The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-05


Most of the other nnancers of Wall street too well
known to require passing remark Corcoran &
Riggs are Known the governme mt brokers of WASH
ington, and have been intimately connected with the
financial operations Of the government for several
years They have been the successful bidders large
portion Of all the public loans, and obtained fourteen
out of the sixteen million loan, made last June 1t Is
Tor the disposal Of portion Of this lean that the
senior partner Of this firm has visited Europe Jacob
Little Co, are now connected with the bear party
and all the energies Of this house directed to de-
pressing prices for all kinds of securities The other
houses engaged in this business are Of less conse-
quence The position of these concerns change from
time to time, but for sometime past they have been
universally consistent in their operationsbuti it is
question If any of them have made much money.
Those who got such large slices Of the loan have
made as much as they expected out Of them and II
forced to put much upon the market they will be heavy
losers.
The ciques of stock SPECTATORS have named
have their organs among the Wall street press, and
the position taken by the leading papers Of that class
shows how they divided The Courier and En-
qurer s at present the organ of the BEARS and the
Journal of Commerce of the bull party. The former
condemns the recent financial operation Of Mr.
Walker, and the latter upholds him in it, and pro-
duces the law and authority for the act Strange it
may SEEM both Of these papers opposed to the in
dependent treasury system, and both in favor of
connection between the banks and the govern
ment; but great deal depends upon the postion Of
the speculative parties they represent in Withholding
giving publicity to their views the subject. 1t is
proper that the public should understand how these
things managed, that just value may be placed
upon the indignation manifested whenever this Ques
ton is under discussion and any infringement of law
discovered The fact is that all the systems Of nance
which the government has from time to time adopted
have proved defective. For long time, we had the
United State Bank system then, the State Bank
system; them the Independent treasury system which
lasted just twenty-elght days. Since which we have
had sort Of mongrel system, neither fish, flesh, nor
fowl-a system partaking of part of all which have
preceded-somethipg Of an exehequer system. What
ever it be called 1t has worked pretty WE'LL and
with little improvement might be made nearly per.
feet. The issue of treasury notes is by means
Objectionable feature of the present system, and
law authorizing the government to issue these
notes, its wants may require would aid its fnancia
operations very materially. In connection with such
q law, 1t would be necessary to make SUCH modica-
lions of the tariff, and other laws providing revenue
go that the smallest surplus would be entirely out
Of the question. The government has no business
with one cent Of surplus at any time for day;
and it would be much more for the interest of all
classes If there was at all times, such deficiency in
the to require issue of several millions of
treasury notes. bearing a nominal rate of interest.
These notes would be very convenient the CONNER
cal classes for renting to different sections of the
country, in liquidation of balances and for other pur
poses We should then hear complaints about accu-
mutations Of specie in the hands Of the government,
and there would be drain of capital from the chan
nes. of trade. A surplus revenue has ever been
great bone of contention between the two parties
1t highly necessary that such laws were passed as
would remove the difficulty, and make the financial
system of the government more simple and benefit,
rather than an injury, to all classes. We have no
doubt Congress will take this question into consdera
ton at early period in the approaching session. and
some final disnoeal de oft