New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-10-03

that insqx Of specie would have brought upon as
II be had not kept il away from the Banks oy
sailing it dowa IN his Sub Treasures
Mr.. Walker is no. content with once presenting
the subject in IBIS light bat returns toit and gosts
over il as follows.
Nothing Is more injurious 10 al classes but especi
ally ~ our manufacturers than the expansions, con
fractions and euciusilon. OF the bank paper system
vibrating With every considerable change q TIE puoc
money held BY them deposito'ies This periiou'
and seductive bsnk-Psper systea opens temporary
and beyond the Of the country ma ket here ior
foreign i port not Ia exchange Tor exports DIT Tor
credit the REDEMPTION u which drains TIE country Of
ia specie contracts the paper currency forces Al
sacrifice the s.e u domestic iaonc. ana expresses ne
industry o; TIE whole country. Domestic nslpiac-
turer reo1re for their permanent and successfu OYer
ston the oasis Of spece checking vibrations and ma
tons Of the paper ystsm cCltniog our imports - ne
wants Of the eountry, and preTcn,ng TIE Temporary
Dort, which always results Ia disturbance q the money
market and IN injury q the country II our maruiac-
turers desire great advantages from the NONE uafket
il NUT be- aD.Ld>niy and permanently suPpA+Q VIA
sree specie circulation which alone can sustain tl>t
nnsrk.t for number Of yesr- and prevent nose ess-
mites which must follow an inflated currency none
market fof our manufacturer when based upon specie
and lO~ dutes i sOlo, permanent ana sugmentins
but when found 3 upCn paper credits, % - naieo one
year only % b. depressed the next Or some proceeding
yesr--inus deprting the manufacture q any wei
assured and .ffn4alsn 10 ODfN--Nc u1fhfA Ait- Jim
deposit year 0e3so when We were importing grain
con,rssted with 9s7-ihe yesr Of divorce Of TIE Gov
eminent from osnksexhiots the deluslYe inhauoh OF
the with its succeeding disasters, ana me s'io
prosuerity of the other resisting ias far 70 great
evtsnt the revl.iOn IN England and proving the g'oo
effects Of the union Of low duties ana me
ing and specie circulating Constitutions treasury
Who that ha, read these and acres Of such la1-
dations Of the Independent Treasury could ina
CINE that this same Secretary Walker would ere
ten months had elapsed visit New-York expressly
to coanteracl this very operation OF his nostrum
whichhe Las exhausted hyperboe IN commencing
Understand it clearly Owing 70 an increase oil
our exports, or an enhanced price for them or
sone other cause, money pours into the Federal
Treasury. Under the old system OF Bank De-
posis, this is loaned out to merchants and others
as fast as received. subject always 70 the demand
Of the Government-ihat is the Banks must stand
ready to pay II at moments notice. VI course
the Money Market IS hardly affected by the
Government having more or less IN the Treasury
since in fact the whole balance IN It's favor is
actively and useiully employed Ia Facilitating The
business Of the country, alike before, during and
after the period it remains IN the Treasury. The
Government may have Five Millions on hand this
moment and either Three OF Seven Millions next
month: il may collect One Million this week and
but One Hundred Thousand the next yet the
Money Market be scarcely affected But tins is
all wrong. argues the Secretary tho state Of the
Treasury onght 10 exert p control over the Money
Market when we are importing heavily, the
balances in the Treasury should be so held as to
prevent Bank expansions, fluctuations, &c-
Very good comprehend your doctrine Now
let us look at your practice
short time since, the Sub Treasury in our City
began to exhibit symptoms Of plethora, while the
street very naturally wore contrary aspect
Goods were flowing into the country, cash was
pouring into the Sub Treasury faster than II ran
out. and the balance on hand had already run up
10 nearly Three Millions. Now this was case
which Dr. Walker see above has represented as
one OF robust health, in which the Sub-Tressury
was doing exactly what 1t was good for, II good
for ANYTHING Yet he was called In by the Wall
street friends OF the family to prescribe for it as
serious disease, and he actually did So To arrest
tbs very operation so lately eulogized by him as
wholesome aud even necessary, he nesotiates
n loan from the Sub-Treasury 10 brokers OF
$500 900 on a deposte OF Treasury Notes-that IS,
be lends his specie for Notes, Just as anybody
might This, we are told, was perfectly legal
and we are not inclined to dispute 1t He, how
ever. who does not see at glance that 1t direct
" contravenes the spirit OF the whole divorce
scheme-that IT flies IN the face OF all the Sccreta
rvs demonstrations Of the utility and necessity Of
that measures too blind to see through ladder.
By the operation of the ubTreasury as adj
l. l. r..fA NJ
ohoss Bdde was supposed or alleged to be-the
Money-King. He can make money tight or
easy by raising his finger Oar short-sghted
merchants and brokers continually getting
mired, and he is the Hercules who graciousy pulls
them out. Men who would have been ruined by
heir ow n imprudences according TO the Sub Urea
sury logicl are saved by his generosity. Our bust
ness men would go to wreck, only he won't let
them. And the dough-heads who thought this
very bad, very dangerous, very horrible when
Nick Biddle was the operator, are now vociierous
ia their hurrahs for the Independent Treasury and
the divorce Of Bank and State Truly, this is the
age OF CANNON.
OF course. Mr.. Walker is in a Pickw ickian
sense above filing his pockets out of all this but
lust suppose he 'ccrc a0f-that he would be will
ing TO give some broker a confidential nod or let
some understrappcr give it, that he would next
v eek let out a link, aud that the week after he
Should tighten up agsin-who does not see how
easily, how surely how quickly, he might smsss
gigantic fortune No man but one other need
ever know how he wins it. And, presuming Mr..
w TO be utterly above temptation, can we hope
that all future Secretaries will be So ferocousy Ia
natically virtuous as to live and die poor when a
bare wink, which breaks nobody's bones, would
bring a hundred thousand dollars 1t It not idle
to expect 1t
R- The Boston Republican speaks US so kindly
that we depart from our general rule Of silence
With regard 10 those who Ssssil US IL reference TO
our Presidential position. We have fairy placed
before our readers the very strongest arguments,
pro ana con, We could find with regard to the duty
Of supporting Taylor or Wan Buren, We have
published these articles Throughout, the last three