OF War. who expected in town in few DAYS;
nd upon whose arrival, and joint examination of the
treasury note law by these gentlemen, they both con.
CURED in advising the Acting Secretary of the Treasury
Mr. Young, who then alone could legally act in the
matter, 10 make the purchase, as far as the con.
dlton of the Treasury would permit; advising
him at the time to close the transaction ONLY
in strict conformity with the provisions of the treasury
note law of the 2sh of January, 1877 and the details of
the arranged solely Gin the absence of Mr.
Walker, and without any opportunity of further consult
aon) by the Acting Secretary of the Treasury on his
own judgment, in exact conformity to the provisions Of
the law before quoted. Such is the tansaction-per
fectly legal authorized by the express letter of the
law, and the very purpose for which il was enacted;
for, if when the treasury note is cancelled the power
terminates, there could be any reissue author
lied not only by the law, but sustained by repeated
usage under former Secretaries and highly beneficial
10 the merchants, commerce, and which is thus
assaed and misrepresened for party purposes on
the eve of great presidential election.