New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-01-08

n ~ Editor Of The nsbxae:
SIR: The necessity Of an increase of supplies
for the public service having become apparent, the
question must now be decided of raising them by
additional taxes or by system Of borrowing
Upon wbig House that responsibility devolvss.
trust there will be no hesitation in assuming It
Our political opponents in their professions to the
people have avowed their horror Of a public debt.
Let them not have occasion hereafter to say that
II was forced upon them by Wing Congress. II
il not however merely as party measure that
any increase Of the public debt is to be avoided
Az financial measure it is the most costly mode
Of raising money. In the United States from the
great disproportion between moneyed capital and
commercial business. any arrangement Of the
money market causes great distress, and as a ne
cesssry consequence, great depreciation in the
value Of property In real estate this depreciation
il Temporary and only falls those who are compel
led to partwth their property during the pressure
bat in personal property ordinarily the subject Of
trade, delay in sale is a suspension Of business.
and merchants are compelled to submit TO the de-
probation Of prices as long as the pecunary de-
rangement continues To them, therefore. it is
positive loss-the same as If Congress had imposed
upon the trading classes a peculiar and extrsor-
binary tax. Indeed when the immense amount
and activity of the commerce Of the United States and
the great less which longcontnued pecunsFy dis
ess subjects those engaged taken into consders
ton IL will be found better for them that the amount
required should be drawn from them directly ny posi-
tive tax than by means Of under the existing sJs
tenn In tracing the effects Of a loan under the Sub
Treasury system 1t manifest that the nrst consequence
Is contraction OF loans individuals the part Of the
banks to couneact the drain Of specie by the lenders
which goes into the Sub-Treasury.
So far as the trading community is concerned this diff
Guilty combines until the loan has been taken from the
contractors by the capitalists. do not mean by these
the millionaire of wallstree who buys or sells public
stocks as the make, falls rises lie is mere specua
tor and his operations may according to circumstances
contribute 10 relieve increase the dcuties OF those
who depend upon discounts to carry on their business The
capitalists put end to the distress consequent upon
lean those who take up the stocks for permanent
inves,ment trustees guardians, executors, persons
living upon income and moneyed corporations period
not less than six months must ease before loan equa
70 the annual deficiency Re distributed into such hands,
and in the mean time the trading community and all the
industrious classes must be subjected to the losses result
ing from pecuniary pressure.
The total amount of these Losses Is enormous II may
be difficult make any exact estimate. but some idea
may be formed from the following elements: The value
of real and personal In the United States is esiims
ted By the at about and In reay
II Ia about double that There is no country where
40 large proportion OF real property is constantly ex-
posed to SALE and In fact seeking market II one'nh
of this amount be aea slight depreciation would cause
an enormous lo.s The owners OF all property sold during
MAJ
fairly set down the loss difference in price as con'r
button TO the public service Indeed they might better
have paid that amount the Treasury, in that case
The vaIue of their property weud not have been
affected shall pursue this part Of the inquiry farther
n hut turn 10 effect Of the loan upon merchants
having payments make and obliged to raise money by
means of discounted business paper The rate OF interest
Ia very rapidly in such times being often doubled
and sometimes qusdrupled
lis not necessary ascertain the proportion be-
tween those who require discounts and those WHO
do nor ascertain the amount discounted In banks as
compared with that done elsewhere When we consfoer
the high rate paid raise money IN such times ana the
unwilneness the banks to increase their discounts
may be deemed high 20 estimate the loss In Tie
shape OF extra interest per cent the total amount
Of payments In this City alone that would amount on
the daily payments (Which at the bank counters is about
$4,000 O0O to $4,000. which in six months would come
70 over SO 800 900 In the City OF EewYork II to this be
added the sacrifices by forced sales Of goods 10 meet
their paymenis It will be found that the contributions by
tina trading classes when loan Of $50 100000 10 called
for ia twenty times greater what any tax, whether
direct or indirect extort from them.
have servatcn sought moro than to cause
those entrusted with the of public interests tore
aect upon the Injurious effects Of obtaining money by loans
upon those engaged business. 1t operates most une-
auay upon them and my labor would be recompensed
could spirit be awakened in this City that would produce
remopsxancs against policy which Is most unequal In
its opera lion aud fatal In its consequences. JB.